Lion Copper Corp.

Summary

The Company is an exploration stage issuer engaged in the exploration of copper properties. The Company holds its Yerington Copper Project, in Lyon County Nevada, which is the Company's only material mineral property, through its wholly owned U.S. subsidiary, Singatse Peak Services LLC ("SPS").

During the fiscal year ended December 31, 2024, the Company held interests in the following mineral properties:

Figure 1

Summary Mineral Resources at End of the Fiscal Year Ended December 31, 2024

Notes:

• Mineral resources are reported in situ and are current as of December 31, 2024. Mineral resources are not mineral reserves and do not demonstrate economic viability.

• Mineral resources at the Yerington Deposit are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.038 % TCu and 0.126% TCu, for oxide and sulfide material respectively, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, 75% recovery in sulfide material, base mining costs of $2.49/st for oxide and 2.22 for sulfide, and processing plus G&A costs of $2.14/st.

• Mineral resources at the W3 Stockpile are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.040 % TCu, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, base mining costs of $1.80/st, and processing plus G&A costs of $2.14/st.

• Mineral resources at the Vat Leach Tailings are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.040 % TCu, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, base mining costs of $1.72/st, and processing plus G&A costs of $2.14/st.

• Mineral resources at the MacArthur Deposit are reported within a conceptual pit shell that uses the following input parameters: metal price of $3.75/lb Cu; metallurgical recoveries of 60% leach cap, 71% oxide, 65% transition and 40% sulfide; and base mining costs of $1.92/st.; Cut-off grade: 0.06% TCu for leach cap, oxide and transition. Cut-off grade for sulfide: 0.06% TCu for MacArthur & North Ridge, 0.08% TCu for Gallagher

Internal Controls

Our properties are all at an early stage of exploration, with no reserves. The Company has Mineral Resources as disclosed in its SK-1300 Initial Assessment. Quality Assurance and Quality Control (QA/QC) protocols for all exploration, including drilling, sampling, and/or assaying are in place that are consistent with industry standards. These protocols include, but are not limited to:

1. An established database that contains accurate, precise, and defensible data from which resource, reserve, and feasibility studies can be made.

2. Conducting verification sampling of historical data via twin drilling and re-assaying of samples.

3. Ensure that surface or drill sampling follows best industry practices. This includes monitoring contractors and correcting sampling methods, if necessary. Additionally, drilling samples are logged daily and a Company geologist marks each sample with information on how it will be split or sawed. Drill contractors regularly perform down hole surveys with results communicated to Company personnel.

4. Samples are brought into a secured, covered location. Chain of Custody (COC) forms are kept with samples and are completed upon each transfer of the samples.

5. Use industry-standard QA/QC for analytical work. A blank or standard (with known assay values) is inserted into the sample stream every eleventh sample for all assay work. Additionally, random duplicate analyses are performed by a second laboratory to confirm assay values.

Qualified Person

The disclosure in this annual report of scientific and technical information regarding exploration results for the Yerington Copper Project has been reviewed and approved by Todd Bonsall (MMSA QP#1603) of the Company, who is a qualified person under Regulation S-K 1300.

Yerington Copper Project, Nevada, US

Project Location and Access

The Yerington Copper Project ("Project") is located near the geographic center of Lyon County, Nevada, US, along the eastern flank of the Singatse Range. The Project includes both the historic Yerington Property and the historic MacArthur open pit located approximately 4.5 miles to the northwest. The Project is bordered on the east by the town of Yerington, Nevada which provides access via a network of paved and gravel roads that were used during previous mining operations.

The Property is approximately 70 miles by road from Reno Nevada, 50 miles south of Tahoe-Reno Industrial Center, and 10 miles from the nearest rail spur of Wabuska. Topographic coverage is provided by the U.S. Geological Survey "Mason Butte", Lincoln Flat", and the "Yerington" 7.5' topographic quadrangles.

