Lion One Metals Limited【LIO】株式ニュース

Lion One Provides Clarification on Mining Methods at the Tuvatu Gold MineMarch 25, 2026 4:10 PM
NewsfileLion One Has Not Abandoned Shrinkage Stoping - Multiple Mining Methods Will Be Used as Dictated by Deposit CharacteristicsNorth Vancouver, British Columbia--(Newsfile Corp. - March 25, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") wishes to address recent commentary regarding mining methods at its 100%-owned Tuvatu Alkaline Gold Project in Fiji ("Tuvatu"). The Company is aware that certain claims have been made suggesting that Lion One has abandoned shrinkage stoping in favour of an alternative mining method. These claims are inaccurate.Lion One has not moved away from shrinkage stoping. The Company's first shrinkage stope was completed successfully in 2025 producing 5,704 tonnes at an average gold grade of 10.60 g/t.¹ A second shrinkage stope projected to be twice the size of the first was subsequently developed in Zone 5 with a third shrinkage stope under development at the 1120 level.² Shrinkage stoping remains a core part of the Company's mining plan.5,70410.60 g/t70%$15MTonnes from First Shrinkage StopeAverage Gold Grade
AchievedIncrease in Development RatesArete Capital Strategic Investment THE FACTS: SHRINKAGE STOPING AT TUVATUFar from abandoning shrinkage stoping Lion One has actively developed and refined this technique throughout 2025 and into 2026. The publicly disclosed record is clear:First Shrinkage Stope Completed Successfully (Q3 2025): The Company's first shrinkage stope located near surface in Zone 2 targeted a section of the Ura1 lode approximately 62 m long, 24 m tall and 1.5 m wide. It produced 5,704 tonnes at 10.60 g/t gold.¹

"The success of the Company's first shrinkage stope is a major achievement and milestone for the Company and confirms shrinkage mining as an optimal mining method for certain parts of the Tuvatu gold deposit. We anticipate utilising other mining methods for other parts of the deposit."

- Lion One Metals, News Release, October 2, 2025Second Shrinkage Stope Developed (Q4 2025): A second significantly larger shrinkage stope was developed in Zone 5 focused on the UR2 lode. This stope was projected at approximately 60 m long, 50 m tall and 1.5 m wide with expected production of 11,520 tonnes - roughly double the first.¹Third Shrinkage Stope - Design Underway (2026): Development of a third shrinkage stope between levels 1116 and 1156 is currently underway at the design stage. The Company has commenced additional surface drilling to tighten up the design and improve geological knowledge of this section of the deposit before mining commences. We acknowledge that the first shrinkage stope could have been more accurately designed with better geological data in hand, and this programme reflects the lesson learned from that experience. The final size parameters for the third stope are yet to be determined and will be confirmed once the additional drilling results are received and assessed. Shareholders will be updated once a final design is established.³WHY RESPONSIBLE OPERATORS USE MULTIPLE MINING METHODSIt is a fundamental principle of underground mine engineering that no single mining method is universally optimal. The appropriate technique for any given section of an underground mine is dictated by the physical characteristics of the deposit in that section - including its width, dip angle, continuity, grade distribution and the geotechnical properties of the surrounding rock mass.At Tuvatu the gold mineralisation occurs in steeply dipping narrow veins within a complex alkaline geological setting. The deposit is characterised by multiple lode arrays with varying orientations, widths and structural characteristics.4 This geological complexity - which is typical of high-grade narrow-vein gold systems worldwide - means that the optimal mining method will naturally vary from one section of the mine to another.UNDERSTANDING MINING METHOD SELECTIONIn narrow-vein underground gold mining operators typically employ a combination of techniques including shrinkage stoping, cut-and-fill stoping, longhole stoping and development mining. The selection of method for each section of the mine depends on:Deposit geometry - the width, length, height and dip angle of the vein in that sectionGeotechnical conditions - the strength and stability of the surrounding rock massGrade distribution - where the highest-grade gold is concentrated within the veinSafety considerations - the method that provides the safest working environment for mine personnelEconomic efficiency - maximising gold recovery while minimising dilution and operating costsThis is standard practice across the global mining industry and is not unique to Tuvatu or Lion One. Any suggestion that a responsible operator should commit exclusively to a single mining method, regardless of the geological conditions encountered, reflects a fundamental misunderstanding of underground mining.SHRINKAGE STOPING IN CONTEXTShrinkage stoping is a well-established underground mining method that has been used successfully for decades in narrow-vein gold deposits around the world. It is particularly well-suited to steeply dipping veins where the ore body is narrow and high-grade, conditions that exist at Tuvatu.However like all mining methods shrinkage stoping has practical limitations that experienced operators must manage responsibly:Cycle time: A single shrinkage stope can take several months from development to final drawdown. The Company's first stope was developed over several months with production occurring from July to September 2025.