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Lion One Achieves C$6.3M of Mine Operating Income, Announces Assay Lab Accreditation
North Vancouver, British Columbia--(Newsfile Corp. - March 4, 2025) - Lion One Metals Limited (...
About this update from Lion One Metals Limited
[{"type":"text","content":"Lion One Achieves C$6.3M of Mine Operating Income, Announces Assay Lab AccreditationNorth Vancouver, British Columbia--(Newsfile Corp. - March 4, 2025) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (\"Lion One\" or the \"Company\") is pleased to announce record mine operating income of C$6,302,540 from the Company's 100% owned Tuvatu Gold Mine in Fiji for Q4 CY2024. The Company is also pleased to announce that the Company's internal assay laboratory has achieved ISO 17025 accreditation - an internationally recognized standard for laboratory quality, reliability, and impartiality.Summary of Quarterly Financial Results:Record mine operating income of C$6,302,540Record gold revenue of C$17,988,932Record gold sales of 4,741 ozLowered cost of sales of C$2,465 per oz of goldSummary of Quarterly Operational Results:31,044 tonnes of high-grade mineralized material mined17,370 tonnes (56%) of high-grade material mined from outside the Mineral Resource Estimate29,525 tonnes of mineralized material processedAverage head grade of 5.5 g/t goldOverall gold recovery of 82.5%Quarterly ResultsLion One Metals achieved record mine operating income of C$6,302,540 for the quarter ending December 31, 2024 - a 312% increase compared to the previous quarter. The Company is ramping up production at the Tuvatu gold mine in Fiji and this dramatic increase in mine operating income is primarily due to an increase in gold production. The Company has achieved consistent quarter-over-quarter improvements in gold grades and gold recoveries since the Tuvatu processing plant was commissioned in early 2024, culminating in the record gold revenue reported for Q4 CY2024. The Company has also implemented an aggressive cost-cutting program during the 6 months ending December 2024, resulting in a 13% reduction in cost of sales per ounce of gold for Q4 CY2024 compared to the previous quarter. Additional cost reductions are expected to be realized in the coming months as a result of this cost-cutting program.Of note is that 56% of the high-grade mineralized material mined at Tuvatu during the quarter was mined outside the current Mineral Resource Estimate (MRE). This follows similar results observed during the previous quarter. In total, 52% of the high-grade mineralized material mined at Tuvatu from July to December 2024 was mined outside the current MRE. This ma...