This document provides an overview of the Tuvatu Gold Project in Fiji. Key points include: - Tuvatu is a high-grade, underground gold project with over $50 million in previous development and a proposed $42.5 million capital expenditure. - The project is expected to produce 260,000 ounces of gold over the first three years at an average head grade of 15.3 g/t Au. - Financial modeling shows a 62% IRR and $138 million cash flow over 7 years at a gold price of $1,300/ounce. - Tuvatu has full permitting and is described as being development ready with upside exploration potential.

1. Tuvatu
Fiji GoldN E W Y O R K 2 0 1 6
TSX-V:LIO

2. Growth Opportunity
2
A spectacular high grade, low cost underground gold project
with over $50M previous development, de-risking, and sunk costs
US$42.5 M capex for a 600 tonne per day mining and processing
operation generating 260,000 oz. gold over first 3 years at head
grades of 15.30 g/t Au
62% IRR and US$138 million cash flow over 7 years at US$1,300
gold; Short 18 month construction schedule and 16 month
payback on capital; US$100 million cash flow through year 3
Growth upside on 385 hectare mining lease inside Fiji’s largest
volcanic goldfield
Fully permitted by the
Government of Fiji
Tuvatu Gold Project
Permitted for Production, Built for Growth
Our Strategic Objective:
Create a cash machine and build up
a multi-million ounce gold resource

3. Development Ready
3
Tuvatu: a fully permitted high grade
underground gold project in Fiji
Lion One CEO Walter Berukoff with Fiji PM Bainimarama
Tuvatu Mining Lease Acceptance Ceremony
January 27, 2016
 Mining Lease
 21 Year Surface Lease
 EIA & EMP
 Closure and Rehabilitation Plan
 Mine Management Plan
 Community Support

4. Asset Generators
4
Walter H. Berukoff, Chairman & CEO
Founder, Former Chairman & CEO of:
Northern Orion: acquired for $1.1 Billion by Yamana in 2007
- Mantua, Cuba
- Agua Rica, Bajo de la Alumbrera, Argentina
Miramar Mining: acquired for $1.5 Billion by Newmont in 2008
- Con Mine, NWT
- Hope Bay, NWT (T-Mac Resources IPO 2015)
La Mancha: acquired for $500 million by Naguib Sawiris in 2012
- Frog’s Leg & White Foil, WA (Acquired by Evolution for A$300 million in 2015)
- Hassai, Sudan (La Mancha sold 44% for US$100 million in 2015)
- Ity Gold, Cote d’Ivoire (55% acquired by Endeavour for US$78 million 2015)
Emperor Gold Mines Fiji assets acquired in 2008
Stephen Mann, Managing Director
Geologist with over 35 years experience, former Managing Director of AREVA Australia.
Successful discovery, development, and production track record for BHP, Newcrest, AREVA,
and Avocet Resources in gold, coal and base metals. Discoveries includes Cadjebut Pb/Zn
deposits, White Foil, Frogs Leg, Millrose gold deposits, Dawson Hinkler Uranium.
Lion One CEO Walter Berukoff (L)
Lion One Lands Manager Moape Navia (C)
Lion One Managing Director Stephen Mann (R)

5. Acquisition Timeline
5
1987 1997 2000 2004 2008 2011 2013 2014 2016
Tuvatu discovered
by Geopacific
Tuvatu Feasibility
Study Completed
Emperor Gold assets
acquired by Red Lion
Tuvatu EIA
Completed
Tuvatu Mining
Lease Granted
Tuvatu acquired
By Emperor Gold Mines
Tuvatu acquired by
Lion One Metals
21 Year Surface Rights
Agreement Signed
“In addition to the gold currently produced at Vatukoula, Emperor has identified a significant resource at Tuvatu,
also located on the island of Viti Levu, where operations are expected to begin as early as 1999 at a capacity of
more than 100,000 ounces of gold a year. The company is also continuing further exploration and is currently
evaluating the potential for a low-cost underground mine near Fiji’s international airport at Nadi.”
- 1997 Annual Report, Indochina Goldfields (Ivanhoe Mines)
Emperor Gold Mines
Acquired by DRD
Ivanhoe acquires majority
interest of Emperor
Emperor Gold assets
sold by Red Lion
TUVATU ACQUISITION
Tuvatu was in the development pipeline of Emperor Gold Mines when all of the Fijian assets of
Emperor were acquired in 2008 by Red Lion Management; Red Lion subsequently sold the Emperor
gold mine to Vatukoula Gold Mines and funded the acquisition of Tuvatu in a new company, Lion
One Metals Limited, in 2011.

