The Gold Report

Expert Comments:

	Derek Macpherson, Red Cloud Klondike Strike Inc. (10/5/18) "We recently had the opportunity to visit Lion One Metals Ltd.'s Tuvatu project in Fiji. The key takeaway is that the company may be on the cusp of demonstrating the significant exploration upside inherent within its 20,000 ha property. . .results of advanced exploration at near-mine targets suggest that the path to material resource growth may be shorter than expected."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (10/1/18) "Lion One Metals Ltd. has been provided with a $40M credit facility backed by a gold dore offtake deal through an early summer agreement with Sinosteel Equipment & Engineering and Bayin International Investment. . .that deal will allow the company to advance the project along the development curve. . .Lion One continues to trade at a significant discount to the inherent value of its resource at Tuvatu, making it a Buy at current trading levels."
Brien Lundin, Gold Newsletter (Jefferson Financial) (7/1/18) "Lion One Metals Ltd. has identified more than 20 mineralized structures in the Jomaki-Ura Creek prospect areas and outlined several potential extensions to the main mineralized zones at Tuvatu. . .combine this blue sky upside with potential production from the main area at Tuvatu, and you have the makings of a compelling development story with quite significant potential."
	Mike Niehuser, Scarsdale Equities (6/18/18) "Lion One Metals Limited recently entered into a term sheet with Sinosteel Equipment & Engineering Co. Ltd., the engineering, procurement and construction company, and Baiyin International Investment Ltd., providing the gold financing facility. This includes a $40M million gold dore offtake facility with the option to increase the facility by $10M at the same terms plus a $10 million unsecured facility."
Mike Niehuser, Scarsdale Equities (6/6/18) "Lion One Metals Limited entered into a term sheet including an EPC and a $40M offtake financing facility for mine development and construction of a processing facility at the Tuvatu gold project. . .this follows over six months of negotiations and due diligence as the project has been optimized. Final documentation is expected to be concluded in Q3/18."
	Eric Coffin, Hard Rock Analyst (6/5/18) "Lion One Metals Limited announced a debt financing package for its Tuvatu project. . .I always thought Wally Berukoff would get it done finance-wise, and it seems he has. . .the company is a Buy in the current range as it finally moves forward again on the path to production at Tuvatu."

More Expert Comments

	Derek Macpherson, Red Cloud Klondike Strike Inc. (6/4/18) "Lion One Metals Ltd. has entered into an indicative term sheet with Sinosteel Equipment & Engineering of China and Baiyin International Investment to secure debt financing for construction of its high-grade Tuvatu gold project. . .with exploitation permits in hand and $16.6M in cash, the company is well positioned to continue on the path to construction and production."
Derek Macpherson, Red Cloud Klondike Strike Inc. (5/1/18) "Recently, we visited Lion One Metals Limited's Tuvatu gold project in Fiji and were generally impressed with this permitted high-grade project. . .the company currently trades at CA$62/oz, a modest premium to peers (CA$49/oz), however, in our view this premium does not properly account for this project's permitted nature or the significant exploration upside that we see."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "Bulk sampling on Lion One Metals Ltd.'s Jomaki target yielded a bonanza-grade sample (502 g/t gold over 0.7m). The target is 1,300m southwest of the main mineralized zone at Tuvatu and 1 km southwest of the planned mill site. . .these high-grade samples are a good reminder that Tuvatu still has a lot of upside."
	Eric Coffin, Hard Rock Analyst (12/18/17) "Lion One Metals Limited announced it has been awarded the Navilawa special prospecting license. . .adding Navilawa gives the company access to the other three-quarters of the Navilawa caldera that it couldn't previously explore. . .[it] gives Lion One many more targets to pursue and increases the odds that it will be able to extend the mine life and perhaps increase throughput as well."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "Lion One Metals Ltd. recently consolidated the district-scale potential around its Tuvatu gold project in Fiji. . .this is a big acquisition for Lion One, as it gives the company a ton of exploration blue sky to go with the advanced-stage development project at Tuvatu. . .Lion One is trading at levels that have convinced me to move it from a Hold to a Buy."
	Mike Niehuser, Scarsdale Equities (12/1/17) "Lion One Metals Limited's Banana Creek is one of 11 exploration targets contained within the recently acquired Navilawa special prospecting license. . .Banana Creek is 3 km northeast of the Tuvatu gold resource and appears to contain both gold and base metal mineralization similar to Tuvatu's HT corridor. . .based on the amount of historic exploration activity with various exploration methods completed, we believe Banana Creek to be an advanced exploration target."
Mike Niehuser, Scarsdale Equities (11/21/17) "Lion One Metals Limited has been awarded the Navilawa special prospecting license (SPL 1412), more than doubling the exploration potential of [the] Tuvatu gold project. . .the exploration license adds an additional 11 previously identified gold and copper/gold (porphyry) prospects to the Tuvatu gold project. . .we maintain our Buy rating and price target of CA$1.40/share."
	Eric Coffin, Hard Rock Analyst (11/20/17) "Construction is starting at Lion One Metals Limited's Tuvatu with a contractor beginning work on major earthworks, including road upgrade, a small diversion of Tuvatu creek, retaining walls and pads for the major mine buildings. . .the major earthworks should be completed in Q2/18, and the rest of the package will need to be in place well before that to ensure a seamless continuation of preproduction work."
	Mike Niehuser, Scarsdale Equities (11/16/17) "Lion One Metals Limited announced the commencement of the Tuvatu gold project. . .planned sitework addresses both stability and water runoff issues and is being completed to a level that would suggest that the company is anticipating a larger or longer operational life than necessary for supporting the existing resource estimate. In our opinion, this demonstrates its optimism that it will be awarded the Navilawa concession."
Mike Niehuser, Scarsdale Equities (10/13/17) "Lion One Metals Limited submitted a tender to acquire the expired Navilawa tenement, which would allow exploration of the entire Navilawa caldera. . .we believe the acquisition of the Navilawa tenement has the potential to extend mine life significantly beyond the forecast mine life."
Jennifer Getsinger, Resource World (8/11/17) "The entire Navilawa caldera is under application by Lion One Metals Limited to expand the mineral tenement base for its Tuvatu gold project, in addition to a large exploration license. Even without the extra land holdings, the current resource model at Tuvatu suggests a mine life of at least seven years."
Fabio Herrero, Seeking Alpha (4/27/17) "Lion One Metals Limited's Tuvatu gold project sports an after-tax $86.5M NPV5 with an internal rate of return of 52.3% and a payback of 1.5 years. Moreover, there is high-grade exploration potential nearby. . .project construction will be easily financed, and the company has cash on hand to pursue both development and exploration."

Experts Following This Company

	Eric Coffin, Owner – HRA Advisory
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)
	Derek Macpherson, VP Mining Analysis – Red Cloud Klondike Strike Inc.
Clive Maund – gold, silver & oil shares
	Mike Niehuser, Analyst – Scarsdale Equities
	Lawrence Roulston – WestBay Capital Advisors

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