¹ We would reasonably allow 3 to 5 months from beginning of stoping to processing.Safety considerations: Shrinkage stoping requires personnel to work on top of broken ore which presents inherent safety risks that must be carefully managed. Modern mine management prioritises worker safety above production targets.Capital tied up in inventory: During active mining approximately 60% of the broken ore remains in the stope to provide a working platform. This ore is only recovered during the final drawdown phase meaning significant value is held in inventory throughout the mining cycle.Geological suitability: Shrinkage stoping works best in steeply dipping ore bodies with consistent geometry. Where the vein changes dip, width or orientation, which is common in complex geological settings, other methods may be more appropriate.Management's position is straightforward: shrinkage stoping will continue to be used where the ore body characteristics make it the most appropriate method. Where geological conditions call for an alternative approach the Company will apply the safest and most economical technique available. This is exactly what any competent underground mining operation does.THE GEOLOGICAL REALITY AT TUVATUThe Tuvatu gold deposit occurs within the Navilawa Caldera in Fiji which is a complex alkaline geological environment where gold mineralisation is hosted in multiple steeply dipping narrow veins (lodes) with varying orientations and characteristics.4 The deposit includes multiple lode arrays across several zones (Zone 2, Zone 5 and others) each with distinct structural and mineralogical features.The Company has publicly noted that high-grade "blow-out" zones are produced at the intersection of multiple structures with different orientations5, a characteristic that underscores the geological variability of the deposit and the need for adaptive mining methods. Gold deposition in alkaline systems is inherently complex and variable and the precise geometry and grade distribution of each vein section can only be fully understood through detailed underground drilling and geological mapping as the mine develops.This geological complexity is precisely why Lion One conducts extensive underground infill and grade control drilling to characterise each section of the deposit before mining commences. It would be irresponsible to predetermine a single mining method without first understanding the geological conditions in each area of the mine.THE ARETE ADVANTAGE: EXPERIENCED MINING OPERATORSThe strategic transaction with Arete Capital Advisors announced on December 30, 2025 brings significant additional mining expertise to Lion One.7 Arete is a specialist mining investment and operating group with a demonstrated track record in mine management, turnaround and optimisation.Campbell Olsen appointed CEO on February 25, 2026 brings extensive experience in international resource investment and operational leadership within the mining sector including substantial experience in high-grade underground gold mining.8 Under the Management Services Agreement Arete will provide specialist technical engagement to systematically advance Tuvatu and build long-term value for shareholders."Arete's specialist team brings deep operational, technical and financial experience in turning high-quality mid-tier gold assets into robust cash-generative businesses... [with a] clear pathway to unlock significant incremental value at Tuvatu through disciplined mine optimisation, targeted capital investment and an aggressive but data-driven exploration program."- Campbell Olsen, CEO, December 30, 2025Decisions about mining methods at Tuvatu are and will continue to be made by qualified mining engineers and geologists with direct knowledge of the underground conditions. These are complex technical decisions that require hands-on operational expertise not speculation from outside parties who do not have access to the detailed geological and geotechnical data that informs mine planning.The Company advises that its current mine development plan is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and a higher risk of economic and technical failure associated with the development of a commercially mineable deposit. There is no assurance that the Company will achieve anticipated levels of mineral recovery or production costs.WHAT SHAREHOLDERS SHOULD KNOWLion One has not abandoned shrinkage stoping. The Company successfully completed its first shrinkage stope in 2025 is developing additional shrinkage stopes and will continue to use this method where appropriate.Multiple mining methods are standard practice. Every competent underground mining operation adapts its methods to the geological conditions encountered. This is a strength not a weakness.The deposit dictates the method. Geology at Tuvatu is complex and variable. The Company will utilise the safest and most economical technique for each section of the mine as determined by the deposit characteristics encountered during development.Experienced operators are in charge. The Arete management team brings deep expertise in underground gold mining. Mining method decisions will be made by qualified professionals with direct knowledge of underground conditions.Lion One remains focused on what matters: safely and efficiently developing Tuvatu into a robust long-life underground gold mine. The Company will continue to provide transparent updates on its operations, mining methods and production progress.DEFINITIONS FOR SHAREHOLDERSThe following plain-language explanations are provided to assist shareholders in understanding the technical terms used in this release.Shrinkage stopingA mining method used in narrow steeply dipping ore bodies. Miners drill and blast ore from the bottom of a section upward. Around 60% of the blasted rock is left inside the stope (void) as a working platform. Miners stand on this broken rock to continue drilling upward. At the end of the mining cycle the retained ore is drawn