- Lion One Metals appointed capital-markets veteran David Anderson to its Board on January 21, 2026.
- The company is reporting strong momentum at its Tuvatu gold project, with record output, improving grades and recoveries, and early success with shrinkage stoping.
- Lion One plans to scale mill capacity from ~300 tpd toward 600–700 tpd and potentially higher in 2026, increasing funding and execution demands.
- Anderson’s capital-raising and M&A experience could support financing and growth, but costs, ramp-up risk, and reserve conversion remain key valuation drivers.
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Lion One’s appointment of David Anderson marks a notable addition to its governance and strategic capabilities. With a 30-year track record in investment banking—most prominently as founder and Vice Chairman of Dundee Securities, and leadership roles at Echelon and Industrial Alliance—Anderson is well positioned to guide a junior miner through phases of growth and capital dependencies.
Operationally, Lion One is riding an upward trajectory. For the quarter ending September 30, 2025, the Tuvatu operation delivered ~4,200 oz of gold from 29,850 tonnes milled at 5.1 g/t and 83.9% recovery, representing a 31% increase in output and 39% improvement in grades relative to the prior quarter. It has also successfully mined a first shrinkage stope yielding 5,704 tonnes at 10.60 g/t gold, confirming methods and zones that are significantly high grade.
The company is scaling up capacity: transitioning from its current 300 t/d pilot plant, it plans to reach 600-700 t/d by mid-2025, and Lion One disclosed further capacity growth ambitions into 2026. These expansions will require substantial financing, strong project execution, and resource expansion to justify longer mine life.
In this context, Anderson’s appointment likely serves multiple strategic purposes: improving access to capital markets, enhancing investor relations, potentially enabling or structuring partnerships or M&A, and adding credibility to leadership—critical as the company shifts from development to production scaling. Moreover, his experience may help mitigate financial risks such as cost overruns, funding shortfalls, or geopolitical exposure in Fiji.
However, challenges remain. Lion One’s profitability and cash flow are still under pressure, as is common with early-stage mining operations. The technical risks of mining methods (e.g., shrinkage stoping), geologic continuity, and permitting in Fiji need to be managed. Exploration success will be critical—recent findings like a 650 m extension of gold-in-soil anomalies give promise, but converting anomalies into economically mineable reserves is always uncertain. Anderson can help signal confidence but execution is key. Also, timing of capital raises or equity dilution may test investor patience or tolerance.
Supporting Notes
- Lion One issued its announcement of Anderson’s board appointment on January 21, 2026, citing his “track record in capital markets” and advisor role in over 50 companies going public.
- From the quarter ending September 30, 2025, Tuvatu produced approximately 4,200 ounces of gold, milled 29,850 tonnes at an average grade of 5.1 g/t, and achieved recovery of 83.9%, with underground development advancing 1,712 meters.
- The company achieved its first shrinkage stope production: 5,704 tonnes at 10.60 g/t gold during that quarter.
- Revenue in Q4 2024 reached record C$18.0 million, up 72% QoQ, with gold recovered at ≈4,300 ounces and silver sales included; throughput, grades, and recoveries also improved.
- Mill capacity expansion plans: originally 300 tpd pilot plant, then plans to increase to 500 tpd by mid-2025, and now upgraded to 600-700 tpd.
- Exploration upside: soil sampling revealed a ~650-meter extension of anomalous gold at surface, coincident with arsenic, lead, and zinc pathfinders; potential ~70% increase in strike length of Tuvatu deposit.