Lion One Metals Loses CEO, C$15 Million Financing, and a Third of Its Value in One Week

Lion One Metals loses CEO, C$15M deal, and 35% of market cap; Tuvatu output falters as loan default and activist pressure mount.

The turmoil at Lion One Metals has deepened dramatically, with the gold miner losing its chief executive, a critical financing deal, and nearly a third of its market capitalization in a matter of days. The company now faces an uncertain path forward for its flagship Tuvatu project in Fiji.

Campbell Olsen has stepped down as CEO with immediate effect after just two months in the role. The board has appointed former finance chief Tony Young as interim CEO, while Zamand Shokri takes over as interim CFO. This marks the third leadership change at the company within a single year.

The abrupt departure coincided with the collapse of a planned C$15 million private placement with Arete Capital Advisors. Under the original terms, Arete was set to subscribe for over 44 million units at C$0.34 each. Lion One terminated the equity purchase agreement before any securities were issued under the arrangement.

Investors reacted with alarm. The stock plunged 31 percent in European trading to €0.10, a new 12-month low. In Toronto, the sell-off was even steeper, with shares dropping 35 percent to C$0.14. The company's market capitalization has now shrunk to approximately C$56 million. Year-to-date losses have ballooned to over 45 percent, while the stock's volatility remains extreme at above 110 percent.

The loss of Arete is particularly damaging because the investment firm was not just providing capital but was also expected to serve as operator, bringing technical expertise to the Tuvatu mine. Without that partnership, Lion One must tackle its operational challenges alone.

Production at Tuvatu has fallen woefully short of expectations. The mine is currently yielding just 4,200 ounces of gold per quarter, a fraction of the original target of over 300,000 ounces annually. Outdated equipment, unreliable power supply, and inconsistent ore grades are hampering throughput, with mill performance running well below plan.

The financial strain is intensifying. In February 2026, the company received a default notice on a senior secured loan from lender Nebari, which is pressing for a resolution on outstanding obligations. Activist investors have piled on the pressure, filing a requisition for an extraordinary general meeting and seeking to remove several board directors.

Interim CEO Tony Young now faces a daunting task: stabilize the share price, resolve the loan default with Nebari, and secure fresh capital or a new partner. Without either, the company's ability to fund planned gold recovery infrastructure remains severely constrained.