Lion One Achieves C$6.3M of Mine Operating Income, Announces Assay Lab Accreditation
Rhea-AI Summary
Lion One Metals reported record financial results for Q4 CY2024 at its Tuvatu Gold Mine in Fiji, achieving mine operating income of C$6.3M - a 312% increase from the previous quarter. The company posted record gold revenue of C$18M with 4,741 oz sold and reduced cost of sales to C$2,465 per oz.
Operational highlights include: 31,044 tonnes of high-grade material mined (56% from outside current Mineral Resource Estimate), 29,525 tonnes processed with 5.5 g/t average gold grade and 82.5% recovery rate. The company is operating at 300 TPD with planned expansion to 600-700 TPD in 2026.
Additionally, Lion One's internal assay laboratory received ISO 17025 accreditation, becoming Fiji's only mining accredited lab. The facility can process over 10,000 samples monthly and provides rapid turnaround times for drill and mill assay results.
Positive
- Record mine operating income of C$6.3M, up 312% QoQ
- Record gold revenue of C$18M with 4,741 oz sold
- 13% reduction in cost of sales per gold ounce
- 56% of mined material from outside current resource estimate, indicating expansion potential
- ISO 17025 lab accreditation achieved, enabling additional revenue stream
- Fully funded for flotation circuit construction
Negative
- Gold recovery rate at 82.5% needs improvement (planned upgrade to >90%)
- Operating at 300 TPD capacity until 2026 expansion
- Critical infrastructure projects still pending completion
News Market Reaction
On the day this news was published, LOMLF gained 17.82%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
North Vancouver, British Columbia--(Newsfile Corp. - March 4, 2025) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to announce record mine operating income of C
Summary of Quarterly Financial Results:
- Record mine operating income of C
$6,302,540 - Record gold revenue of C
$17,988,932 - Record gold sales of 4,741 oz
- Lowered cost of sales of C
$2,465 per oz of gold
Summary of Quarterly Operational Results:
- 31,044 tonnes of high-grade mineralized material mined
- 17,370 tonnes (
56% ) of high-grade material mined from outside the Mineral Resource Estimate - 29,525 tonnes of mineralized material processed
- Average head grade of 5.5 g/t gold
- Overall gold recovery of
82.5%
Quarterly Results
Lion One Metals achieved record mine operating income of C
Of note is that
Table 1. Quarterly Financial Results Summary
| Q4 CY2024 | Q3 CY2024 | QoQ Change | ||
| Gold sold | oz | 4,741 | 3,129 | |
| Average gold selling price | C$/oz | 3,794 | 3,332 | |
| Average cost of gold sales | C$/oz | 2,465 | 2,843 | - |
| Gold revenue | C$ | 17,993,020 | 10,470,518 | |
| Cost of sales | C$ | (11,686,392) | (8,894,530) | |
| Mine operating income | C$ | 6,302,540 | 1,529,978 |
Figure 1. Tuvatu Quarterly Revenue and Gold Sales, 2024. Quarterly revenue and gold sales have consistently increased quarter-over-quarter at Tuvatu since pilot plant commissioning was complete in Q1 CY2024.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/243256_bfba4f81a4631ac9_001full.jpg
The Company is currently operating at the 300 TPD pilot plant level with expansion to the 600-700 TPD phase of operations anticipated in 2026. In advance of expansion the Company is completing critical mine infrastructure projects such as the raise bore and mine ventilation project, which is expected to be complete in March 2025. Once complete this will provide sufficient ventilation requirements for underground development to proceed all the way to the high-grade Zone 500 feeder zone.
A primary focus of the Company is to advance to the 500 Zone as quickly as is safely possible and to accelerate that process the Company recently procured C
Lab Accreditation
Lion One Metals operates its own geochemical and metallurgical laboratory in Fiji. The lab is a major asset for the company as it significantly reduces costs and wait times associated with sample analysis. Drill assay results can be received within two days of being drilled, thereby enabling the Company to react quickly to high-grade drill intercepts, often while the drill is still in place. Similarly, mill assay results are returned within 24 hours to inform operation and control of the mill. The assay lab can process over 10,000 samples a month and can conduct fire assay, ICP (26-34 elements), metallurgical, environmental, and mill sample analyses.
The Lion One assay lab has been accredited under the IANZ ISO/IEC 17025:2017 Standard, which is the international standard for testing and calibration of laboratories. This standard sets out the requirements for competence, impartiality, confidentiality and consistent operation of laboratories, thereby ensuring the accuracy and reliability of the lab's testing and calibration results. The accreditation process is a rigorous process that evaluates the lab's structural, resource, process, and management systems. This includes the installation of a Laboratory Information Management System (LIMS) software which enables the lab to automate workflows, integrate instruments, and manage samples and associated information efficiently.
The Lion One assay lab is the only mining accredited lab in Fiji and as an accredited lab it can assay samples from other operations thereby generating a potential secondary revenue stream for the Company. Assay lab accreditation is a significant achievement and is a rare accomplishment for a company in the junior mining industry, making Lion One one of a few junior mining companies in the world to own and operate their own accredited lab facility.
Qualified Persons Statement
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to
Duplicates of
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its
On behalf of the Board of Directors,
Walter Berukoff, President, Chairman of the Board
Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243256
FAQ
What was Lion One Metals (LOMLF) Q4 2024 gold production revenue?
What is the current processing capacity at Tuvatu Gold Mine?
How much of Tuvatu's Q4 2024 mined material was outside the current resource estimate?
What are the latest gold recovery rates at LOMLF's Tuvatu mine?
When will Lion One Metals complete its ventilation project at Tuvatu?
