Lion One Metals Limited (TSXV: LIO, OTCQX: LOMLF), a Canadian gold producer based in North Vancouver, has reported impressive financial results for the fourth quarter of 2024, showcasing a significant leap in both gold sales and revenue from its Tuvatu Gold Mine in Fiji. The company’s performance underscores its growth trajectory as it continues to ramp up production and optimize operations.
In the three-month period ending December 31, 2024, Lion One sold approximately 4,741 ounces of gold and 841 ounces of silver, generating total revenue of C$17,993,020. This figure marks a remarkable 72% increase compared to the previous quarter’s revenue of C$10,470,518. The average selling price of gold during this period was C$3,787 per ounce, reflecting favorable market conditions and enhanced operational efficiencies.
The company’s gold recovery reached 4,300 ounces, an increase from 3,638 ounces in the prior quarter, representing an 18% rise in production. This achievement is particularly noteworthy as it sets a new record for Lion One and highlights the successful implementation of mining strategies at Tuvatu.
The Tuvatu Gold Mine has shown consistent improvement since its commissioning in early 2024. The company has achieved steady increases in production metrics each quarter throughout the year. Lion One is currently operating at a pilot plant capacity of 300 tonnes per day (tpd) with plans to double this capacity to 600 tpd by 2026, which is expected to further enhance production capabilities.
Walter Berukoff, Chairman and CEO of Lion One Metals, expressed his satisfaction with the company’s progress: “2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine into production at the pilot plant level. We are delighted to have achieved consecutive increases in production every quarter throughout 2024.”
The company’s focus on unlocking higher-grade portions of the deposit is anticipated to drive future growth. With ongoing development efforts and strategic investments in infrastructure and technology, Lion One aims to solidify its position as a leading gold producer in Fiji.
The broader context for gold production in Fiji has been positive. The Reserve Bank of Fiji reported significant growth in gold output attributed to new operations like Tuvatu. This resurgence reflects a robust demand for gold amid fluctuating global economic conditions.
Lion One’s successful quarter highlights its operational achievements as the company continues to optimize its processes and expand its mining operations. The Company’s record quarterly performance illustrates its effective management and operational strategy at the Tuvatu Gold Mine.
