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EMX Royalty Announces Q1 2025 Results; Significant Increases in Royalty Revenue, Adjusted Royalty Revenue and Adjusted EBITDA

Post author By admin
Post date May 12, 2025

Vancouver, British Columbia–(Newsfile Corp. – May 12, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to report results for the three months ended March 31, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $8.4 million, adjusted royalty revenue¹ of $10.8 million and adjusted EBITDA¹ of $7.1 million.

Dave Cole, EMX CEO, commented, “For the first quarter of 2025 we achieved exceptional growth in adjusted royalty revenue and adjusted EBITDA, completed the acquisition of an additional royalty interest in the Chapi Mine, and strengthened our financial position through disciplined capital management, and opportunistic share buybacks. With rising commodity prices, growing revenue and a strong balance sheet, including a $10.0 million debt repayment made subsequent to the end of the quarter, we have great momentum as we continue into the second quarter of 2025.”

Q1 2025 Financial Highlights

Adjusted royalty revenue¹ of $10.8 million, up 40% over comparative quarter;
Adjusted EBITDA¹ of $7.1 million, up 120% over comparative quarter, demonstrating strong cash flow conversion; and
Cash and cash equivalents as of March 31, 2025 of $19.2 million and a working capital¹ surplus of $36.1 million, demonstrating financial flexibility for growth.

		Three months ended March 31,
(In thousands)		2025			2024
Statement of Income (Loss)
Revenue and other income	$	8,422		$	6,240
General and administrative costs		(2,170	)		(2,148	)
Royalty generation and project evaluation costs, net		(2,502	)		(2,934	)
Net income (loss)	$	1,260		$	(2,227	)
Statement of Cash Flows
Cash flows from operating activities	$	1,289		$	1,027
Non-IFRS Financial Measures¹
Adjusted revenue and other income	$	11,428		$	8,293
Adjusted royalty revenue	$	10,751		$	7,657
Adjusted cash flows from operating activities	$	2,906		$	2,661
EBITDA	$	4,892		$	1,249
Adjusted EBITDA	$	7,101		$	3,223
GEOs sold		3,756			3,696

Summary of Financial Highlights for the Quarter Ended March 31, 2025 and 2024:

Key Strategic Developments

During the three months ended March 31, 2025, and the period subsequent to quarter end, EMX has completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management as we move into 2025. These key developments include:

Completed the acquisition of an additional 1% NSR royalty on the Chapi Copper Mine in Peru for a purchase price of $7.0 million, totaling a 2% NSR for $10.0 million, which we expect will begin contributing revenue to EMX in 2026;
Completed the acquisition of a 0.625% NSR royalty interest covering all minerals produced from the Urasar gold-copper project being advanced by Hayasa Metals Inc.;
In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million; and
We repurchased and cancelled 1,479,792 shares during the quarter, totaling 5,000,000 common shares repurchased and cancelled, completing the original Normal Course Issuer Bid (“NCIB”) program. The Company commenced a new NCIB program during the quarter which allows the repurchase and cancellation of an additional 5,440,027 common shares over a 12-month period. Subsequent to the end of the period, the Company repurchased 1,201,892 common shares under the new NCIB for a total cost of $2,493,000.

Outlook

The Company is maintaining its 2025 guidance² of GEOs sales of 10,000 to 12,000, adjusted royalty revenue of $26,000,000 to $32,000,000 and option and other property income of $1,000,000 to $2,000,000.

Capital Management

For 2025, EMX has established the following capital allocation goals for 2025:

Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;
Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
Implementation of a measured and consistent debt repayment strategy; and
Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.

Portfolio Growth

The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation (“Lundin”) has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. (“Zijin”) continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.

We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.

In Türkiye, at Gediktepe, ACG Metals announced that the Sulphide Expansion Project remains on schedule for commissioning in Q1 2026, with no delays or cost overruns, reinforcing Gediktepe’s transition into a long-life, low-cost copper producer.

AbraSilver Resource Corp. continues to advance Diablillos in Argentina and announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria’s environmental permit. This decision means that Viscaria’s environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX’s global royalty portfolio.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.

First Quarter Results for 2025

In Q1 2025, the Company recognized $11.4 million and $10.8 million in adjusted revenue and other income³ and adjusted royalty revenue³, respectively, which represented a 38% and 40% increase, respectively, compared to Q1 2024. The increase is largely due to a $1.3 million increase in royalty revenue from Gediktepe and a $1.0 million increase in royalty revenue from Caserones when compared to Q1 2024.

The following table is a summary of GEOs³ sold and adjusted royalty revenue³ for the three months ended March 31, 2025 and 2024:

	2025			2024
(In thousands)	GEOs Sold		Revenue (in thousands)	GEOs Sold		Revenue (in thousands)

Gediktepe	1,504		4,305	1,443		2,990
Caserones	1,050	$	3,006	991	$	2,053
Timok	553		1,583	612		1,267
Leeville	318		910	417		864
Other Producing Assets	290		830	131		272
Advanced royalty payments	41		117	102		211
Adjusted royalty revenue	3,756	$	10,751	3,696	$	7,657

Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585
SWenger@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

This news release may contain “forward looking information” or “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, anticipated reductions in operating expenditures, repayment of outstanding debt and the timing thereof, the acquisition of additional royalty and royalty generation interests and other investment opportunities, the purchase of securities pursuant to the Company’s NCIB, exploration and development plans at the Company’s royalty properties and the expected timing thereof or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from the CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on March 3, 2025), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended March 31, 2025, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.

Future-Oriented Financial Information

This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.

Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.

Non-IFRS Financial Measures

The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.

Non-IFRS financial measure	Definition	Most directly comparable IFRS measure	Why we use the measure and why it is useful to investors
Adjusted revenue and other income	Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.	Revenue and other income	The Company believes these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset
Adjusted royalty revenue	Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.	Royalty revenue
Adjusted cash flows from operating activities	Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.	Cash flows from operating activities	The Company believes this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)	GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.	Royalty revenue	The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA	EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.	Earnings or loss before income tax	The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.
Working capital	Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale	Current assets, current liabilities	The Company believes that working capital is a useful indicator of the Company’s liquidity.

Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:

During the three months ended March 31, 2025 and 2024, the Company had the following sources of revenue and other income:

(In thousands of dollars)		Three months ended March 31,
(In thousands of dollars)		2025		2024
Royalty revenue	$	7,745	$	5,604
Option and other property income		303		188
Interest income		374		448
Total revenue and other income	$	8,422	$	6,240

The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:

		Three months ended March 31,
(In thousands of dollars)		2025		2024
Revenue and other income	$	8,422	$	6,240
SLM California royalty revenue	$	7,035	$	4,805
The Company’s ownership %		42.7		42.7
The Company’s share of royalty revenue	$	3,006	$	2,053
Adjusted revenue and other income	$	11,428	$	8,293

Royalty revenue	$	7,745	$	5,604
The Company’s share of royalty revenue		3,006		2,053
Adjusted royalty revenue	$	10,751	$	7,657

Reconciliation of Adjusted Cash Flows from Operating Activities:

		Three months ended March 31,
(In thousands of dollars)		2025		2024
Cash provided by operating activities	$	1,289	$	1,027
Caserones royalty distributions		1,617		1,634
Adjusted cash flows from operating activities	$	2,906	$	2,661

Reconciliation of EBITDA and Adjusted EBITDA:

		Three months ended March 31,
(In thousands of dollars)		2025			2024
Income (loss) before income taxes	$	1,882		$	(2,235	)
Finance expense		681			1,065
Depletion, depreciation, and direct royalty taxes		2,329			2,419
EBITDA	$	4,892		$	1,249

Attributable revenue from Caserones royalty		3,006			2,053
Equity income from investment in SLM California		(1,680	)		(797	)
Share-based payments		1,227			189
Gain on revaluation of investments		(746	)		(84	)
Loss on sale of marketable securities		346			411
Foreign exchange (gain) loss		(207	)		116
Loss on revaluation of derivative liabilities		162			41
Impairment charges		101			45
Adjusted EBITDA	$	7,101		$	3,223

Reconciliation of GEOs:

		Three months ended March 31,
(In thousands of dollars)		2025		2024
Adjusted royalty revenue	$	10,751	$	7,657
Average gold price per ounce	$	2,863	$	2,072
Total GEOs		3,756		3,696

¹ Refer to the “Non-IFRS financial measures” section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.

² Assumed commodity prices of $2,668/oz gold and $4.26/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on March 3, 2025, which the Company believes to be reliable for the purposes of guidance.

³ Refer to the “Non-IFRS financial measures” section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251664

Base Metals Energy Junior Mining Lion One Metals Precious Metals

Lion One Drills 54.16 g/t Gold over 1.9 m, Including 156.55 g/t Gold over 0.6 m at Tuvatu Gold Mine in Fiji

Post author By admin
Post date May 12, 2025

North Vancouver, British Columbia–(Newsfile Corp. – May 12, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 2,701.4 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Ura lode system which is currently being mined. The Company intersected high-grade mineralized structures in 21 holes, most of which did not exceed 150 m in length.

There are two primary targets for the Ura drilling reported in this release: the planned Ura shrinkage stope in development at the top of the Ura system, and the down-dip extension of the Ura lodes below current underground workings (Figure 1).

The Ura lode system is currently being mined from both the 1095 and 1116 levels of the mine. A shrinkage stope is being developed between the 1116 and 1156 levels of the mine. This shrinkage stope is scheduled for mining within the next three months and will be mined over a strike length of approximately 80 m, with narrow mining widths of approximately 1.5 m. This stope encompasses numerous very high-grade gold drill results, such as 54.16 g/t gold over 1.9 m, which includes 156.55 g/t gold over 0.6 m. Previous drilling in the shrinkage stope has returned similarly strong results over narrow widths, such as 168.95 g/t gold over 0.5 m (see press release dated March 25, 2025).

The Ura lode system remains open at depth and is largely untested below the currently modeled lodes. The second target for the drilling reported in this release is the down-dip extension of the Ura lodes. High-grade gold drill results were returned up to 90 m below the current underground workings, indicating the potential for at least 4 to 5 additional levels of mining below the current underground workings, most of which is outside the current resource. The system is a prime target for resource expansion and upgrade.