Access to the Project from the town of Yerington follows US Highway ALT 95 north about one mile to the Burch Street turnoff, a paved road that leads west into the Yerington Property. Access into the mine area is fenced and restricted. Inside the fenced area a series of roads provide access to the property in Township 13 North, Range 25 East. Claims in Township 13 North, Range 24 East are accessed by several existing roads leading west from US Highway ALT 95, from one to three miles south of the town of Yerington. A 100-foot-wide gravel haul road that accessed the MacArthur open pit copper mine during the 1990s leads 3.5 miles south to the Yerington Mine Site. Beyond the MacArthur pit area are several existing historic two-track dirt roads that provide access throughout the property. Topographic coverage is on US Geological Survey "Mason Butte" and "Lincoln Flat" 7.5' topographic quadrangles.

The Bear deposit is located south-southeast of the MacArthur pit and can be accessed by farm roads that are directly connected to US Highway ALT 95.

Yerington Copper Project Location

Source: Tetra Tech, 2014

The Yerington Copper Project consists of three property areas that are considered Material Properties within the project area, the Yerington pit, the MacArthur pit and the Bear property.

Regional Layout Map

Source: NewFields, 2023

Project Stage

The Project is an exploration stage project with Mineral Resources at the Yerington (which includes the Yerington pit, Vat Leach Tailings, and W-3 stockpile) and MacArthur deposits at the Project.

Local Resources and Infrastructure

The nearest population center is the agricultural community of Yerington, one mile east of the Yerington pit. Formerly an active mining center from 1953 to 1978 and from 1989 to 1997, Yerington now serves as a base for three active exploration groups: SPS; HudBay Minerals Inc. (Mason Project copper-molybdenum property); and Southwest Critical Materials, LLC (Pumpkin Hollow Copper Project). Yerington hosts a work force active in, qualified for, and familiar with mining operations within a one-hour drive.

Yerington offers most necessities and amenities including police, hospital, groceries, fuel, regional airport, hardware, and other necessary infrastructure. One core drilling contractor is based in Yerington. Drilling supplies and assay laboratories can be found in Reno, a 1.5-hour drive. Reverse circulation drilling contractors are found in Silver Springs, Nevada, 33 miles north, as well as in the Winnemucca and Elko, Nevada areas, within a three- to five-hour drive from the site.

Power is available at the Yerington Property. NV Energy operates a 226 MW natural gas fueled power plant within ten miles of the Project site. The power infrastructure at the Yerington Property is expected to be readily available for a future mining operation due to the historical mine operations.

Water Rights

On March 13, 2025, the Company announced the successful negotiation of a Settlement Agreement with the Nevada Division of Water Resources and the Nevada State Engineering (collectively, the "State") to reinstate 3,452.8 ac-ft of previously forfeited water rights essential for the development of the Yerington Copper project. As a result, the State has officially rescinded its notice of forfeiture, thus restoring all the Company's owned 6,014.5 ac-ft of water rights to good standing. This Settlement Agreement effectively terminates the legal proceedings initiated by the Company to defend its water rights.

Property Claims and Option Agreement

The Yerington Project consists of 5 fee simple parcels and 82 patented mining claims totaling 2,767.66 acres, and 1,113 unpatented lode and placer claims totaling 22,996 acres. The unpatented claims are located on lands administered by the US Department of Interior, Bureau of Land Management.

The private land, patented claims, and 23 unpatented mining claims were acquired on April 27, 2011, when SPS closed a transaction under which assets of Arimetco, Inc. (Arimetco), a Nevada corporation, were acquired. Private properties are located in Township 13 North, Range 25 East in Sections 4, 5, 8, 9, 16, 17, and 21, and patented claims are located within Township 13 North, Range 25 East in Sections 16, 17, 19, 21, 31, and 32 and in Township 13 North, Range 24 East in Sections 22-25 and 36.

