History
A once-dormant listed shell became a Nevada copper developer, as Rio Tinto-backed Nuton paid for studies that produced a first reserve and a large new resource.
2008-2023: A listing and a long quiet
Lion Copper & Gold's securities were certified for listing on the American Stock Exchange on 29 February 2008, clearing them to trade. In January 2014 they were notified for removal from listing and registration on that exchange. The record then goes quiet for roughly a decade. The company's later disclosures show it held copper claims at Yerington, Nevada, and on 18 March 2022 it signed an option-to-earn-in agreement with Nuton LLC, Rio Tinto's copper-technology venture. Under it, Nuton funds work on the project in return for the right to earn in.
2024: Expensive money, then a partner steps up
Early 2024 showed how tight funds were. On 22 February the company issued $941,813 of convertible debentures (loans that can be swapped into shares) at 20% annual interest, convertible at $0.06 a share. On 14 March it settled $1.92 million of debt by issuing about 45.8 million shares or units at $0.042, and raised another $1 million in a private placement at the same price for working capital. Shares on issue rose from about 310 million at the end of 2023 to about 411 million at the end of 2024.
Project work moved ahead regardless. A Preliminary Economic Assessment, an early study of viability, combined the Yerington and MacArthur mines into one open-pit, heap-leach operation (copper extracted by trickling solution through piled ore). Nuton provided $16.5 million during the year, a chief operating officer and a VP Environment were hired, and on 24 September the company filed a listing statement for a Canadian Securities Exchange listing. On 20 November Nuton agreed to provide a further $5 million under an amended earn-in agreement.
2025-2026: Reserve, funding and Bear
On 6 August 2025 the company announced the results of a Pre-Feasibility Study, a more detailed study, fully funded by Nuton. It booked the project's first mineral reserve of 506.5 million tonnes holding 2.14 billion pounds of copper, with a post-tax value of $694 million and a 14.6% return. On 25 November Nuton formally exercised its option and committed up to $31 million for Stage 3, a Definitive Feasibility Study and permitting, on top of about $28 million already invested. The first Stage 3 tranche, $30.5 million, arrived on 30 January 2026. The latest share count for 2026 was about 431 million.
On 6 August 2026 the company announced a maiden resource for the neighbouring Bear Deposit: 6.71 billion pounds of indicated copper and 8.77 billion pounds of inferred copper (the less certain category). As of that date, the Definitive Feasibility Study was under way with Nuton's funding.
Written from the 11 story beats below (2008 to 6 Aug 2026), which come from the company's own announcements and filings.