6. Tuvatu Mine Plan
6
100 m
Steeply dipping parallel veins amenable to low cost
shrinkage stoping; widths range from <1m to 8m
Minimum widths in mine plan of 1.2 m plus 20%
dilution at 5.0 g/t grade cutoff
Stopes average 60m x 60m x 2m average vein
thickness
Drilling costs: US$300 / meter
Underground development costs: US$2,250 / meter
Pre-Production CAPEX /
Contingency
$42.5 M
$6.1 M
Cash Costs /
All-in Sustaining Costs
$567
$779
Gold Production / Head Grades
Through 3 Years
262,386 oz.
@ 15.30 g/t Au
Gold Production / Head Grades
Through 7.4 Years
352,931 oz.
@ 11.31 g/t Au
Years 1- 3
Stopes
Projection of
current decline
100m

7. • Build ROM stockpile using existing decline to
access year 1 stopes;
• Extract 86,000 tonnes @ 10.40 g/t for 25,000
oz. Au at cost of US$47.52 per tonne;
• Drive 2nd decline from plant site portal
7
Pre-Production Plan
200 m
10-20 g/t Au 20-40 g/t Au 40-100 g/t Au >100 g/t Au
g/t Au interval g/t Au interval g/t Au interval g/t Au interval
16.23 2.70 33.10 2.10 74.89 2.40 109.19 3.60
17.31 1.80 33.16 2.52 79.47 3.30 116.32 3.10
17.48 3.45 33.21 3.50 79.37 3.40 118.41 2.95
18.06 2.50 35.50 3.00 83.85 3.00 122.65 2.50
18.18 1.90 35.68 2.70 84.83 3.45 203.59 2.80
19.09 3.25 36.04 3.00 92.48 2.95 290.60 2.35
High Grade Highlights
Underground channel sampling
Plant site
Portal
New Decline
Existing
Decline

8. Effect of Rising Gold Prices
8
Refer to SEDAR filed NI 43-101 PEA Technical Report dated July 14, 2015
Gold Price
per oz.
Margin
per oz.
IRR
After tax
Payback
After tax
(months)
NPV5%
After tax
Cash Flow
After Tax
(7.4 Years)
1,000 433 33% 24 45.22 62.37
1,100 533 43% 21 65.50 87.05
1,200 633 52% 18 86.64 112.66
1,300 733 62% 16 107.79 138.26
1,400 833 71% 15 128.93 163.87
1,500 933 79% 13 149.94 189.30
“We have increased our gold price assumption to $1,500 in 2017”
RBC Capital Markets “Global Gold Outlook” Report, July 13, 2016
Tuvatu Gold Price Sensitivities
On Current Mine Plan
Cut off Indicated Resource (diluted) Inferred Resource (diluted)
g/t Au 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
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

9. 9
High Grade Gold Deposit
 Low sulphidation epithermal gold system
associated with alkaline volcanic intrusive;
 Veins extend over 600 m N-S; open at depth and
over 1km along strike;
 39 veins in resource model with average width of
~2.2m, up to 9.0 m width;
 1,340 m of underground development to 240 m
depth, incl. cross cuts, raises, and drill stations
Over 100,000 meters drilled
Significant drill intersections at depth include:
 TUDDH 160: 3.65m @ 291.77g/t Au from 332m
 TUDDH 123: 2.05m @ 13.74g/t Au from 308m
 TUDDH 176: 2.75m @ 26.24g/t Au from 496m
 TUDDH 212: 2.00m @ 24.05g/t Au from 523m
 TUDDH 100: 2.00m @ 305.07g/t Au from 253m
252.64 g/t over 4.22m returned from DDH 160
at vertical depth of 324m from surface

10. 10
Mine Country Owner Grade g/t Tonnes Oz. Au
Fire Creek USA Klondex 44.1 170,000 172,000
Macassa Canada Kirkland Lake 22.2 1,330,000 950,000
Kedrovka Russia Zapadnaya 22 380,000 269,000
Turquoise Ridge USA Barrick 16.9 10,932,000 5,943,000
Toguraci Indonesia Newcrest 16 1,000,000 514,000
Orcopampa Peru Buenaventura 15.8 630,000 321,000
Dvoinoye Russia Kinross 15 2,137,000 1,028,000
Pinson USA Atna 13.8 353,000 157,000
Midas USA Klondex 12.9 220,000 92,000
Tuvatu Fiji Lion One 11.3 1,125,000 352,000
Pimenton Chile Cerro Grande 11.1 138,000 49,000
Ore reserves are Proven & Probable, except for Kedrovka, where A+B categories calculated
Resource Figures (not reserves) for Tuvatu based on production summary in 2015 PEA Technical Report
Source: Mining.com article “The world’s highest grade gold mines” Vladimir Basov July 16, 2015
Highest Grade Gold Mines

