Lion One Metals today announced that it would accelerate the mine development and construction of its Tuvatu Alkanine gold project, in Fiji, following the completion of project financing.
The company earlier this month completed a debt and equity transaction receiving $25-million in proceeds. An additional $12-million is available under a financing facility at the company’s option.
“In conjunction with ongoing mine development, we are preparing to mobilize personnel for the installation and commissioning of the Tuvatu gold processing plant. All of the processing plant components have already been delivered to Fiji, with shipments of the remaining bulk materials in progress and expected to be delivered by the end of March to coincide with the completion of infrastructure for the mill area, electrowinning facility, and gold room,” Lion One CEO Walter Berukoff said on Friday.
The company plans to operate at an initial production capacity of 300 t/d for the initial 18 months of operations before increasing the capacity to 500 t/d in mid-2025. The initial mining will focus on the near-surface resource while advancing underground development into high-grade mineralization in Zone 500.