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Lion One Metals Ltd.


Lion One Metals Ltd. is a North Vancouver-based mineral exploration and development company focused on the acquisition, exploration and development of mineral resource properties. In June 2013, Lion One merged with Avocet Resources Ltd. of Perth, Australia, and is focused on advancing the Tuvatu gold project in Fiji, the Olary Creek iron ore project in South Australia, and additional gold and uranium projects in Western Australia and Argentina.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Lawrence Roulston (1/29/14) "There is a great company in Fiji called Lion One Metals Ltd. It recently bought a deposit that had been evaluated about a decade ago by a company that was operating a nearby mine. The previous company had planned to develop the deposit as a satellite. But the main mine went bankrupt and the situation was tied up for years until the Lion One group bought the deposit. Lion One has re-evaluated the old drill core and by re-assaying it found significant intervals of gold that had not been picked up in the previous round. It has drilled quite a number of new holes and confirmed the presence of a very substantial area with a high-grade gold occurrence. It is moving toward permitting and developing a new mine." More >

The Gold Report Interview with Eric Coffin (7/22/13) "Lion One Metals Ltd. in Fiji merged with Avocet Mining. There were a couple of reasons for the merger. One was to bring onboard a nice-looking iron ore project in Australia. This has already been optioned to a Chinese group that controls a steel-making operation, so apparently the group wants the iron ore for themselves. Lion One seems to be fairly intent on trying to get it developed. Another reason was Avocet's uranium projects, some of which are joint ventured with Cameco Corp. There's also a fairly interesting gold project in Australia. And Lion One liked that Avocet had about $5M, which was about its market cap at the time. . .the reason why we started following Lion One in the first place was Tuvatu, its main project in Fiji. It's just a nice old-fashioned, good-grade underground gold deposit that still has quite a bit of room to grow. Right now it's roughly 600,000 oz at about 5–6 g/t. There doesn't appear to be anything terribly complicated about it. No messy metallurgy, and most of the structures are fairly vertical.

"Tuvatu is the kind of low-capex, straightforward deposit that the majors are looking for these days. Tuvatu is not big enough for that, but maybe it will be at some point. Even if it isn't, it is the sort of project that can be developed by a smaller company. Capex for that sort of small underground operation runs at about $100M+, not billions like the vast low-grade operation may of the majors were focused on until recently. After the merger with Avocet, Lion One's got about 60M shares out and probably $15M in the bank. It has to work its way through a PEA and a feasibility plan for Tuvatu but a previous operator took Tuvatu all the way to feasibility so Lion One has a lot of data in hand already. A new resource number should be out in a couple of months, and I would think it's probably up around 1 Moz now." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/13) "Lion One Metals Ltd.'s recent assays indicate that the company is moving in the right direction. . .the structures that host the gold near Tuvatu crisscross the main resource area at Tuvatu and extend for about a kilometer to the west. . .vein-hosted structures remain open along strike and at depth. . .it's very likely that Lion One can find a way to finance a small-scale operation like this, even in these times of market distress. . .this is one to accumulate over the long term, in advance of a potential development decision at Tuvatu."

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The Gold Report Interview with Eric Coffin (2/25/13) "Another company I follow [is] called Lion One Metals Ltd. The company has a gold project in Fiji called Tuvatu, which hosts a gold resource of about 650,000 ounces at about 6.5 g/t gold. Work by Lion One has shown the veins that host the resource are still open along strike and there are several other gold bearing structures that have not been brought into the resource. There are workings in place on much of the resource and a feasibility study from the 1990s that indicates the project should be quite profitable at current prices. The company is well funded with over $15M at Sept. 30. Lion One recently made a takeover offer for a small Aussie explorer, Avocet Resources Ltd. This deal would bring another $4M onto the balance sheet, several good-looking gold and iron ore projects in Australia and a strong technical team that could help accelerate work at Tuvatu. It looks like a smart deal." More >

Lawrence Roulston, Resource Opportunities (2/18/13) "Lion One Metals Ltd. reported further drill results from its Tuvatu gold project in Fiji that continue to extend the zone of known mineralization. . .the company has produced a compliant resource estimate that outlines a total resource (Indicated plus Inferred) of 652 Koz gold grading 5.7–7 g/t. . .the recent results suggest that number could be well exceeded. . .the Tuvatu project is very attractive as a high-grade gold deposit, with underground development already in place, in an area with good access and with a government highly supportive of mine development."

The Gold Report Interview with Brien Lundin (12/28/12) "Lion One Metals Ltd. is progressing with permitting and development of its Tuvatu gold project in Fiji, a project with upside potential that I don't believe is being valued by the market at all. Over $30M was spent on this project by Emperor Mines Ltd. in the late 1990s, including over 85,000m of drilling and 1,600m of underground infrastructure. All Lion One has to do is dust off and update an existing feasibility study, and get the necessary permits to get into production. It is doing that right now, and will use proceeds from Tuvatu to fund exploration of the multimillion-ounce potential of the project. Management, including legendary financier Walter Berukoff, owns about 40% of the company, so it has solid support going forward. It's a great buy at these levels." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/8/12) "The real goal for Lion One Metals Ltd. is to get Tuvatu into near-term production, by updating the existing (if somewhat old) feasibility study. . .this project already looks quite feasible to the naked eye. The company is still a Buy."

