◆ Built, operating underground gold mine; re-rating is now execution-driven: Lion One Metals Limited (TSXV: “LIO”, OTCQX: LOMLF) or (the “Company”) owns 100% of the Tuvatu Gold Mine in Fiji, with underground access, a processing plant, and filtered tailings infrastructure constructed and operating. Recent operating results demonstrate production of ~14.7 koz over FY25, an average throughput of 336 tpd, and recoveries of ~81%. With construction and commissioning complete, the investment debate has shifted from development risk to operational consistency across development metres, stoping, throughput, recoveries, and unit costs.