Lion Copper and Gold is a pre-revenue copper exploration and development company with a single asset: the Yerington Copper Project in Lyon County, Nevada. The project is designed around open-pit mining and heap leach processing using solvent extraction and electrowinning (SX/EW), a standard method for extracting copper from lower-grade oxide ores. Lion Copper and Gold completed a Pre-Feasibility Study in September 2025 and is advancing toward a definitive Feasibility Study and permitting, with the eventual goal of securing project financing and beginning construction. The company generates no revenue and funds its development activities primarily through an earn-in agreement with Nuton, a venture backed by Rio Tinto. Under this arrangement, Nuton can earn up to a 65% interest in the Yerington Project by funding up to $59M in staged technical and development work. Nuton elected to proceed to the feasibility and permitting stage in November 2025 and provided a lump-sum payment of $30.5M in January 2026 to fund ongoing work. If the project reaches production, the business model would be straightforward: mine copper ore, process it into copper cathode, and sell it at prevailing market prices. Nuton retains the discretion to discontinue participation at future decision points, which is the most significant near-term risk to the company's development timeline.