out from below. The method is efficient for high-grade narrow veins but requires careful management of the working platform and ground conditions.Cut-and-fill stopingA mining method where ore is extracted in horizontal slices from the bottom upward. After each slice is removed the void is filled with waste material or engineered fill before the next slice is mined. This provides ground support and allows mining in areas where the rock mass is less stable. It is slower than shrinkage stoping but offers more control over ground conditions.Longhole stopingA method where long drill holes are drilled from a level above or below the ore body and the ore is blasted in large volumes. The broken ore falls to a lower level for collection. This is an efficient bulk mining method suited to larger ore bodies but less selective than shrinkage or cut-and-fill in narrow veins.Development miningThe tunnelling and infrastructure work required to access ore bodies. This includes driving declines (ramps), cross-cuts (horizontal tunnels) and raises (vertical or inclined openings connecting levels). Development mining does not produce significant ore but is essential to creating access for production mining.LodeA vein or zone of rock containing economically significant gold mineralisation. At Tuvatu gold occurs in multiple lodes - narrow zones of high-grade mineralised rock within the broader ore body.Multiple lode arraysA series of individual lodes that occur in the same general area of the deposit, often with slightly different orientations or dip angles. At Tuvatu the gold system contains multiple lode arrays meaning the ore body is not a single continuous sheet but a network of mineralised veins with varying characteristics.Ore body geometryThe three-dimensional shape of the ore body - including its length, width, height and the angle at which it dips into the ground. Mining method selection depends heavily on geometry: narrow steeply dipping veins suit different methods than wide shallow-dipping ore bodies.Dip angleThe angle at which a vein or geological structure tilts from horizontal. A steeply dipping vein is nearly vertical. A shallowly dipping vein is nearly horizontal. Shrinkage stoping works best in steeply dipping ore bodies.Geotechnical conditionsThe physical properties of the rock mass surrounding the ore body including its strength, stability and tendency to fracture or collapse. Geotechnical conditions directly influence which mining methods can be used safely and what ground support is required.Grade distributionHow gold is distributed within the ore body. In some sections grade may be highly concentrated in a narrow zone. In others it may be more evenly spread or variable. Understanding grade distribution through drilling helps miners optimise their method to maximise gold recovery and minimise dilution with waste rock.DilutionThe mixing of waste rock with ore during mining which reduces the average grade of material sent to the processing plant. Minimising dilution is a key objective in narrow-vein mining. Poorly designed stopes or inaccurate geological knowledge can increase dilution and reduce the gold recovered per tonne processed.Infill drillingDiamond drilling conducted within a known mineralised zone to increase the density of geological data and improve the accuracy of the ore body model. Infill drilling reduces geological uncertainty and allows more accurate mine design. The Company conducts infill drilling prior to stope design specifically to reduce the risk of the kind of design inaccuracies acknowledged in this release.Grade control drillingClosely spaced drilling conducted in active mining areas to accurately define ore and waste boundaries before and during mining. Grade control data guides miners on exactly where to mine and where to stop to maximise ore recovery and minimise dilution.DrawdownThe final phase of shrinkage stoping where the retained broken ore platform is extracted from below. During active shrinkage mining approximately 60% of blasted ore is held inside the stope. Drawdown recovers this retained material at the end of the mining cycle.Alkaline geological settingA geological environment associated with alkaline igneous rocks such as the monzonites and syenites of the Navilawa Caldera at Tuvatu. Alkaline gold systems are a specific class of epithermal gold deposit associated with this rock type. They are relatively rare globally but include some of the world's highest-grade and largest gold deposits including Porgera in Papua New Guinea and Emperor in Fiji.Navilawa CalderaThe ancient volcanic collapse structure within which the Tuvatu gold deposit is located on the island of Viti Levu in Fiji. The caldera hosts the mineralised system that produced the gold veins now being mined. Lion One holds exploration rights over the broader caldera area providing significant potential for the discovery of additional gold and copper mineralisation.Blow-out zoneA localised area within a vein system where the ore body expands in width and grade as a result of the intersection of multiple structures. Blow-out zones are typically high-value areas within the mine. At Tuvatu they occur where multiple lodes converge or intersect at different orientations.StopeThe underground void created by the removal of ore during mining. A stope is the productive working space from which gold-bearing rock is extracted. Multiple stopes may be active simultaneously in different parts of the mine. QUALIFIED PERSON In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), Stephen Jeffers, FAusIMM, an employee of the Company, is the Head of Mining Operations and Qualified Person for the Company and has approved the technical and scientific content of this news release.On behalf of the Board of Directors,Campbell Olsen