The additional unpatented claims were staked prior to or subsequent to the acquisition by SPS. SPS's claims are located in: Sections 1 and 2, Township 12 North, Range 24 East; Sections 1-3, 8, 9, 11-14, 22-27, 35, 36, Township 13 North, Range 24 East; Sections 4-9, 16-21, and 30-32, Township 13 North, Range 25 East; Sections 1-4, 9-16, 22-27, 34-36, Township 14 North, Range 24 East; Sections 19-20, 29-31 Township 14 North, Range 25 East; Sections 33-36 Township 15 North, Range 24 East, Mount Diablo Base & Meridian.

The purchase of the Arimetco assets was accomplished through a US$500,000 cash payment, 250,000 shares of Quaterra common stock, and a 2% net smelter return royalty capped at $7.5 million on production from any claims owned by its subsidiary Quaterra Alaska, Inc (including Quaterra's MacArthur Property) in the Yerington mining district.

A portion of the claims around the historic MacArthur mine were acquired by exercising a "Mining Lease with Option to Purchase". The original purchase option dated September 13, 2005, between North and the Company, as amended, was exercised on February 9, 2015. The Company's purchase is subject to a two percent NSR with a royalty buy down option of $1,000,000 to purchase one percent of the NSR, leaving a perpetual one percent NSR.

A portion of the MacArthur claim group is also included in the area referred to as the "Royalty Area" in the Company's purchase agreement for the acquisition of Arimetco's Yerington properties. Under this agreement, MacArthur claims within this area (as well as the Yerington properties) are subject to a two percent NSR production royalty derived from the sales of ores, minerals and materials mined and marketed from the Property up to $7,500,000.

Ownership of the patented claims and private land is maintained through payment of county assessed taxes, while unpatented lode claims staked in the United States require a federal annual maintenance fee of $165 each, due by 12:00 pm (noon) on September 1 of each year. Further, each unpatented claim staked in Nevada requires an Intent to Hold fee of $12.00, plus filing fees, due by November 1 of each year payable to the County Recorder of the appropriate Nevada county. All SPS claims are current.

Unpatented lode claims have been staked by placing a location monument (two- by two-in by four-foot-high wood post) along the center line of each claim and two- by two-inch by four-foot-high wood posts at all four corners, with all posts properly identified in accordance with the rules and regulations of the BLM and the State of Nevada. Maximum dimensions of unpatented lode claims are 600 feet × 1,500 feet.

Nuton LLC (A Rio Tinto Venture) Option Agreement

On March 18, 2022, the Company entered an option to earn-in agreement with Rio Tinto America Inc. (“Rio Tinto”), subsequently assigned to Nuton LLC, a Rio Tinto Venture, (the “Nuton Agreement”), to advance studies and exploration at the Company’s copper projects in Mason Valley, Nevada. The Nuton Agreement outlines 3-stage investments amounting to $50,000,000 and provides Nuton LLC with an exclusive option to earn a 65% interest in the projects, comprising 34,494 acres of land, including the historical Yerington mine, historic MacArthur project, Wassuk property, the Bear Deposit, and associated water rights (the "Mining Assets").

In addition, Nuton LLC is evaluating the potential commercial deployment of its Nuton™ technology at the Company's Yerington Copper Project. Nuton™ offers copper heap leaching technologies developed by Rio Tinto to deliver greater copper recovery from mined materials and access new sources of copper, such as low-grade sulfide resources and reprocessing of stockpiles and mineralized waste. These technologies have the potential to deliver leading environmental performance through more efficient water usage, lower carbon emission, and the ability to reclaim mine sites by reprocessing waste.

As of December 31, 2024, the Company received a total of $28,000,000 from Nuton LLC.

• $4,000,000 for Stage 1 - completed

• $7,500,000 for original Stage 2 - completed

• $11,500,000 for Stage 2b - completed, unspend funds were transferred into Stage 2c

• $5,000,000 for Stage 2c - anticipated completion June 30, 2025

Within 60 days of the completion of Stage 2c, Nuton LLC shall provide written notice to the Company whether it elects to exercise the option and fund a comprehensive feasibility study (the "FS") in an aggregate amount (inclusive of the Stage 3 advance funding) not to exceed $50,000,000. Upon completion of the FS, Nuton LLC and the Company will decide whether to create an investment vehicle into which the Mining Assets will be transferred, with Nuton LLC holding not less than 65% interest in the investment vehicle.

