Lion One Metals Limited Removal from ASX Official List

North Vancouver, British Columbia--(Newsfile Corp. - August 4, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (Lion One or the Company) announces that pursuant to Listing Rule 17.12, Australian Securities Exchange (ASX) has advised the Company that it will be removed from the official list of the ASX pursuant to ASX Listing Rule 17.12 (Delisting). The Company's CHESS Depositary Interests (CDIs) are currently suspended from trading on ASX.

The Company notes that a voluntary delisting application was submitted to ASX on June 24, 2024.

Following the Company's Delisting, the Company's common shares (Shares) will continue to be traded on the TSX Venture Exchange (TSX-V) under the trading symbol LIO and on the OTCQX under the trading symbol LOMLF.

Reasons for Delisting from the ASX
Lion One sought a voluntary delisting from the ASX due to the ongoing low frequency of trading, low volumes traded and limited index inclusion of CDIs traded on ASX as compared to that of the TSX-V. The percentage of CDIs held on the Australian CDI register is approximately 5.89% of the Company's total issued share capital as at July 31, 2024.

The Company believes that the financial, administrative and compliance obligations and costs associated with maintaining an ASX listing are no longer in the best interests of its shareholders as a whole.

The Company acknowledges ASX's decision to remove Lion One from the official list pursuant to Listing Rule 17.12, despite the Company's request for a voluntary delisting.

Indicative Timetable

The timetable for the Delisting is:

Time / Date	Event
Monday, 5 August 2024	Removal Date Effective date of removal of Lion One from the Official List. CDIs will automatically be converted, post Delisting, into Shares on the Canadian share register. ASX Settlement Pty Ltd to revoke the approval of CDIs and close the CHESS subregister, one of the Australian subregisters on which some CDIs are held.
Thursday, 8 August 2024	Revocation of Trust and Automatic Conversion to TSX-V listed Shares CHESS Depositary Nominees Pty Limited revokes the trust under which it holds the Shares underlying the CDIs. Process to automatically convert all CDIs into TSX-V listed Shares on the Canadian share register commences.
Time / Date	Event
Wednesday, 14 August 2024	Issuance Date of the Shares in the Direct Registration System (DRS) (i.e. uncertificated) to the former CDI holders.
Friday, 16 August 2024	Despatch of the DRS advices.