Lion Copper and Gold Corp. reported a net loss of $10.3 million for the nine months ending September 30, 2025, compared to a loss of $4.0 million during the same period in 2024. The company's operating loss for the third quarter of 2025 was $6.0 million, significantly higher than the $0.8 million loss recorded in the third quarter of 2024. The increase in losses is attributed to higher professional fees and share-based payments, which rose to $3.6 million and $4.8 million, respectively, compared to $0.6 million and $0.8 million in the prior year. The company’s accumulated deficit as of September 30, 2025, stood at $137.1 million, up from $130.6 million at the end of 2024.
In terms of operational developments, Lion Copper's exploration and evaluation expenses decreased to $3.2 million for the nine months ended September 30, 2025, from $6.6 million in the same period of 2024. This reduction reflects the winding down of the Stage 2C work program under the Nuton LLC agreement, which has funded a significant portion of the company's exploration activities. Approximately 63% of the total expenses incurred during this period were covered by Nuton LLC, highlighting the importance of this partnership for the company's financial health.
Strategically, Lion Copper has made significant progress in its Yerington Copper Project, culminating in the completion of a Pre-Feasibility Study (PFS) announced on August 5, 2025. The PFS indicated a post-tax net present value of $694 million and an internal rate of return of 14.6%, based on a copper price of $4.30 per pound. The company has also successfully reinstated 6,014.5 acre-feet of water rights essential for the project's development, following a settlement with the Nevada Division of Water Resources.
Looking ahead, Lion Copper is focused on securing additional funding to advance its projects, particularly if Nuton LLC decides not to proceed with the next stage of the agreement. The company recently closed an oversubscribed secured convertible debenture for gross proceeds of $2.7 million, which will be used for purchasing land and mineral rights related to its projects in Nevada. As of November 14, 2025, the company reported cash and cash equivalents of approximately $19.2 million, including $14.9 million from Falcon Copper Corp. (FCC), indicating a solid liquidity position to support ongoing operations. However, the company acknowledges the uncertainty surrounding its ability to continue as a going concern if adequate financing is not secured in the future.
About LION COPPER & GOLD CORP.
Lion Copper and Gold Corp. is a mineral exploration company focused on acquiring, exploring, and developing copper projects primarily in Nevada and Montana, USA. Its key assets include the Yerington Copper Project and various other exploration-stage properties. The company offers opportunities in copper resource development, leveraging geological exploration and resource estimation, with a competitive edge in resource potential and strategic land holdings.
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