Lion Copper and Gold Corp (OTC: LCGMF) is a pre-revenue mineral exploration and development company advancing copper properties in Nevada, United States. The company generates no operating revenue; it funds activities through equity financing, convertible debt, and a strategic funding arrangement with Nuton LLC, which has covered exploration costs at the Yerington Copper Project. The Yerington Copper Project, the company's primary asset, encompasses the Yerington Pit, VLT, MacArthur, Gallagher, and North Ridge areas, with total proven and probable mineral reserves of approximately 2.14 billion pounds of copper across oxide and sulfide ore types as of the 2025 pre-feasibility study. A 2025 pre-feasibility study estimated initial capital of $724 million, life-of-mine total capital of $1.73 billion, and post-tax NPV (7%) of $694 million, with all-in sustaining costs of $2.67 per pound of payable copper. The company carries a going-concern qualification as of December 31, 2025, having not generated revenue and carrying outstanding convertible debt obligations.

Revenue model

No revenue generated as of December 31, 2025. Operations are funded through convertible debentures bearing 12% interest per annum maturing November 8, 2026, equity financing, and project-level funding from Nuton LLC, which funded $2.805 million of Yerington (SPS) exploration expenditures in FY2025 and $7.797 million in FY2024.

Products and services

Mineral exploration and development focused on copper. Primary asset is the Yerington Copper Project in Nevada, comprising the Yerington Pit, VLT, MacArthur, Gallagher, and North Ridge areas. Proven and probable reserves include 341.5 million pounds of oxide copper and 1,213.3 million pounds of sulfide copper at the Yerington area alone (per 2025 pre-feasibility study). The company also holds a retained investment in Falcon Copper Corp (FCC), a private exploration-stage entity deconsolidated as of December 31, 2025.

Customers and end markets

No customers as of December 31, 2025. End market upon potential future production would be copper commodity markets. Nuton LLC is the sole external funding partner for project-level exploration expenditures.

Value-chain role

Exploration and development stage. The company identifies, acquires, and advances copper mineral properties toward feasibility and potential future production. It does not mine, process, or sell copper. Activities include drilling, assaying, technical studies, environmental work, and property maintenance.

Geographic exposure

Operations located in Nevada, United States. The Yerington Copper Project is in the Yerington, Nevada area. The company is incorporated in Canada and its common shares trade on a Canadian exchange in addition to OTC markets in the United States.

Source: SEC 10-K, filed 2026-03-31

Industry: Metal Mining