Lion One Metals Limited (TSXV: LIO | OTCQX: LOMLF) has announced 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 its 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$6,302,540
- Record gold revenue of C$17,988,932
- Record gold sales of 4,741oz
- Lowered cost of sales of C$2,465/oz of gold
Lion 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.
Lion One has also 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 programme.
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 material was added to the resource based on infill and grade control drilling completed after the MRE cutoff date of 25 March 2024, and is indicative of the potential for resource expansion at Tuvatu.
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