Lion One Acquires New LM90 Drill to Target Zone 500 and West Zone from Underground

Lion One Metals Limited announced the purchase of a Boart Longyear LM90 underground core drill rig for its 100%-owned Tuvatu gold mine in Fiji. The LM90 is capable of drilling to a depth of 990 meters and covering all dip angles, enabling the company to target Zone 500 and the West Zone laterally from depth for the first time. A dedicated drill station is currently under development off Level 1051.

Delivery of the rig is anticipated for mid-October 2026, which will expand the underground fleet to four rigs, in addition to two active surface drills. No purchase price was disclosed. The company stated that this acquisition is part of a strategy to significantly expand production at Tuvatu by enhancing underground drilling capabilities.

Lion One Metals Limited (LIO) has acquired a single underground drill rig, a routine operational step that incrementally improves the company’s ability to define and upgrade resources at Zone 500 and the West Zone. This equipment could eventually extend mine life and support the planned mill expansion, though it does not alter the immediate financial or production outlook. The move is considered mildly positive but fully expected within the context of the company's ongoing turnaround and expansion plans.

Lion One Metals Limited (LIO) owns 100% of the Tuvatu Alkaline Gold Project in Fiji, an operating underground narrow-vein mine equipped with a 300 tpd pilot plant. The facility is scheduled to expand to 400 tpd by early 2027, followed by a further increase to 700 tpd. The deposit is located within the broader Navilawa Caldera, which hosts numerous high-grade surface targets and a copper-gold porphyry at Wailoaloa. The mine is currently in a ramp-up phase and has not yet reached steady-state production, with recent output averaging approximately 3,000 oz per quarter. The company also holds extensive exploration ground.