Q2 2014 Presentation

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Forward Looking Statements

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 .

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Opportunity

Near-term development potential on a de-risked,

high grade gold project in mining friendly Fiji

Carried interests and royalties on a significant

magnetite deposit in South Australia’s Braemar

Iron Province

Well financed, favorable capital structure with

strong insider ownership (33%)

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Founder, Chairman, & CEO Walter H. Berukoff

Previous companies started, built, and later sold; founder & former CEO of

Northern Orion Resources: acquired for $1.1 Billion by Yamana Gold in 2007

Miramar Mining: acquired for $1.5 Billion by Newmont in 2008

La Mancha Resources: acquired for $499 million by Weather II in 2012

20 mines developed in 7 countries

Leadership

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Investor Snapshot

Shares Issued: 60,175,608

Options: 2,465,000

Fully Diluted: 62,640,608

Recent Price: $0.40

Market Cap: $24 million

Cash: $10 million

Stock Market Listings

Canada TSX-V: LIO

Australia ASX: LLO (CDI’s)

USA OTCQX: LOMLF

EU FSX: LY1

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Locations

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Lion One Fiji established in 2007; acquired in 2011 RTO 5 exploration licenses across 38,000 hectares on Viti Levu and Vanua Levu Head office and industrial yard at Nadi International Airport; 25 km by road to Tuvatu worksite First mover insight, experience, and local relationships gained since 2007

Lion One Fiji

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A high grade, near surface gold deposit in one of Fiji’s major volcanic intrusive complexes

Significant drilling, underground development, and engineering by previous operators 1997-2000

Environment Impact Assessment approved; Mining License application filed with Fiji MRD

Tuvatu Gold

Near term production potential

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SW Pacific Rim island arc geology; mining at Vatukoula since 1930’s Active government support for mining; progressive legislation and regulation Over 70 current exploration licenses and 5 active mines

About Fiji

PNG

Fiji

Australia

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Intermediate wavelength gravity field; western Viti Levu. Excerpted from 1998 AusAid Fiji Airborne Geophysical Survey

Vatukoula 7 million ounces of gold Produced since 1930’s

Tuvatu

Gravity Signatures

Viti Levu

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Geologic Model

A high grade epithermal gold deposit hosted in veins and stockwork zones situated at the margins of the 20 km² mineralized Navilawa Volcanic Intrusive Complex

Geological setting of epithermal gold and porphyry copper-gold deposits (after Colley and Flint, 1995). SOPAC Technical Bulletin 11

Upper Sabeto Valley & Navilawa Caldera, Fiji

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Caldera Geology

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Previously drilled area

• Vein Extensions mapped at surface over 1 km west of resource area • Mineralization open at 300m depth; deepest point drilled • Continuity typical of many large epithermal vein systems

Current NI 43-101 Resources (at 2 g/t Au cutoff): • 172,000 oz. Au Indicated

(760,000 tonnes at 7.05 g/t) • 480,000 oz. Au Inferred

(2,502,000 tonnes at 5.78 g/t)

2012 Drill Program – Western Extensions

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23.03 g/t Au over 7.49 m 16.15 g/t Au over 3.78 m 15.43 g/t Au over 3.59 m 6.03 g/t Au over 3.55 m 2.76 g/t Au over 1.5 m 2.12 g/t Au over 2.14 m 1.76 g/t Au over 2.12 m 1.74 g/t Au over 1.28 m

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Drill Intercepts On One Section

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Caldera marginal setting

Alkaline source rocks

Bonanza grades

Continuity of known structures

Large system, open ended

Underground access

Near surface mineralization

Open at depth

Exploration upside

Tuvatu Summary

Section view along adit with GM contours

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Drilling Highlights

select (uncut) drilling results from Tuvatu 2012-2013 drilling program

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Nadi

Port of Lautoka

10 km

- Favorable location and infrastructure - Close to Power, Transport, and Shipping Infrastructure - Close to urban centers and experienced workforce - 25 km from head office to Tuvatu work site and camp

Lion One tenements

Infrastructure

Port of Lautoka

Nadi

Intl. Airport

Tuvatu

Lion One Fiji

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Potential

Significant previous discovery, drilling, and development; exploration upside Metallurgy demonstrates amenability to conventional gravity and flotation processing; EIA approved, Mining Lease application filed; active Government support Department of Environment recommends mining commence

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Next Steps

- Confirm Extensions to Resource Model - Secure Surface Lease and Mining License - Guidance on preliminary capital and operating cost

models and development options

For more information refer to the “Technical Report and Resource Estimate on the Tuvatu Gold Property, Viti Levu, Fiji” dated October 1, 2010 (Current indicated mineral resource of 172,000 oz. Au (760,000 tonnes at 7.05 g/t Au) and inferred mineral resource of 480,000 oz. Au (2,618,000 tonnes at 5.71 g/t Au). Mineral resources have no demonstrated economic viability and no reserves have yet been established on the Project.

