LION ONE METALS

FIJI GOLD TUVATU

SUBSCRIBER INVESTMENT SUMMIT

HAMISH GREIG, VP & DIRECTOR

OCT. 8, 2015

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ADVANCING FIJI’S NEXT GOLDMINING STARTUP

DISCLAIMER Forward Looking Statements and Qualified Person Certain information contained or incorporated by reference herein, including any

operating performance of Lion One Metals Limited (“Lion One”), constitutes "forward-

looking statements". All statements, other than statements of historical fact, are

forward-looking statements. The words “projected”, “attributable”, “potential”, “will” and

similar expressions identify forward-looking statements. Forward-looking statements

are necessarily based upon a number of estimates and assumptions that, while

considered reasonable by Lion One are inherently subject to significant business,

economic and competitive uncertainties and contingencies. Known and unknown

factors could cause actual results to differ materially from those projected in the

forward-looking statements. Such factors include, but are not limited to: fluctuations

in the currency markets; fluctuations in the spot and forward price of gold or certain

other commodities; changes in national and local government legislation, taxation,

controls, regulations and political or economic developments in Canada or other

countries in which Lion One does or may carry on business in the future; business

opportunities that may be presented to, or pursued by, Lion One the ability to

successfully integrate acquisitions; operating or technical difficulties in connection

with, mining or development activities; the speculative nature of gold exploration and

development, including the risks of obtaining necessary licenses and permits;

diminishing quantities or grades of reserves; adverse changes in the credit rating; and

contests over title to properties. In addition, there are risks and hazards associated

with the business of gold exploration, development and mining, including

environmental hazards, industrial accidents, unusual or unexpected formations,

pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate

insurance, or inability to obtain insurance, to cover these risks). Many of these

uncertainties and contingencies can affect the actual results and could cause actual

results to differ materially from those expressed or implied in any forward-looking

statements made by, or on behalf of, Lion One . You are cautioned that forward-

looking statements are not guarantees of future performance.

This presentation uses the terms “inferred resources” and “measured & indicated

resources”. Lion One advises you that these terms are recognized by Canadian

securities regulations (under National Instrument 43-101 “Standards of Disclosure for

Mineral Projects”). You are cautioned not to assume that any part or all of the mineral

deposits in these categories will ever be converted into reserves. In addition, “inferred

resources” have a great amount of uncertainty as to their existence, and economic

and legal feasibility. It cannot be assumed that all or any part of an inferred mineral

resource will ever be upgraded to a higher category. Under Canadian rules,

estimates of inferred mineral resources may not form the basis of feasibility or pre-

feasibility studies, or economic studies except for a preliminary assessment as

defined under NI 43-101. You are cautioned no to assume that part or all of an

inferred resource exists, or is economically or legally mineable.

The content of this presentation has been reviewed by Mr. Rob McLeod, P.Geo, a

consultant to the Company and a Qualified Person for the purposes of National

Instrument 43-101.

The information contained herein is confidential and does not constitute a

recommendation by Lion One its agents or any vendor party nor does it form the

basis of any contract or offer for the sale of the business of gold exploration,

development and mining. The recipient of the information contained herein agrees

that the information is to be considered confidential and proprietary to Lion One and

shall hold the same in confidence, shall not use it other than for the purposes of its

business with Lion One and shall disclose it only to its officers, directors, or

employees with a specific need to know. The recipient will not disclose, publish or

otherwise reveal any of the confidential information contained herein to any other

party whatsoever except with the specific prior written authorization of Lion One .

Assumptions in this presentations are based on results from the Preliminary Economic

Assessment dated July 14, 2015 and use US dollars unless otherwise specified

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TUVATU OPPORTUNITY

• HIGH GRADE UNDERGROUND GOLD MINING PROJECT

• PERMITTED FOR DEVELOPMENT AND MINING BY FIJI GOVERNMENT

• 21 YEAR SURFACE LEASE AND MINING LEASE

• ENVIRONMENTAL APPROVALS AND COMMUNITY SUPPORT

• ROBUST ECONOMICS DEMONSTRATED AT CURRENT GOLD PRICES

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1.5 MILLION TONNES INFERRED

@ 9.47 G/T FOR 468,000 OUNCES

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US$48 MILLION CAPEX

FOR 219,000 TPA PRODUCTION

352,000 OZ. GOLD @ 11.3 G/T OVER 7 YEARS

C$145 MILLION NET CASH FLOW

CASH COSTS OF US$567 PER OZ.

AISC OF US$779 PER OZ.

