North Vancouver, British Columbia--(Newsfile Corp. - July 9, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to report preliminary operating results from the Tuvatu Gold Mine in Fiji for the quarter ending June 30th, 2026.
The Company incurred no lost time incidents and seven medical aid incidents during the quarter resulting in a Total Recordable Incident Frequency (TRIF) of 4.37, which represents 4.37 recordable incidents per 200,000 hours worked. This is an improvement from the previous quarter during which the Company had a TRIF of 6.55. Lion One remains focused on safe production.
Lion One Metals achieved quarterly recovery of 3,291 oz of gold at an average head grade of 4.3 g/t gold. This is a 21% increase in production compared to the previous quarter and represents a strong rebound in production following the return of Eric Setchell as Director of Operations in May (see news release dated May 5th, 2026). Mill performance increased steadily throughout the quarter and achieved record quarterly recovery of 84.9%, including a record monthly recovery of 87.7% in June. Mine performance also increased significantly this quarter and achieved a total of 1,652 m of underground mine development, including a record monthly development rate of 587 m in May. This is the second strongest quarter of development ever at Tuvatu and represents a 28% increase in development compared to the previous quarter.
Lion One President and CEO Ian Berzins stated: "We're very pleased with the strong rebound in performance in the latter half of this quarter. Mine and mill performance improved across every metric compared to the previous quarter including significant improvements in gold production, gold recovery, and mine development. We achieved the best ever quarterly and monthly gold recovery at Tuvatu, the best ever monthly rate of underground development, and the second-best quarterly rate of underground development. We are well on our way to returning production back to the levels seen at the end of 2025, and to ultimately surpassing those levels as we continue to develop Tuvatu."
Preliminary Quarterly Production Results:
3,291 oz of gold recovered
4.3 g/t gold average head grade
84.9% recovery
27,985 tonnes milled
1,652 m underground mine development
90% mill utilization
Quarterly Production Results
Lion One Metals recovered approximately 3,291 oz of gold during the three-month period ending June 30th, 2026. This represents a 21% increase from the previous quarter during which 2,726 oz of gold was recovered. The average grade for the quarter was 4.3 g/t gold, which represents a 3% increase from the previous quarter during which the average grade was 4.2 g/t gold. The Company achieved record quarterly gold recovery of 84.9%, which is a significant improvement from the previous quarter during which 71.7% recovery was achieved. The company also had strong underground mine development of 1,652 m, which is also a significant improvement compared to the previous quarter during which 1,288 m of development was achieved.