Lion Copper and Gold Corp. has secured up to $31 million in Stage 3 financing from Nuton LLC, a Rio Tinto‑backed venture, to fund a Definitive Feasibility Study, mine permitting and related work for its Yerington Copper Project in Nevada.
The new capital injection follows Nuton’s earlier $28 million investment in earlier stages of the option earn‑in agreement. The Stage 3 commitment will cover detailed engineering, environmental studies and permitting activities that are critical to moving the project toward commercial production, while also providing a financial cushion that reduces the company’s working‑capital deficit and addresses the going‑concern warning issued in Lion Copper’s Q3 2025 report.
The Yerington project is a brownfield asset that has already completed a Preliminary Economic Assessment in Q1 2024 and a Pre‑Feasibility Study in Q3 2025. Nuton’s proprietary bio‑heap‑leach technology—developed under Rio Tinto’s umbrella—offers higher copper recovery rates and a lower environmental footprint than conventional smelting, positioning the project as a potential near‑term domestic copper supplier.
Lion Copper’s CEO John Banning said the funding is a “pivotal milestone” and a “strong vote of confidence” in the team and the district’s potential. Nuton CEO Adam Burley added that the decision reflects confidence in the project’s upside and the scalability of its low‑impact technology, which could reshape copper processing in the United States.
The financing removes a significant hurdle for Lion Copper, allowing the company to accelerate its development schedule, strengthen its partnership with Nuton and demonstrate progress to investors and regulators. The funding also signals to the market that a major mining player is willing to commit additional capital to a project that could contribute to the domestic copper supply chain amid rising demand for critical minerals.
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