FIJI GOLD LION ONE METALS

Tuvatu Gold Project January 2016 Presentation

Disclaimer Forward Looking Statements and Qualified Person

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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 economic assessment as defined under NI 43-101. You are cautioned not 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 .

Tuvatu Gold Project

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ASX: LLO :LOMLF

One of the highest grade new gold projects in the world, fully permitted for production by the Government of Fiji Low capex of US$48.6 million for underground gold project in SW Pacific goldfield Robust economics at current and lower gold prices, significant upside to increases in gold price Lead by an experienced mining entrepreneur and founder of three mining companies built and sold for C$3 Billion

Lion One personnel (L to R): Mr. Walter H. Berukoff, Chairman & CEO Mr. Moape Navia, Tuvatu Mine Manager Mr. Stephen Mann, Managing Director

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Mining License Area Exploration License Areas

Caldera

Port of Lautoka 35 km

Nadi town center 20 km

Permits, Licenses, Locations

Mining Lease 21 Year Surface Lease EIA & EMP Community Support

Lion One Fiji office 15 km

10 km

7M oz. Au

Fiji

Tuvatu

SML 62

Processing Plant Design

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Economic study includes fixed cost EPC quote for $25 million plant, through construction to commissioning;

Throughput of 400 tonnes per day; 219,000 tonnes per year

Two stage crushing & grinding followed by gravity concentration, flotation, and leaching;

Extensive metallurgical testwork

Tuvatu Plantsite Layout

Mine Plan

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100 m

Deposit consists of steep dipping parallel quartz veins, widths ranging from <1m to 8m; stopes averaging 60m x 60m x 2m vein average thickness

Projection of current decline

Average head grades of 11.3 g/t Operating costs US$567 per oz. and US$779 per oz. all in costs 15 month development and preproduction schedule; 1.5 year payback on capital after tax Projected production of 352,000 oz. Au including 226,000 oz. Au in first 3 years; Projected revenues of US$423 million and cash flow of US$112 million after tax

Tuvatu Underground

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Vein intersections of SKL – Nasivi Zone

Steep dipping veins of UR1 & UR2 Zone

Existing underground includes 1,600 meters of decline, strike, and raise development

Mineralized zones accessible through existing decline

decline

decline

planned stope

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Select Channel Samples: SKL Nasivi Zone Drift Channels 3.03m @ 43.43 g/t Au 3.00m @ 50.52 g/t 3.40m @ 79.37 g/t 3.00m @ 83.85 g/t 3.60m @ 109.19 g/t Rib Channels 1.85m@ 26.47 g/t 2.10m @ 33.10 g/t 2.30m @ 50.06 g/t 3.10m @ 116.32 g/t 2.35m @ 290.60 g/t

20 m

20 m

20 m

High Grade Channels

Source: Emperor Gold Mining Co. (1998)

Select Rib Channels: UR1 & UR2 Zones 2.9m@ 12.18 g/t Au 2.3m @ 13.79 g/t 2.6m @ 14.14 g/t 2.9m @ 14.15 g/t 2.2m @ 14.51 g/t 2.5m @ 14.76 g/t 2.3m @15.58 g/t 2.05m @ 17.46 g/t 2.6m @ 33.99 g/t 2.6m @ 46.6 g/t 2.5m @ 72.47 g/t 2.2m @ 72.616 g/t

Highest Grades

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Source: Mining.com article “The world’s highest grade gold mines” Vladimir Basov July 16, 2015

Mine Country Owner Grade g/t Reserve tonnes 000’

Oz. Au

Fire Creek USA Klondex 44.1 170 172,000

Macassa Canada Kirkland Lake 22.2 1,330 950,000

Kedrovka Russia Zapadnaya 22 380 269,000

Turquoise Ridge USA Barrick 16.9 10,932 5,943,000

Toguraci Indonesia Newcrest 16 1,000 514,000

Orcopampa Peru Buenaventura 15.8 630 321,000

Dvoinoye Russia Kinross 15 2,137 1,028,000

Pinson USA Atna 13.8 353 157,000

Midas USA Klondex 12.9 220 92,000

Pimenton Chile Cerro Grande 11.1 138 49,000

Ore reserves are Proven & Probable, except for Kedrovka, where A+B categories calculated

Production Summary

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Project Production Summary Basis of Estimate

Total ore mined and processed 1,125,548 tonnes (dry)

Average head grade 11.30 g/t Au per tonne

Contained gold in mined ore 408,958 oz. Au

Recovered gold 352,931 oz. Au

Average recovery 86.3%

Production mine life 6.16 years

Nominal production rate 219,000 tonnes per year

Average annual production 182,802 tonnes per year

Average annual production 57,320 oz. Au per year

Robust Economics

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ASX: LLO :LOMLF

LIO: C$24 M Market cap

60M Shares@$0.40

33% IRR after tax

@ $US 1,000 Gold

43% IRR after tax

@ $US 1,100 Gold

52% IRR after tax

@ $US 1,200 Gold

US$86M NPV After tax

@ US $1,200 Gold

Walter H. Berukoff, CEO

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Notable Projects, Companies, and Transactions Include: (as founder & former CEO)

Northern Orion acquired for $1.1B by Yamana Gold in 2007 - Mantua, Cuba - Agua Rica, Argentina

Miramar acquired for $1.5B by Newmont in 2008 - Con, Hope Bay, NWT (T-Mac IPO 2015)

La Mancha RTO of AREVA minerals assets in 2006 La Mancha acquired for $500M in 2012 - Frog’s Leg & White Foil, Western Australia (Acquired by Evolution Mining for A$300M 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$78M in 2015)

Emperor Gold Mining Co. assets in Fiji acquired in 2008

Company Contacts Thank you

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Lion One Metals Limited 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

Stephen Mann, Managing Director (Perth, WA) Tel: 604-973-3007 Hamish Greig, Vice President (Vancouver, BC) Tel: 604-973-3008 Joe Gray, Investor Relations (Vancouver, BC) Tel: 604-973-3004

Toll Free IR Line (North America) Tel: 1-855-805-1250