Corporate Presentation September 2014

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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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Company

Shares Issued: 60,175,608

Options: 4,240,000

Fully Diluted: 64,415,608

Recent Price: $0.40

Market Cap: $24 million

Cash: $7 million

Percentage held by insiders: 33%

Stock Market Listings Canada TSX-V: LIO Australia ASX: LLO (CDI’s) USA OTCQX: LOMLF EU FSX: LY1

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Walter Berukoff, Chairman & CEO; Founder and CEO of Miramar Mining, Northern Orion, La Mancha Resources; Red Lion Management Stephen Mann, Managing Director; Geologist, Former Utah Development Corp., BHP, Newcrest; Managing Director of AREVA Australia and Avocet Resources Samantha Shorter, Chief Financial Officer; CA, former audit manager at major Canadian accounting firm specializing in mining industry Stephanie Martel, VP Admin; Chief Operating Officer of Red Lion Management and Lion One Limited Fiji

People

Richard Meli, Director; Former Kennecott, La Mancha; former SVP of Mergers and Acquisitions at Rio Tinto

George S. Young, Director; Former President & Director MAG Silver, Former Director International Royalty Corp.

Kevin Puil, Director; CFA, Former Portfolio Manager at Malcolm Gissen & Associates, and Senior Analyst at the Encompass Fund

Hamish Greig, VP, Director, Corporate Secretary; 15 years experience in investor relations, corporate finance and administration

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Location

Tuvatu: a low-sulphidation, narrow vein, high grade epithermal gold system in Fiji; Located along trend from 7 million oz. historic production at Vatukoula;

Situated in one of Fiji’s major volcanic intrusive complexes

Ok Tedi (OTML)

391 Mt @ 0.77 g/t Au & 0.58% Cu (2009)

Porgera (Barrick) 40.3 Mt @ .08 g/t Au

Wafi Golpu (Newcrest-Harmony) 590 Mt @ 0.76 g/t Au

Frieda River (Xstrata) 51 Mt @ 0.57 g/t Au & 2.43% Cu (Nena)

Lihir (Newcrest)

880 Mt @ 2.1 g/t Au

Vatukoula (VGM) 21 Mt @ 6.0 g/t

Hidden Valley

(Harmony-Newcrest) 59 Mt @ 1.5 g/t Au

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Nadi

10 km

LIO tenements

Infrastructure

Lautoka

Nadi

Tuvatu

- Close to international airport at Nadi and deep water port at Lautoka

- Close to urban centers and skilled mining workforce

- Lion One Fiji head office and industrial compound located 1 km from airport; less than 20 km to fully equipped site camp at Tuvatu

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Geology

Eleven lodes delineated in main Upper Ridges mineralized zone - Strike length of NS lodes varies from

150m to over 600m; not drilled past 300m depth

- E-W striking Murau zone consists of two major lodes with mapped strike length in excess of 800 m

41 lodes identified, 37 modelled in 2014 resource estimate

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

Tuvatu

Vatukoula

Section view along exploration decline GM contours

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Resource

Cutoff Indicated Resource (diluted) Inferred Resource (diluted)

g/t tonnes g/t oz. Au tonnes g/t oz. Au

1.0 1,943,000 5.61 350,300 3,022,000 5.8 561,000

2.0 1,435,000 7.07 326,200 2,156,000 7.5 520,000

3.0 1,101,000 8.46 299,500 1,506,000 9.7 468,000

5.0 683,000 11.25 247,000 872,000 13.9 390,000

Excerpt from “Technical Report and Resource Estimate on the Tuvatu Gold Deposit” Dated June 4, 2014

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- Minimum widths of 1.2m (ranging up to 9m) for mineralized structures; average width of 2m in resource model

- Free gold present in both fine and coarse grains amenable to conventional gravity processing

- Gold also contained in quartz or pyrite composite particles amenable to extraction by floatation and leaching

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Tenements

Special Prospecting Licenses SPL’s 1283, 1296, 1465

21 Year Surface Lease

Mine Licensing Underway

Tuvatu

Lion One Fiji

Intl. Airport

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Environmental

- Department of Environment approval for 2013 Tuvatu Environmental Impact Assessment;

- Over 240 meetings with communities and stakeholders over 4 years

- Recommendation for mining to commence

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Historic Exploration

- Discovered in 1987

- 1997-2000 PFS & FS by Bateman Engineering for Emperor Gold Mines

- 87,000 meters drilled

- 1,341m of decline, cross-cuts, raises

- 600m decline to depth of 240m below surface

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Exploration Potential

Caldera marginal setting

Alkaline source rocks

Continuity of known structures

Large system, open ended

Numerous untested surface geochemical anomalies

Open at depth

Exploration upside

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Current Era

Work Completed:

- Check sampling of historic drill core

- Geophysics, geochemical analysis

- Surface mapping, sampling, trenching

- 14,000 meters additional diamond drilling

- Database validation (600,000 sample points)

