Recent developments include securing $5 million funding for the Yerington Project and closing a $2.7 million secured convertible debenture financing to support land and mineral rights acquisition.

• Lion Copper and Gold secured $5 million funding for the Yerington Project as reported on April 2, 2026 [N1].
• On November 6, 2025, the company closed an oversubscribed secured convertible debenture for gross proceeds of $2.7 million, bearing 12% interest and convertible into common shares at $0.0965 per share, with proceeds intended for land and mineral rights acquisition in Nevada [S1].
• The company announced the results of a Pre-Feasibility Study for its 100% owned Yerington Copper Project on August 5, 2025, demonstrating a post-tax NPV (7%) of $694 million and IRR of 14.6% based on a copper price of $4.30/lb [S1].
• The company successfully reinstated 6,014.5 acre-feet of water rights essential for project development after a settlement with Nevada state authorities in March 2025 [S1].

The company has demonstrated progress in advancing its copper projects, notably the Yerington Copper Project, with a completed Pre-Feasibility Study indicating substantial project value. The partnership with Nuton LLC brings innovative heap leaching technology and funding support, potentially improving copper recovery and environmental outcomes. Recent financing activities provide capital for land acquisition and project development. The reinstatement of water rights removes a key regulatory hurdle. These factors collectively support the company's potential to develop economically viable copper mining operations.

Lion Copper remains in an advanced exploration stage without operating revenues, relying heavily on external funding, particularly from Nuton LLC. The current liquidity position shows a low current ratio, indicating potential short-term financial constraints. The company has disclosed material uncertainty about its ability to continue as a going concern if Nuton LLC does not proceed with further investment and if additional financing is not secured. Exploration and development risks, regulatory challenges, and commodity price volatility present ongoing risks to project advancement and financial stability.

Lion Copper's moat is primarily based on its ownership of significant copper mineral assets in Nevada, including historically productive mines and extensive land holdings. The strategic partnership with Nuton LLC provides access to advanced heap leaching technology and funding, which may enhance project economics and environmental performance. The reinstatement of critical water rights and completion of a Pre-Feasibility Study add to the project's development readiness. However, the company remains in an exploration and development phase without operating revenues, and its competitive advantage depends on successful project advancement and securing further investment.

• Financing Risk: The company depends on external funding, especially from Nuton LLC, to finance exploration and development. Failure to secure additional financing or if Nuton LLC does not proceed with Stage 3 could impair operations and continuity.
• Exploration and Development Risk: As an exploration-stage company, there is inherent uncertainty in mineral resource estimates, project feasibility, and successful development of mining operations.
• Regulatory and Environmental Risk: The company faces risks related to environmental compliance, permitting, and water rights management, which are critical for project development.
• Market and Commodity Price Risk: Copper price fluctuations and market conditions can materially affect project economics and company valuation.

• Lion Copper & Gold Corp. is a mining company incorporated in British Columbia, Canada, with primary operations in the United States, specifically Nevada.
• The company is listed on the Canadian Securities Exchange under the symbol 'LEO' and quoted on the OTCQB Market under 'LCGMF'.
• Lion Copper is in an advanced exploration stage and has not generated operating revenues to date.
• The company holds copper projects in Mason Valley, Nevada, including the historical Yerington mine, MacArthur project, Wassuk property, Bear deposit, and associated water rights.
• Lion Copper entered into an option to earn-in agreement with Rio Tinto America Inc., assigned to Nuton LLC, to advance studies and exploration on its copper projects.
• Nuton LLC is evaluating commercial deployment of its Nuton™ heap leaching technology at the Yerington Copper Project, aiming to improve copper recovery and environmental performance.
• The Nuton Agreement includes three stages of investment, with Stage 2c completed including a Pre-Feasibility Study (PFS) incorporating Nuton™ technologies.
• The PFS for the Yerington Copper Project was announced on August 5, 2025, showing a post-tax NPV (7%) of $694 million and IRR of 14.6% based on a copper price of $4.30/lb, with estimated average annual production of 120 million pounds of refined copper cathode over 12 years.
• The company successfully reinstated 6,014.5 acre-feet of water rights essential for project development after a settlement with Nevada state authorities.
• Lion Copper closed an oversubscribed secured convertible debenture for gross proceeds of $2.7 million on November 6, 2025, with 12% interest and convertible into common shares at $0.0965 per share.
• Proceeds from the debenture are intended for land and mineral rights acquisition related to Nevada projects, with repayment secured against these assets.
• As of December 31, 2025, the company had cash and equivalents of approximately $7.999 million and current liabilities of $6.082 million, resulting in a current ratio of 0.48 and a cash ratio of 1.42.
• For the fiscal year ended December 31, 2025, Lion Copper reported net income of $4.383 million and basic earnings per share of $0.04.
• During the nine months ended September 30, 2025, the company incurred exploration and evaluation expenses of $3.183 million, lower than the prior year due to completion of stage 2C work.
• Nuton LLC funded approximately 63% of the company's expenses excluding non-cash items during the nine months ended September 30, 2025.
• The company has significant outstanding equity instruments including over 413 million common shares, 88.5 million stock options, and 122.7 million warrants.
• Lion Copper's operations and financial results are influenced by its relationship with Nuton LLC and the progress of the Nuton Agreement stages.
• The company disclosed material uncertainty about its ability to continue as a going concern if Nuton LLC does not proceed with Stage 3 and additional financing is not secured.
• The company has no off-balance sheet arrangements and no proposed transactions other than those disclosed.
• Recent news includes securing $5 million funding for the Yerington Project as reported on April 2, 2026 [N1].