They're like a biotech startup for the mining industry, focused on discovering and developing new copper and gold deposits, rather than already operating large, established mines like BHP or Rio Tinto.

Imagine them as a land developer for future mines, acquiring and exploring properties with the potential to become major copper or gold producers, similar to how a real estate developer buys land to build future communities.

• Copper Exploration and Development: The company identifies, evaluates, and advances copper mineral deposits towards potential future mining operations.
• Mineral Property Holdings: Lion Copper acquires and manages rights to mineral properties, primarily focused on copper, for the purpose of future resource extraction.

John Banning, Chief Executive Officer

Mr. Banning joined Lion Copper Corp. in 2024, initially serving as Chief Operating Officer before being appointed Chief Executive Officer. During his tenure, he has been instrumental in leading the completion of the Pre-Feasibility Study for the Yerington Copper Project and advancing the project into its definitive feasibility study and permitting phases. Under his leadership, Lion Copper secured approximately US$30 million in Stage 3 investment from Nuton, a Rio Tinto venture. He also managed the maiden Mineral Resource Estimate for the Bear Deposit.

M. Millie Paredes, Chief Financial Officer and Corporate Secretary

Ms. Paredes was appointed Chief Financial Officer and Corporate Secretary of Lion Copper & Gold Corp. effective June 22, 2026. She brings over 30 years of international experience across mineral exploration, corporate finance, financial planning and analysis, capital allocation, mergers & acquisitions, and public company governance. Her previous roles include Chief Financial Officer of Mako Mining Corp and Bellhaven Copper & Gold Inc. She also held senior finance and strategy positions at Rio Tinto's U.S. Borax operations, Intel Corporation, Hewlett-Packard, and Q² Lab Solutions. Earlier in her career, Ms. Paredes worked with BHP Minerals and BHP Tintaya, contributing to exploration, geological modeling, resource calculation, and mine planning. She holds a B.Sc. in Geological Engineering, an M.Sc. in Geology, and an MBA from Cornell University.

Tom Patton, Co-Chairman of the Board

Mr. Patton is a seasoned resource exploration geologist with over 40 years of experience. He previously served as President and COO of Western Silver, where he led the team responsible for discovering and delineating the Peñasquito silver reserve, which was subsequently sold to Glamis Gold (now Goldcorp) for $1.2 billion in 2006. His extensive career also includes roles as Senior VP Exploration and Business Development for Kennecott, and Managing Director South America for Rio Tinto Mining and Exploration.

Travis Naugle, Senior Advisor

Mr. Naugle is a seasoned executive with over 25 years of experience in the gold, copper, and strategic mining sectors. His industrial track record includes significant involvement in projects such as the Kupol mine project for Bema Gold (which was sold to Kinross for $3 billion) and the Kensington mine project for Coeur Mining. He has also been involved in the financing, development, and liquidity exits of multiple strategic mining operations in Russia and Eurasia, and notably negotiated a bilateral mining treaty between the governments of Russia and China. Mr. Naugle founded Falcon Copper Corp., where he serves as Executive Chairman and Director. He is a licensed Professional Engineer, holds an MBA from the University of Chicago Booth School of Business, and a degree in mining engineering from Montana Tech.

The key risks to Lion Copper (LCU) are primarily associated with its status as a development-stage company with no current revenue generation and its dependence on a single major project.

1. No Operating Revenue and Going Concern Risk: Lion Copper Corp. currently has no operating revenue and faces significant doubt about its ability to continue as a going concern. The company's financial viability is dependent on its ability to secure ongoing funding for administrative costs, maintain its mineral property interests, and manage its convertible debt obligations.

2. Project Concentration and Development-Stage Risk: The company is heavily reliant on the successful development of its flagship Yerington Copper Project. As a development-stage company, it has not commenced commercial mining operations and its success is contingent upon achieving favorable technical metallurgical recovery rates, completing feasibility engineering, securing necessary federal and state permits, and attracting strategic partner funding. There is no assurance that the project will reach commercial production or generate profits.

3. Financing and Dilution Risk: Lion Copper requires external equity capital to fund its corporate overhead, pre-feasibility and feasibility studies, and exploration programs. Recent debt restructurings, including extending debenture maturities and issuing warrants, highlight ongoing financing needs and the potential for further dilution for existing shareholders when raising additional capital.

Lion Copper Corp. (LCU) is primarily focused on the acquisition, exploration, and development of copper projects in the United States, with its flagship being the Yerington Copper Project in Nevada. The company aims to produce copper cathode to supply the growing demand for domestically produced copper in the U.S. for critical sectors such as electrical infrastructure, energy development, advanced manufacturing, and the digital economy.

The addressable market for Lion Copper's main product, copper, can be identified both globally and specifically within the United States, aligning with the company's U.S.-focused strategy.