Highlights of New Drill Results:

54.16 g/t Au over 1.9 m (including 156.55 g/t Au over 0.6 m) (TGC-0398, from 90.2 m depth)
16.64 g/t Au over 3.2 m (including 39.87 g/t Au over 1.2 m) (TGC-0403, from 74.0 m depth)
23.78 g/t Au over 1.8 m (including 39.73 g/t Au over 0.4 m) (TGC-0398, from 93.7 m depth)
20.02 g/t Au over 1.6 m (including 61.45 g/t Au over 0.4 m) (TGC-0395, from 13.0 m depth)
7.81 g/t Au over 3.6 m (including 21.55 g/t Au over 0.4 m) (TGC-0425, from 33.4 m depth)
38.43 g/t Au over 0.6 m (including 62.99 g/t Au over 0.3 m) (TGC-0394, from 16.0 m depth)
10.85 g/t Au over 2.1 m (including 37.62 g/t Au over 0.4 m) (TGC-0413, from 64.8 m depth)
11.21 g/t Au over 2.0 m (including 34.38 g/t Au over 0.4 m) (TGC-0395, from 55.4 m depth)
49.12 g/t Au over 0.5 m (TGC-0402, from 25.0 m depth)
63.98 g/t Au over 0.3 m (TGC-0425, from 0.9 m depth)
18.91 g/t Au over 1.0 m (including 29.08 g/t Au over 0.5 m) (TGC-0398, from 45.6 m depth)
17.02 g/t Au over 1.1 m (including 33.12 g/t Au over 0.5 m) (TGC-0400, from 14.3 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the Ura drilling reported in this news release. Left image: Plan view of the Ura drilling in relation to the Ura lodes shown in purple and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Right image: Section view of the Ura drilling looking NNE, approximately along strike of the Ura 1 and Ura 3 lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/251591_d9bb7bcb24465b3a_001full.jpg

Ura Lode System

The Ura lode system was first discovered during the initial development of the mine decline in late 2022 and was initially modelled as a single lode. It is now understood to be a system of lodes, with at least three separate lodes already identified: Ura 1, Ura 2, and Ura 3. The Ura system remains largely untested outside of current mining areas. The system extends to surface and is open at depth.

The Ura 1, Ura 2, and Ura 3 lodes all consist of narrow high-grade structures with high grade gold intersections. The Ura 1 and Ura 3 lodes dip subvertically to the west and strike approximately 200° to the SSW. The Ura 2 lode strikes approximately 205° to the SSW and dips at approximately 45° to the west, toward the West Zone. The Ura 2 lode intersects the Ura 1 lode slightly below the 1116 level while the Ura 3 lode is located between the Ura 2 and Ura 1 lodes. All three lodes have current total strike lengths of approximately 220 m each and remain open both at depth and to the south. The west extent of the Ura 2 lode remains entirely untested.

The drilling reported in this news release was conducted from three underground drill stations; the 1095, 1116, and 1116.SP drill stations. The drilling targeted two areas: the Ura 1 shrinkage stope area in development between the 1116 and 1156 levels, and the Ura 1, Ura 2, and Ura 3 lodes down-dip of the current underground workings.

Drilling in the Ura shrinkage stope is being conducted on a 12.5 m grid to provide a detailed understanding of the structure and mineralization of the lode in advance of mining. The shrinkage stope is already under development and the first rise is complete. The stope is anticipated to be approximately 80 m long, 35 m tall, and 1.5 m wide. It is scheduled for mining over the next three months, with the bulk of production coming in July.

Figure 2. Ura shrinkage stope drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, plan view. Plan view looking down. The drill holes shown here primarily targeted areas of the Ura lode within the planned Ura 1 shrinkage stope. Ura lodes show in purple, underground workings in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/251591_d9bb7bcb24465b3a_002full.jpg

Figure 3. Location of the Ura 1 shrinkage stope, section view. Section view looking east. The Ura 1 shrinkage stope is anticipated to be approximately 80 m long by 35 m tall and is located between the 1116 and the 1156 levels of the mine. The location of the shrinkage stope is approximated by the yellow dashed square, with Ura lodes shown in purple and underground workings in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/251591_d9bb7bcb24465b3a_003full.jpg

The Ura down-dip drilling reported in this release primarily targeted areas outside the current resource. The Ura system is largely untested below and to the west of the currently modeled lodes, and the system is a prime target for resource expansion. Limited drilling has been conducted below the current underground workings. High grade drill results were returned approximately 90 m below the current underground workings, and 55 m below the currently modeled lodes. This represents an additional four to five levels of mineralization below the current mine levels, with strong potential for mineralization to continue further at depth. The Ura down-dip drill program is targeting a 12.5 m drill hole density to bring these additional levels of mineralization into the resource and into the mine plan this year.

Figure 4. Ura down-dip drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Left image: Section view looking east perpendicular to the Ura lodes with select high-grade intercepts highlighted. Right image: Section vier looking NNE approximately along srike of the Ura 1 and Ura 3 lodes. High grade gold mineralization has been intersected in the Ura lodes 90 m down-dip of the current underground workings, and 55 m down-dip of the currently modeled lodes. The system remains open at depth. Ura lodes shown in light purple, underground workings in grey.

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Competent Person’s Statement

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

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, 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,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

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.

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0393	1876182	3920778	98	98.3	-55.3	85.4
TGC-0394	1876181	3920780	99	42.5	-43.3	144.5
TGC-0395	1876182	3920780	99	53.4	-47.3	111.0
TGC-0397	1876181	3920779	99	52.2	-57.3	131.1
TGC-0398	1876283	3920810	121	234.5	14.2	120.3
TGC-0399	1876182	3920779	98	63.3	-67.1	146.4
TGC-0400	1876181	3920780	99	40.7	-48.7	165.5
TGC-0401	1876283	3920814	119	290.7	-29.5	83.3
TGC-0402	1876181	3920780	99	42.1	-59.4	191.3
TGC-0403	1876283	3920814	119	279.5	-40.3	150.0
TGC-0404	1876181	3920778	98	97.9	-82.2	250.3
TGC-0405	1876283	3920816	119	319.4	-32.0	121.5
TGC-0407	1876283	3920815	119	311.5	-41.7	166.6
TGC-0408	1876181	3920779	100	276.5	-79.0	5.0
TGC-0410	1876181	3920779	100	276.5	-79.0	7.8
TGC-0411	1876181	3920779	100	276.5	-79.0	11.1
TGC-0412	1876177	3920778	98	278.2	-79.9	181.9
TGC-0413	1876279	3920767	120	272.6	11.3	86.0
TGC-0415	1876178	3920779	98	339.6	-83.3	130.5
TGC-0417	1876281	3920768	121	317.0	21.0	82.9
TGC-0418	1876280	3920768	121	299.3	21.2	80.0
TGC-0420	1876182	3920772	98	186.0	-80.6	135.8
TGC-0422	1876178	3920779	98	129.0	-20.0	33.2
TGC-0425	1876279	3920767	121	282.9	20.4	80.0

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0393		68.4	68.8	0.4	5.90
		71.7	72.4	0.7	6.28
		75.5	76.6	1.1	3.85
	including	75.5	76.2	0.7	3.57
	and	76.2	76.6	0.4	4.35
TGC-0394		16.0	16.6	0.6	38.43
	including	16.0	16.3	0.3	13.87
	and	16.3	16.6	0.3	62.99
		54.2	55.0	0.8	13.76
		120.2	120.8	0.6	3.09
		130.7	131.4	0.7	3.00
		138.6	139.1	0.5	3.00
TGC-0395		13.0	14.6	1.6	20.02
	including	13.0	13.4	0.4	61.45
	and	13.4	14.6	1.2	6.21
		24.7	25.5	0.8	14.43
	including	24.7	25.1	0.5	12.01
	and	25.1	25.5	0.4	17.54
		27.1	27.5	0.4	3.33
		55.4	57.4	2.0	11.21
	including	55.4	56.0	0.6	5.11
	and	56.0	57.0	1.0	5.60
	and	57.0	57.4	0.4	34.38
		105.8	106.3	0.5	7.73
		108.1	108.5	0.4	16.53
TGC-0397		22.5	22.8	0.3	3.33
		118.7	119.0	0.3	6.54
		130.5	130.8	0.3	3.55
TGC-0398		0.5	1.2	0.8	11.02
	including	0.5	0.8	0.3	4.04
	and	0.8	1.2	0.5	15.67
		4.1	4.7	0.6	3.32
		6.5	7.7	1.2	3.02
		41.4	42.0	0.7	7.66
		45.6	46.6	1.0	18.91
	including	45.6	46.1	0.5	29.08
	and	46.1	46.6	0.5	8.73
		48.9	49.2	0.3	49.56
		90.2	92.1	1.9	54.16
	including	90.2	90.8	0.6	156.55
	and	90.8	91.4	0.6	6.19
	and	91.4	92.1	0.7	7.50
		93.7	95.5	1.8	23.78
	including	93.7	94.3	0.6	14.98
	and	94.3	94.7	0.4	39.73
	and	94.7	95.5	0.8	22.40
		96.9	97.5	0.6	3.85
		104.8	105.4	0.6	3.98
TGC-0399		115.9	117.2	1.3	4.33
	including	115.9	116.2	0.3	5.23
	and	116.2	116.5	0.3	2.40
	and	116.5	116.8	0.3	0.07
	and	116.8	117.2	0.3	9.22
TGC-0400		14.3	15.4	1.1	17.02
	including	14.3	14.6	0.4	4.32
	and	14.6	15.1	0.5	33.12
	and	15.1	15.4	0.3	7.68
		26.3	26.6	0.3	42.39
		47.6	47.9	0.3	3.11
TGC-0401		61.0	61.6	0.6	3.37
		71.3	72.0	0.7	3.41
TGC-0402		11.2	11.5	0.3	5.65
		23.5	23.9	0.4	21.78
		25.0	25.5	0.5	49.12
TGC-0403		0.6	1.1	0.5	23.65
		74.0	77.2	3.2	16.64
	including	74.0	75.0	1.0	3.39
	and	75.0	76.0	1.0	3.18
	and	76.0	77.2	1.2	39.87
TGC-0404		25.4	26.0	0.6	9.18
TGC-0405		0.0	1.1	1.1	5.57
	including	0.0	0.5	0.5	4.09
	and	0.5	1.1	0.7	6.60
		77.1	77.6	0.5	3.86
		92.5	93.1	0.6	6.66
		101.4	102.6	1.2	3.88
TGC-0407		77.0	77.6	0.6	6.11
		85.5	85.8	0.3	10.89
		90.0	90.3	0.3	21.56
		93.2	93.6	0.4	3.33
		97.7	98.1	0.4	8.37
TGC-0412		60.4	60.7	0.3	24.56
TGC-0413		34.2	34.8	0.6	3.16
		35.7	36.3	0.6	4.03
		64.8	66.9	2.1	10.85
	including	64.8	65.2	0.4	37.62
	and	65.2	65.8	0.6	9.47
	and	65.8	66.6	0.8	0.08
	and	66.6	66.9	0.3	6.62
TGC-0415		26.5	26.9	0.4	35.78
TGC-0417		29.7	30.1	0.3	5.80
		42.7	43.9	1.2	6.83
TGC-0418		35.1	36.0	0.9	3.05
		57.2	59.0	1.8	4.81
	including	57.2	58.0	0.8	3.51
	and	58.0	58.4	0.4	NS
	and	58.4	59.0	0.6	9.74
		60.3	60.6	0.3	3.82
		66.8	67.4	0.6	8.73
TGC-0420		31.1	32.6	1.5	6.45
	including	31.1	31.4	0.3	15.68
	and	31.4	31.8	0.4	0.14
	and	31.8	32.3	0.5	4.66
	and	32.3	32.6	0.3	8.21
		34.8	35.2	0.4	4.53
		36.3	36.8	0.5	5.35
		41.9	42.2	0.3	5.55
TGC-0422		17.5	18.8	1.3	8.67
	including	17.5	17.8	0.3	21.62
	and	17.8	18.5	0.7	4.57
	and	18.5	18.8	0.3	5.40
TGC-0425		0.9	1.2	0.3	63.98
		30.8	32.3	1.5	4.31
	including	30.8	31.3	0.5	5.49
	and	31.3	31.6	0.3	5.85
	and	31.6	31.9	0.3	0.96
	and	31.9	32.3	0.4	4.19
		33.4	36.9	3.6	7.81
	including	33.4	34.0	0.7	5.81
	and	34.0	34.9	0.9	10.01
	and	34.9	35.2	0.3	3.32
	and	35.2	35.5	0.3	<0.01
	and	35.5	35.8	0.3	17.66
	and	35.8	36.5	0.7	0.06
	and	36.5	36.9	0.4	21.55
		38.5	38.9	0.4	8.28
		65.6	66.1	0.5	10.12

