Lannister is a pre-revenue mineral exploration company focused on its sole asset, the Basin Gulch Project, a gold and silver property in Montana. The company is in the early exploration stage and has not yet established any mineral reserves or resources. Lannister’s primary objective is to conduct drilling programs to validate historical data and establish a maiden mineral resource estimate. The Basin Gulch property contains near-surface gold and silver mineralization hosted in a volcanic diatreme complex. Because Montana bans open-pit cyanide heap leaching, Lannister must identify alternative processing methods to develop the deposit. Lannister operates as a junior mining company, relying entirely on external equity and debt to fund its activities. The company does not expect to generate revenue in the near term and utilizes independent contractors for management and technical work rather than direct employees. Lannister follows a two-phase exploration plan, beginning with surface work and a resource-definition drill program to confirm historical findings. The company then plans to expand the resource and complete a preliminary economic assessment (PEA). Value creation for the business is driven by exploration results that increase the estimated size and grade of the deposit and the market price of gold and silver.