Lion One Produces 5,704 Tonnes at 10.60 g/t Gold from First Shrinkage Stope at Tuvatu and Increases Underground Development Rates by 70%

Executive Summary

• First shrinkage stope at Tuvatu produced 5,704 t at an average grade of 10.60 g/t Au, confirming the method’s effectiveness.
• Overall underground development rates increased ~70% YoY (330.8 m → 563.9 m per month) thanks to new equipment and revised mining methodology.
• COO Patrick Hickey retires; CEO Ian Berzins will assume COO duties.

Key Details

• First Shrinkage Stope: 5,704 t mined, 10.60 g/t Au average grade; production completed July‑September 2025.
• Second Shrinkage Stope: Under development, ~11,520 t expected, twice the size of first; completion Oct 2025, production start Nov 2025, draw‑down finish mid‑Jan 2026.
• Development Metrics (Jan–Sep 2025):
• Large‑capital rounds: 0.77 → 1.74 rounds/day (126% increase).
• Small‑development rounds: 4.43 → 7.03 rounds/day (59% increase).
• Overall development meters/month: 330.8 m → 563.9 m.
• Equipment Additions: Third two‑boom jumbo, RES scissor lift, modified Caterpillar IT28 utility vehicle with bolting platform.
• Methodology Change: Jumbos now drill only; bolting crew uses scissor lift/platform for scaling, screening, bolting, improving jumbo utilization.
• COO Retirement: Patrick Hickey retires after joining summer 2021; contributions highlighted.
• Interim Management: CEO Ian Berzins will assume COO responsibilities.

Notable Quotes

“We’re very pleased both with the success of the shrinkage stope and with the increased development rates at Tuvatu… We’re excited for the next shrinkage stope to come online and for the arrival of still more new mining equipment as we continue to advance operations at Tuvatu.” – Ian Berzins, CEO

“On behalf of the Board and the entire Lion One team, I want to thank Patrick for his leadership and dedication during this critical period in the Company's growth.” – Walter Berukoff, Chairman & President