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Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

Invitation to EMX Royalty Corp Webinar with John Tumazos Very Independent Research

Post author By admin
Post date May 8, 2025

Dear Friend and Investor,

We are pleased to invite you to an upcoming webinar hosted by John Tumazos Very Independent Research, featuring a presentation and Q&A with Dave Cole, President and CEO of EMX Royalty Corporation.

Mr. Cole will provide an update on the Company’s recent developments, portfolio performance, and strategic outlook, while addressing investor questions in conversation with John Tumazos.

Event Details:
Date: Thursday, May 15, 2025
Time: 11:00 AM EDT
Location: Online Webinar
Registration Link: https://attendee.gotowebinar.com/register/2949394207632879964

We encourage you to register in advance and mark your calendar. This is an excellent opportunity to stay informed about EMX’s progress and plans for the remainder of 2025.

Should you have any questions ahead of the webinar, please don’t hesitate to reach out.

Kind regards,

Isabel Belger

Investor Relations Manager

Email: ibelger@emxroyalty.com

Mobile: +49 178 4909039

Base Metals Breaking Junior Mining Lion One Metals Precious Metals

Lion One Drills 236.00 g/t Gold over 0.4 m Near Mine Underground at Tuvatu Gold Mine in Fiji

Post author By admin
Post date May 1, 2025

North Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from 4,123.8 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Zone 5 area of the deposit, which is currently being mined.

Drilling was conducted from two near surface underground drill stations. The Company intersected high-grade mineralized structures in 29 drill holes targeting the UR2 lode down-dip of current underground developments. Most of the drill holes did not exceed 150 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold intercepts over narrow widths, such as 236.00 g/t over 0.4 m, 101.58 g/t over 0.5 m, 102.35 g/t over 0.3 m, 94.23 g/t over 0.3 m, and 89.63 g/t over 0.4 m. Due to the proximity of drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.

Tuvatu is a high-grade narrow vein alkaline gold deposit and bonanza grade drill results are not uncommon on the project. In January the Company released the highest grade assay ever returned from Zone 5 drilling; 2,749.86 g/t over 0.3 m (see press release dated January 23, 2025). Previous high-grade drill results from Zone 5 include 1,517.79 g/t gold over 0.3 m (see press release dated December 17, 2024), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,986.23 g/t gold over 0.6 m (see press release dated December 13, 2023).

Highlights of New Drill Results:

236.00 g/t Au over 0.4 m (TGC-0345, from 109.42 m depth)
25.89 g/t Au over 3.0 m (including 101.58 g/t Au over 0.5 m g/t) (TGC-0359, from 110.7 m depth)
16.85 g/t Au over 3.0 m (including 38.27 g/t Au over 0.9 m) (TGC-0339, from 104.7 m depth)
18.26 g/t Au over 2.5 m (including 89.63 g/t Au over 0.4 m) (TGC-0332, from 67.14 m depth)
15.36 g/t Au over 2.7 m (including 47.25 g/t Au over 0.3 m) (TGC-0343, from 75.3 m depth)
27.08 g/t Au over 1.5 m (including 94.23 g/t over 0.3 m) (TGC-0343, from 61.7 m depth)
16.34 g/t Au over 2.3 m (including 23.57 g/t over 0.6 m) (TGC-0335, from 102.1 m depth)
29.44 g/t Au over 1.3 m (including 102.35 g/t Au over 0.3 m) (TGC-0347, from 108.96 m depth)
25.96 g/t Au over 1.4 m (including 43.58 g/t Au over 0.6 m) (TGC-0343, from 68.9 m depth)
14.23 g/t Au over 2.4 m (including 23.37 g/t Au over 0.4 m) (TGC-0327, from 101.9 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the UR2 drilling reported in this news release. Left image: Plan view of the UR2 drilling in relation to the UR2 lode shown in green and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Yellow dashed square represents the area shown in the right image. Right image: Section view of the UR2 drilling looking West.

To view an enhanced version of this graphic, please visit:
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Zone 5

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south and northeast-southwest oriented lodes at Tuvatu, as well as several western lodes. These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portion of the UR2 lode down-dip of current underground developments. The UR2 lode is one of the main north-south oriented lodes at Tuvatu. It has a strike length of approximately 600 m and dips steeply to the east. Mine development is currently taking place along the UR2 lode at the 1100 and 1102 levels of the mine, which are the deepest levels in Zone 5, as well as at the 1134 level of the mine. The drilling reported here was conducted from two underground drill stations; the 1090 drill station and the 1135 drill station. Drilling from the 1090 drill station targeted a 60 m wide section of the UR2 lode between 30 m and 50 m below the 1100 level at the south end of the lode. Drilling from the 1135 drill station targeted a 100 m wide section of the UR2 lode approximately 10 m above and 10 m below the 1102 level in the middle portion of the lode.

The UR2 drill program consists of infill and grade control drilling with the purpose of providing a detailed understanding of the geometry and mineralization of the UR2 lode in advance of mining. Drilling is being conducted on 10 m centers. 29 out of the 32 drill holes reported in this news release intersected high-grade mineralization. Most of the high-grade intervals reported in this release are located within 50 m of underground developments and are anticipated to be included in the mine plan in the next 6 to 12 months. One additional hole (TGC-0311) was drilled to test a deeper portion of the UR2 lode and returned several high-grade intercepts approximately 80 m below the 1102 level. Highlights of the Zone 5 drilling reported here are shown in Figure 2.

Figure 2. UR2 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the NW. The drill holes shown here primarily targeted areas of the UR2 lode scheduled for near-term mining below current underground developments.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/250404_792a212d848f0816_002full.jpg

Note on Composite Grades

The drill holes reported in this news release are oriented approximately perpendicular to mineralization. The reported intercepts therefore approximate the true width of mineralization. Tuvatu consists of high-grade narrow vein mineralization. The headline intercept of 236.00 g/t gold over 0.4 m therefore has an approximate true width of 0.4 m, as reported. The minimum mining width at Tuvatu is approximately 1.5 m. In reporting drillhole intercepts Lion One uses a grade composite cut-off of 3 g/t gold with <1 m internal dilution at <3 g/t. Drill hole intervals that are <3 g/t are below cutoff and are not included in Table 2.

