Lion Copper LCGMD

Lion Copper and Gold Corp. is a United States-focused copper exploration and development company whose primary activity is advancing the Yerington Copper Project located in Lyon County, Nevada. The company acquires mineral rights, conducts geological mapping, geophysical surveys and drilling programs, and interprets data to define mineral resources and reserves. It has completed a pre feasibility study for the project in September 2025 and filed a technical report summary with the SEC in February 2026 under Regulation S-K 1300. The Yerington Copper Project consists of several deposits within a historic mining district and is being evaluated for open pit mining, heap leach processing, solvent extraction and electrowinning to produce copper cathodes. Lion Copper and Gold Corp. also holds a material subsidiary, Quaterra Alaska Inc., which owns 100% of Singatse Peak Services, LLC, a company that provides drilling and assay services to support exploration activities. The amounts shown as mineral properties on the balance sheet represent acquisition costs incurred to date, less amounts recovered and/or written off, and do not necessarily reflect present or future market values.

Lion Copper and Gold Corp. currently has no operating revenue because it has not commenced commercial mining operations or sold any copper concentrate or cathode. The company's value is derived from its mineral property assets, which include acquisition costs incurred on the Yerington Copper Project and related exploration expenses. Potential future revenue could arise from the sale of copper produced at the project, from streaming or royalty arrangements, or from proceeds of a joint venture with Nuton LLC. Under the earn in agreement, Nuton LLC may earn up to a 65% interest in the Mason Valley copper properties by funding as much as $59 million of work programs, of which $30.5 million was paid as a lump sum in January 2026 to advance technical, engineering, environmental and permitting activities. The earn in agreement also provides for the formation of a joint venture once Nuton satisfies the specified earn in conditions, at which point Lion Copper and Gold Corp. would retain a non controlling interest subject to the joint venture agreement. Until Nuton satisfies the earn in conditions, Lion Copper and Gold Corp. retains ownership and operational responsibility for the Yerington Copper Project.

Lion Copper and Gold Corp. competes with other mineral exploration companies for access to prospective properties, financing, and qualified personnel. Many competitors are larger and possess greater financial, technical and operational resources, which can give them an advantage in acquiring high quality assets and funding development projects. The company's competitive position is strengthened by its focus on the advanced stage Yerington Copper Project, the completion of a pre feasibility study, and the earn in agreement with Nuton LLC, a Rio Tinto venture, that provides substantial funding and technical expertise. Lion Copper and Gold Corp. also benefits from its skilled technical team and its knowledge of the Nevada mining jurisdiction, which helps navigate permitting and regulatory requirements. The company's strategy is to advance the Yerington Copper Project through completion of a definitive feasibility study and permitting, secure project financing, and position the project for construction and potential commercial production.

Lion Copper and Gold Corp. does not have customers for copper sales because it has not commenced commercial production. The company's stakeholders include potential off takers of copper cathodes, investors who provide capital for exploration and development, and joint venture partners such as Nuton LLC that may earn an interest in the project. Should the Yerington Copper Project reach production, the company expects to sell copper to industrial users, including manufacturers of electrical wire, power transmission equipment, construction materials, automotive components and renewable energy systems. Copper is a critical industrial metal widely used in electrical wiring, power transmission, construction, transportation and renewable energy systems, and its price is subject to global supply and demand dynamics. No specific customer names are disclosed in the filing.