As of December 31, 2024, Nuton LLC had provided a total of $28,000,000 under the Option Agreement. Should Nuton LLC elect to proceed with Stage 3, which includes a feasibility study based on the results of the Stage 1 and Stage 2 work programs, Nuton LLC will fully fund the feasibility study, with the cost not exceeding $22,000,000.

Bear Property Option Agreements

The Company currently controls the Bear deposit through five private land option agreements covering over 2,300 acres. The five option agreements, entered from March 2013 to May 2015, to acquire a 100% interest in private land in Yerington, Nevada, known as the Bear deposit. Under the terms of these option agreements, as amended, the Company is required to make $5,988,290 in cash payments over 15 years ($5,584,290 paid) to maintain the exclusive right to purchase the land, mineral rights, and certain water rights and to conduct mineral exploration on these properties. Two of the properties are subject to a 2% NSR which can be reduced to a 1% NSR for consideration of $1,250,000.

Outstanding payments to keep the five option agreements current are $634,000 due from 2025 to 2028.

These five option agreements include purchase provisions for cash payments ranging from $250,000 to $22,770,000, with terms requiring varying written notices (from no notice to 12-month notice).

Geology, Mineralization and Deposit

Like the Mason copper-molybdenum deposit located approximately 2.5 miles to the west, the Yerington, Bear, and MacArthur copper Deposits are hosted in Middle Jurassic intrusive rocks of the Yerington Batholith.

Copper mineralization in the deposits occurs in all three phases of the Yerington Batholith. Intrusive phases, from oldest to youngest, are known as the McLeod Hill Quartz Monzodiorite (field name granodiorite), the Bear Quartz Monzonite, and the Luhr Hill Granite, the source of quartz monzonitic (i.e. granite) porphyry dikes related to copper mineralization.

Following uplift and erosion, a thick Tertiary volcanic section was deposited, circa 18-17 Ma. This entire rock package was then extended along northerly striking, down-to-the-east normal faults that flatten at depth, creating an estimated 2.5 miles of west to east dilation-displacement (Proffett and Dilles, 1984). The extension rotated the section such that the near vertically emplaced batholiths were tilted 60° to 90° westerly. Pre-tilt, flat-lying Tertiary volcanics now crop out as steeply west dipping units in the Singatse Range. The easterly extension thus created a present-day surface such that a plan map view represents a cross-section of the geology.

Yerington Copper Deposit

The general geometry of copper mineralization below the Yerington pit is an elongate body extending 6,600 feet along a strike of S62ºE. The modeled mineralization has an average width of 2,000 feet and has been defined by drilling to an average depth of 400-500 feet below the pit bottom at the 3,500-foot elevation. The

The copper mineralization and alteration throughout the Yerington District is unusual for porphyry copper camps in that the mineralization is "stripey", occurring in WNW striking bands or stripes between materials of lesser grade. Clearly, much of this geometry is influenced by the strong, district-wide WNW structural grain observed in fault, fracture and, especially, porphyry dike orientations. Altered, mineralized bands range in width from tens of feet to 200-foot-wide mineralized porphyry dikes mined in the Yerington pit by Anaconda.

Greenish, greenish blue chrysocolla (CuSiO 3.2H 20) was the dominant copper oxide mineral, occurring as fracture coatings and fillings, easily amenable to an acid leach solution. Historic Anaconda drill logs note lesser neotocite, also referred to as black copper wad (Cu, Fe, Mn), SiO 2 as well as rare tenorite (CuO) and cuprite (Cu 2 O). Oxide copper also occurs in iron oxide/limonite fracture coatings and selvages.

