Lion One Metals

What Lion One Metals does

Lion One Metals Limited is a Canadian publicly-traded gold producer (TSX-V: LIO, OTCQX: LOMLF) headquartered in North Vancouver, BC, that owns and operates the Tuvatu Alkaline Gold Project on Viti Levu, Fiji. The asset comprises an underground mine, on-site processing plant with conventional carbon-in-leach (CIL) circuits plus a newly commissioned flotation plant (March 2026), an in-house IANZ ISO/IEC 17025:2017 accredited geochemical assay laboratory, and a Tailings Storage Facility with a US$1.14M evaporator system. Mining uses shrinkage stoping tailored to the deposit's narrow-vein high-grade geometry; the first shrinkage stope produced 5,704 tonnes at 10.60 g/t Au and record quarterly output reached 4,383 oz at a 5.4 g/t head grade in Q4 2025. The company also holds an exploration license across the broader Navilawa Caldera with multiple high-grade lode targets.

The company sells gold doré bars to refineries at prevailing London Bullion Market Association (LBMA) spot prices under no disclosed long-term offtake agreement. Revenue is therefore a direct function of ounces produced, head grade, recovery rate, and spot price; the float plant is intended to lift recovery from ~77-82% to over 90%. Beyond gold production, Lion One's commercial focus is capital markets — it is sales-led in the sense that selling equity to fund Tuvatu is itself a core activity, with investor relations outreach, TSX-V and OTCQX listings, and a series of bought-deal and private-placement financings underpinning mine development.

The company has undergone significant 2025-2026 turbulence: founder Walter Berukoff retired to Chairman Emeritus in June 2026, multiple CEOs served in short succession, a C$15M strategic partnership with Arete Capital Advisory was terminated in May 2026 after a 38% Q1 2026 production decline, and Nebari issued an event-of-default notice on its US$37M senior secured facility effective January 31, 2026. A June 2026 up-to-$17M private placement is intended to cure the default, while Concept Capital Management has requisitioned a shareholder meeting — making governance and balance sheet repair as central to the investment case as operational ramp-up.

Name

Lion One Metals

Legal name

Lion One Metals Limited

Website

https://liononemetals.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Lion One Metals is a Canadian gold producer (TSX-V: LIO) that owns and operates the Tuvatu underground gold mine in Fiji, selling gold doré bars at spot prices to refineries while exploring the broader Navilawa Caldera for resource expansion.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Underground gold mining
• Gold ore processing
• Alkaline gold deposits
• Gold doré production
• Mineral exploration services

Headquarters

HQ city

North Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Marketing or Sales, Others

Revenue model

1. Gold Production and Sale: Lion One generates revenue through the mining and processing of gold ore at the Tuvatu Gold Mine in Fiji. The company produces gold doré bars which are sold to refineries and on spot commodity markets. Revenue is a function of gold ounces produced, head grade, recovery rates, and prevailing gold spot prices. The company has been ramping up production since achieving first gold in late 2023, with record quarterly production of 4,383 oz achieved in Q4 2025. Production volumes have faced operational constraints including equipment availability, power reliability, and ore grade variability.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Lion One Metals operates the Tuvatu Gold Mine in Fiji, an underground narrow-vein gold mining operation that extracts high-grade alkaline gold ore using shrinkage stoping methods. The ore is processed on-site through a conventional CIL plant and a newly commissioned flotation circuit to produce gold doré bars, which are sold to gold refineries at prevailing LBMA spot prices. The company also conducts exploration across the Navilawa Caldera to extend mine life and identify additional mineralized zones.

Product overview

Lion One Metals operates as a gold mining company with a single primary product: the Tuvatu Gold Mine in Fiji. The Tuvatu Alkaline Gold Project is a vertically integrated mining operation comprising an underground gold mine, processing plant, flotation circuit, assay laboratory, and tailings storage facility. The mine uses shrinkage stoping and other underground mining methods to extract high-grade gold ore, which is processed through the on-site plant with a newly commissioned flotation circuit to achieve improved gold recovery rates. The company also maintains extensive exploration activities throughout the Navilawa Caldera targeting additional mineralized zones.

