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Lion Copper and Gold (LCGMF-9.09%) Corp. has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details on the company's financial position, reporting a total of $17.14 million in assets and $7.74 million in liabilities. The company has a working capital of $346,000 and an accumulated deficit of $130.6 million.
Lion Copper and Gold reported a net loss of $4.74 million for the year, a decrease from the $5.91 million loss reported in the previous year. The loss was primarily due to exploration and evaluation expenses, which totaled $8.24 million.
The company is engaged in mineral exploration and development, focusing on its Yerington Copper Project in Nevada. The project is being advanced through an option agreement with Nuton LLC, a Rio Tinto venture, which has provided $28 million in funding to date.
Lion Copper and Gold's exploration activities in 2024 included significant drilling programs at the Yerington and MacArthur sites, as well as environmental and technical studies to support a pre-feasibility study.
The company also reported progress in resolving legal issues related to water rights in Nevada, successfully negotiating a settlement to reinstate previously forfeited water rights.
Lion Copper and Gold's financial activities in 2024 included closing non-brokered private placements for gross proceeds of $2.13 million and repaying convertible debentures.
The company continues to depend on external funding to finance its operations, with no operating revenues reported. Future funding will be necessary to maintain its mineral property interests and advance its exploration projects.
Lion Copper and Gold's management has identified several risks and uncertainties, including the need for additional financing, exploration and development risks, and regulatory compliance challenges.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.