What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji. • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months. • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV. • We recently initiated coverage on Lion One. Read the report here. This morning, Lion One Metals Ltd. (LIO:TSXV, LOMLF:OTC) announced high-grade drill results from 4,040m of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling was focused on the Zone 5 area of the mine and primarily targeted the down-dip extension of the UR2 lode below levels 1084 and 1066, which are the lowest levels of the current mine development (more details on Zone 5 on page 2). Drilling intersected high-grade mineralization in 17 of 22 holes, with two drill holes abandoned. Due to the proximity of these drill holes to existing mine workings, the majority are anticipated to be integrated into the mine plan within the next 12 months. We are impressed with the results reported today and emphasize to readers that high-grade results like these are a rarity amongst peers. We are maintaining our BUY rating and target price of $0.60/share on Lion One Metals. The deepest drill hole that intersected high-grade gold was at an approximate depth of 125m below level 1084, which would equate to roughly six additional levels of mining. Additionally, it indicates a strong vertical continuity of the high-grade structures in this area. Highlights from today’s release include: • TGC-0454: 99.1 g/t Au over 3.3m, including 459.1 g/t over 0.3m and 338.0 g/t over 0.5m (from 136.4m depth). • TGC-0457: 218.3 g/t Au over 1.2m, including 366.0 g/t over 0.6m (from 109m depth). • TGC-0482: 24.9 g/t Au over 4.6m, including 56.3 g/t over 0.5m (from 133.9m depth). We view today’s release as an important step in LIO’s objective of both growing its mine life and achieving its production ramp-up plan (mill expansion in 2026). As a reminder, a key focus for LIO in 2025 was advancing underground mine development to open up new mining faces and allow for increased underground drilling. Today’s high-grade drill results are a result of this work.