Lion Copper's Yerington optionee proceeds to Stage 3

Executive Summary

• Lion Copper and Gold Corp. has secured US$31 million in milestone funding from Nuton LLC (a subsidiary of Rio Tinto) to advance the Yerington Copper Project to Stage 3 of their earn-in agreement.
• The funding is designated for a definitive feasibility study, mine permitting, and associated work programs aimed at advancing copper cathode production and deploying Nuton’s proprietary bioheap leach technology.
• This stage follows approximately $28 million in prior investments by Nuton covering resource definition, environmental studies, and preliminary economic assessments.

Key Details

• Funding Amount: Up to US$31 million provided by Nuton LLC.
• Transaction Structure: Exercise of the option to earn-in under the existing agreement relating to Lion Copper's flagship copper assets in the Yerington, Nevada region.
• Use of Proceeds:
  • Progress a definitive feasibility study.
  • Advance mine permitting.
  • Execute associated work programs for copper cathode production.
  • Support commercial deployment of Nuton’s proprietary bioheap leach copper extraction technology.
• Prior Investment Context: Nuton has previously invested approximately US$28 million covering:
  • Resource definition drilling.
  • Baseline environmental studies.
  • Completion of a preliminary economic assessment (Q1 2024).
  • Completion of a prefeasibility study (Q3 2025).
  • These activities constituted Stages 1 and 2 of the agreement.
• Stage 3 Work Plan:
  • Definitive feasibility study incorporating recent prefeasibility study results and final optimization of mining, metallurgy, hydrology, and engineering studies.
  • Submission of final permitting and regulatory applications under U.S. federal and Nevada state law.
  • Detailed engineering design, cost estimation, and development planning to position the project for commercial production.
  • Additional evaluation studies of the Yerington copper district's scaling opportunities.

Notable Quotes

• John Banning, CEO of Lion Copper: "Nuton's decision to advance to Stage 3 marks a pivotal milestone for the Yerington copper project's direction and timeline as it moves forward with mine development, permitting and general project derisking and a strong vote of confidence in both our team and the district's potential as a meaningful near-term domestic copper supplier."
• Adam Burley, CEO of Nuton: "Nuton's decision to advance the Yerington copper project reflects our confidence in its potential as a major copper-producing district. Lion CG's extensive work and commitment have significantly derisked the project and built a strong foundation of resource knowledge, community engagement and responsible development principles."