Make Kitco Your Homepage

Lion One secures $37 million in funding for its Tuvatu gold project in Fiji

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Lion One Metals (TSX-V: LIO) announced Friday that it has entered into a facility agreement with Nebari for a financing facility of up to US$37M for its Tuvatu gold project.

The company said that proceeds from the financing facility will accelerate project construction and development at the company's 100% owned and fully permitted high-grade Tuvatu alkaline gold project in Fiji, with first production expected by December 2023.

Chairman and CEO Walter Berukoff commented, "We are extremely pleased to have secured Nebari as a financial partner and major shareholder in the development and future success of Tuvatu. They are a vastly experienced group, are aligned with our key values and stakeholders, and have delivered a creative solution to bring the Tuvatu project to completion and enhance shareholder value tremendously."

Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu alkaline gold project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exploration upside inside its tenements covering the entire Navilawa Caldera.

The January 2018 mineral resource estimate for Tuvatu comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz Au) at a cut-off grade of 3.0 g/t Au. 

Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles.

Engineering group Sandvik ups 2022 revenues 31% to ~$10.9 billion

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.