Lion One Metals, a Canadian company operating the Tuvatu Gold Mine in Nadi, has reported outstanding financial results for the quarter that ended on December 31, 2024. The company achieved an operating income of $C6,302,540 (around $F10.5 million) and revenues amounting to $C17,993,020 (approximately $F28.7 million) from gold sales. Notably, these figures represent significant increases of 312% in operating income and 72% in revenue compared to the prior quarter. This success is largely attributed to a notable rise in gold production at the mine.
The company has been strategically enhancing operations at Tuvatu, which has shown consistent improvements in gold grades and recovery rates since the commissioning of its processing plant earlier this year. During the most recent quarter, Lion One sold 4,741 ounces of gold along with 841 ounces of silver, benefiting from both rising gold prices and a backlog of unsold gold inventory from previous periods.
Chairman Walter Berukoff emphasized that 2024 has been a transformative year for Lion One as it moved Tuvatu’s operations to the pilot plant level. He expressed optimism regarding the future, with plans to expand production capabilities from the current 300 tonnes per day (tpd) to an anticipated 600 tpd by 2026.
Supporting this financial growth, the Tuvatu project has seen over $300 million invested over the last three years in efforts to tap into the higher-grade portions of the deposit. Additionally, the implementation of cost-cutting measures resulted in a 13% reduction in the cost of sales per gold ounce during the fourth quarter.
The Tuvatu project is gaining recognition and is being favorably compared to major gold operations such as Barrick Gold’s Porgera mine and Newmont’s Lihir mine, underscoring its significant potential in the gold mining sector.
With record revenues, strategic operational enhancements, and promising new mineral discoveries, Lion One Metals is well-positioned within the gold industry. This growth not only bodes well for the company but also provides a positive outlook for the local economy in Fiji, marking a phase of hope and opportunity ahead.
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