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Lion One Releases Financial Results for Quarter Ended September 30, Announces USD $4 Million Tranche 3 Draw down on Nebari Financing Facility
North Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Lion One Metals Limited...
About this update from Lion One Metals Limited
[{"type":"text","content":"Lion One Releases Financial Results for Quarter Ended September 30, Announces USD $4 Million Tranche 3 Draw down on Nebari Financing FacilityNorth Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (\"Lion One\" or the \"Company\") is pleased to release the Company's financial results for Q1 FY 2025, and announces that the Company has entered into an agreement to amend certain terms and draw down a further USD $4,000,000 (\"Tranche 3\") of its Senior Secured Financing Facility (the \"Financing Facility\") provided by Nebari.Financial Highlights Q1-FY25During the three-month period ended September 30, 2024, the Company achieved the following:Mine operating income of CAD$1,529,978 Record revenue of CAD$10,468,4523,129 ounces (oz) of gold sold, and 1,093 oz of silver soldAverage realized gold selling price of CAD$3,332 per oz Cost of sales per gold oz of CAD$2,843 (net of silver revenue) Mine Operations Highlights Q1-FY25During the three-month period ended September 30, 2024, the Company achieved the following mining physicals:Total 54,829 tonnes mined21,852 tonnes of waste mined32,977 tonnes of mineralized material mined at average grade of approximately 4.83 Au g/t Total capital development of 283 meters Total operating development of 666 meters Decline advancement of 163 meters and vertical development of 155 metersMine production during the quarter was impacted by mine equipment availability in July and August as two underground loaders and a single boom jumbo were out of service for repairs. A new underground loader arrived on site in September resulting in improved equipment availability. Despite the mine equipment utilization issues, the mine was still able to deliver 32,977 tonnes of mineralized materials at 4.83 g/t Au, including 28,922 tonnes of mineralized materials at 5.16 Au g/t and 4,055 tonnes of lower grade mineralized materials at 2.46 Au g/t. The Company will stockpile the lower grade materials (mineralized materials below 3 Au g/t) with the intention of feeding the lower grade mineralized materials once the mill expansion has been completed and excess milling capacity is available. In the near term, the Company will continue to add mining equipment to improve equipment availability and invest in critical mine infrastructure projects suc...