Chalcopyrite (CuFeS 2) was the dominant copper sulfide mineral occurring with minor bornite (Cu 5 FeS 4) primarily hosted in A-type quartz veins in the older porphyry dikes and in quartz monzonite and granodiorite, as well as disseminated between veins in host rock at lesser grade.

MacArthur Copper Deposit

The MacArthur Deposit is a large copper mineralized system containing near-surface acid soluble copper and the potential for a significant primary sulfide resource that remains underexplored. The MacArthur Deposit is hosted in middle Jurassic granodiorite and quartz monzonite intruded by west-northwesterly-trending, moderate to steeply north-dipping quartz monzonite porphyry dike swarms. The mineralization dominantly occurs as a 50 to 150-ft thick, tabular zone of secondary copper (in the form of oxides and/or chalcocite) covering an area of approximately two square miles. Limited drilling has also intersected underlying primary copper mineralization open to the north, but only partially tested to the west and east.

Oxide copper mineralization is most abundant and particularly well exposed in the walls of the legacy MacArthur pit. The most common copper mineral is chrysocolla; also present is black copper wad (neotocite) along with traces of cuprite and tenorite. The flat-lying zones of oxide copper mirror topography, exhibit strong fracture control and range in thickness from 50 to 100 feet. Secondary chalcocite mineralization forms a blanket up to 50 feet or more in thickness that is mixed with and underlies the oxide copper. Primary chalcopyrite mineralization has been intersected in several locations mixed with and below the chalcocite. The extent of the primary copper is unknown as many of the holes bottomed at 400 feet or less.

Like the other deposits in the Yerington Mining District, the MacArthur deposit has experienced complex faulting and tilting. Events leading to the current geometry and distribution of known mineralization include: 1) Middle Jurassic emplacement of primary porphyry copper mineralization by quartz monzonite dikes intruding the Yerington batholith; 2) Late Tertiary westward tilting of the porphyry deposit from 60° to 90° through Basin and Range extensional faulting; 3) secondary (supergene) enrichment resulting in the formation of a widespread, tabular zone of secondary chalcocite mineralization below outcrops of oxidized rocks called leached cap; 4) oxidation of outcropping and near-surface parts of this chalcocite blanket, as well as oxidation of the primary porphyry sulfide system.

Bear Copper Deposit

The Bear Deposit occurs below 500 to 1,000 feet of valley fill and volcanic rocks of Tertiary age. Mineralization occurs predominantly in quartz monzonite, border phase quartz monzonite, and quartz monzonite porphyry dikes of Jurassic age.

The mineralization of the Bear Deposit is predominantly related to micaceous veining rather than A-type quartz veining common in the Yerington Deposit. Mineralization also occurs in distinct sulfide veins (dominantly chalcopyrite) as well as in calc-silicate altered zones where sulfide mineralization tends to occur in gobs and knots. No copper oxide mineralization is present and only minor occurrences of chalcocite have been noted. Molybdenite is a common sulfide within the deposit. However, only about 20% of the historic core samples have been analyzed for molybdenite and more studies are necessary to better understand its average grade and distribution.

The deposit is displaced by the gently east-dipping normal fault known as the Bear fault. The fault is defined by strongly sheared dark clay gouge with andesite and sulfide fragments. The Bear fault is further down dropped by steep range front normal faults. On the western part of the deposit the mineralization occurs within the foot wall of the Bear fault while to the east the mineralization occurs deeper within the hanging wall of the Bear fault

The Bear Deposit is prospective because of its very large size, historic drilling and potential for higher grades than district averages. Molybdenum could also represent a by-product credit at the Bear Deposit.

Exploration History

Recorded production in the Yerington District dates back to 1883 as prospectors were attracted to and investigated colorful oxidized copper staining throughout the Singatse Range. Information is sparse for from early 1880's through World War II, although it is likely that lessees worked the oxidized copper deposits during spikes in copper prices. Private reports describe material shipments and planned underground exploration from a northwest striking, southwest dipping structure at the historic Montana-Yerington Property area located approximately one mile west of the present-day Yerington pit.