11. Processing & Plant
Low sulphidation epithermal gold; non-refractory and amenable to
conventional gravity flotation and leaching;
Up to 40% recoveries by gravity; combined gravity/flotation recoveries of
86.30% used in latest update of feasibility study;
Two stage crushing & grinding followed by gravity concentration, flotation,
and leaching for optimal recoveries;
50% of capex is fixed cost EPC quote for plant, equipment, and
infrastructure, through design and construction to commissioning
11

12. CAPEX Summary
Capitalized
Development:
$9.0 M
Mining
Equipment:
$5.9 M
Processing:
$13.3 M
Infrastructure:
$7.6 M
Indirects:
$2.6 M
EPC: $2.1 M
Owner’s Costs:
$ 2.1 M
Contingency:
$6.1 M
US$48.6
Million
12

13. 13
Fiji Islands
PNG
Tectonic Plate
Boundary
South Pacific Ring of Fire
Porgera
Lihir
Vatukoula
Lihir, Porgera, Vatukoula:
Giant Volcanogenic Gold Systems
Now Owned by Major Mining Companies
Lihir, PNG
790 Mt @ 2.3 g/t Au
(Newcrest)
Porgera, PNG
55 Mt @ 3.47 g/t Au
(Barrick)
Wafi-Golpu, PNG
605 Mt @ 0.44 g/t Au
(Harmony)
Vatukoula, Fiji (VGM)
21 Mt @ 6 g/t Au
Wafi Golpu

14. 14
Mining License Area
Exploration License Areas
Port of Lautoka
35 km
Nadi town center
20 km
Lion One Fiji office
16 km
10 km
Project Location
Fiji Islands

15. 15
Navilawa Caldera
10 km
Project Location
Lion One Fiji office
Sabeto Valley Road
16km to Tuvatu

16. 16
Fiji’s Giant Gold Fields
Image: Viti Levu Gravity Contours Source: 1996 Fiji Geophysical Survey
7m oz. Au over 80 years
4m oz. resource remains
“The Emperor (Vatukoula) Mine sits within a true world class mineralization system…
one of the 10 largest epithermal gold systems ever discovered”
WH Ireland Research, Jan. 4, 2012
“Lion One’s high-grade Tuvatu Gold Project is located in one of the great gold producing areas
of the world, with the potential to match the production of other long-lived gold mines on Fiji.
We are initiating research coverage with a Buy rating (and price target of C$1.40)”
Scarsdale Equities Research, June 22, 2016
Fiji Islands

17. Mining Lease Prospects
17
385 hectare Special Mining Lease
21 Year Surface Lease
Contains current resource and
infrastructure including tailings dam
Contains most significant
exploration prospects in area
Room for expansion without further
permitting

18. Mining Lease Prospects
18
2.5 km

19. Mining Lease Prospects
19
Jomaki Ridge
Rock chips to 125.5 g/t Au
Channels of 11.9 g/t over 0.25m;
strike of 140m.
Stockwork zone of high vein
intensity.
Ura Creek
2m wide shear zone out-
cropping along 200m strike
Discovery outcrop 102 g/t over
0.40m Rock chips up to 56 g/t
Au; Channel samples up to 40
g/t over 0.15m
Nubunidike Vein 30.75 g/t Au
over 0.3m; Vein traceable for
370m; Hornet Creek 6g/t Au
over 0.5m; Vein traceable for
290m; 290 Vein 293.5 g/t over
0.15m With visible wire gold

20. Capital Structure
20
ASX: LLO :LOMLF
Shares Outstanding
• 60,175,608 Outstanding
• 66,175,608 Fully Diluted
• Zero warrants
Previous Private Placements:
• 2011: C$11.5 million @ C$1.00
• 2011: C$14.2 million @ C$1.55
Shareholders:
• Franklin Templeton 3 m shares (4%)
• Management: 22 m shares (34%)
Current Price: C$0.99
Current Market Cap: C$59M
Research Coverage
Scarsdale Equities June 22, 2016
Target Price: C$1.40
Target Market Cap: C$168M

