Lion One Produces 5,704 Tonnes at 10.60 g/t Gold from First Shrinkage Stope at Tuvatu and Increases Underground Development Rates by 70%

Core Viewpoint - Lion One Metals Limited has successfully mined 5,704 tonnes of material at an average grade of 10.60 g/t gold from its first shrinkage stope at the Tuvatu Alkaline Gold Project in Fiji, with significant increases in underground development rates by approximately 70% from January to September 2025 [1][2][3]. Mining Operations - The first shrinkage stope production occurred from July to September, blending material from various parts of the mine, and production is now complete [2][5]. - The second shrinkage stope is under development, expected to be twice the size of the first, with production anticipated to begin in November [2][6]. Development Rates - Overall development at Tuvatu increased from 330.8 meters in January to 563.9 meters in September 2025, marking a 70% increase [3][9]. - Large capital development rates rose by 126%, while small development rates increased by 59% during the same period [9]. Operational Improvements - The company has implemented new mining equipment and operational improvements, enhancing productivity and efficiency in mining operations [4][12]. - A new methodology for drilling, blasting, mucking, and bolting has been adopted, increasing the utilization of equipment and leveraging local expertise [11][12]. Leadership Changes - Patrick Hickey has retired as COO, with Ian Berzins, the CEO, assuming his responsibilities [14][15].