LION COPPER & GOLD CORP.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Emerging Growth Company Status Glossary of Terms
We have reported mineral resources and proven and probable mineral reserves in accordance with S-K 1300. Mineral resources are concentrations of material of economic interest in or on the earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for eventual economic extraction. Mineral resources represent the economically mineable part of measured and/or indicated mineral resources, as demonstrated by at least a preliminary feasibility study.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of measured and indicated mineral resources may be materially affected by environmental, permitting, legal title, taxation, socio-political, marketing or other relevant issues. There is no certainty that all or any part of the measured and indicated mineral resources will ever be converted into mineral reserves.
Inferred mineral resources have a greater degree of geological uncertainty than measured and indicated mineral resources and it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category or converted into mineral reserves.
EMERGING GROWTH COMPANY STATUS
Lion Copper & Gold Corp. is an "emerging growth company" as defined in section 3(a) of the Exchange Act (as amended by the U.S. Jumpstart Our Business Startups Act (the "JOBS Act"), enacted on April 5, 2012), and we will continue to qualify as an "emerging growth company" until the earliest to occur of: (a) the last day of the fiscal year during which we have total annual gross revenues of $1.235 billion or more; (b) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended; (c) the date on which we have, during the previous three-year period, issued more than $1.235 billion in non-convertible debt; or (d) the date on which we are deemed to be a "large accelerated filer", as defined in Rule 12b-2 under the Exchange Act.
GLOSSARY OF TECHNICAL TERMS
| Cut-off Grade: | Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. |
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| Development stage issuer | An issuer that is engaged in the preparation of mineral reserves for extraction on at least one material property. |
| Development stage property | A property has mineral reserves disclosed, pursuant to S-K 1300, but no material extraction. |
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| Economically viable | When used in the context of mineral reserve determination, this means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. |
| Exploration results | Data and information generated by mineral exploration programs (i.e., programs consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of mineral resources or reserves. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. |
| Feasibility study | A comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. |
| Indicated Mineral Resource: | Part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. |
| Inferred Mineral Resource: | Part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. |
| Material: | The term material, when used to qualify a requirement for the furnishing of information as to any subject, limits the information required to those matters to which there is a substantial likelihood that a reasonable investor would attach importance in determining whether to purchase the security registered. |
| Measured Mineral Resource: | That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. |
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| Mineral Deposit or Mineralized Material: | A mineralized body which has been intersected by sufficient closely spaced drill holes and or underground sampling to support sufficient tonnage and average grade of metal(s) to warrant further exploration-development work. This deposit does not qualify as a commercially mineable ore body (reserves), as prescribed under SEC standards, until a final and comprehensive economic, technical, and legal feasibility study based upon the test results is concluded. |
| Mineral Reserve: | An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. |
| Mineral Resource: | A concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. |
| Preliminary feasibility study or Pre-feasibility study | A comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product.(1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable.(2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment. |
| Probable Mineral Reserve: | The economically mineable part of an indicated and, in some cases, a measured mineral resource. |
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| Proven Mineral Reserve: | The economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. |
| Tailings: | The material that remains after minerals have been processed to extract the valuable constituents from ore. |
| Ac-ft: | Acre feet |
|---|---|
| Cu: | Copper |
| g/t or gpt: | grams per tonne |
| IP: | Induced Polarization geophysical survey |
| NSR: | Net smelter return royalty |
| Oz: | Troy ounce |
| oz/t or opt: | Ounces per ton. |
| ppb: | Parts per billion |
| ppm: | Parts per million |
| RC: | Reverse Circulation |
| TCu: | Total Copper |
CONVERSION TABLES
| Conversion Table | |||
|---|---|---|---|
| Imperial · Metric | |||
| 1 Acre | = | 0.404686 | Hectares |
| 1 Foot | = | 0.304800 | Metres |
| 1 Mile | = | 1.609344 | Kilometres |
| 1 Ton | = | 0.907185 | Tonnes |
| 1 Ounce(troy)/ton | = | 34.285700 | Grams/Tonne |
| Precious metal units and conversion factors | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ppb | - Part per billion | 1 | ppb | = | 0.0010 | ppm | = | 0.000030 | oz/t |
| ppm | - Part per million | 100 | ppb | = | 0.1000 | ppm | = | 0.002920 | oz/t |
| oz | - Ounce (troy) | 10,000 | ppb | = | 10.0000 | ppm | = | 0.291670 | oz/t |
| oz/t | - Ounce per ton (avdp.) | 1 | ppm | = | 1.0000 | ug/g | = | 1.000000 | g/tonne |
| g | - Gram | ||||||||
| g/tonne | - gram per metric ton | 1 | oz/t | = | 34.2857 | ppm | |||
| mg | - milligram | 1 | Carat | = | 41.6660 | mg/g | |||
| kg | - kilogram | 1 | ton (avdp.) | = | 907.1848 | kg | |||
| ug | - microgram | 1 | oz (troy) | = | 31.1035 | g | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.