Lion One production increased at its Tuvatu gold mine in Fiji in the quarter ended September 30, 2026, with mill operations recovering 3,796 ounces of gold, up 15% from the preceding quarter. Preliminary results announced on October 20 also included 882 ounces from inventory draw-down and carbon shipments, bringing total quarterly gold production to 4,678 ounces.
Key Takeaways
- Mill gold recovery rose 15% quarter over quarter as higher throughput offset a lower recovery rate.
- Inventory draw-down and carbon shipments lifted total production above the ounces recovered from mill operations.
- A new LM90 underground drill entered operation to support drilling in Zone 500 and the West Zone.
Table of Contents
- Lion One production gains reflect higher mill throughput
- Inventory recovery adds to quarterly gold delivery
- Equipment downtime limits underground development
- New underground drill targets two resource areas
- Conclusion
Lion One production gains reflect higher mill throughput
Lion One’s preliminary September-quarter operating results showed mill gold recovery increasing from 3,291 ounces in the June quarter and 2,726 ounces in the March quarter. The September result was 39% above the March level.
The mill processed 32,588 tonnes of mineralized material, averaging approximately 354 tonnes per day. Throughput increased 16.5% from the previous quarter, while average head grade remained unchanged at 4.3 grams of gold per tonne.
The recovery rate declined to 83.8% from 84.9%, a reduction of 1.1 percentage points. Processing more material nevertheless enabled the mine to recover more gold despite that decline. Quarterly mill utilization reached 95.1%.
| Item | Details |
|---|---|
| August mill utilization | 97.4% |
| September mill utilization | 98.3% |
| Quarterly jumbo equipment availability | 59% |
| Lost-time incidents | 1 during the September quarter |
| Medical-aid incidents | 2 during the September quarter |
Inventory recovery adds to quarterly gold delivery
The additional 882 ounces came from gold already held within the processing circuits and from gold-bearing carbon sent off-site for processing. Lion One said the combined 4,678 ounces represented a record quarterly gold delivery from Tuvatu.
The processing team worked to reduce in-circuit inventory through improved gravity recovery and carbon stripping. It also removed approximately 8.8 tonnes of carbon from the leach circuit and replaced it with fresh carbon.
That distinction matters when comparing quarters: the total includes a draw-down of previously accumulated gold, rather than only gold recovered through mill operations during the period.
Equipment downtime limits underground development
Underground mine development totaled 1,539 metres, down from 1,660 metres in the preceding quarter but above the quarterly average of 1,445 metres between January 2025 and September 2026.
Lion One said capital development was constrained by equipment availability, with unplanned downtime in September affecting its jumbo drilling equipment. The company nevertheless described the period as its third-highest quarter of mine development since mining began in early 2024.
Safety frequency improved for a second consecutive quarter. Total Recordable Incident Frequency fell to 1.83 incidents per 200,000 hours worked, from 4.37 in the June quarter and 6.55 in the March quarter.
New underground drill targets two resource areas
Lion One’s new Boart Longyear LM90 underground core drill arrived ahead of schedule and entered operation after operator training. Its purchase had been announced on July 27, 2026.
The company intends to use the drill from deep underground to target Zone 500 and the West Zone, supporting resource expansion and upgrades. Lion One said the equipment enables shorter holes and improved intersection angles, with the aim of faster, lower-cost drilling.
The addition brings the active fleet to four underground drills and two surface drills. Those drilling objectives remain planned outcomes, rather than demonstrated resource additions.
Conclusion
Tuvatu’s preliminary results show higher mill gold output, with inventory recovery providing an additional boost to quarterly delivery. The next operational focus is the LM90 drilling program in Zone 500 and the West Zone; the announcement did not set a date for drilling results.
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