Canadian company Lion One Metals, which operates the Tuvatu Gold Mine in Nadi, reported impressive financial results for the quarter ending December 31, 2024. The miner achieved an operating income of $C6,302,540 (approximately $F10.5 million), driven by revenues of $C17,993,020 (around $F28.7 million) from gold sales. This marks substantial increases of 312% in operating income and 72% in revenue compared to the previous quarter, primarily attributed to surges in gold production at the mine.
Lion One announced that the increased productivity is part of its ongoing strategy to enhance operations at Tuvatu, which has seen consistent quarter-on-quarter improvements in both gold grades and recovery rates since the commissioning of the processing plant in early 2024. The company reported selling 4,741 ounces of gold and 841 ounces of silver during the latest quarter, benefiting from rising gold prices and additional unsold gold inventory from previous periods.
Chairman Walter Berukoff stated 2024 was pivotal for Lion One as it transitioned Tuvatu to operational status at the pilot plant level. He expressed optimism for the future, noting that the mine is set to expand production capabilities from its current 300 tonnes per day (tpd) to an anticipated 600 tpd by 2026.
This financial upswing is further supported by significant investments in the mine, totaling over $300 million over three years, aimed at unlocking the higher-grade portions of the deposit. Additionally, Lion One implemented cost-cutting measures resulting in a 13% reduction in cost of sales per ounce of gold in the fourth quarter.
Moreover, the Tuvatu project is drawing comparisons to major gold operations like Barrick Gold’s Porgera mine and Newmont’s Lihir mine, highlighting its potential in the competitive gold mining landscape.
The combination of record revenues, strategic enhancements, and promising mineral discoveries positions Lion One Metals favorably in the gold sector. Such achievements offer a hopeful outlook for both the company and the local economy in Fiji.
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