Fiji’s Mining Prospectivity High: Berukoff

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Executive Interview:

Lagi Fisher

B18

SATURDAY-SUNDAY MARCH 19-20, 2022 24 PAGES

Lion One Limited's technician, Sumit Kumar, at the company's Waimalika state-of-the-art laboratory in

MINERAL EXPLORATIONNadi, on March 17, 2022. Photo: Leon Lord

Fiji's Mining Prospectivity High: Berukoff

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This one is world class. What we've done here is what I said we would do - not flood the market with expatri- ates. In the past 15 years, we have had two expats as key people who passed on the knowledge to locals.

Walter Berukoff

Founder,chairman and chief executive officer, Lion One Metals

FREDERICA ELBOURNE

TUVATU, NADI

iji could have more mines in the next F20 years, a world-class, seasoned in-

vestor has said.

But it needs to list on the world market, said Walter Berukoff, founder, chairman and chief executive officer of Lion One Met- als, the parent company of Lion One Limit- ed's Tuvatu alkaline gold project in Sabeto. "We get paid by world currencies, at world price," he said, in an exclusive interview with SunBiz, in Nadi, this week.

A lot has changed in the industry since he joined the sector in the 1960s, he said. "Technology has changed, but not the mining Act," Mr Berukoff said.

"It's very different from 17 years ago." Still, the sacrifices made in the years leading up to recent developments at Tuvatu, have been worth it, he said.

"This is the best mine I've worked in," Mr Berukoff said.

"This one is world class.

"What we've done here is what I said we would do - not flood the market with expa- triates.

"In the past 15 years, we have had two expats as key people who passed on the knowledge to locals.

"It is great to have Fijians on board, and to see their passion."

Employment figures at Lion One's Tuvatu alkaline gold project have risen from 50 staff last year, to the current figure of 160.

Over the next two years, the number of employees at the mine are estimated to grow to 300.

Lion One Metals founder, chairman and chief executive officer, Walter Berukoff.

"There is credible talent here, with education at a good level," Mr Berukoff said. "People want to do better."

Climate change

Mr Berukoff is proud of Fiji.

He salutes Prime Minister Voreqe Baini- marama for his efforts in climate change. Mr Berukoff worked in Argentina, Peru and Canada, to name a few climate-consciouscountries.

"Cuba was good," he said. "But Fiji is the best."

In the meantime, Lion One is still negotiating with the Government over concerns about taxes and duty, Mr Berukoff said.

"To that end, the Government has been very helpful," he said.

While securing financing in Fiji has been difficult, Lion One with its multi-million-

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				MINERAL RESOURCES		MINERAL RESOURCES

Fiji's Mining

Prospectivity

High: Berukoff

EMX Royalty Corp general manager of exploration and international operations, Eric Jensen.

CONTINUED FROM B1

-dollar investment in Fiji over the past 17 years, suggests the formulation of an Act that could protect foreign investor interests.

It is a world-wide safety net adopted in most countries where investor confidence is encouraged.

"I love Fiji; I love the people," Mr Berukoff said.

"But in the end, if there is no heart, there is no gas in it."

A class of its own

Lion One's Tuvatu alkaline gold lab is a class above the rest in the South

Pacific, Mr Berukoff said.

Commissioned in 2020, it is run by local lab manager and Tavua-born Sachin Singh, a university graduate in Chemistry and Biology.

He joined the company in 2019, after working at Vatukoula Gold Mines for 18 years.

"I am proud to be the first local to set up such a high-techlab," Mr Sin- gh said.

"In Vatukoula, the lab was already established and run by expatriates. Moves are afoot to digitise operations at the $8 million lab outfit in Nadi, to gain accreditation, Mr Sin- gh said.

"Once we are an accredited body, we will be able to carry out sampling for others," he said.

The lab is preparing to operate 24-7 this year, where production levels are expected to be three-fold its current rate.

As a reflection of such commit- ment, the lab team comprises an eight-member team, five of whom were recruited in November last year, MrSingh said.

"We are getting more people to help run the lab by the end of the month, as there is a lot of ore to process," Mr Singh said.

"For the lab expansion, we have purchased furnaces and equipment that is in transit, to arrive here next month."

The 24-pot electrical furnace that is in use will be complimented by Fiji Gas' LPG-operated furnaces, a system which will cater for 60 pots, he said.

"That's 60-pots every hour for 24 hours, seven days, all year long, and into the new year," Mr Singh said.

Strategic management: Investors see potential in Tuvatu operation

Lion One's Tuvatu alkaline gold prospects could be getting a shot in the arm, following a site visit from a Canadian alkaline gold expert.

