Canadian miner Lion One Metals Ltd. posted a strong quarter with record performance and C$16.3 million (US$11.9 million) in revenue from its Tuvatu Gold Mine in Fiji, supported by higher gold prices, increased recoveries and strong mill output.
In a quarterly update, the Vancouver-based firm said it sold 3,577 ounces of gold and 1,233 ounces of silver during the three months to June 30. Gold revenue jumped 24 percent from the previous quarter and 77 percent from the same period last year.
Operational records set
Lion One achieved record mill throughput of 33,726 tonnes, with 96 percent utilisation—its highest to date. Gold recovery rose to 84.1 percent in June, up from the previous 12-month average of 80.3 percent. The improvement was credited to mill upgrades and better carbon management.
The average gold head grade was 3.6 grams per tonne, slightly below expectations due to delays in mine development earlier this year. Ventilation work, which had held up progress in deeper zones, was completed in April.
“With the Tuvatu gold mine still in the pilot plant stage of development, we have made great progress this quarter in laying the foundations for future success at Tuvatu,” Lion One CEO Ian Berzins said in a statement.
Underground progress ramps up
Underground development hit a new high of 1,503 metres during the quarter. A record 545 metres was completed in May alone, thanks to the arrival of new mining equipment and ventilation upgrades. This compares to an average of 340 metres per month over the previous year.
More mining gear is expected to arrive in July and August, which the company believes will further boost underground activity.
The company’s first shrinkage stope is now fully developed, with production scheduled through the current quarter. Drilling in this zone returned high-grade gold intercepts, including 489.5 g/t over 0.4 metres.
Stronger outlook
Construction of a flotation circuit is underway and gold recovery is forecast to exceed 90 percent by the end of 2025. Tuvatu remains in the pilot production stage, but Lion One expects performance to continue improving.
“We have increased gold recoveries on the mill side and we have increased the rate of underground development on the mine side, both of which we expect to continue to improve moving forward. With production from the shrink stope coming online in July we anticipate this upcoming quarter to achieve even stronger results,” Berzins said.
Lion One Metals is a Canadian gold miner operating the 100% owned Tuvatu Alkaline Gold Project in Fiji. The project includes a high-grade underground mine, a pilot processing plant, an assay lab and a large exploration licence over the Navilawa Caldera.
