Lion One commissions flotation plant at Tuvatu

Executive Summary

• Lion One Metals Ltd. has completed the commissioning of a new flotation plant at its 100%-owned Tuvatu alkaline gold project in Fiji, marking a significant operational milestone.
• The company has shifted focus to a gradual ramp-up phase, emphasizing that while the plant is operational, it is not yet at full capacity or efficiency; recovery rates and throughput are expected to improve progressively over several months.
• CEO Campbell Olsen highlighted the operational, technical, and organizational challenges inherited at Tuvatu, asking for shareholder patience as the team builds expertise in the new flotation processing circuit.

Key Details

• Project: Tuvatu alkaline gold project, Fiji (100% owned by Lion One Metals Ltd.).
• Milestone: Commissioning of a new flotation plant (float plant) is complete; the plant has been built, tested, and is now operating.
• Process Change: Introduction of flotation processing, a new capability for the Tuvatu operation, which separates gold-bearing minerals from waste rock using water, air bubbles, and reagents to create a high-grade concentrate.
• Ramp-Up Strategy:
  • Focus on steadily increasing throughput and improving gold recovery.
  • Development of operator capability and confidence with the flotation circuit.
  • Optimization of reagent chemistry specific to Tuvatu's ore type.
  • Progressive increase of plant throughput toward design capacity.
• Timeline: The ramp-up is expected to span a number of months rather than weeks; early production figures will reflect a learning phase, not steady-state performance.
• Management Commentary: CEO Campbell Olsen (assumed role February 2026) stated the project has "tremendous underlying value" but requires methodical work to address operational, technical, and organizational challenges.
• Qualified Person: Stephen Jeffers, FAusIMM, Head of Mining Operations, approved the technical content in accordance with National Instrument 43-101.

Notable Quotes

• "I want to be straightforward with our shareholders. I was handed a gold mine with real challenges -- operational, technical and organizational -- and my job is to work through them honestly and systematically. The commissioning of the float plant is something to be genuinely proud of... but I also want to be clear: building the skills and experience to run this plant well is going to take time." — Campbell Olsen, CEO, Lion One Metals Ltd.
• "Commissioning confirms the plant works. It does not mean the plant is yet working at full capacity or full efficiency. Recovery rates and throughput will improve progressively as the team gains experience with this ore and this circuit." — Lion One Metals Ltd.