Competent Person’s Statement

Lion One Laboratories / QAQC

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0311	1876383	3920627	128	79.2	-48.5	165.3
TGC-0313	1876384	3920429	94	107.5	-28.3	135.1
TGC-0315	1876384	3920625	128	111.7	-15.9	130.9
TGC-0316	1876384	3920429	94	96.5	-27.8	121.5
TGC-0318	1876383	3920626	128	111.3	-20.2	131.3
TGC-0319	1876384	3920429	94	99.9	-19.8	141.4
TGC-0321	1876384	3920626	128	100.8	-16.4	125.7
TGC-0323	1876384	3920428	94	114.9	-21.0	122.6
TGC-0325	1876384	3920626	128	103.4	-21.9	130.3
TGC-0326	1876384	3920427	94	129.7	-19.9	133.4
TGC-0327	1876384	3920626	128	92.0	-17.0	126.6
TGC-0330	1876384	3920426	94	143.5	-19.9	122.7
TGC-0331	1876384	3920626	128	93.4	-23.0	125.4
TGC-0332	1876384	3920428	94	122.0	-27.7	121.0
TGC-0333	1876384	3920627	128	88.1	-20.9	122.6
TGC-0335	1876384	3920627	128	157.4	0.8	131.6
TGC-0336	1876384	3920429	94	94.9	-22.5	109.7
TGC-0338	1876384	3920429	94	106.3	-22.8	95.8
TGC-0339	1876384	3920627	128	78.4	-19.9	120.0
TGC-0341	1876384	3920428	94	113.4	-25.2	95.6
TGC-0342	1876384	3920627	128	76.0	-14.5	121.3
TGC-0343	1876384	3920429	94	101.1	-25.8	105.0
TGC-0345	1876384	3920627	128	73.9	-22.0	125.7
TGC-0347	1876384	3920627	128	68.7	-20.7	111.5
TGC-0351	1876383	3920628	128	64.0	-18.1	130.0
TGC-0355	1876383	3920628	128	59.4	-17.4	135.0
TGC-0359	1876383	3920628	128	60.8	-9.3	135.0
TGC-0360	1876383	3920628	128	57.0	-11.3	139.0
TGC-0363	1876383	3920628	128	54.7	-16.1	143.3
TGC-0365	1876383	3920628	128	52.9	-11.1	148.0
TGC-0367	1876383	3920628	128	51.3	-17.8	155.6
TGC-0370	1876383	3920628	128	49.5	-13.0	165.9

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0311		140.1	140.4	0.3	14.59
		150.2	151.3	1.1	7.11
	including	150.2	150.7	0.5	11.83
	and	150.7	151.0	0.3	0.93
	and	151.0	151.3	0.3	4.96
TGC-0313		57.3	57.8	0.5	4.92
		65.8	66.3	0.5	4.65
		74.0	75.6	1.6	5.15
	including	74.0	74.4	0.4	5.68
	and	74.4	74.9	0.5	0.07
	and	74.9	75.2	0.3	2.96
	and	75.2	75.6	0.3	13.46
		83.2	84.4	1.2	5.16
TGC-0315		95.8	96.2	0.4	3.54
TGC-0316		56.6	58.2	1.6	8.48
	including	56.6	56.9	0.3	19.58
	and	56.9	57.2	0.3	12.37
	and	57.2	57.6	0.4	4.95
	and	57.6	58.2	0.6	3.33
		60.9	61.2	0.3	9.30
		64.2	64.5	0.3	4.96
		79.6	80.6	1.0	5.98
	including	79.6	79.9	0.3	6.46
	and	79.9	80.3	0.4	3.38
	and	80.3	80.6	0.3	8.98
TGC-0318		103.6	104.9	1.3	18.03
	including	103.6	104.3	0.7	8.71
	and	104.3	104.9	0.6	28.90
		120.4	120.7	0.3	3.71
TGC-0319		51.8	52.3	0.5	3.51
		61.5	61.9	0.4	8.08
		66.7	69.0	2.3	4.43
	including	66.7	67.1	0.3	3.12
	and	67.1	67.4	0.3	0.94
	and	67.4	68.0	0.6	0.03
	and	68.0	68.5	0.5	11.28
	and	68.5	69.0	0.5	5.56
		70.3	70.6	0.3	37.50
		71.8	73.9	2.1	4.61
	including	71.8	72.2	0.4	3.96
	and	72.2	72.6	0.4	5.09
	and	72.6	73.5	1.0	1.62
	and	73.5	73.9	0.3	13.87
		90.0	90.3	0.3	4.58
TGC-0321		103.1	103.5	0.4	5.22
		106.2	108.1	1.9	4.74
	including	106.2	106.6	0.4	4.53
	and	106.6	106.9	0.3	6.99
	and	106.9	107.2	0.3	1.45
	and	107.2	107.8	0.6	5.36
	and	107.8	108.1	0.3	4.84
TGC-0323		57.9	59.8	1.9	10.42
	including	57.9	58.2	0.3	13.68
	and	58.2	58.5	0.3	1.37
	and	58.5	58.8	0.3	4.45
	and	58.8	59.1	0.3	14.99
	and	59.1	59.5	0.4	14.28
	and	59.5	59.8	0.3	12.43
		64.4	64.7	0.3	4.60
		100.5	100.8	0.3	5.98
TGC-0325		110.3	113.5	3.2	3.55
	including	110.3	110.9	0.6	4.70
	and	110.9	111.5	0.6	0.72
	and	111.5	111.8	0.3	3.02
	and	111.8	112.1	0.3	7.40
	and	112.1	112.5	0.4	5.69
	and	112.5	112.9	0.4	0.14
	and	112.9	113.2	0.3	0.23
	and	113.2	113.5	0.3	8.56
TGC-0326		62.4	62.7	0.3	3.15
		64.4	64.8	0.3	3.85
		65.5	65.8	0.3	3.58
TGC-0327		101.9	104.3	2.4	14.23
	including	101.9	102.2	0.3	3.24
	and	102.2	102.7	0.5	2.86
	and	102.7	103.0	0.3	8.35
	and	103.0	103.3	0.3	20.58
	and	103.3	103.7	0.4	23.37
	and	103.7	104.3	0.6	22.86
TGC-0330		75.0	75.3	0.3	6.02
TGC-0331		108.2	108.8	0.6	4.17
	including	108.2	108.5	0.3	3.15
	and	108.5	108.8	0.3	5.19
TGC-0332		67.1	69.6	2.5	18.26
	including	67.1	67.4	0.3	12.37
	and	67.4	67.8	0.3	<0.01
	and	67.8	68.2	0.4	<0.01
	and	68.2	68.6	0.4	89.63
	and	68.6	68.9	0.3	14.51
	and	68.9	69.2	0.3	3.73
	and	69.2	69.6	0.4	4.66
TGC-0333		103.5	106.1	2.6	9.22
	including	103.5	103.8	0.3	13.88
	and	103.8	104.2	0.4	5.02
	and	104.2	104.6	0.4	35.43
	and	104.6	104.9	0.3	4.41
	and	104.9	105.8	0.9	0.58
	and	105.8	106.1	0.3	5.96
TGC-0335		102.1	104.4	2.3	16.34
	including	102.1	102.6	0.5	21.78
	and	102.6	103.2	0.6	23.57
	and	103.2	103.8	0.6	17.20
	and	103.8	104.4	0.6	3.71
TGC-0336		52.2	52.7	0.6	7.64
		56.2	56.9	0.7	11.29
	including	56.2	56.6	0.4	3.00
	and	56.6	56.9	0.3	21.78
		65.0	65.4	0.4	9.40
		71.8	72.8	1.0	3.99
	including	71.8	72.3	0.5	3.15
	and	72.3	72.8	0.5	4.87
		76.9	77.8	0.9	8.32
	including	76.9	77.2	0.3	15.86
	and	77.2	77.8	0.6	4.20
		102.0	103.0	1.0	17.90
TGC-0338		54.9	55.5	0.6	3.82
		69.1	69.7	0.6	25.89
		71.7	72.3	0.6	20.54
TGC-0339		104.7	107.7	3.0	16.85
	including	104.7	105.6	0.9	38.27
	and	105.6	105.9	0.3	8.93
	and	105.9	106.5	0.6	0.16
	and	106.5	106.8	0.3	3.92
	and	106.8	107.7	0.9	13.49
TGC-0341		63.0	64.0	1.0	5.23
	including	63.0	63.3	0.3	3.44
	and	63.3	64.0	0.7	6.00
		68.5	69.1	0.6	22.78
TGC-0342		104.3	105.0	0.7	13.87
TGC-0343		58.1	58.8	0.7	3.81
	including	58.1	58.4	0.3	4.58
	and	58.4	58.8	0.4	3.23
		60.2	60.5	0.3	4.32
		61.7	63.2	1.5	27.08
	including	61.7	62.2	0.5	6.69
	and	62.2	62.5	0.3	94.23
	and	62.5	62.8	0.3	9.85
	and	62.8	63.2	0.4	15.14
		68.9	70.3	1.4	25.96
	including	68.9	69.2	0.3	28.99
	and	69.2	69.7	0.5	3.01
	and	69.7	70.3	0.6	43.58
		75.3	78.0	2.7	15.36
	including	75.3	75.6	0.3	47.25
	and	75.6	75.9	0.3	13.93
	and	75.9	76.2	0.3	2.49
	and	76.2	76.7	0.5	0.30
	and	76.7	77.0	0.3	6.02
	and	77.0	77.3	0.3	13.46
	and	77.3	77.7	0.4	14.67
	and	77.7	78.0	0.3	35.07
TGC-0345		109.4	109.8	0.4	236.00
TGC-0347		109.0	110.2	1.3	29.44
	including	109.0	109.3	0.3	3.65
	and	109.3	109.9	0.6	3.95
	and	109.9	110.2	0.3	102.35
TGC-0351		111.2	113.0	1.8	4.84
	including	111.2	112.4	1.2	5.07
	and	112.4	113.0	0.6	4.39
TGC-0359		106.7	107.2	0.5	3.80
		110.7	113.7	3.0	25.89
	including	110.7	111.0	0.3	3.07
	and	111.0	111.5	0.5	26.50
	and	111.5	112.0	0.5	101.58
	and	112.0	112.5	0.5	5.43
	and	112.5	112.9	0.4	6.09
	and	112.9	113.2	0.3	10.42
	and	113.2	113.7	0.5	8.89
TGC-0360		115.6	116.2	0.6	34.99
TGC-0363		116.8	117.6	0.8	17.46
	including	116.8	117.2	0.4	27.33
	and	117.2	117.6	0.4	7.58
TGC-0370		109.2	109.5	0.3	3.23

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250404

Energy Junior Mining Lion One Metals Precious Metals

Lion One Announces Mine Ventilation Upgrade, Reports Preliminary Gold Results

Post author By admin
Post date April 17, 2025

North Vancouver, British Columbia–(Newsfile Corp. – April 17, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to provide an operations update and announce the completion of the raise bore project and mine ventilation upgrade at the Company’s 100% owned Tuvatu Gold Mine in Fiji, and reports preliminary quarterly gold production from the Tuvatu Gold Mine for Q1 CY2025.

The mine ventilation upgrade is a major milestone for the Company as it enables the Company to develop more levels underground and to put more mineralized headings into production. Airflow within the mine has improved dramatically and ventilation is now sufficient for development to proceed to the high-grade Zone 500 feeder zone, which is where the company drilled 75.9 m of 20.86 g/t gold and 54.9 m of 12.22 g/t gold. Together with the new mine equipment en route to Fiji and the development of the Company’s first shrinkage stope, the mine ventilation upgrade will increase mine development at Tuvatu in advance of the next stage of mill expansion to 600-700 TPD.

