Lion One Reports 3,291 oz in Quarterly Gold Recovery

Lion One Metals Limited reported preliminary gold production of 3,291 ounces for the second quarter of 2026 (April–June), marking a 21% increase from the 2,726 ounces produced in the first quarter of 2026. The company’s head grade improved 3% quarter-over-quarter to 4.3 grams per tonne of gold, while gold recovery rates surged to a record 84.9%, up from 71.7%.

Mill throughput averaged approximately 308 tonnes per day, exceeding the 300 tonnes per day nameplate capacity, with mill utilization reaching 90%. Underground development totaled 1,652 meters, a 28% increase quarter-over-quarter, highlighted by a record month of 587 meters in May. Safety metrics also improved, with a Total Recordable Injury Frequency (TRIF) of 4.37 compared to 6.55 previously, and no lost-time incidents were reported.

Management attributed the production rebound to the return of Eric Setchell as Director of Operations in May 2026, stating that the mine is “well on our way to returning production back to the levels seen at the end of 2025.”

Lion One Metals Limited reported a production rebound that marks a tangible operational improvement, arresting the steep decline seen in Q1 2026. The recovery was telegraphed by the reappointment of Eric Setchell in May and the earlier MD&A outlook, which explicitly stated “expect increase in gold production, grades, and recoveries.” The magnitude of the increase was 3,291 oz, which remains well below the Q4 2025 record, and no formal guidance raise accompanies the release.

Given the company’s acute balance-sheet stress, including the Nebari default, working-capital breach, and multiple dilutive financings at deeply distressed prices, the market’s primary focus remains on financial survival rather than incremental production gains. A 21% QoQ production jump validates that Tuvatu can achieve run-rate improvements under competent leadership.

Lion One Metals Limited (LIO) owns 100% of the Tuvatu Alkaline Gold Project in Fiji, a high-grade underground gold mine featuring a pilot plant with a 300 tpd mill and planned expansion. The project is situated within the 7-km-wide Navilawa Caldera, which hosts numerous exploration targets including the Wailoaloa copper-gold porphyry.

Infrastructure at the site includes an on-site assay lab, a tailings storage facility, a newly commissioned flotation circuit, and growing underground development. The project is located in Fiji, which holds a Fraser Institute rank of #31 in 2023.