The Black Lion is partly bordered by a small stream known as Nant y Cwn where occasionally young trout can be seen. Within a few hundred yards that stream enters the river Teifi.

 A few miles away up into the mountains are a group of lakes, the source of the great fishing river Teifi, known as the Teifi Pools. They are set in remote and magnificent Cambrian Mountain scenery. Cistercian monks of Strata Florida Abbey are reputed to have first stocked these highland lakes with trout in the Middle Ages and their fly fishing methods are still used today to lure the truly wild creatures. These lakes offer a fantastic fishing experience, no stock fish just pure wild brown trout who take a bit of skill to deceive. Fishing here is like stepping back in time to the bygone years and is an experience all fishermen would relish. The Pools offer three lakes for Fly-fishing and one multi-purpose (Llyn Teifi).
Two local Fishermen have won national and international championships in the art. The Tregaron Angling Association has rights on the river Teifi for 24 miles from Strata Florida to Lampeter and of the Teifi Pools complex of lakes. Weekly permits can be obtained from the Post Office or village shop.