Operations Update

Summary:

Raise bore development and ventilation circuit upgrade complete
Ventilation is now sufficient for development to proceed to the high-grade Zone 500
New levels and mineral headings are now being developed as a result of improved ventilation
Record 13 active headings under development at Tuvatu with more to be added
New mine equipment en route to Fiji to further accelerate mine development
First shrinkage stope under development and advancing well

The Company is currently operating at the 300 TPD pilot plant phase with expansion to the 600-700 TPD phase of operations anticipated in 2026. In advance of expansion the Company is completing critical mine infrastructure projects, including the raise bore and primary ventilation upgrade project.

Development and commissioning of the raise bore and primary ventilation circuit is now complete. Airflow within the mine has improved dramatically. Windspeed measured at the main portal is now twice as fast as prior to the completion of the new circuit and mining operations can proceed more efficiently as a result. In recent months underground development has been restricted to near-surface levels due to lack of sufficient ventilation to advance deeper into the deposit. With the primary ventilation circuit now complete, the Tuvatu mine has sufficient ventilation for underground development to proceed down to the high-grade Zone 500 feeder zone, which is a major priority for the Company. New development and mineralized headings can now immediately be advanced to deeper levels of the mine and new sources of mineralized material can be developed and put into production. With the recent addition of new mining equipment and staff, a total of 13 active headings are now being advanced at Tuvatu, which is a new record for the Company. More headings will be added as additional mining equipment arrives on site in the coming weeks and months as mine development continues to accelerate.

A shrinkage stope is now actively being developed along the Ura1 lode at Tuvatu where bonanza grade gold results, such as 142.66 g/t gold over 2.2 m, have been returned from drilling. The shrinkage stope is anticipated to be approximately 100 m long, 30 m tall, and 1.5 m wide, and is designed to minimize dilution and maximize gold grades delivered to the mill. During development of the stope, the Ura1 lode has shown to be continuous, and sampling has returned consistent high grades across the structure. The Ura1 shrinkage stope is anticipated to come online in May and June 2025 and will be the first of a series of shrinkage stopes to be developed at Tuvatu.

Figure 1. Example Ura1 Shrinkage Stope Development. Example shrinkage stope development rise face showing the Ura1 lode at the center of the rise, with the Ura lode identified with red paint and sample markers identified in pink paint. Width of the image is approximately 1.6 m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/248870_ba524cc4f4d1a912_001full.jpg

Preliminary Quarterly Gold Results

Summary:

3,555 oz of gold recovered
27,841 tonnes milled
4.9 g/t gold average head grade
80.4% recovery

Lion One Metals recovered 3,555 oz of gold during the quarter ending March 31, 2025. This represents a 155% increase in production year-over-year from the same quarter in 2024, during which 1,394 oz of gold was produced while the processing plant was undergoing commissioning. This is a decrease in production quarter-over-quarter from the 4300 oz of gold produced during the prior quarter ending December 31, 2024.

The decrease in production from the prior quarter is due primarily to increased downtime related to both scheduled and unscheduled mill maintenance and repairs during January and February 2025. During this period there were 6 days of planned mill maintenance shutdown to complete a mill liner replacement, and a secondary mill pinion replacement, as well as unscheduled downtime and reduced mill throughput as a result of heavy rains. Mill throughput typically exceeds design levels and averages approximately 340 TPD but was reduced to an average of 280 TPD in January and February. Production returned to normal levels in March once both the scheduled and weather-related maintenance procedures were complete. Modifications to the mill are currently underway to minimize the impact of heavy rains and to improve water management within the pilot plant and reduce the seasonal effect of heavy rains.

Figure 2. Tuvatu Monthly Gold Production, October 2024 to March 2025. Gold production dipped in January and February 2025 due to scheduled mill maintenance shutdowns as well as to unscheduled maintenance and reduced mill throughput due to heavy rains. Production returned to baseline levels in March 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/248870_ba524cc4f4d1a912_002full.jpg

Qualified Persons Statement

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, President, Chairman of the Board

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248870

Base Metals Blog Junior Mining Precious Metals

The Return of Exter’s Inverted Pyramid

Post author By admin
Post date April 14, 2025

Is Gold Still Underpriced?

We believe the next leg up for gold will be driven by a loss of confidence in mainstream positioning in equities, high-yield bonds and private equity. Concerns over tariffs may well have become a contributing factor to the gathering deflation of the financial asset bubble, but overanalyzing their possible impact obscures focus on market forces that were in motion long before “Liberation Day.”

The run to record gold bullion prices in 2024 and year-to-date 2025 has been mainly driven by official sector investment motivated in part by the gradual disintegration of the U.S. dollar-based system of international trade and the shakeup of the geopolitical landscape. Official sector demand has been augmented by record Asian and especially Chinese investment buying. These developments have been all but ignored by American and European retail and institutional investors captivated instead by overvalued technology and artificial intelligence (AI) stocks. We believe investor exposure to gold, by several measures, is at historic lows.

As capital flees overvalued assets, gold’s scarcity and safe-haven appeal could drive its price higher.

The essence of a bear market¹ is overvaluation and incorrect positioning. The shift in psychology that results from bear market losses may lead to a search for investment alternatives. We believe safe-haven assets, including gold, will capture resulting capital flows.

Gold’s capacity to absorb new inflows is limited by its tiny “float”² relative to the scale of financial markets denominated in U.S. dollars. Gold-backed exchange traded funds (ETFs) are likely recipients of the shift in capital flows we anticipate. Expanded flows into most gold ETFs must be accommodated by the purchase of physical metal. The migration of capital to gold and possibly other monetary metals could result in a price that is multiples of the current price of $3,000 per ounce.

We believe gold mining equities remain significantly undervalued and stand to benefit from further advances in metal prices. Mining profitability is leveraged to changes in gold prices, which move more quickly than costs. Therefore, in our view, mining shares offer significant torque potential relative to physical gold.

The Equity Bear Market is Not Caused by Tariffs Alone

Even as the Trump administration walks back its stance on tariffs, the contraction in equity market valuations likely has further to run. On April 6, 2025, veteran market analyst and technician Stan Weinstein stated:

“While many traders and investors incorrectly think that this devastating selloff is simply the result of ‘the tariffs,’ as we showed you in detail in last weekend’s update, ‘termites’ have been at work, weakening the market’s technical structure, for the past few months, even as several of the indexes (such as the S&P 500 Index³) were making new highs (and this was being ‘camouflaged’ by the narrow strength of the ‘Magnificent 7,’⁴just as was the case in late 1999-early 2000, before the internet bubble ‘popped,’ and in 1973 when the ‘Nifty Fifty’ ⁵of that era was ‘all the rage’ – but, in each and every case, the Advance-Decline Line⁶ had topped out well before the market reached those respective peaks). So what is really happening is that the upsetting fundamental ‘news’ is colliding with an already-weakened technical structure that was getting ready to collapse (so it most definitely couldn’t handle the added ‘worries’) – and, very simply, that ‘perfect storm’ combination has resulted in this ‘crash’!”

Market strategist Michael Belkin, who has correctly called major turning points in the stock market over many decades, noted in his report on March 24, 2025, that the fuel for a market decline could be seen in the record level of margin debt.

“The January margin debt level was $937 billion, equal to the Oct 2021 peak of $936 billion…. Margin debt is a great indication of animal spirits… It’s not what people think about the market (like the AAII Individual Investor Sentiment Index), it’s a measure of how much stock market risk they are willing to take on with leverage.”

You can access more insights from Michael Belkin by listening to our Sprott Radio podcast, The New Sector Rotation.

Carter Worth, a savvy market analyst and eponym of Worth Charting, noted in an April 6, 2025, commentary that the typical stock in the Russell 3000 Index, representing 98% of all investible capital in U.S. equity markets, peaked in October well before “tariffs” was on the tip of everyone’s tongue. Roughly 50% of the stocks in that Index are down 35% or more (as of March 31, 2025), giving the lie to Treasury Secretary Bessent’s recent comment that the market carnage was confined mainly to the “Magnificent 7” names. The bear market is pervasive throughout all market sectors based on Worth’s analysis.

In our opinion, the current generation of investors has never experienced a genuine bear market. The notion that a bear market is simply a decline of 20% or more from the trading peak is overly superficial. The bear market of the 1970s was a grinding multi-year affair whose duration was sufficient to suffocate speculative psychology well into the 1980s.

It remains to be seen whether the current bear market will resemble one of the 1970s or of the post-2000 variety, which were mostly ended by Federal Reserve bailouts. History demonstrates that either outcome will be positive for gold.

Gold Positioning by Western Investors is Minimal

As of year-end 2024, financial advisors recorded the lowest exposure to gold since 2019.

Figure 1: Financial Advisor Allocations to Gold

Source: BofA Global Research. Data as of 2/26/2024.

Since 2020, holdings of gold-backed ETFs have declined by 585 metric tonnes, or 17.51% of total assets at year-end 2020. In 2024, holdings rose by 159 tonnes, leaving aggregate AUM by weight nearly 20% below the 2020 peak.

Figure 2: Gold-Backed ETF Holdings Have Declined Since 2019 Peak

Source: Meridian Macro Research. Data as of 3/31/2025.

Figure 3. Total World Gold ETFs, Change in Total Holdings by Year

Source: Meridian Macro Research. Data as of 3/31/2025.

Gold is Still Contrarian

Gold, long a Wall Street pariah, has only recently become popular as major investment firms jump on the bandwagon to make gold price forecasts undreamed of only six months ago. Bullion’s newfound popularity may have resulted in a short-term overbought condition, but we believe it has been remedied by the market meltdown.

On Saturday, April 5, 2025, the Financial Times reported that hedge funds had been hit with the largest margin calls since the 2020 COVID crisis. Gold may be temporarily caught up in this “sell everything” scenario. We believe gold’s checkback will prove to be temporary and will serve to correct recent overbought sentiment readings.