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Lion One Australia created through the acquisition of Avocet Resources Limited in 2013, based in Perth, WA; Iron ore joint venture with PRC state-owned iron & steel industry giant Henan Yukuang Targeting large-scale, bulk mineable open pit iron deposit at Olary Creek, South Australia Located 40 km from interstate highway and railway lines

Lion One Australia

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Braemar Iron Province, SA

• Braemar Iron Formation; a 200 km magnetite belt close to existing infrastructure

• SA has proposed 5 new deep sea ports and a proposed update of an existing port

• Braemar Infrastructure; a proposed $5B multi-user infrastructure corridor and offshore shipping facility;

Braemar Iron Province

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Olary Iron JV

Lion One (47%) Yukuang Australia (53%)

Lion One’s 47% interest comprises:

- 25% free carried interest to completion of bankable feasibility study and decision to mine;

- 22% optional participating interest;

Conversion options upon mining include:

- conversion to 2% FOB royalty, or

- 1% FOB royalty with $0.50 per tonne production royalty

The technical report “Olary Iron Project Mineral Resource Estimate, South Australia” prepared by SRK Consulting Australasia for Yukuang Australia is to be filed on SEDAR

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Yukuang Australia

• Has spent $5M to earn 53% interest in Olary Iron Project • Subsidiary of Henan Yukuang, an affiliated enterprise of the Geo-

exploration and Mineral Development Bureau of Henan Province, China (1957)

• Global exploration, mining, processing, and trading operations; 4,700 qualified technical personnel;

• Yukuang’s Olary Iron JV interest is part of a portfolio of assets under consideration for a listing on the Singapore Stock Exchange through China Mining International (Y34:SGX)

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Three layers of magnetite mineralization identified over aggregate strike length of 7.5 km Initial resource estimate based on 16,000 meters of drilling; two-thirds of target remains undrilled Depth of overburden varies from 5m to 80m below surface DTR test results confirm potential to produce magnetite concentrates grading 68-70% Fe; grades consistent with saleable magnetite concentrates; low technical risk

Resource Overview

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Resource Estimate

Indicated mineral resources of 214 million tonnes at 26.3% iron

Inferred mineral resources of 296 million tonnes at 26.4% iron

Olary Iron Project Resource Estimate Summary

Category Tonnage Fe % SIO2% Al2O3% LOI% S% P% DTR% Density

Indicated 214,000,000 26.3 40.8 6.9 3.9 0.029 0.24 26.4 3.12

Inferred 296,000,000 26.4 41.3 6.9 3.7 0.027 0.25 27.3 3.10

Category Concentrate Tonnage

DTR Concentrate Grades

Fe % SIO2% Al2O3% LOI% S% P%

Indicated 57,000,000 69.6 2.9 0.3 -3.1 0.008 0.01

Inferred 81,000,000 69.8 2.6 0.2 -3.1 0.009 0.008

Table 1: Summary of Olary Iron Project Resource Estimate using cutoff grade of 20% Fe

Table 2: Davis Tube Recovery (DTR) test results and Fe content for the magnetic concentrate for composite RC and Diamond drillhole samples at grind size of 38 microns and 10% DTR cut-off grade

Approximately 90% of the mineralised domains are above reporting cut‐off of >20% Total Fe and >10% DTR; The average mass recovery above cut‐off of 27% is within the range of the resource mass recoveries for similar Australian magnetite projects with existing feasibility studies (Grasslands Jack Hills Expansion Project [25% mass recovery] (Murchison 2011); Grange Resources Southdown project [34% mass recovery] (Grange 2012).

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• Horizontal thickness of

mineralised domains varies between 200m and 350m including internal waste.

• Folded geometry of mineralised domains favourable to minimising stripping ratio compared to a linear sub vertical deposit.

• Strike and dip extents are not closed; potential for extensions of the mineralisation.

Resource Overview, cont.…

Cross section

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Cross Section

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DTR Results

Assays and Davis Tube Recoveries (DTR) from 2010 drill holes

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Grinding Tests

Grinding tests on Olary magnetite mineralization demonstrate that the 38 micron grind size produces the most acceptable concentrate grade of 64.83% Fe.

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Olary Neighbours

• Minotaur/Sumitomo (Mutooroo property)

• Lodestone Equities (Olary Property)

• Royal/Lodestone (Razorback property)

• Carpentaria (Hawsons property)

• PepinNini/Sinosteel (Mt. Victor property)

Lion One Olary Iron JV

Anabama (Adelaide Resources)

Olary (Lodestone)

Mutooroo (MEP/Sumitomo)

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China Mining International

- PRC state-owned China Geological Exploration plans to list mining assets on SGX Mainboard via a RTO of China Mining International (SGX trading symbol Y34);

- Subsequent to the RTO, China Mining International will be the first PRC government-backed mining company listed on SGX

- China Geological Exploration has access to a strong pipeline of mining assets from the Geo-exploration and Mineral Development Bureau of the Henan Province for injection into China Mining International; Yukuang’s Olary Iron Project JV interest is to be included in the portfolio;

Mr. Li Bin , CEO of China Mining, said, “We are heartened by the support of the Henan Bureau to completely transform China Mining into a pure mining company. Subsequent to the RTO, China Mining aims to be a mega mining company with strong expertise. Our main focus will be to develop our existing mines to realise their full commercial potential, with secondary emphasis on carrying out downstream processing and trading activities and thereafter advanced exploration. With the strong parentage, coupled with the Bureau’s mining expertise and portfolio, we see significant growth opportunities fuelled by the insatiable demand for mineral resources in the PRC.”

http://www.chinamining-international.com/newsroom.html

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Positive Outlook

Investor Relations Contacts: Hamish Greig | Joe Gray

311 West 1st Street, North Vancouver, BC, Canada, V7M 1B5

Toll Free within North America: 1.855.805.1250 tel: 604.998.1250 fax: 604.998.1253

e: info@liononemetals.com w: www.liononemetals.com