Name of the Project
Tuvatu gold project.

Location
On the island of Viti Levu, in Fiji.

Project Owner/s
Lion One.

Project Description
The project has demonstrated robust economic potential for a low-cost, high-grade gold operation with low upfront capital costs.

The project has an indicated resource of 1.01-million tonnes grading 8.5 g/t of gold and an inferred resource of 1.33-million tonnes grading 9 g/t of gold.

The updated PEA states the project’s gold production capacity at an average rate of 78 000 oz/y, at 8.6 g/t gold over a five-year mine life for a total 331 300 oz.

Lion One plans to operate at an initial production capacity of 300 t/d for the initial 18 months of operations before increasing the capacity to 500 t/d in mid-2025. The initial mining will focus on the near-surface resource while advancing underground development into high-grade mineralisation in Zone 500.

The processing plant will treat material using a two-stage crushing process, with a primary jaw crusher and secondary cone crusher feeding a two-stage grinding circuit.

The ground material will feed an integrated two-stage gravity concentration circuit, with some concentrates treated by an intensive cyanide leaching reactor and the remainder of the concentrates leached using conventional cyanide carbon-in-leach technology.

Gold will be recovered from the gold-laden carbon using conventional absorption- desorption recovery technology and smelted on site to produce gold doré bars.

The leached tailings will be treated using a sulphur dioxide/air process to remove any residual cyanide. Filtered tailings will be transported to Lion One’s tailings storage facility 3.5 km from the Tuvatu mine site.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $155.8-million and an internal rate return of 60.3%, with a payback of five years.

Capital Expenditure
The project has a capital expenditure of $66.8-million.

Planned Start/End Date
The company is fully funded to complete mine construction and bring the Tuvatu alkaline gold project into production by the end of 2023.

Latest Developments
Lion One Metals has reported that first production is still on track for the fourth quarter of this year.

Mine construction is 75% complete and remains on track. Earthworks and concrete works are 70% complete, with more than 3 500 m3 of concrete poured to date.

Once complete, Lion One plans to operate the processing plant at an initial production capacity of 300 t/d for the first 18 months of operations before increasing the capacity to 500 t/d in mid-2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Lion One, tel +1604998 1250 or email info@liononemetals.com.