A bullish outlook⁷ for gold is still contrarian. The longer-term consensus forecast among investment firms polled by Bloomberg is for gold prices to decline steeply to $2,100 in 2028 (see Figure 4). We regard this groupthink as a positive sign that strategists see no appeal for metal exposure other than a tactical one beyond the very short term. Another way to put this bearish gold forecast into perspective is the unanimity of bullish calls from leading brokerage firms for the stock market at the beginning of 2025. Example forecasts for the S&P 500 Index include Deutsche Bank (7100), BMO and HSBC (6700), and Goldman Sachs, Morgan Stanley, JP Morgan and Citi (all at 6500).

Figure 4. Consensus Forecasts on Gold Prices to 2028

Source: Bloomberg. Data as of March 31, 2025.

With Trump’s detonation of the “pax Americana” liberal world order in place since the end of World War II, “the U.S. dollar becomes a choice, not a necessity, and debt issuance on everything and everywhere — not just by the U.S. Treasury — becomes more risky and expensive” (from “Crashing the Car of Pax Americana Epsilon Theory”). The potential scope for reallocation to gold is suggested by the chart below:

Figure 5. Gold’s Share of Global Equity and Bond Securities

Source: BIS, ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Bank, World Federation of Exchanges, World Gold Council.

Gold is Scarce Relative to Financial Assets

Figure 6.

Source: Bloomberg and World Gold Council as of 2024.

The apocryphal tale that every molecule of gold ever mined remains above ground as potential supply (due to recycling, preservation in works of art, high-end jewelry, coins, hoarding and storage as a monetary reserve by central banks) is deeply flawed. As calculated and shown in the gold cube illustration in Figure 7, that quantity is 216,583 metric tonnes, which, for the sake of this exercise, equals $22 trillion at $3,000/oz.

However, only a small fraction of that quantity is potentially in play as “supply”. The gold cube illustration suggests the application of a 72% haircut to arrive at a number for physical gold that could be quasi-tradeable. That would include coins, low-end jewelry (think Middle Eastern souks) and assorted shapes and units not acceptable as good delivery by the London Bullion Market Association (LBMA), Commodity Exchange (COMEX) or Shanghai Gold Exchange (SGE). A tally of metal stored in London, COMEX or Shanghai Gold Exchange inventories results in a tradeable float of approximately $1 trillion.

Figure 7. Estimated Above-Ground Gold Holdings by Demand Categories

Source: Data as of 2/11/2025. Financial investment includes over-the-counter (OTC) and gold ETFs. World Gold Council, Metals Focus, Refinitiv GFMS.

This exercise leads to three conclusions:

First, the dollar amount of all gold is a small fraction of wealth denominated in U.S. dollars (USD), $100 trillion in global equities and $315 trillion of debt (Source: Institute of International Finance) as of year-end 2024. A small reallocation from liquid financial assets into gold, most easily accessed via gold-backed ETFs, could significantly increase the USD gold price.

Second, the recent scramble to relocate physical gold from London to New York ahead of tariffs illustrated the stark illiquidity of even the tradeable gold float. Following Trump’s victory, COMEX inventories rose 2.6x from approximately 17,000 to 40,000 ounces within a few months. The premium of New York versus London gold prices rose as high as $45 (1.5%) during that period as bullion banks and their clients hurried to withdraw London 400 ounce gold bars to be refined into 100 ounce COMEX good delivery, hardly the indication of a liquid market.

Third, the highly liquid paper gold trade rests on a shaky foundation, best imagined by John Exter*, as an inverted pyramid (see Figure 8). Paper gold includes all contracts traded between bullion banks and their clients in the form of swaps, options, futures and other derivatives. According to the LBMA, the daily trading volume of gold in 2024 was 33 million ounces or $80 billion compared to annual gold production of 120,000,000 ounces or $324 billion (2024 prices).

We reckon that the ratio of paper to physical trading is approximately 115 to 1 (based on LBMA and COMEX futures; see Figure 9). It is unclear, but unlikely, that the opaque LBMA market statistics include unreported over-the-counter derivative trades. The tariff scare illustrates the fragility of arrangements underlying the paper gold trade. In our opinion, the extension of credit among bullion banks and their clients will be more cautious following this episode. Our long-held belief (almost 30 years, as shown by my 1999 quote in the Appendix) is that any diminution of the paper gold trade will lead to improved price discovery for physical metal.

Figure 8. Exter’s Pyramid in the 21^st Century

A pyramid chart illustrating various investment types, from derivatives and stocks at the top to precious metals at the bottom.

Source: Antiquesage.com.

Figure 9.

Source: LMBA, COMEX and the World Gold Council.

Gold Miners: Potential for a Huge Catch-Up Ahead?

During Q1 2025, gold stocks (using GDX⁸ as a proxy) outperformed gold bullion with a gain of 35.56% compared to 19.02% for the metal. For many years, miners have underperformed the metal:

Figure 10. Gold Miners Offering Deep Value versus Gold Bullion

Figure 8. Gold Miners Offering Deep Value versus Gold Bullion

Source: Bloomberg as of 2/28/2025 (reflects past 37 years). Gold is measured by the GOLDS Comdty Spot Price and gold equities by the Philadelphia (PHLX) Stock Exchange Gold and Silver Sector Index (XAU). The Philadelphia (PHLX) Stock Exchange Gold and Silver Index (XAU) is used versus the Philadelphia (PHLX) Stock Exchange Gold and Silver Sector Total Return Index (XXAU) for its longer historical track record. You cannot invest directly in an index.

However, value investors and stock pickers, please take note: it would be ill-advised to take a jaundiced view of each and every gold stock. There are many success stories within the sector. A better perspective can be seen from the wide dispersion of returns:

Figure 11. Gold Miners: A Dispersion of Returns

Figure 9. Gold Miners: A Dispersion of Returns

Source: Bloomberg and FactSet as of 12/31/2024. Gold Miners (GDM) represents the NYSE Arca Gold Miners Index (GDMNTR INDEX) and the constituents of GDX US Equity, which tracks the GDMNTR Index. You cannot invest directly in an index.

While not universal, we see growing evidence of intelligent deployment of capital, resistance to the siren call of investment bankers that “bigger is better” and recognition of the need to return capital to shareholders during this period of prosperity for the industry. More enlightened management teams are beginning to think in terms of returns on invested capital (see Figure 12), accountability in terms of per-share metrics and judicious deal making.

Figure 12. Gold Mining Companies Returns to Shareholders, Ex Big 3 (US$M)

Figure 10. Gold Mining Companies Returns to Shareholders, Ex Big 3 (US$M)

Source: Mining Journal. Data as of 12/31/2024. “Ex Big 3” refers to Newmont, Barrick Gold and Agnico Eagle Mines. A Normal Course Issuer Bid (NCIB), also known as a stock repurchase program, is a company’s plan to buy back its own outstanding shares from the market, usually over an extended period, and is subject to regulatory approval.

While many investors trade mining stocks according to every twitch and jiggle in the daily price, we believe a better guide is the average gold price received on a quarterly basis.

Figure 13. Average Gold Price (2023-2025)

Figure 11. Average Gold Price (2023-2025)

Source: Bloomberg. Data as of March 31, 2025.

And for die-hard value investors, as we are, it is hard to find a more enticing sector in terms of EV/EBITDA⁹. What is especially appealing is that mining fundamentals, the main component of which is future gold prices, have fared relatively well in periods of recession and inflation.

Figure 14: Gold Miners Appear Undervalued Based on EV/EBITDA (2019-2025)

Figure 12: Gold Miners Appear Undervalued Based on EV/EBITDA (2019-2025)

Source: Bloomberg. Data as of March 31, 2025.

Trend Acceleration Ahead?

We concluded our 2024 commentary with the same heading as above. We hypothesized that the catalysts for a step change in the advance of gold prices would be: “a bear market; a steep, lengthy retreat in cryptocurrencies; bond market disruption with interest rate risk morphing into credit risk; and unwanted, persistent U.S. dollar strength that threatens economic instability.”

We are batting about 75% on those calls. The retreat in cryptocurrencies has been steep, but it is too early to call it lengthy. Treasuries have thus far failed to serve as a safe haven and credit risk seems to be furiously springing leaks. The U.S. dollar has weakened instead of strengthening as a corollary of the “Trump trade” that we envisioned. However, an entrenched bear market and spreading credit risk are enough, in our opinion, to drive the gold price substantially higher. Mining stocks, especially those well-managed and positioned, stand to benefit most from the step change in the rate of gold’s advance that we envision.

Appendix

From the dustbin.

For illustrative purposes only.

Footnotes

1	A bear market is often characterized by negative investor sentiment, leading to a downward trend in market performance over time.
2	The gold “float” is the amount of gold readily available for trading in the market.
3	The S&P 500 Index (Standard & Poor’s 500) is a stock market index that tracks the performance of 500 of the largest publicly traded companies in the United States.
4	The Magnificent 7 refers to a group of seven major tech companies known for their significant stock growth and market influence.
5	The term Nifty Fifty was an informal designation for a group of roughly fifty large-cap stocks on the New York Stock Exchange during the 1960s and 1970s, known for their consistent earnings, considered solid buy-and-hold growth stocks.
6	The advance-decline line (A/D line) is a technical indicator used in stock market analysis to measure market breadth. It tracks the difference between the number of stocks that are rising in price (advancing) and the number of stocks that are falling in price (declining) on a given day.
7	A bull market is characterized by rising prices and investor optimism.
8	VanEck Gold Miners ETF (GDX®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.
9	EV/EBITDA, a popular valuation metric, compares a company’s enterprise value (EV) to its earnings before interest, taxes, depreciation, and amortization (EBITDA) to assess its value and profitability.

Source: https://sprott.com/insights/the-return-of-exter-s-inverted-pyramid/

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Receives $6.85M Early Payment from AbraSilver and Repays $10M of Long-Term Debt

Post author By admin
Post date April 10, 2025

Vancouver, British Columbia–(Newsfile Corp. – April 10, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that it has received an early final property payment from AbraSilver Resource Corp. (“AbraSilver”) totaling US$6.85 million. This payment, originally due by July 31, 2025, was completed ahead of schedule in exchange for a reduced total obligation from the original US$7.0 million.

