Gold bonanza – Tuvatu churns out $28.7m in Dec Q4 2024
CANADIAN miner Lion One Metals, owner and operator of Tuvatu Gold Mine in Nadi, has reported an operating income of $C6,302,540 ($F10.5m) on the back of a $C17,993,020 ($F28.7m) revenues from gold sales for the quarter ended December 31, 2024.
The numbers represented increases of 312per cent and 72per cent respectively compared to the previous quarter and were attributed mainly to increases in gold production at the mine.
“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 announced early this month at the Toronto Stock Exchange (TSX), where it is listed.
“The company has 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 calendar year (CY) 2024.”
Lion One, founded and chaired by global mining magnate Walter Berukoff, had struck gold bonanza during its first year of mining at its Tuvatu project last year, culminating to a record quarterly gold sales of $C17,993,020 ($F28.7m) from 4741 ounces of gold sold during Q4 CY2024, according to its TSX January filing.
“Lion One Metals sold approximately 4741 oz of gold and 841 oz of silver during the three-month period ending December 31, 2024,” the company stated.
Gold revenue for the quarter was enhanced by higher gold prices, improved gold grades and recoveries, and the addition of unsold gold from the previous quarter, the company added.
The mine, whose gold system is deemed comparable to that of regional giants such as Barrick Gold’s 25-million oz. Porgera mine and Newmont’s 40-million oz.-plus Lihir mine in Papua New Guinea, is currently being expanded to 600 tonnes daily by next year.
“2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine in Fiji into production at the pilot plant level,” chairman Berukoff said.
“We are delighted to have achieved consecutive increases in production every quarter throughout 2024, culminating in a record $C18.0M of quarterly revenue at the end of the year.
“As we continue to develop the mine and unlock the higher-grade portions of the deposit, we look forward to continuing this trend of increased production at Tuvatu, and ultimately doubling our plant capacity from 300 tpd to 600 tpd in 2026.”
Lion One Metals had also implemented an aggressive cost-cutting program during the six months ended December 2024, which it said resulted in a 13 per cent reduction in cost of sales per ounce of gold for Q4 CY2024 compared to the previous quarter, with more savings expected this year.