During the 1940s Anaconda, at that time one of world's major copper producers, sent geologists to the Yerington District whose exploration outlined a 60-million-ton resource over the Yerington pit. During the early 1950s, the US government, citing the need for domestic copper production, offered "start-up" subsidies to Anaconda to open a copper mine in the Yerington District. Anaconda sank two approximately 400-foot-deep shafts in the present-day open pit and drove crosscuts to obtain bulk samples of oxidized rock for metallurgical study. Anaconda began operating the Yerington Deposit in 1952 and mined continually through 1979, producing approximately 1.744 billion pounds of copper from a deposit that contained 162 million tons averaging 0.54% Cu. Approximately 104 million tons of this total were oxidized copper material that was "vat leached" with sulfuric acid in 13,000-ton cement vats on a seven-day leach cycle. Sulfide materials were concentrated on site in a facility that was dismantled and sold following termination of mining in 1979. The cement copper and sulfide concentrates were shipped to the Anaconda's smelter in Montana.

During operations at the Yerington pit, both the Bear Deposit and MacArthur Deposit were initially discovered by Anaconda. The Bear Deposit was discovered in the 1960's as Anaconda was conducting condemnation drilling for a sulfide tailings facility and subsequently followed up with extensive drilling. The MacArthur Deposit was discovered in the late 1960's to early 1970's through mapping, trenching, and subsequent drilling. Anaconda developed a resource for both deposits.

In 1976, all assets of Anaconda, including the Yerington Property, were purchased by the Atlantic Richfield Company (ARC), which subsequently shut down dewatering pumps in the pit and closed the Yerington Property in 1979 due to low copper prices.

The Yerington Property were acquired by CopperTek, a private Yerington company owned by Mr. Don Tibbals in 1982. In the mid-1980's CopperTek began reprocessing waste rock and Vat Leach Tailings ("VLT") on Heap Leach Pads ("HLPs"), including an SXEW plant to produce cathode copper. CopperTek was acquired by Arimetco Inc. ("Arimetco") in 1989. Arimetco purchased the mine property from CopperTek, commissioned a 50,000-pound-per-day SXEW plant, and began heap leaching the sub-grade (referred to as W-3) dump rock stripped from the Yerington pit by Anaconda. Arimetco also processed VLT and trucked oxidized material from the MacArthur Deposit located approximately five miles north of the Yerington Property. Arimetco produced some 95 million pounds of copper from 1989 to 1999 before declaring bankruptcy in 1997 due to low copper prices. Arimetco terminated mining operations in 1997 and abandoned the property in early 2000.

Environmental Considerations

Permitting the Yerington Copper Project, inclusive of the Yerington Property and MacArthur Property, will require approvals and authorizations from various Federal, State and Local agencies. SPS is developing a permitting strategy to identify and address the range of environmental and social requirements and standards applicable to the Project.

SPS intends to ensure that characterization of environmental resources at the Yerington and MacArthur Properties is complete and adequate to support development of a Mine Plan of Operations and Reclamation Plan Permit Application, support analyses and modeling studies to complete impact assessments, and inform and satisfy all other permitting requirements.

The Yerington Property has been characterized through previous permitting efforts, environmental studies, and analyses, and as part of the regulatory compliance process during previous operations. SPS is currently developing a regional numerical groundwater model, including a Pit Lake fate and transport model, to assess potential impacts to the groundwater system from dewatering the existing Pit Lake and expanding and deepening the Yerington pit.