21. About Fiji
21
“Mining will take Fiji forward –
Tuvatu is a model of what we can achieve
economically, socially and environmentally”
The Honorable Prime Minister of Fiji, Commodore Voreqe
Bainimarama delivering his Tuvatu Mining Lease speech
January 27, 2016
Former British Colony,
independence gained in 1970;
current PM elected in 2014
Sugar exports and tourism are main
source of foreign exchange
Active government support for
mineral exploration and mining
industries, foreign investment
Gold mining industry dates to
1930’s; highly skilled local workforce
and modern regulatory framework

22. 22
Appendix

23. 23
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
Refer to SEDAR filed NI 43-101 PEA Technical Report dated July 14, 2015
Tuvatu Production Summary

24. 24
Basis of Estimate (based on US$1,200 gold price)
Revenue from gold $423 million
Total cash cost
(excluding royalties)
$453.21 per oz. Au
Total cash cost
(including royalties)
$114 per oz. Au
All-in costs $778.60 per oz. Au
Capital expenditures
(LOM)
$78.60 million
Initial capital investment $48.6 million
Basis of Estimate
Pre-tax economics
Free cash flow $148.73 million
Internal Rate of Return
(IRR)
67.1%
Project NPV 5% $116.99 million
Payback period 1.5 years
After-tax economics
Free cash flow $112.54 million
Internal Rate of Return
(IRR)
52.3%
Project NPV 5% $86.54 million
Payback period 1.50 years
Tuvatu Base Case Economics
Refer to SEDAR filed NI 43-101 PEA Technical Report dated July 14, 2015

25. 25
Hole ID Sample No. From m To m g/t Au Length m
TUDDH-160 TU122462 335.15 335.65 1614 0.50
TUDDH-100 TU120810 254.50 255.00 1185 0.50
TUDDH-348 TS3917 161.37 161.54 855 0.17
TUDDH-045 TU112546 114.00 114.50 463 0.50
TUG-013 TUG565 41.50 41.90 430 0.40
TUG-1849 TUG1852 1.70 2.10 346 0.40
TUG-056 TUG2665 103.60 104.00 334 0.40
TUG-112RO TUG113 1.50 1.70 295 0.20
TUDDH-045 TU112547 114.50 115.00 283 0.50
TUDDH-013 WKK11415 34.00 34.05 271 0.05
TUG-051 TUG2586 34.95 35.45 270 0.50
TUDDH-347 TS3606 124.04 124.13 248 0.09
TUG-062 TUG4558 56.9 57.20 209 0.30
TUG-067 TUG4472 66.35 67.20 193 0.85
TUG-327 TUG329 1.60 1.85 177 0.25
TUG-079 TUG3991 62.50 63.15 174 0.65
TUG-058 TUG4366 100.85 101.35 170 0.50
TUDDH-160 TU122461 334.16 335.15 167 0.99
TUG-099 TUG5608 57.95 58.48 167 0.53
TUDDH-057 TU113289 121.60 121.80 164 0.20
Top High Grade Drill Intercepts

26. Top High Grade Drill Intercepts (21-40)
26
Hole ID Sample No. From m To m g/t Au Length m
TUG-013 TUG560 34.90 35.55 156 0.65
TUG-008 TUG10 3.40 3.8 155 0.40
TURC-174 TURC143175 54.00 55 155 1.00
TURC-174 TURC143174 53.00 54 152 1.00
TUDDH-076 TU14392 211.50 212.15 150 0.65
TUDDH-160 TU122500 418.00 418.5 141 0.50
TUDDH-228 TU149537 209.76 210.26 141 0.50
TUG-005 TU142477 28.80 29.1 136 0.30
TUG-001 TU142022 37.75 38.35 133 0.60
TUDDH-207 TU144019 307.10 307.6 125 0.50
TUG-087 TUG5503 7.63 7.73 121 1.00
TUDDH-101 TU15264 162.70 162.95 119 0.25
TUG-1793 TUG1795 1.10 1.95 117 0.85
TUDDH-045 TU112548 115.00 115.5 116 0.50
TUDDH-176 TU15912 437.35 437.8 116 0.45
TUG-077 TUG6314 147.45 147.85 114 0.40
TURC-137 TU136262 60.00 61 114 1.00
TUG-081 TUG5257 123.05 123.25 112 0.20
TUDDH-078 TU13226 107.85 108.05 110 0.20
TUDDH-130 TU127046 259.10 259.5 110 0.40

