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Lion Copper and Gold Corp. (LCGMF+10.55%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing cash and cash equivalents of $5.487 million, up from $2.310 million at the end of 2023. The company reported a working capital deficit of $416,000, an improvement from the $2.854 million deficit at the end of 2023.
The company has received cumulative funding of $23 million from Rio Tinto (RIO+0.50%), with expenditures of $19.011 million under the Rio Agreement. This includes $14.074 million in exploration, $4.335 million in general operating expenses, and $602,000 in capital items.
Operating expenses for the nine months ended September 30, 2024, were $2.665 million, compared to $3.667 million in the prior period. The decrease is attributed to increased net funding from Rio Tinto.
Lion Copper and Gold Corp. reported a net loss of $3.990 million for the nine months ended September 30, 2024, compared to a net loss of $4.295 million for the same period in 2023.
The company completed a private placement on November 8, 2024, issuing 25,155,554 units at $0.045 per unit for gross proceeds of $1.132 million. Each unit comprises one common share and one warrant exercisable at $0.06 until November 8, 2029.
As of September 30, 2024, the company had 411,011,264 common shares outstanding, with 46,575,248 stock options and 110,477,171 warrants.
The company continues to face material uncertainties regarding its ability to continue as a going concern, depending on discovering economically recoverable mineral reserves and obtaining necessary funding.
During the quarter, the company focused on advancing its flagship Yerington Copper Project, with ongoing exploration and permitting activities. The company completed 18 drill holes at MacArthur and four core drill holes at Yerington.
The filing also details the company's ongoing legal proceedings related to water rights in Nevada, with a hearing tentatively scheduled for the first quarter of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lion Copper and Gold quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.