Lion Copper and Gold Corp. Secures US$31M Milestone Funding to Advance Feasibility Study and Mine Permitting for the Yerington Copper Project

Executive Summary

• Nuton LLC, a Rio Tinto subsidiary, exercised its option to earn‑in and will provide up to US$31 million to advance Lion Copper & Gold Corp.’s Yerington Copper Project to Stage 3.
• Funding will support a Definitive Feasibility Study (DFS), mine permitting, engineering design, and related work aimed at commercial copper cathode production using Nuton’s proprietary bio‑heap‑leach technology.
• To date Nuton has already invested roughly US$28 million in earlier stages (resource drilling, environmental studies, PEA and Pre‑Feasibility Study).

Key Details

• Agreement Scope: Stage 3 under the option earn‑in agreement between Lion CG and Nuton for the flagship Yerington Copper assets in Nevada.
• Funding Commitment: Up to US$31 million (additional to ~US$28 million already spent) earmarked for DFS, permitting, engineering, and technology deployment.
• Prior Investments: Approximately US$28 M allocated to:
• Resource definition drilling
• Baseline environmental studies
• Preliminary Economic Assessment (PEA) – Q1 2024
• Pre‑Feasibility Study (PFS) – Q3 2025
• Work Planned in Stage 3:
• Completion of a Definitive Feasibility Study incorporating PFS results.
• Final permitting and regulatory submissions to U.S. federal and Nevada state authorities.
• Detailed engineering design, cost estimation, and development planning for commercial production.
• Additional evaluation studies on scaling opportunities within the Yerington copper district.
• Strategic Rationale: Nuton’s bio‑heap‑leach technology aims to provide a lower‑impact, scalable copper extraction method, supporting domestic refined copper supply.
• Quotes:
• John Banning, CEO, Lion CG: “Nuton's decision to advance to Stage 3 marks a pivotal milestone…accelerating Yerington toward potential production and advancing a scalable, lower‑impact copper solution.”
• Adam Burley, CEO, Nuton: “Together we aim to meet rising copper demand with innovative, scalable, and low‑impact solutions.”

Notable Quotes

• “Nuton's decision to advance the Yerington Copper Project reflects our confidence in its potential as a major copper‑producing district…” – Adam Burley, Nuton CEO.

Materiality Assessment: Material – Positive (significant new funding and development milestone that could materially affect the company’s valuation and future cash flows).