27. Disclaimer
27
DISCLAIMER
The information provided in this presentation is not intended to be a
comprehensive review of all matters and developments concerning the
Company and should be read in conjunction with all other disclosure documents
of the Company. The information contained herein is not a substitute for
detailed investigation or analysis. No securities commission or regulatory
authority has reviewed the accuracy or adequacy of the information presented.
FORWARD-LOOKING STATEMENTS
This presentation contains statements and information that constitute forward-
looking information within the meaning of Canadian securities legislation,
referred to herein as "forward‐looking statements", include statements
regarding proposed exploration and development activities and their timing,
resource estimates, exploration potential and the PEA, including estimates of
capital and sustaining costs, anticipated internal rates of return, mine
production, estimated recoveries, mine life, estimated payback period and net
present values, opportunities to enhance the value of the Tuvatu Gold Project
and other plans and objectives of the Company. In making the forward-looking
statements herein, the Company has applied several material assumptions,
including that (1) required approvals, permits and financing will be obtained; (2)
the proposed exploration and development of the Company's properties will
proceed as planned and that actual results will be consistent management’s
expectations; (3) with respect to mineral resource estimates, the key
assumptions and parameters on which such estimates are based; (4) market
fundamentals will result in sustained metals and minerals prices; and (5) with
respect to the PEA, the assumptions underlying the PEA, that the proposed mine
plan and recoveries will be achieved, that capital costs and sustaining costs will
be as estimated and that no unforeseen accident, fire, ground instability,
flooding, labor disruption, equipment failure, metallurgical, environmental or
other events that could delay or increase the cost of development will occur.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual events or results
to differ from those expressed or implied by the forward-looking statements,
including: delays or inability to obtain required government or other regulatory
approvals, permits or financing, the risk of unexpected variations in mineral
resources, grade or recovery rates, of failure of plant, equipment or processes to
operate as anticipated, of accidents, labor disputes, and unanticipated delays in
completing exploration and development activities, the risk that estimated costs
will be higher than anticipated and the risk that the proposed mine plan and
recoveries will not be achieved, bad weather, exploration and development
risks, actual results of exploration and/or development activities being
materially different from those expected by management; uncertainties related
to interpretation of drill results and geological tests, failure to meet expenditure
and financing requirements, title matters, third party consents, operating
hazards, metal prices, political and economic factors, competitive factors and
general economic conditions. Actual results may vary from those implied or
projected by forward-looking statements and therefore investors should not
place undue reliance on such statements. The forward-looking statements
herein are made as at the date of this presentation and the Company expressly
disclaims any intention or obligation to update or revise any forward-looking
statements except as required by applicable securities legislation.
TECHNICAL DISCLOSURE
The technical information in this presentation has been approved by Robert
McLeod, P.Geo., a consultant to the Company and a Qualified Person as defined
by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101").

28. 28
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
Thank You

29. 29
category width tonnes g/t Au ounces
Inferred 57,588.23 18.19 33,682.39
Indicated 55,397.11 18.23 32,460.49
Tuvatu Schedule Year 1

30. 30
category width tonnes g/t Au ounces
Inferred 76,463.99 20.81 51,163.54
Indicated 43,185.11 19.52 27,098.49
Tuvatu Mine Schedule Year 2

31. 31
category width tonnes g/t Au ounces
Inferred 121,032.90 20.24 78,755.08
Indicated 40,790.87 13.57 17,801.60
Tuvatu Mine Schedule Year 3

32. 32
Stopes by Grade
Range Number
5-10 g/t 46
10-20 g/t 42
20-30 g/t 12
>30 g/t 9
5-10 g/t 10-20 g/t
tonnes grade ounces tonnes grade ounces
3,092.85 9.07 902.34 1,337.94 16.97 729.84
1,855.56 9.57 571.11 5,073.84 17.01 2,774.23
5,785.83 9.81 1,823.91 8,671.20 17.91 4,993.11
2,838.99 9.65 880.87 9,307.15 18.10 5,416.86
5,828.65 9.83 1,842.96 13,877.77 18.72 8,350.64
16,332.81 9.90 5,198.96 5,373.16 18.76 3,241.61
Inferred Indicated
20-30 g/t >30g/t
tonnes grade ounces tonnes grade ounces
3,067.65 22.70 2,238.74 8,643.32 33.37 9,272.60
11,296.25 23.16 8,411.42 2,852.95 36.83 3,378.40
7,788.57 24.19 6,056.90 2,451.60 38.15 3,006.75
9,532.77 25.19 7,720.36 7,339.38 42.24 9,967.21
15,859.87 26.59 13,556.75 70.33 46.78 105.78
2,996.35 29.28 2,820.79 7,749.47 85.31 21,253.76
Inferred Indicated
Tuvatu High Grade Highlights

33. 33
Drilling & Development
Drilling costs US$300 per meter
700 meter hole = US$200,000
Underground development costs:
US$2,250 per meter