Production / Operations
Lion One Provides Clarification on Mining Methods at the Tuvatu Gold Mine
Lion One’s Tuvatu ramp-up remains on course as operational updates emphasize method flexibility and ongoing capital programs
Executive Summary
- The most recent release (2026-03-25) presents Lion One’s clarification on mining methods at the Tuvatu project. The company states it has not abandoned shrinkage stoping and has completed its first shrinkage stope in 2025, with additional shrinkage stopes being developed in Zone 5 and at the 1120 level. Lion One notes it will continue to use shrinkage stoping where appropriate but will apply alternative methods (cut-and-fill, longhole, development mining) when geological conditions demand it. The update emphasizes ongoing infill and grade-control drilling to characterize deposit sections before mining.
- Earlier March 2026 updates show progress on the processing side and water management:
- March 23: Commissioning of a new flotation plant at Tuvatu, signaling the start of a ramp-up to improve throughput and gold recovery. Management framed the plant as a core upgrade to the recovery circuit with regular progress reporting.
- March 18: Approval of an evaporator system to establish permanent closed-loop water management, reducing regulatory risk and environmental discharge concerns; full operation expected by late April to early May 2026.
- March 16: Upgrade of underground drill fleet to boost drilling rates and improve mine design, grade control, and stope development, with four new underground rigs to support higher productivity.
- The news flow includes governance and financing dynamics earlier in 2026, including:
- February 25: Appointment of Campbell Olsen as CEO, and ongoing Arete Capital transaction discussions with TSX Venture Exchange review.
- February 20 (subsequent events): Nebari’s credit facility experienced an Event of Default with increased interest margins, indicating tightening liquidity risk.
- February 12-02: Trading halts and management updates around corporate actions and financing, including Arete discussions and a restructuring of capital.
- Throughout late 2025, Lion One’s narrative centered on a financed ramp-up (LIFE offering and sidecar private placements) to fund Tuvatu development, including a significant Arete strategic partnership announced in late December 2025, designed to provide capital and management engagement for the mine’s ramp-up.
- Key project details repeated in multiple releases show the Tuvatu project is 100% owned, has a high-grade alkaline gold system, and is currently in the production/ ramp-up phase with a multi-quarter plan to increase throughput and improve recoveries. The press materials also reiterate that the Arete partnership would contribute to operational engagement and strategic oversight.
Material Impact
- Materiality: The March 25, 2026 update (the most recent news) is best categorized as Routine - Positive rather than Material - Positive or Material - Game Changer. It provides management clarification on mining method choices and confirms a continued, method-appropriate approach to mining in a complex deposit, which reduces market confusion and mitigates reputational risk. It does not introduce a new financing line, a major production milestone, or a strategic valuation-shaping deal on its own, though it sits alongside other March 2026 updates about flotation, evaporator, and drill fleet upgrades that collectively reinforce a positive near-term trajectory for mine development and processing.
- In line with prior expectations: The emphasis on multiple mining methods, ongoing infill grade control, and ramp-up activities aligns with the company’s broader narrative around a staged, funded production increase at Tuvatu. The new methods and the ramp-up updates are consistent with the company’s established plan to upgrade throughput, recoveries, and underground development through 2025–2026.
- Improvements vs. misses: The March 25 clarification reduces ambiguity about shrinkage stoping’s role, which had previously been a point of investor concern. The March 18 evaporator and March 23 flotation plant announcements further support a trajectory of improved water management and processing capacity, which are positive catalysts, albeit with a more incremental impact than a large new financing or a major ore reserve update.
- Overall takeaway: The most recent release reduces execution risk around mining methods and sits within a broader set of operational and capital-expenditure progress. While not a stand-alone game changer, the news collectively supports a constructive view of near-term ramp-up progress and ongoing capital programs.
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Company Overview
- Lion One Metals Limited is a Canada-listed gold company focused on the Tuvatu Alkaline Gold Project in Fiji (100% ownership). Tuvatu is described as a complex alkaline system with multiple narrow steep-vein structures and district-scale upside within the Navilawa Caldera. The flagship project is positioned as a high-grade underground operation with potential for expansion through additional stope development and exploration within a broader mineralized district.
- Flagship project status:
- Production ramp-up pathway with multiple mining methods (shrinkage, cut-and-fill, longhole, development mining) depending on ore body characteristics.
- Ongoing infill and grade-control drilling to support mine planning and stope readiness.
- Operational milestones include a shrinkage stope production, drill-rig upgrades, and planed flotation and water-management improvements.
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Jul 10, 2026 · 23:15