- Environmental Impact Assessment

- 21-year Surface Lease

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In Progress

- Mine Licensing

- Resource Modeling and Mine Planning

- Preliminary Economic Assessment

- Geotechnical Drilling

- Grade Control Surface Sampling

- Environmental Management Plans for Operations and Construction

- Processing Flowchart & Plant Design (Scoping)

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Objectives

- Obtain Mining License for Tuvatu

- Model an economic ore body

- Design and build processing plant

- Initial production target 2016

- Underground development

- Ongoing exploration

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• Tuvatu discovered in 1987

• Emperor Gold Mines 1997-2006:

– Completed Feasibility Study on Tuvatu 1997-2000

– At that time Emperor was 3rd largest gold producer on ASX, Ivanhoe largest shareholder with 18% stake

– Emperor also held a 25% interest in Porgera in PNG, and 100% interest in Vatukoula in Fiji (operator)

– In 2006 Emperor sold its 25% interest in Porgera to Barrick for $250m, consolidated debt, divested Fiji

• 2007: Red Lion Management purchased Emperor’s assets in Fiji, spun out Tuvatu

• 2009: Vatukoula Gold Mine sold to VGM

• 2011: Tuvatu acquired by Lion One Metals

Project History

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Resource Sensitivities

Resource Category Indicated (diluted) Inferred (diluted)

Within 75 m of Surface

Cut off tonnes grade ounces tonnes grade ounces

0.5 734,000 3.0 72,000 612,000 3.61 71,000

1.0 609,000 3.5 69,000 513,000 4.17 69,000

2.0 384,000 4.7 58,000 328,000 5.66 60,000

3.0 263,000 5.8 49,000 228,000 7.05 52,000

5.0 121,000 8.0 31,000 107,000 10.73 37,000

Below 75 m of Surface

0.5 1,488,000 6.0 285,000 2,860,000 5.44 501,000

1.0 1,335,000 6.6 282,000 2,509,000 6.10 492,000

2.0 1,051,000 7.9 268,000 1,827,000 7.83 460,000

3.0 839,000 9.3 251,000 1,278,000 10.14 416,000

5.0 562,000 12.0 216,000 766,000 14.34 353,000

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Notable Drilling Intercepts

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

Hole ID Interval (m) True Width (m) Grade (g/t Au) From (m depth)

TUDDH 341 2.32 1.49 62.81 148.54

TUDDH 347 3.78 2.51 16.15 121.99

TUDDH 348 7.49 4.97 23.03 155.05

TUDDH 349 7.83 6.57 17.69 130.92

TUDDH 350 2.25 1.70 25.53 78.99

and 3.66 2.76 15.68 142.00

TUDDH 356 3.59 2.44 15.43 89.70

and 3.55 2.41 6.03 74.05

TUDDH 359 3.11 2.50 14.31 130.69

TUDDH 364 6.43 5.52 12.74 202.93

and 3.46 3.00 7.63 213.98

TUDDH 365 13.81 9.93 7.08 155.05

TUDDH 371 14.99 9.95 14.28 185.69

and 1.63 1.09 38.38 203.68

TUDDH 373 7.13 4.39 8.46 99.55

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Viti Levu Tenements

SPL 1283 Bebe SPL 1296 Yavuna SPL 1465 Nagado

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Vanua Levu Tenements

SPL 1467 Vunimoli SPL 1468 Delaikoro

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Olary Creek Iron Project (LIO 47%)

25% interest free carried to bankable feasibility;

- convertible to 2% FOB royalty,

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

22% participating interest

JV Partner Henan Yukuang (53%), subsidiary of Henan Province Mining Bureau, PRC

Pending RTO on Singapore Stock Exchange with CMI - China Mining International (Y34:SGX)

Henan’s JV interest is one of five target assets in initial CMI portfolio valued at US$800 million

CMI to be first PRC-backed company listed on SGX; Shareholder approval obtained for CMI to create a “mega mining company” with Henan asset pipeline

Lion One Australia

1 Billion tonne magnetite iron target on Braemar Iron Formation in South Australia

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Three layers of magnetite mineralization identified over aggregate strike length of 7.5 km, overburden ranges from 5m to 80m; two-thirds of target remains undrilled DTR test results confirm potential to produce magnetite concentrates grading 68-70% Fe; grades consistent with saleable magnetite concentrates; low technical risk Targeting 1 billion tonnes on South Australia’s Braemar Iron Formation; massive regional infrastructure investments approved by SA government

Olary Resource Overview

Indicated mineral resources of 214 million tonnes at 26.3% iron

(DTR Results: 57 million tonnes concentrate @ 69.6 % Fe)

Inferred mineral resources of 296 million tonnes at 26.4% iron

(DTR Results: 81 million tonnes concentrate @ 69.8% Fe)

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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

Track Record

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