Lion Copper and Gold Corp.

What they do

Lion Copper & Gold holds the Yerington Copper Project in the historic Yerington Copper District in Nevada, including the Yerington Deposit, MacArthur Deposit and a portion of the Bear Property. The company does not report mining revenue; it advances technical studies, feasibility work and permitting on its Mason Valley copper assets. In March 2022 it entered an Option to Earn-In Agreement with Rio Tinto America Inc., acting through Nuton LLC, covering the Yerington Mine, MacArthur Project, Wassuk property, Bear deposit and associated water rights. Lion continues to manage and operate the project while Nuton provides funding and technical support.

Revenue drivers

• Nuton earn-in funding — Under the December 19, 2025 Stage 3 Earn-In Agreement, Nuton committed to fund approximately US$31 million to advance the Yerington Copper Project through a Definitive Feasibility Study, permitting, engineering and environmental work, reducing the need for direct Company funding.
• Copper development assets (Yerington, MacArthur, Bear) — The Yerington district assets are the company's principal asset base; they are not yet producing, so no product revenue is generated from them in the reported periods.
• Equity and warrant financings — The company funds itself through the issuance of common shares and warrants; the 10-K references private placements and share-based awards with Black-Scholes and Monte Carlo valuation inputs. No dollar amounts for these financings are provided in the excerpts.
• Wholly owned subsidiary holdings — The filings reference subsidiaries including Falcon Copper Corp. and Falcon Butte Minerals Corp., which hold interests in properties such as Butte Valley, Blue Copper, Groundhog and Nieves Silver; no revenue contribution from these is disclosed.

Recent performance

Annual net income swung from a $4.7 million loss in 2024 to $4.4 million of net income in 2025, with diluted EPS of $0.03 versus $-0.01. Operating cash flow moved from positive $3.9 million in 2024 to negative $13.2 million in 2025. At June 30, 2026, total assets were $43.6 million, total liabilities $23.1 million, shareholder equity $20.5 million and cash and equivalents $24.5 million. The company reported no revenue lines in the financial data provided. Management describes the six months ended June 30, 2026 as focused on executing Stage 3 and advancing the Definitive Feasibility Study and permitting.

Strategy

The stated priority is advancing the Yerington Copper Project through a Definitive Feasibility Study and permitting, with Nuton funding approximately US$31 million under the Stage 3 Earn-In Agreement dated December 19, 2025. Lion appointed Samuel Engineering, Inc. as lead DFS consultant and NEXUS Environmental Consultants Inc. as lead permitting consultant, and hosted a multi-day DFS and permitting workshop at the Yerington site in the first quarter of 2026. Upon completion of the FS, Nuton and the Company will determine whether to establish an investment vehicle to hold the Mining Assets, with Nuton holding a minimum 65% interest. The company announced on June 29, 2026 that it submitted an initial application to list its common shares on the Nasdaq Capital Market, subject to Nasdaq listing requirements and regulatory approvals. Management states that Nuton funding reduces the need for significant direct funding by the Company.

Risks

• No operating revenue — The company reports no mining revenue and has depended on Nuton funding and equity issuances to advance the project.
• Earn-in dilution and control — Under the Stage 3 Earn-In Agreement Nuton has the opportunity to earn up to a 65% interest in the Yerington project, which would leave Lion with a minority interest.
• Feasibility and permitting uncertainty — The DFS and permitting work remain incomplete, and the outcome of the study and subsequent investment vehicle decision is not assured.
• Nasdaq listing may not be approved — The June 29, 2026 application for a Nasdaq Capital Market listing remains subject to Nasdaq initial listing requirements and regulatory approvals, and the company states there can be no assurance it will be completed.

Outlook

Management states it expects to continue advancing feasibility study and permitting activities throughout 2026 and will provide updates as material developments occur. Work is being led by Samuel Engineering for the DFS and NEXUS for permitting, with the Stage 3 earn-in providing approximately US$31 million of Nuton funding. Upon completion of the FS, the parties will determine whether to establish an investment vehicle for the Mining Assets with Nuton holding a minimum 65% interest. The company also intends the proposed Nasdaq listing to increase visibility among U.S. investors and enhance trading liquidity, subject to approval.