Lawrence Roulston, Resource Opportunities (9/27/12) "Results of the first two holes in the diamond drilling program at Lion One Metals Ltd.'s Tuvatu gold project in Fiji have extended the gold-bearing veins to the west beyond the resource area. . .intervals include bonanza grades of 248 g/t gold over .09m from TUDDH-347 and 855 g/t gold over 0.17m from TUDDH-348. Importantly, the reported intervals, outside of the bonanza intervals, carry 3.7m at 10.5 g/t and 7.3m at 3.7 g/t—that is, if we completely ignore the bonanza values, the reported intervals carry economic grades, over minable widths. . .from the current resource base, a plus-million ounce target is within easy reach."

The Gold Report Interview with Brien Lundin (9/26/12) "Lion One Metals Ltd. has a great project in Fiji progressing toward production in about 12 or 18 months. It has a feasibility study that just needs to be updated and remarkably low capital expenses to get back into production. . .the numbers in its updated feasibility study should show the market that this is a viable project. That would be a catalyst. Remarkably, it should take only $20–30M to get the project into production. Raising that kind of capital should be relatively easy, so the company does not have to get the economics buttoned down too tightly before actually going out and building a mine." More >

The Gold Report Interview with Carlos Andres (8/3/12) "Lion One Metals Ltd. is making good progress on its Tuvatu gold project in Fiji. It has become evident that the company is sitting at the periphery of a large volcanic system at one edge of a large caldera. In geologic and physical terms, it is very similar to the nearby historic and still-operating Vatukoula mine, which also sits in a caldera. . .Tuvatu has an initial existing deposit of roughly 650 Koz established in the early 2000s. Over the last eight months, Lion One has established that consistent mineralization is extensive laterally and at depth from the existing deposit. In short, this deposit is going to grow. . .the company has a deep pool of local geo and mining talent to draw on from Vatukoula, who have lengthy first-hand experience with the above- and below-ground geology. Thus, on the exploration front Lion One is working hard to nail down the geological system underpinning the deposit. At the same time, it is pushing to establish a commercially viable mine plan scenario that could support the long-term exploration and development of what is shaping up to be an extensive gold field. This is a project to keep an eye on. The company is well-managed by an experienced team and it has about $15M in the bank." More >

The Gold Report Interview with Andrew Richmond (7/11/12) "I'm working on a project in Fiji owned by Lion One Metals Ltd. It's quite fortunate because it has access to infrastructure and a trained workforce. . .Tuvatu is a high-grade underground project. It's an epithermal gold deposit, which tends to be a narrow vein. . .a positive about this deposit is that the gold is visible on the drill core. I've worked on over 100 gold deposits during my career and there's probably only three or four where I've seen visible gold. It also has 600 drill holes going through deposits. I'm really confident that there's mineralization there. The company is also implementing a very good quality assurance and control program to ensure that the samples are high quality and the assay results are robust." More >

Lawrence Roulston, Resource Opportunities (6/21/12) "Lion One Metals Ltd. is now drilling at its Tuvatu gold project in Fiji. The program includes infill and stepout holes for a total of 5,000m of diamond drilling. The program is intended to upgrade Inferred resources to the Indicated category and to add to the existing resource. An Indicated resource hosts 172 Koz grading 7.05 g/t and an Inferred 480 Koz at 5.7 g/t. A number of high-grade drill intercepts occur outside of the resource area. One of the objectives is to bridge the gaps and thereby add to the resource. . .the company now intends to advance the current resource area to production on the basis of a high-grade underground operation using the existing development. Lion One is particularly interesting as the geological system also holds the potential for a multimillion-ounce, bulk-minable resource. Surface sampling and trenching have identified wide-spread gold values in the area of a gram per tonne."

Anthony Vaccaro, The Northern Miner (6/18/12) "Lion One Metals Ltd. is brimming with optimism and bracing itself for a bountiful year. Such bullishness can be attributed to the company's enviable position amongst juniors: Not only does it have a highly prospective project in the heart of elephant country, but it also has the cash it needs to push ahead on exploration and development without having to worry about turning to fickle markets."

Pope & Company Morning Notes (6/6/12) "Lion One Metals Ltd. commenced drilling at the Tuvatu gold project, near Nadi on the island of Viti Levu in Fiji; the program consists of a combination of infill and step out holes for a total of 5,000m of diamond drilling. The objective of the program is to upgrade existing Inferred resources to the Indicated category, add new resources and capture further historic resources (87,000m of drilling and 1.6km UG workings); the program is expected to run for three months alongside ongoing metallurgical test work."

Lawrence Roulston, Resource Opportunities (5/31/12) "Lion One Metals Ltd. continues to demonstrate the large-scale potential of its Tuvatu gold deposit in Fiji, even as it moves toward the start of underground development. . .there is enormous exploration potential near the existing ore body. . .Tuvatu has a substantial resource, with potential to expand it by half or more based on information already in hand. The presence of the underground workings makes near-term production a realistic expectation; the real upside to this story remains the ultimate potential for a multimillion-ounce resource."

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