Lion Copper and Gold Corp. (OTC: LCGMF) Stock On The Radar After Latest Development

There were a significant number of companies that were in the news cycle last Friday, and Lion Copper and Gold Corp. (OTC: LCGMF) was one of them. The company announced on December 22 that the fully owned Rio Tinto subsidiary Nuton LLC had formally decided to opt into Stage 2b of the Option to Earn In Agreement.

The details of the agreement were shared by Lion Copper in a news release on October 20 of this year. The company revealed that, as per Stage 2b of the option, there would be funding to the tune of as much as $10 million towards the completion of the pre-feasibility study related to the Yerington Copper Project.

It was also revealed that the project was expected to be completed at some point in the third fiscal quarter of 2024. On the basis of the positive drilling results that had been reported on October 27, 2023, Nuton also provided an additional advance of $1.5 million for the Stage 3 exploration at some positions at the Bear deposit. It was also announced that total funds to the tune of $11.5 million would be deposited into the accounts of Lion Copper by the end of December. The money would be spent on a detailed work scope that would be agreed upon by both entities.

The co-chairman and chief executive officer of the company, Travis Naugle, spoke about the latest events on Friday. He noted that everyone at the company was eager to complete the preliminary economic assessment of the project and excited to have initiated a pre-feasibility study with Nuton. He went on to note that the most recent exploration results also provided evidence that the company may have only scratched the surface with regards to the full potential of the Bear deposit.