Drilling Operations Upgrade at the Tuvatu Gold Mine First of Five New Drills Rigs On-Site and Improved Drilling Rates Targeted
Drilling Operations Upgrade at the Tuvatu
Gold Mine
First of Five New Drills Rigs On-Site and Improved Drilling
Rates Targeted
North Vancouver, British Columbia--(Newsfile Corp. - March 16, 2026) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to provide an update on
underground drilling operations at its 100%-owned Tuvatu Alkaline Gold Project in Fiji ("Tuvatu"). The
Company has commenced a significant upgrade to its drill fleet, with the performance of existing drills
already improving. The existing fleet will be replaced with three new high-performance underground drill
rigs and an additional surface rig.
2-3x
Improvement in Drill
Metres per Shift
25 m
Target Metres
per Rig Shift
4
New Underground-Capable
Rigs Being Acquired
Figure 1. New EDR450 (track-mounted surface drill rig) at the Tuvatu Gold Mine, Fiji, with the
Navilawa Caldera in the background. March 14, 2026.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/288687_e626197ad4951b50_001full.jpg
Drilling Data: The Foundation of Underground Mining
At the heart of any successful underground mining operation is access to comprehensive, high-quality
drilling data. Drill programmes provide the critical geological and grade control information that directly
informs mine design, mining scheduling, mining method selection, and ultimately the level of confidence
in gold metal throughput at the process plant. These elements are tightly interconnected - quality drill data
drives better mine planning, which drives better gold recovery, which drives shareholder value.
This is the Company's primary operational focus in these early days under new management: building
the drilling capacity and geological knowledge base that will underpin every subsequent decision about
how Tuvatu is mined, developed, and expanded.
Existing Fleet: From Underperformance to Transformation
The Company's existing underground drill rigs had reached a stage well beyond their normal operational
lifespan. Mechanical breakdowns and falling operational reliability are significantly constraining drilling
output. From mid-2025, drill performance was well below industry standards and insufficient to support
the Company's geological data requirements.
To address this, Lion One has moved to replace the drilling fleet. While this is in process, focus has
been renewed on improvements to the existing rigs. This includes management support and
engagement of a dedicated experienced drill rig fitter. The results have been encouraging.
Existing Fleet Performance Turnaround
Current performance: Underground metres per shift have been doubled, through improved support
and focus.
Surface rig deployed: An additional rig in on site. A track-mounted EDR450 drill rig has
commenced operations on March 14, 2026, complementing the underground fleet
Currently (and for the rest of the wet season) the rig will support in-mine and near-mine drilling,
focused on shallow targets. In the dry season, the surface rig will re-focus on the significant
regional exploration potential throughout Lion One's tenements.
Four New High-Performance Underground Drill Rigs
In addition to the immediate improvements to the existing fleet, Lion One is in advanced negotiations to
acquire four new, fit-for-purpose, high-performance underground drill rigs. The Company believes drilling
rates of 25 metres per drill rig shift, are achievable at Tuvatu, with the potential for higher output
depending on ground conditions.
The commercial terms of the acquisition are being finalised. Key features of the proposed arrangement
include:
Spare parts on consignment:
A significant supply of spare parts to be held on consignment in
Fiji, meaning the Company will only pay for parts as and when they are used. This materially
reduces upfront capital requirements and ensures spare part availability does not become a
bottleneck to rig utilisation
Versatile fleet configuration:
One of the four new rigs will be convertible to a diesel drive
system, enabling it to also operate on surface as and when needed. This rig is compact enough to
be helicopter-slung and deployed in the jungle for step-out exploration drilling - providing the
Company with a highly flexible exploration capability at minimal incremental cost and improved
environmental outcomes.
Fit for purpose:
The rigs are ideal for underground narrow-vein operations of the type conducted
at Tuvatu, ensuring optimal performance in the mine's specific conditions
The Company will provide further details on this acquisition as the commercial terms are finalised.
The Path from 6<10 Metres to 25 Metres per Shift
Phase
Metres / Shift
Status
January 2026 - existing fleet baseline
<10 m
Completed
Current - improved maintenance and support
12-18 m
Operational now
Target - new high-performance rigs
25+ m
Acquisition in progress
The anticipated improvement to 25 metres (or more) represents a strategic increase in drilling
productivity. With four new rigs operating at target rates, the Company's total underground drilling
capacity will increase, providing the geological data needed to support multiple concurrent mining fronts
and accelerated stope development.
What This Means for Tuvatu
Faster mine design iteration:
More drilling data allows the geology and mine engineering teams
to refine stope designs, ore body models, and production schedules with greater precision and
speed
Improved grade control:
"Faster" data acquisition allows review of the data and resources well
ahead of mining.