15 MONTHS PRE-PRODUCTION AND

UNDERGROUND DEVELOPMENT

1.1 MILLION TONNES INDICATED

@ 8.46 G/T FOR 299,500 OUNCES RESOURCES

LOW CAPEX RAPID PAYBACK ROBUST RETURN

US $48 MILLION 1.5 YEARS 52% IRR after tax

TUVATU ECONOMICS

WALTER H. BERUKOFF | CHAIRMAN & CEO

MERCHANT BANKER | FOUNDER | FORMER CEO: NORTHERN ORION RESOURCES acquired for $1.1 Billion by Yamana in 2007

MIRAMAR MINING acquired for $1.5 Billion by Newmont Mining in 2008

LA MANCHA RESOURCES acquired for $500 million by Sawiris’ Orascom in 2012

STEPHEN MANN | MANAGING DIRECTOR

GEOLOGIST | DISCOVERY | DEVELOPMENT | PRODUCTION Successful track record for BHP, NEWCREST, AREVA, and AVOCET

Former Managing Director for AREVA Australia (La Mancha RTO)

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LION ONE LEADERSHIP

NORTHERN ORION RESOURCES acquired for $1.1 Billion by Yamana in 2007

- MANTUA, Cuba

- AGUA RICA, Argentina (Yamana)

MIRAMAR MINING acquired for $1.5 Billion by Newmont Mining in 2008

- CON, NWT

- HOPE BAY, NWT (T-Mac Resources IPO 2015)

LA MANCHA RESOURCES acquired for $500 million in 2012

- FROG’S LEG & WHITE FOIL, WA (Acquired by Evolution Mining for A$300 million in 2015)

- HASSAI VMS, Sudan (La Mancha sold its 44% for US$100 million in 2015)

- ITY GOLD, Cote d’Ivoire (55% acquired by Endeavour Mining for US$78 million 2015)

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BERUKOFF & MANN

PREVIOUS EXPERIENCE

ACQUIRED EMPEROR GOLD MINES IN 2007

- VATUKOULA MINE ACQUIRED BY RED LION

- TUVATU WAS IN DEVELOPMENT PIPELINE

- EMPEROR – IVANHOE – DRD

- MINING ASSETS SOLD TO VGM

- EXPLORATION AND DEVELOPMENT ASSETS

ACQUIRED BY LION ONE

SIGNIFICANT DE-RISKING SINCE 1997

• PRE-FEASIIBILITY STUDY1

• FEASIBILITY STUDY1

• EXPLORATION DECLINE

• 100,000 METERS DRILLING

• 4 INDEPENDENT METALLURGICAL STUDIES

• UNDERGROUND BULK SAMPLE TESTWORK

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11: These reports are historical and are not compliant with NI 43-101. A qualified person has not done sufficient work to classify the historical estimate as

current mineral resources or mineral reserves and Lion One is not treating the historical estimates as current mineral resources or mineral reserves.

FIJI GOLD HISTORY

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MINE PLAN INCLUDES PRODUCTION OF 257,200 OZ. AU

OVER YEARS 2-3-4 AT AVG. GRADE OF 15.76 G/T

Stope No. tonnes Grade g/t Au

S1 14,505 18.37

S2 13,685 16.69

S3 16,958 14.42

S4 15,220 21.26

S5 7,663 17.14

S6 14,833 12.34

S7 8,180 25.02

Gold NPV 5% IRR Payback Undiscounted

Per oz. after tax after-tax Post-tax

(years) Net cash flow

$USD $USD $ USD

1,000 45,227,847 33% 2 62,376,147

1,100 65,508,126 43% 1.75 87,057,303

1,200 86,649,949 52% 1.5 112,663,317

1,300 107,791,771 62% 1.33 138,269,330

1,400 128,933,594 71% 1.25 163,875,344

STEEPLY DIPPING VEINS SUITABLE

FOR SHRINKAGE STOPING

YEAR 1 STOPES

SENSITIVITIES

TUVATU SENSITIVITIES

• -

• DEPOSIT REMAINS OPEN AT DEPTH AND ALONG STRIKE

• EXTENSIVE HIGH GRADE PROSPECTS WITHIN MINING LEASE

• ADDITIONAL DISCOVERY POTENTIAL IN VOLCANIC CALDERA SETTING

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LION ONE TUVATU GOLD

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PORGERA LIHIR VATUKOULA

WAIHI

OCEANA PURCHASED WAIHI FROM

NEWMONT FOR US$101 MILLION IN 2015

360,000 OZ. GOLD; 2.0 MT @ 5.5 G/T AU

MAJOR SOUTH PACIFIC VOLCANIC SYSTEMS

TUVATU - NAVILAWA

LION ONE TUVATU GOLD

2 KM

Major Shareholders: Management & Directors: 33%

Franklin Templeton Gold & Precious Metals Fund: 4.88%

SHARES OUTSTANDING 60 MILLION

RECENT PRICE CAD $0.35

MARKET CAPITALIZATION CAD $21 MILLION

TUVATU PROJECT NPV5% CAD $112 MILLION after tax

PROJECT CASH FLOW CAD $145 MILLION undiscounted, after tax

LOW CAPEX RAPID PAYBACK ROBUST RETURN

US $48 MILLION 1.5 YEARS 52% IRR after tax

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VALUATION UPSIDE

TRANSACTION POTENTIAL