Lion One Announces Evaporator System Approved for the Tuvatu Gold Mine
Lion One Secures Environmental Infrastructure as New Leadership Navigates Debt Default and Shareholder Unrest
The most recent news (March 18, 2026) announces the approval of a US$1.14 million investment for a permanent evaporator system at the Tuvatu Gold Mine in Fiji. This system aims to create a closed-loop water management process, eliminating the need for river discharge and mitigating regulatory risks. This follows a series of high-level changes: the appointment of Campbell Olsen as CEO (Feb 25, 2026), a formal notice of default from lender Nebari (Feb 20, 2026), and a shareholder requisition from Concept Capital Management (March 12, 2026) seeking to remove directors. Operationally, the company is also upgrading its drill fleet to double underground drilling productivity.
The recent news is Routine - Positive. While the water management system is a critical ESG and operational requirement, it is an expected incremental step for a producing mine. - Operational: The evaporator and the drill fleet upgrades (March 16) are necessary to scale production and de-risk the "wet season" impacts that previously hampered Q1 2025 results. - Financial: The US$1.14M cost is manageable, but it comes at a time when the company is in technical default on its senior credit facility. The interest rate on Tranche 1 has spiked from SOFR +8% to SOFR +16%. - Governance: The shareholder requisition and the entry of Arete Capital (via Campbell Olsen) suggest a significant shift in control and strategy, likely a response to the 2025 share price decline and liquidity crunch.
Lion One Metals owns 100% of the Tuvatu Alkaline Gold Project in Fiji. It is a high-grade, narrow-vein system (alkaline systems are rare and often deep-rooted, similar to Cripple Creek or Porgera). The project is currently in a "pilot" production phase (~300 tpd) with plans to scale to 600-700 tpd.