Lion One Reports 3,796 oz in Quarterly Gold Recovery, Delivery of LM90 Underground Drill

Lion One Metals posts record gold output and improved safety at Tuvatu in Q3 2026.

What the company is saying

Lion One Metals Limited (TSXV:LIO, OTCQX:LOMLF) reports record quarterly gold production at its Tuvatu Gold Mine in Fiji, highlighting 4,678 oz of gold produced for the quarter ending September 30, 2026. The company frames this as a 15% increase in gold recovery over the previous quarter and a 39% increase from March 2026, emphasizing operational momentum. Management attributes the production boost to both higher mill throughput—up 16.5% quarter-over-quarter—and the draw-down of in-circuit gold inventory, including 882 oz from inventory and carbon shipments. The narrative stresses operational efficiency, citing a 95.1% mill utilization rate and record monthly rates of 97.4% and 98.3% in August and September. Safety improvements are underscored, with a TRIF of 1.83, down from 4.37 and 6.55 in the previous two quarters. The company also announces the commissioning of a new Boart Longyear LM90 underground core drill, now operational, to support resource expansion. Lion One discloses a six-month, USD $39,000 digital investor communications contract with Global One Media, with $19,500 paid upfront and a $6,500 monthly retainer, starting August 31, 2026.

What the data suggests

The data shows a clear upward trend in operational performance at Tuvatu. Gold recovered from mill operations rose to 3,796 oz, with total gold produced reaching a record 4,678 oz due to inventory draw-down and carbon shipments. The average head grade remained steady at 4.3 g/t gold, while gold recovery was 83.8%, just 1% below the previous quarter's record but offset by increased throughput. Mill processed 32,588 tonnes at an average of 354 tonnes per day, with utilization rates peaking at 97.4% and 98.3% in August and September. Underground mine development totaled 1,539 m, above the long-term quarterly average of 1,445 m, though slightly below the previous quarter's 1,660 m. Safety metrics improved, with only 1 lost time and 2 medical aid incidents, and TRIF dropping to 1.83. Equipment availability for jumbos was 59%, impacted by unplanned downtime. The arrival and commissioning of the LM90 drill expands the underground drill fleet to four, enhancing future exploration capacity. The IR contract with Global One Media is fully detailed, with all payment terms disclosed. Overall, the figures support management's claims of operational improvement and increased production.

Analysis

The announcement is factual and proportionate, with the majority of claims supported by realised, quarter-specific operational data. Key metrics such as gold production, mill throughput, utilization, and safety are all disclosed with precise figures and period-over-period comparisons. The only forward-looking statements relate to the intended use of the new LM90 drill for future resource expansion, but these are clearly separated from the realised operational achievements. There is no evidence of narrative inflation or exaggerated claims; the tone is positive but justified by the disclosed improvements in production and safety. No large capital outlay is disclosed beyond a modest IR contract and the commissioning of a drill, both of which are routine and already executed. The gap between narrative and evidence is minimal, and the data fully supports the company's positive framing.

Risk flags

• ●Gold recovery fell 1% from the previous quarter's record, indicating that further increases in throughput may not always translate to higher recoveries. If recovery rates decline further, it could offset production gains.
• ●Jumbo equipment availability was only 59% due to unplanned downtime in September, which could constrain future mine development if not addressed. Sustained equipment issues may impact production rates or development timelines.
• ●A portion of this quarter's record gold production (882 oz) came from inventory draw-down and carbon shipments, which may not be repeatable in future quarters. If underlying mill recovery or mining rates do not increase, future reported production could decline once inventory is depleted.
• ●While safety performance improved, the occurrence of one lost time and two medical aid incidents shows ongoing operational risk. Any reversal in this trend could impact productivity and regulatory standing.
• ●The new LM90 drill is expected to support resource expansion, but actual results from drilling are not yet disclosed. There is execution risk in converting drilling activity into resource upgrades or extensions.

Bottom line

Lion One Metals delivered record gold production at Tuvatu in Q3 2026, driven by a combination of higher mill throughput and a one-time inventory draw-down, while maintaining steady grades and improving safety. The operational data is robust, with mill utilization and mine development both at or above historical averages, though equipment downtime and a slight dip in recovery rates warrant monitoring. The commissioning of the LM90 drill expands exploration capacity, but its impact on resources remains to be seen. The IR contract with Global One Media is routine and fully disclosed, with no equity or options component. Investors should focus on whether underlying production (excluding inventory draw-down) continues to rise, and whether equipment reliability and safety improvements are sustained. The main takeaway: operational momentum is strong, but future quarters will need to deliver organic production growth to maintain this trajectory.

Announcement summary

(TSXV:LIO, OTCQX:LOMLF) Lion One Metals Limited reported preliminary operating results for the Tuvatu Gold Mine in Fiji for the quarter ending September 30, 2026. The company achieved quarterly gold recovery of 3,796 oz at an average head grade of 4.3 g/t gold, representing a 15% increase in production compared to the previous quarter and a 39% increase from the quarter ending March 31, 2026. In addition to recovered gold, Lion One produced 882 oz of gold from the draw-down of gold in inventory and carbon shipments, resulting in total production of 4,678 oz of gold during the quarter. The company processed 32,588 tonnes of mineralized material with an average throughput of approximately 354 tonnes per day and achieved a mill utilization rate of 95.1%, including record utilization rates of 97.4% in August and 98.3% in September. Gold recovery was 83.8%, a 1% decrease from the previous quarter's record of 84.9%, but this was offset by a 16.5% increase in mill throughput. Underground mine development totaled 1,539 m, including 359 m of capital development and a record 1,181 m of operating development, making it the third best quarter of mine development since operations began in early 2024. The company experienced 1 lost time incident and 2 medical aid incidents, resulting in a Total Recordable Incident Frequency (TRIF) of 1.83 per 200,000 hours worked, an improvement from 4.37 in the previous quarter and 6.55 in the quarter before that. The jumbos had an overall availability of 59% during the quarter, affected by unplanned downtime in September. Lion One's new Boart Longyear LM90 underground core drill arrived ahead of schedule and is now operational, increasing the company's active drill fleet to four underground drills and two surface drills. The LM90 drill is intended to target both the Zone 500 and the West Zone from deep underground to support resource expansion and upgrade. The company engaged Global One Media for digital investor communications for a six-month term at a total cost of USD $39,000, with a monthly retainer of USD $6,500 and the initial three months ($19,500) paid upfront upon signing on August 31, 2026; the agreement transitions to month-to-month after the initial term. William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person who reviewed and approved the technical and scientific content of the release. Lion One operates its own geochemical assay laboratory and adheres to rigorous QAQC procedures, including sending 5% of samples with grades above 0.5 g/t Au to ALS Global Laboratories in Australia for check assay determinations.

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