THE new operator of Lion One Metals Ltd’s gold mine in Tuvatu in the hinterlands of Sabeto in Nadi is optimistic it can turning the mine into “one of the standout underground gold mines not only in the Asia–Pacific region but globally,” as its new subscription deal with Lion One sees it acquiring a 9.9per cent stakes in the mine for $C$15.05million ($F24.32m).
Arete Capital Advisory Pty Ltd, a specialist mining investment syndicate advised and managed by Melbourne-headquartered Arete Capital Advisors, entered into a financing deal with Lion One last December.
Listed on Canada’s Toronto Stock Exchange (TSX), Lion One is founded and headed by mining magnate Walter Berukoff and is moving to derisk its mining operation in Tuvatu, whose potentials have yet to translate to shareholder returns despite Lion One being on TSX since 2011 and prospecting there since 2014.
“We are delighted to become a long–term strategic partner to Lion One at this pivotal stage in the evolution of the Tuvatu Gold Mine,” Campbell Olsen, representing Arete, said in a market announcement by Lion One dated December 30, 2025.
“In our view, Tuvatu is a rare, high–grade alkaline gold system with district–scale potential, established infrastructure and a pipeline of targets across the broader Navilawa Caldera that together offer a compelling platform for production growth and resource expansion.
“We see many investment options and projects globally every year and we believe this ranks amongst the best opportunities ever reviewed”.
Mr Olsen is the chief executive officer of Arete Capital Advisors, founded and chaired by former Western Mining boss Hugh Morgan, a well-known figure in Australia’s mining industry.
“Arete’s specialist team brings deep operational, technical and financial experience in turning high–quality mid–tier gold assets into robust, cash–generative businesses, and we see a clear pathway to unlock significant incremental value at Tuvatu through disciplined mine optimisation, targeted capital investment and an aggressive but data–driven exploration program,” Mr Olsen added.
“We are excited to work alongside Lion One’s team to systematically de–risk the operation, scale up production over time and ultimately position Tuvatu as one of the standout underground gold mines not only in the Asia–Pacific region but globally.”
The details of the subscription agreement include a five-year master services agreement (MSA) that will see Arete “provide management services for the operation of the Tuvatu Gold Mine in Fiji and will become the operator of the project subject to the oversight of the board of directors of the Company.”
“I look forward to welcoming Arete as a new shareholder and strategic partner of Lion One,” Lion One chairman and president Walter Berukoff said.
“Arete’s decision to make a cornerstone investment in the Company reflects the quality, scale potential and strategic relevance of our Tuvatu Gold Mine in Fiji. With the benefit of Arete’s technical engagement through the MSA, Lion One will be positioned to systematically advance Tuvatu and build long-term value for shareholders.”
The management shift, which also includes board representation for Arete, was followed by the sudden departure of Lion One’s chief executive officer Ian Berzins at the end of December and the stepping down last week of Tayfun Eldem as a board director.
Mr Berzin had revealed in an interview with CEO.CA last November that Lion One was carrying $US32million ($F70.55m) secured debt in its books.