The Yerington Property is undergoing active remediation of the former Anaconda and Arimetco mining operations (brownfield site). Atlantic Richfield Company (ARC) has the responsibility for remediation at the Yeirngton Property. Prior to acquiring the Yerington Property in 2011, SPS performed due diligence following guidelines of a BFPP defense to shield SPS from legacy liabilities. In 2009, the State of Nevada, EPA and BLM issued letters outlining activities SPS needed to take to achieve and maintain BFPP status under State and Federal law. SPS continues to perform the activities to maintain the BFPP status. SPS entered into a Master Agreement with ARC effective June 1, 2015, that outlines the parties’ responsibilities concerning cooperation, access, property rights, liabilities, federal land acquisition, preservation of SPS’s property and mineral rights and coordination of the use of the brownfield site by ARC to complete remedial actions and by SPS for exploration, mining, and mineral processing activities. These agreements reduce SPS’s risks regarding environmental liabilities from past exploration, mining and mineral processing which took place at the Yerington brownfield site prior to SPS’s acquisition in 2011. These agreements allow SPS to proceed with mine development and operation in parallel with ARC’s ongoing remediation activities. Areas of the Yerington Property that are included in the proposed Yerington Copper Project are envisioned to be reclaimed as part of mine closure and covered by a new reclamation bond. Synchronization of remediation with mining will be ongoing and refined during the next stage of mine development.

SPS intends to reclaim disturbed areas resulting from activities associated with the Project in accordance with BLM Surface Management and the State of Nevada NDEP regulations. The State of Nevada requires development of a Reclamation Plan for any new mining project and for expansions of existing operations meeting requirements to return mined lands to a productive post-mining land use.

Drilling

Historical Drilling

Anaconda conducted considerable exploration and production drilling during its long tenancy, which resulted in the existing Yerington pit. Although the actual number of exploration drill holes and footages is unknown, historic records indicate that well over a thousand holes, including both core and rotary, were drilled in exploration and development at the Yerington pit alone.

At the Anaconda Collection - American Heritage Center, University of Wyoming at Laramie, a large inventory of Anaconda data is available for review. To obtain drill hole information of the Deposits in the Yerington District, approximately 10,000 pages of scanned drill hole records from the library were reviewed. While some holes contained only lithologic or assay summary information, after final verification, 561 Anaconda holes totalling 232,739.9 feet contained adequate detailed assay, hole location and orientation information to be used in the mineral resource estimate. An additional 232 drill holes totalling 65,170.5 feet were digitized from sections and cross-validated and included in the Yerington Deposit database.

Of additional benefit, core left on site by Anaconda was available for assay by Lion CG. As part of the validation of the Anaconda data, selected intervals from 45 Anaconda core holes were submitted to Skyline Assayers and Laboratories for assay to compare with assays recorded from the historic documents. Although historic drilling included intervals which were subsequently mined by Anaconda, they remained in the data base for statistical and interpolation purposes. Anaconda drill hole locations (based on drill logs and digitized sections) were also incorporated into the data base.

MacArthur Deposit

Over MacArthur's exploration history, several operators have contributed to the pre-Lion CG drill hole database of more than 300 holes. Operators include U.S Bureau of Mines (USBM), Anaconda Company, Bear Creek Mining Company, Superior Oil Company and Pangea Explorations, Inc.

Anaconda's drilling at MacArthur, which was supervised by Anaconda's Mining Research Department, was accomplished using Gardner-Denver PR123J percussion drills. The percussion drill was fitted with a sampling system designed by the Mining Research Department, which collected the entire sample discharged from the hole. It is uncertain what type of drilling equipment was used by Anaconda for core holes. The remainder of the drilling for MacArthur was done by Boyles Brothers Drilling Company using rotary and down-the-hole percussion equipment.

Bear Deposit

The Bear Deposit is located about 10,000-feet north-northeast of the Yerington pit. Drilling has been reported at the Bear Deposit since 1961 in 60 drill holes totalling 133,175.1 feet. Operators at the Bear Deposit include Anaconda, Phelps Dodge, and Newmont Mining Corporation. Drill holes were pre-collared using rotary drilling and downsized to NC core, which is 1.875 inches.