Chief Executive OfficerContact Information
Lion One Metals Limited |

Lion One Announces Conditional Approval of the Non-Brokered Private Placement with Arete CapitalMarch 20, 2026 4:01 PM
NewsfileNorth Vancouver, British Columbia--(Newsfile Corp. - March 20, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company ") is pleased to announce receipt of conditional approval from the TSX Venture Exchange (the "TSXV") for the non-brokered private placement financing (the "Offering") pursuant to the subscription agreement dated December 30, 2025 between Arete Capital Advisor Pty Ltd ("Arete") and the Company (the "Subscription Agreement"). The Company anticipates closing the Offering on March 27, 2026. Concurrently with the closing of the Offering, the Company and Arete will enter into an investor rights agreement (the "Investor Rights Agreement") and a management services agreement (the "Management Services Agreement"). The OfferingPursuant to the Subscription Agreement, Arete has subscribed for 44,264,800 units at a price of C$0.34 per unit for gross proceeds to the Company of C$15,050,032, with each unit consisting of one common share (the "Common Shares") and one common share purchase warrant (the "Warrants"). Each Warrant enables the subscriber to acquire one Common Share at a price of C$0.39 for a period of three years following the closing of the Offering. The Common Shares being purchased represent 9.9% of the Company's outstanding Common Shares on a pro forma basis, not giving effect to the exercise of the Warrants. Arete and its principals do not hold any other securities of Lion One. Arete has agreed not to acquire any additional Common Shares (including upon exercise of the Warrants) that would cause it to hold more than 10% of the Company's outstanding Common Shares without the prior written approval of the TSXV following the clearing of personal information forms by all insiders of Arete. Furthermore, Arete has acknowledged and agreed in the Investor Rights Agreement that in accordance with the policies of the TSX-V, disinterested shareholder approval will be required for Arete to hold more than 20% of the Company's outstanding Common Shares. The Company intends to use the net proceeds from the Offering to fund several strategic initiatives at the Tuvatu Alkaline Gold Project in Fiji ("Tuvatu Project") intended to address critical operational constraints that limit the Company's ability to scale production and generate sufficient cash flow to service its obligations under its senior debt facility. These initiatives include improvements in mill throughput capacity, the flotation circuit to achieve higher recovery rates, underground development headings to access higher grade zones and investments in mining equipment. The Company also plans to deploy some of the proceeds of the Offering to provide a cushion for its working capital covenants under its senior debt facility. The Company's senior debt facility matures in August 2026 creating an urgent cash flow imperative over the next five months. Investor Rights AgreementOn closing of the Offering, the Company plans to enter into the Investor Rights Agreement with Arete which will provide Arete with certain rights as a significant shareholder of the Company. The Investor Rights Agreement reflects customary terms for a transaction of this nature, including board nomination rights and pre-emptive rights to maintain its prevailing shareholding interest in the Company provided it holds at least 9.9% of the Common Shares. Pursuant to the Investor Rights Agreement, Arete shall have the right to designate one (1) nominee (the "Investor Nominee") to serve as a director of the Company for election or appointment to the board of directors (the "Board") for as long as the aggregate security ownership interest of Arete and its affiliates in the Company (the "Investor Pro Rata Interest") is at least equal to 9.9% of the issued and outstanding Common Shares (the "Minimum Qualification Threshold"). The Company shall not increase the size of the Board above five (5) members without prior written consent of Arete for as long as the Investor Pro Rata Interest is at least equal to the Minimum Qualification Threshold. Arete's nominee is Campbell Olsen, the Chief Executive Officer of the Company who was appointed on February 25, 2026. The Investor Rights Agreement also provides that Arete shall have the right to participate in future offerings undertaken by the Company to allow Arete to maintain its then Investor Pro Rata Interest (the "Participation Right"). The Participation Right shall not apply to securities issued (a) pursuant to any stock option plan or other employee equity incentive plan approved by the Board; (b) issued upon the exercise or conversion of any pre-existing securities that were issued by the Company and outstanding prior to the date the Investor Rights Agreement will be entered into; (c) issued in connection with any stock split, stock dividend or recapitalization by the Company in which shareholders are affected equally; (d) issued as consideration for property, services or debt financing; and (e) issued to agents or underwriters engaged by the Company in connection with capital raising activities or as compensation, including broker warrants. The Investor Rights Agreement further provides that Arete agrees, for as long as an Investor Nominee serves on the Board, to vote all common shares of the Company held by Arete or its affiliates in favor of all director nominees recommended by the Company's management (the "Management") and to align its voting with the Management's recommendations on all other proposals and matters outlined in the Company's management proxy circular for the relevant shareholders' meeting.The Investor Rights Agreement will terminate at such time as the Investor Pro