Eric Jensen's name is synonymous

We are always looking around the world at other companies that we think are doing good work, and comprise good teams, and good assets. We can make investments into those assets to help them along. When we make investments, we also like

to contribute expertise, to the extent that it's welcomed and useful for the partner.

with alkaline gold, and global mineral exploration.

He has over 20 years of industry experience in various capacities.

Mr Jensen is Canadian company, EMX Royalty Corp's general manager for exploration and international operations.

His research and academic experience in mineral deposits relate to alkaline magmatism, just to name a few.

Part of his work involves strategic investments.

"We are always looking around the world at other companies that we think are doing good work, and comprise good teams, and good assets," Mr Jensen said.

"We can make investments into those assets to help them along. "Those investments come in the form of both money, capital, but also we like to contribute.

"When we make investments, we also like to contribute expertise, to the extent that it's welcomed and useful for the partner."

At an exploration conference in Canada, he found Fiji's geology re- markable.

"My personal situation is that I spent a lot of my early career - a couple decades - working on the type of gold deposits that you have here in Fiji," Mr Jensen said.

"There's a very rare, very specific type of gold deposit here.

"I spent a lot of my early career studying these in detail, working with advising mining companies, and how to explore for these, and how to flick their development." He was invited by Lion One for a site inspection at Tuvatu, Nadi. "What we're trying to figure out is if this is something our company would want to invest in," Mr Jensen said.

The geological similarities can be

ABOUT EMX ROYALTY

CORP

nCanada -based precious, base and battery metals royalty company, that operates as a royalty and prospect generator in the exploring for, and generating royalties from, metals and minerals properties.

n Manages 300 sizeable portfolios around the world across five continents.

n Focused on gold, copper, and polymetalic assets.

found in Vatukoula, he said.

"We come in to look at things at a high level, to get an understanding of what's there," Mr Jensen said.

"And this looks like a very good project.

"The initial impressions are very favourable."

For Lion One to set Tuvatu production date at just two years into operations is "fast", he said.

"By global mining standards, the average time from discovery to production in a gold deposit of 15 years is normal," Mr Jensen said.

Although Tuvatu was discovered some years ago, work on the site actively picked up a few years later, he said.

"That's a remarkably fast time frame," Mr Jensen said.

"There was a known deposit here, which was helpful.

"They've been expanding that." The historically small deposit was developed over time to see if it could grow to a size where one could make a positive development decision, Mr Jensen said.

"I believe they've done that now," he said.

"They're still working on it.

"But it has all the signs of growth, which is great.

"Not all systems work that way." The familiarisation exercise by EMX Royalty Corp has shown signs that the prospects at Tuvatu may be favourable, Mr Jensen said.

"We think it would be of interest to us from an investment standpoint," he said.

"It looks good."

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The team at Lion One Metals Tuvatu alkaline gold project, in Sabeto, Nadi, on March 17, 2022, include consultant geologist Stewart Capps (fourth from left) vice president exploration Sergio Cattalina (in checkered shirt), and chief operations manager, Patrick Hickey.

Fools gold discovered underground at Lion One Limited's Tuvatu alkaline gold project site, on

March 17, 2022. Photo: Leon Lord

Lion One Limited's lab manager, Sachin Singh, is proud to be the first local to head the $8 million facility at Waimalika, Nadi. Photo: Leon Lord	Real gold, found in its raw form, at Lion One Limited's Tuvatu alkaline gold project site, on
March 17, 2022. Photo: Leon Lord

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MINERAL RESOURCES

Lion One Limited's consultant geologist, Stewart Capps, (third from left) with the underground rig team at Tuvatu, Nadi, on March 17, 2022. From left: Joeli Matai, Akuila Tawakedrau, environment consultant Sereana Vatucicila, Viliame Drikalu, Apenisa Naivalu and Malakai Waqatabu Photo: Leon Lord

An underground rig team member at Lion One's Tuvatu alkaline gold project, Nadi, on March 17, 2022. Photo: Leon Lord

LION ONE LIMITED'S TUVATU

ALKALINE GOLD PROJECT

n Canadian philanthropist, Walter Berukoff - a highly regarded figurehead in the mineral resources sector, founded Tuvatu mine, after he left Vatukoula, some 17 years ago

n There are five rig sites at Tuvatu, where the mine is being constructed. Four of the rig sites are above ground.

n The mine currently has one decline, measuring one kilometre in length.

n The mine is expected to start production late next year.

Miner, Nenami Naloto, at one of four above-ground rig sites in Tuvatu where Lion One is operating an alkaline gold project, in Nadi, on March 17, 2022. Photo: Leon Lord

Geologist Waisiki Ravuasese (left) with senior vice president exploration Sergio Cattalani, at Lion One's Tuvatu alkaline gold project site in Nadi, on March 17, 2022. Photo: Leon Lord