EMX retains a 1% NSR on AbraSilver’s Diablillos project, an advanced silver and gold project in Argentina. EMX congratulates AbraSilver on its recent C$58.5 million equity financing to accelerate advancement of Diablillos.

EMX will use the proceeds of the early property payment, together with cash on hand, to make a US$10 million principal payment toward its senior secured term loan facility due to Franco-Nevada Corporation. Following this early principal payment, EMX’s total long-term debt outstanding will be reduced from US$35 million to US$25 million.

About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585
SWenger@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended December 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. info

SOURCE: EMX Royalty Corp.

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Partner, Zijin Mining, Provides an Update on a New Copper and Gold Discovery in Serbia

Post author By admin
Post date March 27, 2025

Vancouver, British Columbia–(Newsfile Corp. – March 27, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that its royalty partner at Timok in Serbia, Zijin Mining Group Co., Ltd. (“Zijin”), released their “Annual Results Announcement for the Year Ended 31 December 2024” on March 23, 2025. This report showed a significant increase in copper and gold resources and reserves at Cukaru Peki in comparison to results published for 2023. The 2024 report also described a new exploration discovery at Timok called the Malka Golaja Copper-Gold Deposit (also referred to as “MG Area” in previous disclosures), which is located approximately seven kilometers to the southeast of the Cukaru Peki Mine. Zijin included this statement in their 2024 Annual Results Announcement:

“The preliminary exploration at the high-grade Malka Golaja Copper-Gold Deposit at the deep part of the metallogenic belt of Timok, Serbia was completed. According to the report under the JORC Code prepared by a team of competent persons, the cumulative identified copper resources amounted to 2.81 million tonnes with an average grade of 1.87%, and gold resources of 92 tonnes with an average grade of 0.61 g/t. In addition, the deposit remains open at the periphery, indicating significant potential for mineral exploration.”^[1]

The resource numbers reported by Zijin for copper and gold are for tonnes of contained metal, which equate to approximately 150 million tonnes of mineralized material averaging 1.87% copper and 0.61 g/t gold. Further, the Malka Golaja resource numbers published by Zijin were not categorized in their disclosure to National Instrument 43-101 or JORC, so EMX is assuming without access to the data that the resources are at the level of confidence and entirely classified as inferred resources, which represents the lowest level of confidence under CIM 2014 and JORC resource categories^[2].

Based upon EMX’s reviews of satellite imagery and the locations of drill sites as observed in the field, the Malka Golaja deposit appears to be covered by EMX’s Brestovac royalty interest. EMX senior management also recently completed a site visit to the Cukaru Peki mine and met with Zijin representatives for an update on Zijin’s mining activities at Timok. EMX congratulates Zijin on its outstanding work at Timok, including the rapid advancement of the Cukaru Peki operations and the novel discovery at Malka Golaja. The Malka Golaja discovery represents a significant development for both Zijin and EMX as a royalty holder.

EMX currently holds a 0.3625% NSR royalty over Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining Licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine. EMX also owns a 2% NSR royalty on precious metals and a 1% NSR royalty on base metals on the Brestovac West License, which lies immediately adjacent and to the west of the Brestovac Mining License and the Cukaru Peki Mine. All of EMX’s Timok royalties are uncapped and cannot be repurchased or reduced. The Company is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585
SWenger@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

^[1] From page 32 of Zijin report: “Annual Results Announcement for the Year Ended 31 December 2024”, published on Zijin’s corporate website on March 23, 2025. Although Zijin meets the definition of a producing issuer under NI43-101 and has reported these results as being compliant with JORC protocols, an acceptable foreign code, EMX has not independently verified this information. However, EMX believes this information to be reliable and relevant.

^[2] EMX is treating the disclosed Malka Golaja resource estimate by Zijin as inferred resources only. As a requirement stated in Section 2.2 in NI43-101, inferred resources cannot be added to or reported with other resource categories. info

SOURCE: EMX Royalty Corp.

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Commencement of New Normal Course Issuer Bid

Post author By admin
Post date March 26, 2025

Vancouver, British Columbia–(Newsfile Corp. – March 26, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that, after its successful completion of its Normal Course Issuer Bid (the “Original NCIB”) on January 8, 2025, it has received approval from the TSX Venture Exchange (“TSX-V”) of its Notice of Intention to commence a new NCIB (the “New NCIB”) and a new automatic stock purchase program.

Under the Original NCIB, the Company repurchased and cancelled all of the 5,000,000 common shares (the “Shares”) allowed for a total amount of $8,255,000 or $1.65 per share, which represented approximately 4.45% of its issued and outstanding shares at the time of commencement.

Under the New NCIB, the Company may purchase for cancellation up to 5,440,027 Shares, representing approximately 5% of its issued and outstanding Shares as at April 1, 2025, over a twelve-month period commencing on April 1, 2025. The New NCIB will expire no later than March 31, 2026. In any event, EMX cannot purchase more than 2% of the issued and outstanding shares in any 30 day period.

In connection with the New NCIB, the Company is initiating an automatic stock purchase program with its designated broker in compliance with applicable securities law and the rules and policies of the TSX-V, in order to purchase all or a portion of the Shares under its NCIB at times when the Company would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading policies or otherwise.

EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.

All purchases made pursuant to the New NCIB will be made through the facilities of the TSX-V, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The New NCIB will be made in accordance with the applicable rules and policies of the TSX-V, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the New NCIB and the New NCIB may be modified or suspended at the Company’s discretion.

EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585
SWenger@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding EMX’s normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Shares and the timing, number and price of Shares that may be purchased under the normal course issuer bid, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246095

Energy Junior Mining Lion One Metals Precious Metals

Lion One Drills 142.66 g/t Gold over 2.2 m from Underground at Tuvatu Gold Mine in Fiji

Post author By admin
Post date March 25, 2025

North Vancouver, British Columbia–(Newsfile Corp. – March 25, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 2,194.70 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Ura lode system which is currently being mined.

All drilling was conducted from near surface underground workings. The Company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold assays such as 142.66 g/t over 2.2 m, 489.52 g/t over 0.4 m, 168.95 g/t over 0.5 m, 189.15 g/t over 0.3 m, and 179.95 g/t over 0.3 m.

The Ura lode system is currently being mined from both the 1095 level and the 1116 level of the mine. The primary targets for the Ura drill program are the areas of the Ura system scheduled for near term mining up dip of the 1116 level and down dip of the 1095 level. Mining up dip of the 1116 level will be conducted through conventional shrinkage stoping. Work on this stope has already begun. The 1116 up-dip stope is steeply dipping and will be mined over a strike length of 100 m, with narrow mining widths of approximately 1.5 m. This stope encompasses numerous high-grade gold drill results, including the 168.95 g/t gold over 0.5 m intercept noted above, which is located 20 m above the 1116 level within the planned stope.

The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The drilling reported here represents the first systematic drill program designed to target the Ura system. Much of this drilling is located outside the current resource. Drilling is ongoing and is being conducted from two underground drill stations: the 1095 drill station and the 1116 drill station.

Lion One Chairman Walter Berukoff commented: “We’re very pleased with the results from the Ura drill program. The Ura system is a developing target that represents an excellent opportunity both to expand our resource and to add tonnes to our immediate mine plan. The Ura lodes are high-grade structures, and we expect to be mining the areas targeted by this drill program in the next three to six months.”

Highlights of New Drill Results:

142.66 g/t Au over 2.2 m (including 328.50 g/t Au over 1.0 m) (TGC-0378, from 13.79 m depth)
489.52 g/t Au over 0.4 m (TGC-0389, from 31.1 m depth)
168.95 g/t Au over 0.5 m (TGC-0396, from 68.78 m depth)
25.87 g/t Au over 2.3 m (including 59.24 g/t Au over 0.8 m) (TGC-0396, from 55.7 m depth)
189.15 g/t Au over 0.3 m (TGC-0380, from 76.78 m depth)
179.95 g/t Au over 0.3 m (TGC-0391, from 149 m depth)
30.16 g/t Au over 1.5 m (including 81.27 g/t Au over 0.4 m) (TGC-0389, from 50.9 m depth)
31.74 g/t Au over 1.4 m (including 52.27 g/t Au over 0.6 m) (TGC-0392, from 41.1 m depth)
21.55 g/t Au over 1.9 m (including 67.05 g/t Au over 0.3 m) (TGC-0384, from 18.94 m depth)
41.57 g/t Au over 1.0 m (including 128.64 g/t Au over 0.3 m) (TGC-0384, from 38.64 m depth)
26.79 g/t Au over 1.5 m (including 69.27 g/t Au over 0.5 m) (TGC-0366, from 4.6 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/245955_a6eee1fa04d9da2f_001full.jpg

Ura Lode System

The Ura lode system was discovered during the initial development of the mine decline in late 2022 and was initially modelled as a single lode. It is now understood to be a system of lodes, with at least three separate lodes already identified (Ura1, Ura2, and Ura3). The Ura system remains largely untested. The system extends to surface and is open at depth. It is closed to the north by the Coreshed fault, while to the south it intersects and is likely offset slightly by the Cabex fault. The drilling reported here represents the first systematic drill program designed to target the Ura system.

Three separate lodes have so far been identified in the Ura system; the Ura1, Ura2, and Ura3 lodes, all three of which are narrow high-grade structures with bonanza-grade gold intersections frequently associated with chalcedonic silica and roscoelite – mineralization characteristic of high-grade alkaline gold systems. The Ura1 and Ura3 lodes dip subvertically to the west and strike approximately 200° to the SSW. The Ura2 lode strikes approximately 205° to the SSW and dips at approximately 45° to the west. The Ura2 lode intersects the Ura1 lode slightly below the 1116 level while the Ura3 lode is located between the Ura2 and Ura1 lodes, intersecting the Ura2 lode between the 1095 and 1116 levels. All three lodes have current total strike lengths of approximately 220 m each and remain open both at depth and to the South beyond the Cabex fault.

The drilling reported in this news release was conducted from two underground drill stations; the 1095 and 1116 drill stations. The drilling targeted areas of the Ura system directly up-dip and down-dip of the 1095 and 1116 levels, with particular focus on the Ura1 and Ura3 lodes. Drilling is being conducted on a 12.5 m grid to provide a detailed understanding of the geometry and mineralization in advance of mining. These areas are scheduled for mining in the near term and are anticipated to be added to the mine plan within the next two to six months.

