Lion One Metals Enhances Tuvatu Gold Mine Operations with New Boart Longyear LM90 Underground Drill Acquisition

Technical Features of the LM90 Drill

The Boart Longyear LM90 is engineered specifically for underground mining environments requiring deep core drilling. It offers a maximum drilling depth of 990 metres and accommodates rod sizes ranging from AQ to NQ. Its operational range covers a full dip spectrum from vertically upward (+90 degrees) to vertically downward (-90 degrees), allowing versatile drilling angles.

This design enables Lion One to perform inclined and deep drillholes from underground locations, a capability not previously available. The LM90 complements the existing fleet of three Zinex U5 electric underground drills, one Zinex U5 diesel surface drill, and one EDR450 track-mounted surface drill, while two Hanjin D&B 30D surface drills remain inactive. The LM90's compact size allows transport through smaller development drifts, reducing development time and capital costs.

Development of Dedicated Underground Drill Station

A new underground drill station for the LM90 is being built at the Tuvatu mine, located at the end of an 80-metre drive off Level 1051, south of Zone 2. This strategic positioning enables effective targeting of high-grade mineralization in Zone 500, the West Zone, and inclined access into Zone 5 along strike.

Previously, Zone 500 and the West Zone were drilled primarily from surface or near-surface positions. The new underground station will facilitate shorter, faster, and more cost-efficient drillholes with improved intercept angles into steeply dipping high-grade veins, enhancing exploration efficiency and resource delineation.

Expansion Strategy and Resource Enhancement

The primary goal behind acquiring the LM90 is to access and upgrade the resource base in Zone 500 and the West Zone at depth, supporting increased production at Tuvatu. This move aligns with Lion One's broader strategy to significantly scale up mine output by leveraging enhanced underground drilling capabilities.

Drilling laterally from depth underground for the first time will enable the company to expand mineral resources and boost production rates. The existing underground mine and pilot plant, operational since late 2023, provide a solid infrastructure foundation for these expanded drilling initiatives.

Fleet Growth and Operational Enhancement

With the LM90 addition, Lion One’s operational drill fleet will total six drills: three Zinex U5 electric underground drills, one Zinex U5 diesel surface drill, one leased EDR450 track-mounted surface drill, and the new LM90 underground drill owned by Lion One. Two Hanjin D&B 30D surface drills remain out of service.

This diversified fleet enhances drilling capacity and flexibility, supporting a range of activities from exploration to resource definition and mine development. The LM90’s arrival by mid-October 2026 will complete this fleet expansion.

Executive Insights on the LM90 Acquisition

Lion One President and CEO Ian Berzins highlighted the LM90’s strategic value, stating: "The LM90 is an important purchase for Lion One Metals as it significantly increases the versatility and capability of our underground drill fleet. We will be able to drill Zone 500 and the West Zone effectively from a dedicated drill station underground for the first time. We're excited to get the drill on site and start targeting those areas as soon as possible."

This underscores management’s confidence that the LM90’s technical features will address specific drilling challenges and advance exploration efforts. The mid-October 2026 delivery provides a clear timeline for operational deployment.

Overview of the Tuvatu Project and Mineral Zones

Based in North Vancouver, British Columbia, Lion One Metals is an emerging Canadian gold producer. Its flagship asset is the 100% owned Tuvatu Alkaline Gold Project in Fiji, which includes a high-grade underground gold deposit, a pilot plant, and an assay laboratory. Operations commenced in late 2023.

The company also holds an extensive exploration license covering the Navilawa Caldera, hosting multiple mineralized zones and promising exploration targets. The LM90 drilling program focuses on Zone 500 and the West Zone, identified for their high-grade, steeply dipping veins targeted for depth extension. Tuvatu’s underground infrastructure supports the planned drilling activities.

Delivery Schedule and Site Preparation

The LM90 drill is expected to be delivered by mid-October 2026, allowing time to complete the dedicated drill station development off Level 1051 and prepare the site for installation.

This coordinated approach ensures operational readiness upon delivery. Financial details of the LM90 purchase and drill station construction were not disclosed. Investors will likely monitor forthcoming updates on drill commissioning and initial drilling results targeting Zone 500 and the West Zone.

Qualified Person Validation and Compliance

In compliance with National Instrument 43-101 standards, Melvyn Levrel, MAIG, Senior Geologist at Lion One Metals, has reviewed and approved the technical and scientific content of this announcement. This provides assurance that the drill specifications and their application at Tuvatu have been validated by a qualified professional.

The inclusion of this qualified person statement aligns with regulatory requirements for technical disclosures by Canadian mineral exploration and development companies, confirming adherence to industry best practices.