Lion Copper and Gold Corp. Reports Net Loss, Improves Financial Position Amid Exploration Efforts

Lion Copper and Gold Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing a net loss of $363,000 for the third quarter and a total net loss of $3,990,000 for the nine-month period. This represents a slight improvement compared to the net loss of $4,295,000 for the same period in 2023. The company continues to operate without any revenue, relying on financing through debt and equity to support its mineral property interests.

Operating expenses for the third quarter totaled $1,591,000, while for the nine months, they reached $6,640,000. The company incurred a loss of $2,336,000 related to the Rio Tinto Deposit during the third quarter, contributing to an overall operating loss of $757,000 for the quarter and $2,230,000 for the nine months. Notably, non-operating income included a fair value gain on derivative liabilities of $7,439,000 in the third quarter.

The company’s financial position showed improvements, with cash and cash equivalents increasing to $5,487,000 as of September 30, 2024, up from $2,310,000 at the end of 2023. The working capital deficit also improved to $416,000 from $2,854,000. Total stockholders' equity rose to $8,291,000, reflecting a gradual strengthening of the company's financial foundation.

Lion Copper and Gold Corp. has been active in its exploration efforts, with total mineral property acquisition costs reported at $7,857,000 as of September 30, 2024, an increase from $7,647,000 at the end of 2023. The company has focused on its flagship Yerington Copper Project, where a Preliminary Economic Assessment (PEA) was announced in January 2024, projecting a post-tax NPV of $356 million and an IRR of 17.4%.

Strategically, the company has entered into various agreements, including an option agreement with Rio Tinto, which allows for staged investments in exploration activities. As of September 30, 2024, cumulative funding received from Rio Tinto amounted to $23 million, with total expenditures incurred under the agreement reaching $19.011 million.

In terms of corporate governance, Lion Copper and Gold Corp. has undergone changes, including a voluntary delisting from the TSX Venture Exchange and a listing on the Canadian Securities Exchange under the symbol "LEO." The company continues to face challenges, including ongoing legal proceedings related to water rights, which may impact its operational capabilities in the future.