Differentiator

Problem solved

Functional benefit

Products and services

• Tuvatu Gold Mine Underground gold mine located on the island of Viti Levu in Fiji, featuring a high-grade alkaline gold deposit within the Navilawa Caldera. The mine employs shrinkage stoping and other underground mining methods to extract gold ore, producing gold doré bars for sale to refineries.
• Gold Doré Bars Gold doré bars produced at the Tuvatu mine and sold directly to gold refineries at prevailing LBMA spot prices. The doré is the company's primary saleable commodity and is converted by refineries into 99.99%+ purity gold for jewelry, bullion/coins, electronics, and industrial applications.
• Processing Plant (CIL and Flotation Circuit) On-site gold processing facility at Tuvatu that crushes ore and extracts gold using conventional CIL (carbon-in-leach) methods combined with a newly commissioned flotation circuit. The flotation plant uses water, air bubbles, and reagents to separate gold-bearing minerals from waste rock and improves gold recovery while reducing tailings loss.
• Geochemical Assay Laboratory On-site IANZ ISO/IEC 17025:2017 accredited geochemical assay laboratory providing rapid turnaround of exploration and grade-control samples. Performs fire assay with AA finish for gold analysis and gravimetric re-analysis for samples above 10 g/t Au; ICP-OES analysis covers up to 71 elements.
• Tailings Storage Facility with Evaporator Water Management System Engineered tailings storage facility (TSF) for safe storage of processed rock after gold extraction, combined with a US$1.14 million evaporator system that provides permanent management of excess process water without discharging into the Sabeto River. Stage 2A construction completed December 2025 and Stage 2B engineering approved February 2026.
• Navilawa Caldera Exploration Program Exploration program covering Lion One's extensive license across the entire Navilawa Caldera, hosting multiple mineralized zones and prospective targets including Zone 5, Zone 500, UR2, URA, and URW1 lodes. Drilling has returned exceptional gold intercepts, including the highest-grade intercept ever recorded at Tuvatu of 2,749.86 g/t over 0.3m.

Quantifiable outcome

• Record quarterly gold production of 4,383 oz in Q4 2025 at 5.4 g/t head grade
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor.

• Alliance Advisors Canada Corp. (Alliance Advisors IR)minorGTM or Marketing Partner · 1 April 2026Lion One entered an investor relations agreement with Alliance Advisors IR for a 6-month engagement at C$15,000/month for investor relations and communications services including investor targeting, access and engagement support, and public relations. Either party can terminate with 60-day notice before auto-renewal. Alliance Advisors IR is arm's length to the company with no direct or indirect interest in its securities.
• Atrium Research CorporationminorGTM or Marketing Partner · 25 October 2025Lion One engaged Atrium Research Corporation to produce research reports and interviews about the company over 18 months, subject to TSX Venture Exchange approval. The engagement involves payments of $6,800 upfront and $3,400 per month.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• O3 Mining: Canadian gold exploration and development company advancing the Marban Alliance and Alpha projects in Quebec. Comparable in junior-producer profile, Canadian listing, and pre-production capital intensity.
• Treasury Metals: Canadian gold developer advancing the Goliath Gold Complex in Ontario toward production. Comparable in stage (transitioning from developer to producer), Canadian listing, and capital-raising profile.
• Marathon Gold: Emerging Canadian gold developer with the Valentine Lake project in Newfoundland advancing toward production. Comparable in junior-producer stage, capital intensity, and dependency on a single project for future cash flow.
• Skeena Resources: Canadian gold developer with the Eskay Creek project in BC's Golden Triangle. Comparable as a junior producer/developer focused on high-grade gold assets and dependent on capital markets for project advancement.

Direct peers

• Wesdome Gold Mines: Canadian mid-tier underground gold producer focused on narrow-vein, high-grade deposits (Eagle River and Kiena mines in Ontario). Directly comparable to Lion One in scale, underground mining methodology, and high-grade gold economics.
• Mandalay Resources: Single-asset gold producer with underground mining at Costerfield (Australia) and Björkdal (Sweden). Comparable in operating scale, single-mine dependency, and underground narrow-vein mining approach.
• Argonaut Gold: Mid-tier gold producer with multiple operations in North America undergoing transformation and capital restructuring. Comparable in size and stage, with similar challenges around capital structure and operational ramp-up.
• Galiano Gold: Gold producer operating the Asanko Gold Mine in Ghana via JV. Todd Romaine (now Lion One Chairman) previously served in executive roles there, illustrating the comparable single-asset/emerging-producer profile and operational scale.

Broad incumbents

• Endeavour Mining: Senior mid-tier gold producer with a multi-asset West African portfolio. Provides an incumbent benchmark for gold producers of larger scale, useful for understanding operating benchmarks and the broader mid-tier gold landscape.
• Alamos Gold: Established intermediate gold producer with operations in North America (Island Gold, Young-Davidson) and Mexico (Mulatos). Comparable for high-grade underground narrow-vein gold mining expertise, particularly at Island Gold.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/LionOneMetals
• Xx.com/liononemetals
• LinkedInlinkedin.com/company/lion-one-metals-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds15 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lion One Metals