Lion Copper & Gold Announces Maiden Mineral Resource Estimate for the Bear Deposit

Lion Copper’s new Nevada resource is large but years from economic clarity or production.

Risk flags

• ●There is no economic study, reserve estimate, or cost disclosure, so the economic viability of the Bear Deposit is entirely unproven. Without this, resource size alone does not translate into value, and the project could ultimately prove uneconomic at the assumed copper price or with higher costs.
• ●Permitting, engineering, and property access remain unresolved, with the company explicitly warning that there is no assurance all necessary rights or permits will be obtained on acceptable terms or at all. This introduces material execution risk and potential for indefinite project delays.
• ●The earn-in agreement with Nuton LLC (Rio Tinto subsidiary) provides partnership credibility, but there is no guarantee Nuton will proceed to full project formation or asset transfer. The company discloses that Nuton’s continued involvement is discretionary and subject to ongoing evaluation, so institutional backing is not assured.
• ●The resource estimate is based on wide drill spacing (Indicated: <250m, Inferred: <400m), and 57% of the copper is still classified as Inferred, which is a low-confidence category. Upgrading these tonnes to Indicated or Measured will require substantial additional drilling and capital.
• ●No funding amounts, capital expenditure estimates, or financial runway details are disclosed. The capital intensity of advancing to feasibility, permitting, and development is likely to be high, but the company provides no guidance on its ability to finance these stages.

Bottom line

Lion Copper & Gold’s maiden resource estimate for the Bear Deposit confirms a large copper system in Nevada, but the announcement is almost entirely technical and forward-looking, with no economic or production data. The partnership with Nuton (Rio Tinto) adds credibility, but their continued participation is not guaranteed and no binding development commitment exists. All value is contingent on years of further drilling, feasibility work, and permitting, with no assurance of ultimate development or profitability. The lack of financial disclosure—no cash, cost, or capex figures—means investors cannot assess capital needs or dilution risk. Until an economic study is released and Nuton’s intentions are clarified, the investment case remains speculative and long-dated. The single most important takeaway: this is a geological milestone, not an investable project or near-term value driver.

Announcement summary

(CSE: LEO) (OTCQB: LCGMF) — Lion Copper & Gold Corp. announced its maiden Mineral Resource Estimate ("MRE") for the Bear Deposit within the Yerington Copper Project in Lyon County, Nevada. The MRE contains an Indicated Resource of 6.71 billion pounds of contained copper (1,064 Mt @ 0.29% Cu) and an Inferred Resource of 8.77 billion pounds of contained copper (1,770 Mt @ 0.22% Cu), with approximately 43% of the contained copper classified as Indicated. The effective date for this Mineral Resource estimate is July 21, 2026, and it is based on 79 drill holes and 25,825 assays, with a cut-off date for the drill hole database of December 31, 2024. The estimate uses a break-even economic cut-off grade of 0.10 %Cu for sulfide material, a net copper price of US$4.22/lb, and 75% recovery in sulfide material. The Bear Deposit is contiguous with the Company's flagship Yerington Copper Project and is part of the "Mining Assets" subject to the Earn-In Agreement with Nuton LLC, a subsidiary of Rio Tinto America Inc. In January 2026, the Company received a further funding installment from Nuton to advance the Definitive Feasibility Study and associated permitting activities for the Yerington Copper Project. The company projects future activities to focus on expanding mineralization and upgrading portions of the Inferred Mineral Resource, as well as integrating the deposit into broader district planning.

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