Lion Copper receives $30.5-million (U.S.) from Nuton

Executive Summary

• Lion Copper and Gold Corp. has received $30.5 million (U.S.) from Nuton LLC, a subsidiary of Rio Tinto, under the third stage of their previously announced earn-in agreement for the Yerington copper project in Nevada.
• The funds are designated to advance the Definitive Feasibility Study (DFS) and associated permitting activities, including technical optimization, engineering, environmental studies, and regulatory engagement.
• The investment validates the strategic importance of the Yerington project, aiming to establish domestic U.S. copper cathode supply to support electrification and grid modernization demands, while utilizing Nuton’s proprietary leaching technology to potentially reduce capital intensity and environmental footprint.

Key Details

• Transaction Amount: $30.5 million (U.S.).
• Counterparty: Nuton LLC, a wholly owned subsidiary of Rio Tinto.
• Context: Payment received pursuant to the earn-in agreement announced on November 24, 2025.
• Stage of Agreement: Represents Nuton's investment under Stage 3 of the earn-in framework.
• Use of Proceeds:
  • Advancement of the Definitive Feasibility Study (DFS).
  • Associated permitting activities.
  • Technical optimization and engineering.
  • Environmental studies and regulatory engagement.
• Project Focus: Yerington copper project in Lyon County, Nevada.
• Strategic Goals:
  • Progress Yerington toward qualification under the U.S. federal FAST-41 permitting framework.
  • Establish additional United States-based copper cathode supply to address rising demand from electrification, grid modernization, electric vehicles, and data center infrastructure.
  • Strengthen domestic critical mineral supply chains.
• Technical Integration: Nuton’s proprietary copper leaching technology will be further refined during the DFS to improve copper recoveries and potentially reduce capital intensity and environmental footprint compared to conventional processing routes.
• Shareholder Impact: CEO John Banning states the funding enables advancement without significant dilution or execution risk for Lion CG shareholders.

Notable Quotes

• "This investment represents a major execution milestone for Lion CG and further validates the scale, quality and strategic importance of the Yerington copper project." — John Banning, Chief Executive Officer, Lion Copper and Gold Corp.
• "This substantial partner funding enables the company to advance the DFS and permitting work without significant dilution and execution risk for Lion CG shareholders." — John Banning, Chief Executive Officer, Lion Copper and Gold Corp.