Rata Interest falls below the Minimum Qualification Threshold. Any amendment or extensions to the Investor Rights Agreement are subject to prior written approval of the TSXV. Management Services AgreementOn the closing of the Offering, the Company plans to enter into the Management Services Agreement with Arete pursuant to which Arete will provide management and advisory services relating to the Company's Tuvatu Project. The scope of management and advisory services includes, among other things, advising and coordinating the Company's operational management, designating key personnel responsible for leading project management functions, and reviewing budgets in accordance with a business plan approved by the Company, to support the Tuvatu Project.While Arete will serve as an independent contractor, it will be subject to the oversight of the Company's Board of Directors, which will retain overall responsibility for the oversight of management of the Company. Arete will be required to perform the services with the degree of skill, care and diligence that a prudent and experienced mining industry operator would exercise in comparable circumstances having regard for the size, scope and complexity of the Tuvatu Project, and in compliance with applicable laws and regulatory requirements. Arete will report to the Board of Directors of Lion One and will work with the Board of Directors to establish annual business plans and budgets. The Management Services Agreement also stipulates that Arete will not enter into any contract in connection with the Tuvatu Project that is (a) outside the scope of the approved business plan or budget; (b) exceeds a commitment of C$150,000; or (c) could materially affect the Company's ownership of or rights in respect of the Tuvatu Project. All approvals or consents required from Lion One under the Management Services Agreement must be approved by the Board of Directors of Lion One, with any representative of Arete or any person with whom Arete does not deal at arm's length recused from all board considerations and required to abstain from voting. Under the terms of the Management Services Agreement, Arete is entitled to the following compensation: (a) a management fee of C$750,000 for each 12-month period commencing on the effective date of the Management Services Agreement (a "Payment Period"), subject to adjustments in accordance with the terms of the Management Services Agreement; (b) up to C$375,000 per year in incentive compensation provided Arete meets certain key performance indicators that will be established by the Board of Directors of Lion One and Arete (which may be payable in Common Shares by mutual agreement, subject to requirements of the TSXV and applicable securities law); and (c) performance-based incentives, including equity-linked incentives in compliance with the Company's Omnibus Equity Compensation Incentive Plan (the "Option Plan"), in the form of 4,000,000 Performance Options (as defined in the Option Plan) exercisable at a price of C$0.40 for a period of five years from the date of grant, and 4,000,000 Performance Share Units (as defined in the Option Plan) for each Payment Period. All compensation payable in Common Shares or convertible securities of the Company will be subject to the prior written approval of the TSXV. The Management Services Agreement, unless terminated in accordance with the terms, is renewable by mutual agreement after its initial five-year term. The Company may terminate the Management Services Agreement at any time prior to the expiry of the term upon a default by Arete or at the discretion of the Board of Directors with the payment of a termination fee equal to two times the annual management fee. Any amendment or extensions to the Management Services Agreement are subject to prior written approval of the TSXV. About Lion One Metals LimitedLion One is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, Tailings Storage Facility, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.About Arete Capital Corp.Arete is a specialist mining investment and operating group focused on high-quality mid-tier gold and base metal assets, with a track record that spans private equity investment, mine acquisition and management, turnaround and optimization across multiple jurisdictions. Led by Chief Executive Officer Campbell Olsen, Arete's principals have been responsible for identifying, funding and transforming a series of operations from concept or distress status into long-life, cash-generative mines, working closely with boards, management teams and technical consultants. The team combines front-line operational expertise in mine planning, geology, metallurgy and processing with deep experience in capital markets, structured finance and M&A, allowing Arete to bridge the gap between technical potential and commercial outcomes for both companies and investors.Arete's approach is highly hands-on and partnership-driven, with a focus on disciplined capital allocation, systematic operational improvement and rigorous risk management. Drawing on experience gained across multiple commodity cycles, Arete has developed a repeatable framework for optimizing mine plans, lifting productivity and unit margins, and prioritizing near-term, high-return capital projects that can materially enhance net present value and extend mine life. By combining technical depth with strategic oversight and an owner-operator mindset, Arete aims to unlock latent value in complex mining assets and position its partner companies to become resilient, mid-tier producers capable of generating sustainable free cash flow and long-term shareholder returnsOn behalf of the Board of Directors,
Campbell Olsen, Chief Executive OfficerContact Information
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