lion one presenation april 2016

FIJI GOLD LION ONE METALS

Tuvatu Gold Project April 2016 Presentation

Lion One Metals Limited 1

Disclaimer Forward Looking Statements and Qualified Person


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").

Capital Structure


ASX: LLO :LOMLF

Capital Structure

Shares Outstanding Common Shares CDI’s on ASX (1:1)

60,175,608 50,299,784 9,875,824

Options 2,975,000

Warrants 0

Fully Diluted 63,150,608

Recent Price $0.40

Market Cap $24 million

Listings Market Ticker

Canada TSX-V LIO

Australia ASX LLO

USA OTCQX LOMLF

EU FSX LY1

Largest Shareholders: Management & Directors: 34% Franklin Templeton Gold & Precious Metals Fund: 4.88%

http://www.otcmarkets.com/marketplaces/otcqx

Management


Walter Berukoff: Founder, Chairman and CEO

Principal of Northern Orion acquired for $1.1B by Yamana Gold in 2007 Miramar acquired for $1.5B by Newmont in 2008 La Mancha RTO of AREVA gold assets in 2006 La Mancha acquired for $500M in 2012 Emperor Gold Mining Co. assets in Fiji acquired in 2008 Stephen Mann: Managing Director Geologist with over 35 years practical experience. 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 and associated deposits, White Foil, Frogs Leg, Millrose and other gold deposits, Dawson Hinkler U. Senior management roles in all Companies.

Lion One CEO Walter Berukoff (L) Fiji Prime Minister Bainimarama (R)

Tuvatu Mining Lease Ceremony 2016

Tuvatu Gold Project


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 De-risked project with robust economics at current gold prices Experienced management team with ability to move project quickly into production

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

* Refer to PEA Technical Report dated July 14, 2015

http://www.otcmarkets.com/marketplaces/otcqx


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 Closure and

Rehabilitation Plan Mine Management Plan Community Support

Lion One Fiji office 16 km

10 km

Tuvatu Gold Deposit


A steeply dipping high grade, epithermal gold deposit

Approx. 100,000 m drilling; 1340 m of underground development to

240 m depth, incl. cross cuts, raises, and drill stations

Veins extend over 600 m and are open at depth and along strike

39 veins in resource model with average width of ~2.2m

Veins range up to 9.0 m width

Previous Work


Pre-feasibility Study1

Feasibility Study1

Exploration decline

Detailed mapping, sampling, geotechnical studies

Underground drilling

>100,000m drilling (95% diamond drilling)

A number of independent metallurgical studies

Bulk sample testwork from underground

Updated Economic Study completed in mid 2015

1: 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.

Resource Estimate Source: NI 43-101 PEA Technical Report July 2015


Tuvatu Mineral Resource Estimate: based on June 2014 study

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

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

• Resource remains open at depth and along strike

• Drilling constrained, UG infill and expansion drilling planned

Project Economics


Tuvatu Project Economics

Pre-Production CAPEX (M US$) 48.6

Cash Cost per Ounce (US$) 567

All in Sustaining Cost per Ounce (US$) 779

Mine production years 1-3 (oz Au) 262,386

Average Diluted Head Grade (g/t Au) 11.31

Initial Project Life (Years) 7.4

Plant Capacity (tpa) 219,000

Base case gold price (US$/oz) 1,200

Pre-Tax After-Tax

NPV (M US$) 117.0 86.5

IRR (%) 67 52

Payback Period (Years) 1.25 1.50

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

Pre-production CAPEX US$48.6 million (includes $6.1 million contingency)

Nearly 50% of CAPEX is fixed cost quotes

Processing


EPC quote for $25 million plant and infrastructure, through design and construction to commissioning;

Extensive metallurgical testwork of individual ore zones and composites;

600tpd throughput (about 200,000 tonnes per annum) Two stage crushing & grinding followed by gravity concentration,

flotation, and leaching; Jaw and cone crushing followed by 75 micron grind in ball mill Gravity recoveries at >40% gold; Floatation – float concentrate to fine grind and float tails to leach; Cyanide destruction plant in circuit

Mine Plan


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 (diluted) Operating costs US$567 per oz. and all-in costs of US$779 per oz. 15 month development and preproduction schedule; 1.5 year payback on capital after tax Mining method includes shrink stoping and long hole stoping; Projected revenues of US$423M; cash flow of US$112 m after tax

Tuvatu Underground


Vein intersections of SKL – Nasivi Zone

Steep dipping veins of UR1 & UR2 Zone

Existing underground includes 1,341 meters of decline, strike, and raise development

Mineralized zones accessible through existing decline

decline

decline

planned stope


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

Historic 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

Resource Expansion Potential


Hole ID From depth (m) Length (m) Au (g/t)

160 332 4.22 252.64

123 496 2.75 26.24

212 523 2.00 24.05

Limited drilling beneath 250 meters depth Higher Grade Intercepts Include: TUDDH 160: 4.22 m of 252.64 g/t Au from 332 m 4.12 m of 19.61 g/t Au from 403.2 m 2.0 m of 37.82 g/t Au from 416.5 m TUDDH 176: 0.95 m of 56.51 g/t Au from 437.35 m 2.75m of 26.24 g/t Au from 496 m

Growth Potential within Existing SML


• 384.5ha Special Mining Lease

• Contains all resources and infrastructure including tailings dam

• Contains most significant exploration prospects in area

• No permitting required for further development within Mining Lease

High Grade targets within existing SML


Nubundike: extensive 1 – 2

meters wide, with high grade rock chips to 20 g/t Au

290 Vein: continuous high grade

rock chip samples to 293 g/t Au over several hundred meters on vein network

Ura Creek: 2m wide shear zone

with rock chips to 54.5 g/t Au

Jomaki Ridge: rock chip

samples to 125.5 g/t Au in densely veined stock work zone with visible gold

Company Contacts Thank you


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: [email protected] 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

mailto:[email protected]

http://www.liononemetals.com/

lion one presenation april 2016

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