• U.S. Copper Market: The market size in the United States was estimated at USD 14,378.7 million in 2024. It is projected to grow to approximately USD 27,789.4 million by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of about 6.17% from 2025 to 2035.
• Global Copper Market: The global copper market size was valued at USD 248.2 billion in 2025 and is projected to increase to USD 388.8 billion by 2033, with a CAGR of 5.9% from 2026 to 2033. Another estimate places the global market size at USD 366.25 billion in 2026, with a projection to reach around USD 573.24 billion by 2035, growing at a CAGR of 5.08% from 2026 to 2035. In terms of volume, the global copper market is expected to grow from 27.34 million tons in 2026 to 33.27 million tons by 2031, at a CAGR of 4.01%.

Here are 3-5 expected drivers of future revenue growth for Lion Copper (LCU) over the next 2-3 years:

1. Advancement of the Yerington Copper Project to Commercial Production: The primary driver of future revenue for Lion Copper is the successful development and commencement of commercial production at its Yerington Copper Project in Nevada. The company completed a Pre-Feasibility Study (PFS) in September 2025, which projected an average annual production of 120 million pounds of refined copper cathode over a 12-year mine life. Lion Copper is currently advancing a Definitive Feasibility Study (DFS) and permitting activities, with the DFS targeted for completion in the first quarter of 2027. The company anticipates a final investment decision in Q2 2027, followed by project financing and construction in H1 2028, leading to the projected first copper cathode production in H1 2030.
2. Strategic Partnership and Funding from Nuton (Rio Tinto Venture): The earn-in agreement with Nuton LLC, a subsidiary of Rio Tinto, is a significant driver. Nuton is providing funding to advance the DFS and permitting for the Yerington Copper Project, which de-risks the project financially and minimizes shareholder dilution during critical development phases. The partnership also includes the integration of Nuton's proprietary copper leaching technologies, which are expected to enhance copper recovery and offer environmental benefits, potentially leading to more efficient and profitable operations. Nuton has the option to earn up to a 65% interest in the Mason Valley projects by funding up to $59 million.
3. Expansion of Copper Resources with the Bear Deposit: Lion Copper's expansion of its copper resource inventory, notably with the Bear Deposit, is expected to contribute to future revenue growth. In August 2026, the company announced a maiden Mineral Resource Estimate for the Bear Deposit, outlining substantial indicated and inferred resources of contained copper. The Bear Deposit is contiguous to the Yerington Copper Project, significantly expanding Lion Copper's overall copper endowment in the district. The company plans to pursue upgrading strategies and integrate the Bear Deposit into broader mine planning alongside the Yerington project. Additionally, Lion Copper continues to consolidate strategic land positions throughout the Yerington Copper District to support future exploration and long-term project development.
4. Favorable Copper Market Tailwinds and Domestic Demand: The broader market conditions for copper are expected to be a significant driver of revenue. Lion Copper's projected production timeline aligns with an anticipated structural copper supply deficit, driven by increasing demand from electrification, AI infrastructure, and the global energy transition. The company is positioned to benefit from strengthening policy support for domestic copper production in the U.S., aiming to strengthen supply chains and reduce reliance on foreign sources. The production of LME Grade A copper cathode, a higher-value product, further enhances the project's economic potential.

Share Issuance

• Lion Copper & Gold completed a 27-for-1 share consolidation on September 14, 2026, reducing the number of outstanding common shares from approximately 431 million to around 16 million.
• On November 8, 2024, Lion Copper completed a private placement, issuing 25,155,554 units for gross proceeds of $1.132 million.

Inbound Investments

• On January 28, 2026, Lion Copper received US$30.5 million from Nuton LLC, a subsidiary of Rio Tinto, as part of an earn-in agreement for the Yerington Copper Project to advance the Definitive Feasibility Study and permitting.
• As of November 14, 2024, Lion Copper had received cumulative funding of $23 million from Rio Tinto under an agreement.

Outbound Investments

• In August 2023, Lion Copper acquired title to the Copper Canyon claims.
• In early 2022, Lion Copper announced the acquisition of the Montana Blue Copper-Gold Prospect.
• Lion Copper Corp. holds a 34% ownership in Falcon Copper Corp. and 48% ownership in Blue Copper Royalties, LLC.

Capital Expenditures

• A Preliminary Economic Assessment (PEA) for the Yerington copper project, released January 31, 2024, estimated an initial capital expenditure of $413 million, primarily for open pit mining, processing, infrastructure, dewatering, and environmental costs.
• The Pre-Feasibility Study (PFS) for the Yerington Copper Project, released August 5, 2025, projected an initial capital of $724 million for mine development, heap leach pads, SX/EW plant, acid plant, and related infrastructure.
• Capital expenditures were reported as -$8.27 million in the last 12 months (ending approximately October 2026), -$1.63 million for fiscal year 2025, -$0.21 million for fiscal year 2024, and -$0.37 million for fiscal year 2023.