The Ura system is largely untested and much of the drilling reported in this news release targeted areas outside the current resource. The Ura system is a prime target for resource expansion. Very limited drilling has been conducted below the current underground workings and initial analysis indicates that the system extends well below current levels. The deepest high grade intersect reported in this news release, 179.95 g/t gold over 0.3 m, is located approximately 90 m below current workings. This represents an additional four to five levels of mineralization below current mine levels, with strong potential for mineralization to continue further at depth (Figure 3).

Figure 2. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, plan view. Plan view looking down. The drill holes shown here primarily targeted areas of the Ura lodes scheduled for near-term mining above and below the 1095 level. Ura lodes show in purple, underground workings in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/245955_a6eee1fa04d9da2f_002full.jpg

Figure 3. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, section view. Section view looking NNE. Limited drilling has been conducted on the Ura system below the 1095 level. High grade gold mineralization has been intersected 90 m below the current underground workings and the system remains open at depth. Ura lodes shown in light purple, underground workings in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/245955_a6eee1fa04d9da2f_003full.jpg

Competent Person’s Statement

Lion One Laboratories / QAQC

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0364	1876283	3920814	120	304.3	-7.2	106.0
TGC-0366	1876284	3920812	121	266.2	18.2	85.0
TGC-0368	1876283	3920812	121	283.3	18.1	81.0
TGC-0369	1876283	3920814	121	313.2	14.7	86.3
TGC-0371	1876283	3920815	120	318.6	-6.7	94.0
TGC-0372	1876283	3920818	120	335.7	-10.2	180.4
TGC-0374	1876283	3920815	120	291.6	-38.3	174.6
TGC-0376	1876283	3920815	119	291.7	-44.5	112.0
TGC-0378	1876182	3920778	98	99.2	-40.0	80.2
TGC-0380	1876285	3920814	122	291.1	-49.4	121.2
TGC-0381	1876182	3920778	98	99.0	-81.0	16.1
TGC-0382	1876182	3920779	99	78.6	-14.8	62.3
TGC-0384	1876182	3920779	99	64.4	-17.3	74.4
TGC-0385	1876283	3920815	119	303.0	-37.4	105.0
TGC-0386	1876182	3920779	98	63.5	-46.8	110.7
TGC-0388	1876283	3920815	119	302.6	-43.9	113.1
TGC-0389	1876182	3920780	99	53.5	-13.2	101.2
TGC-0390	1876182	3920780	99	52.7	-35.9	111.0
TGC-0391	1876283	3920815	119	303.1	-50.1	231.5
TGC-0392	1876183	3920778	99	110.7	-19.2	58.2
TGC-0396	1876283	3920811	121	249.2	16.3	90.5

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0364		0.0	0.7	0.7	3.05
		50.3	51.9	1.6	11.47
	including	50.3	50.9	0.6	25.78
	and	50.9	51.4	0.5	0.26
	and	51.4	51.9	0.5	5.52
TGC-0366		1.7	2.2	0.5	12.58
		4.6	6.1	1.5	26.79
	including	4.6	5.1	0.5	69.27
	and	5.1	5.8	0.7	4.45
	and	5.8	6.1	0.3	3.80
		7.3	9.0	1.7	5.05
	including	7.3	7.9	0.6	5.50
	and	7.9	9.0	1.1	4.81
		10.8	11.6	0.8	5.43
	including	10.8	11.1	0.3	3.63
	and	11.1	11.6	0.5	6.60
		20.2	22.0	1.8	12.27
	including	20.2	21.4	1.2	16.14
	and	21.4	22.0	0.6	4.54
		26.9	27.7	0.8	8.86
		34.2	34.7	0.5	5.32
		45.6	46.2	0.6	23.86
		54.7	55.0	0.3	3.07
		56.1	56.5	0.4	44.93
TGC-0368		20.7	21.0	0.3	8.43
		39.5	40.0	0.5	3.57
		44.8	45.4	0.6	6.86
		50.7	51.7	1.0	3.97
	including	50.7	51.2	0.5	3.97
	and	51.2	51.7	0.5	3.97
		75.7	76.4	0.7	3.11
TGC-0374		110.9	111.2	0.3	21.79
TGC-0376		77.9	79.3	1.5	5.47
	including	77.9	78.3	0.5	9.95
	and	78.3	79.3	1.0	3.46
		90.5	90.8	0.4	5.33
TGC-0378		12.1	12.4	0.3	3.49
		13.8	16.0	2.2	142.66
	including	13.8	14.3	0.5	5.77
	and	14.3	14.8	0.5	2.57
	and	14.8	15.1	0.3	0.17
	and	15.1	16.0	1.0	328.50
		23.3	24.8	1.5	8.46
	including	23.3	23.7	0.4	21.28
	and	23.7	24.1	0.4	0.39
	and	24.1	24.8	0.7	6.12
		29.4	29.7	0.3	10.02
TGC-0380		0.0	0.5	0.5	15.86
		72.8	73.2	0.4	21.05
		76.8	77.1	0.3	189.15
TGC-0381		14.2	15.4	1.2	7.47
TGC-0382		15.2	15.5	0.3	46.28
		18.1	18.5	0.4	9.98
		20.2	20.6	0.4	71.69
		31.0	31.8	0.8	33.39
	including	31.0	31.5	0.5	25.25
	and	31.5	31.8	0.3	48.03
		33.0	33.4	0.4	3.12
		34.6	36.1	1.5	5.99
	including	34.6	35.0	0.4	4.71
	and	35.0	35.3	0.3	13.71
	and	35.3	35.6	0.3	3.40
	and	35.6	36.1	0.5	4.07
TGC-0384		18.9	20.8	1.9	21.55
	including	18.9	19.3	0.3	29.99
	and	19.3	19.7	0.5	2.13
	and	19.7	20.0	0.3	67.05
	and	20.0	20.3	0.3	0.16
	and	20.3	20.8	0.5	19.84
		22.0	22.6	0.6	4.59
	including	22.0	22.3	0.3	4.09
	and	22.3	22.6	0.3	5.08
		38.6	39.6	1.0	41.57
	including	38.6	39.0	0.4	4.28
	and	39.0	39.3	0.3	0.60
	and	39.3	39.6	0.3	128.64
TGC-0385		71.4	72.4	1.0	18.55
	including	71.4	71.7	0.3	6.55
	and	71.7	72.1	0.4	0.05
	and	72.1	72.4	0.3	57.69
		78.3	80.0	1.7	4.88
	including	78.3	78.7	0.4	3.50
	and	78.7	79.4	0.7	0.05
	and	79.4	79.7	0.3	13.75
	and	79.7	80.0	0.3	8.74
		92.9	93.2	0.3	24.86
TGC-0386		10.0	14.3	4.4	4.73
	including	10.0	10.4	0.4	16.48
	and	10.4	11.0	0.7	<0.01
	and	11.0	11.3	0.3	1.52
	and	11.3	12.5	1.2	3.65
	and	12.5	12.8	0.3	<0.01
	and	12.8	13.1	0.3	1.09
	and	13.1	14.3	1.2	7.36
TGC-0388		0.0	0.6	0.6	3.48
TGC-0389		31.1	31.5	0.4	489.52
		50.9	52.4	1.5	30.16
	including	50.9	51.3	0.4	81.27
	and	51.3	52.0	0.7	2.91
	and	52.0	52.4	0.4	26.72
		85.9	86.2	0.3	4.04
TGC-0390		14.7	15.1	0.4	7.70
		59.1	59.6	0.5	6.76
		81.0	81.4	0.4	21.76
		84.5	85.1	0.6	3.00
		85.7	86.2	0.5	3.69
		99.1	99.4	0.3	4.43
		101.6	101.9	0.3	3.28
TGC-0391		0.0	0.6	0.6	3.61
		76.9	78.1	1.2	10.40
	including	76.9	77.5	0.6	7.91
	and	77.5	78.1	0.6	12.89
		96.9	97.3	0.4	39.15
		113.0	113.3	0.3	3.72
		149.0	149.3	0.3	179.95
TGC-0392		14.0	14.4	0.4	5.32
		24.6	27.8	3.2	11.99
	including	24.6	25.0	0.4	18.68
	and	25.0	25.6	0.6	5.97
	and	25.6	26.3	0.7	34.65
	and	26.3	27.2	0.9	0.05
	and	27.2	27.8	0.6	5.01
		41.1	42.5	1.4	31.74
	including	41.1	41.7	0.6	52.27
	and	41.7	42.5	0.8	16.34
TGC-0396		0.0	0.5	0.5	12.53
		5.2	8.0	2.8	7.13
	including	5.2	5.6	0.4	9.95
	and	5.6	6.2	0.7	13.67
	and	6.2	6.5	0.3	1.24
	and	6.5	7.4	0.9	4.67
	and	7.4	8.0	0.6	4.55
		10.9	11.6	0.6	3.64
		12.1	12.7	0.6	3.26
		14.0	16.8	2.8	5.48
	including	14.0	14.5	0.5	8.38
	and	14.5	15.0	0.5	3.61
	and	15.0	15.4	0.4	5.88
	and	15.4	15.7	0.3	9.27
	and	15.7	16.8	1.1	3.90
		34.7	35.0	0.3	21.78
		50.0	54.5	4.5	3.74
	including	50.0	50.3	0.3	4.50
	and	50.3	51.5	1.2	6.56
	and	51.5	52.3	0.8	0.04
	and	52.3	52.7	0.4	3.58
	and	52.7	53.0	0.3	2.48
	and	53.0	53.3	0.3	1.76
	and	53.3	54.5	1.2	4.07
		55.7	58.0	2.3	25.87
	including	55.7	56.5	0.8	59.24
	and	56.5	57.2	0.7	12.82
	and	57.2	58.0	0.8	3.05
		64.2	66.7	2.5	4.70
	including	64.2	64.5	0.3	5.08
	and	64.5	65.5	1.0	5.23
	and	65.5	66.7	1.2	4.16
		68.8	69.3	0.5	168.95

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245955

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