Better mining method selection:
Comprehensive drill data enables management to select the
optimal mining method - whether shrinkage stoping, cut-and-fill, or longhole - for each section of
the mine based on actual geological conditions
3
Exploration upside:
The new surface rig and the option for diesel-fitted rig provides a two-rig
capability to test near-mine targets at Tuvatu, as well as the extensive land package within the
Navilawa Caldera.
Operational continuity:
Four new similar rigs with a consignment spare parts arrangement in Fiji
will help improve the availability issues that constrained drilling in the recent past
Building on 2025 Momentum
"Quality drill data is the foundation of everything we do underground. It informs mine design, mining
scheduling, mining method selection, and ultimately gives us the confidence to increase gold metal
through the process plant. These investments in drilling capacity are not discretionary - they are
essential. We inherited rigs that were beyond their lifespan, and the team has already delivered a
remarkable turnaround in performance. The four new rigs will take us to industry-standard rates and
give us the data we need to make Tuvatu the mine it should be."
- Campbell Olsen, Chief Executive Officer
Lion One remains focused on building the operational foundation for a robust, long-life underground
gold mining operation at Tuvatu. The Company will provide further updates on the new drill rig
acquisition as commercial terms are finalised, and will continue to report drilling results and
operational progress to shareholders on a regular basis.
Qualified Persons Statement
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-
101"), Bill Reid, B.Sc., Geology Manager for the Company, and a member of the Australian Institute of
Geoscientists, is the Qualified Person for the Company and has approved the technical and scientific
content of this news release.
About Lion One Metals Limited
Lion One Metals 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.
On behalf of the Board of Directors,
Campbell Olsen
Chief Executive Officer
Contact Information
Lion One Metals Limited
Email:
Phone: 1-855-805-1250 (toll free North America)
Website:
www.liononemetals.com
Neither the TSX-V nor its Regulation Service Provider accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements:
This press release may contain statements that may be deemed to be
"forward-looking statements" within the meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included herein are forward-looking information.
Generally, forward-looking information may be identified by the use of forward-looking terminology such
as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of
such words and phrases, or by the use of words or phrases which state that certain actions, events or
results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion
One Metals Limited's current beliefs and is based on information currently available to Lion One Metals
Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions
include, but are not limited to, the actual results of exploration projects being equivalent to or better than
estimated results in technical reports, assessment reports, and other geological reports or prior
exploration results. Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity, performance, or achievements of
Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by
such forward-looking information. Such risks and other factors may include, but are not limited to: the
stage development of Lion One Metals Limited, general business, economic, competitive, political and
social uncertainties; the actual results of current research and development or operational activities;
competition; uncertainty as to patent applications and intellectual property rights; product liability and
lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation,
including environmental legislation, affecting mining, timing and availability of external financing on
acceptable terms; not realizing on the potential benefits of technology; conclusions of economic
evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals
Limited has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-
looking information. Lion One Metals Limited does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
Disclaimer:
This summary is for informational purposes only and does not constitute investment advice.
Sources and Citations
All statements in this release are supported by publicly disclosed news releases issued by Lion One Metals Limited. No non-
public or material information has been disclosed.
1. Lion One Metals Limited, "Lion One Drills 3.3 m of 99.13 g/t Gold from 136.4 m DH Depth, and 1.2 m of 218.31 g/t Gold from 109.0 m DH Depth at
Tuvatu Gold Mine in Fiji," December 17, 2025.
https://liononemetals.com/news/news-releases/lion-one-drills-3.3-m-of-99.13-g-t-gold-from-136.4-m-dh-depth-and-1.2-m-of-218.31-g-t-gold-from-
109.0-m-dh-depth-at-tuvatu-gold/
2. Lion One Metals Limited, "Lion One Drills 728.56 g/t Gold over 0.7 m, 25 m Below Current Mine Development at Tuvatu Gold Mine in Fiji," November
18, 2025.
https://liononemetals.com/news/news-releases/lion-one-drills-728.56-g-t-gold-over-0.7-m-25-m-below-current-mine-development-at-tuvatu-gold-
mine-in-fiji/
3. Lion One Metals Limited, "Lion One Produces 5,704 Tonnes at 10.60 g/t Gold from First Shrinkage Stope at Tuvatu and Increases Underground
Development Rates by 70%," October 2, 2025.
https://liononemetals.com/news/news-releases/lion-one-produces-5-704-tonnes-at-10.60-g-t-gold-from-first-shrinkage-stope-at-tuvatu-and-
increases-underground-development/
4. Lion One Metals Limited, "Lion One Drills 78.71 g/t Gold over 2.0 m, Including 168.25 g/t Gold over 0.9 m at Tuvatu Gold Mine in Fiji," October 9,
2025.
https://liononemetals.com/news/news-releases/lion-one-drills-78.71-g-t-gold-over-2.0-m-including-168.25-g-t-gold-over-0.9-m-at-tuvatu-gold-mine-
in-fiji/
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/288687