Yerington

Lion CG's 2011 drilling program totaled 21,887 feet in 42 holes. That included 6,871 feet of core: 14 HQ (2.5-inch) core holes, which includes one hole (SP-010) collared in PQ (3.345-inch) and reduced to HQ at 147 feet. Reverse circulation (RC) drilling totalled 15,016 feet in twenty-eight 4.5-inch RC holes. Fourteen core holes and four RC holes were drilled to twin Anaconda core holes, while the remaining 24 RC holes were targeted for expansion of mineralization laterally and below historic Anaconda drill intercepts along the perimeter of the Yerington pit.

Drill hole siting was constrained by pit wall geometry and by the presence of the pit lake and was confined to selected benches around the Yerington pit to maintain safe access around the existing pit lake.

The total area covered by the drilling resembles an elliptical doughnut (the accessible ramps and roads along perimeter within the Yerington pit). Drill hole spacing is irregular due to access and safety limitations within the pit.

The 2017 and 2022 drilling focused on deeper drill holes to confirm the extents of mineralization. Lion CG completed an additional seven holes totalling 15,636.7 feet. Four of the holes were pre-collared using RC and changed to HQ sized core.

MacArthur

From 2007 through to 2010, Lion CG completed an extensive drilling program of 123,005 feet in 375 drill holes including 28,472 feet of core over 32 holes and 94,533 feet of RC drilling over 343 holes. Lion CG's initial objective was to verify and expand the MacArthur oxide resource, as defined by the 1970's Anaconda drilling.

Taking into account minor secondary chalcocite intersected in the few Anaconda drill holes that reached depths greater than 300 feet, Lion CG successfully targeted a deeper chalcocite zone in step out holes from the MacArthur pit area. The program expanded the oxide mineralization, and encountered a large, underlying tabular blanket of mixed oxide-chalcocite mineralization. Lion CG's deeper drillholes testing the western and northern margins of the chalcocite mineralization encountered primary copper sulfide mineralization below the chalcocite blanket.

In 2011, drilling centered on an approximate one-half square mile area from the North Ridge area to the present-day MacArthur pit, and the Gallagher area located west of the existing MacArthur pit. Drill spacing was reduced to 250-foot centers on several drill fences. South-bearing angle holes tested the WNW, north dipping structural / mineralized grain and east- and west-bearing angle holes tested orthogonal structure. In 2021, a focus was made to continue upgrading the resource in the main portion of the MacArthur Deposit as well as to step out to the east-southeast to test for additional acid soluble copper mineralization.

In 2011, 3,275 feet of PQ size core was drilled at 26 sites for the purpose of metallurgical test work. PQ holes twinned existing Lion CG RC and core holes.

In 2021, 5,147 feet of exploration drilling in ten holes was completed, and 4,445 feet of PQ size core was drilled in thirteen holes for metallurgical sampling.

Bear

Lion CG has drilled 10 holes totalling 34,283.5 feet at the Bear since 2015. The drill holeswere pre-collared using sonic, reverse circulation or rotary drilling prior to core drilling. Drilling was focused on expanding the Bear deposit to the northeast and to the northwest.

Residuals Drilling

Numerous sites of low-grade mineralization and waste dumps are present at the Yerington. Some of these have been sampled, post deposition, to determine an average grade and to conduct metallurgical testing. Two areas are included in the mineral resource estimate:

• W-3 which is a rock disposal unit that lies north of the Yerington pit

• Vat Leach Tailings (VLT) which are low-grade oxide tailings that lie northwest of the Yerington pit

W-3

W-3 is a waste rock disposal unit that lies north of the current Yerington pit. It is composed of subgrade copper oxide ore from Anaconda mining operations.

In 2012, to follow-up on historic reporting, Lion CG drilled fourteen (one twin) Roto-Sonic drill holes for a total of 1,450 feet. Drill hole depths ranged from 95 to 165 feet.

Vat Leach Tails

Oxide tailings, or VLT, are the leached products of Anaconda's vat leach copper extraction process. The oxide tailings dumps, located north of the process areas, contain the crushed rock that remained following the extraction of copper in the vat leaching process. The vat leach process involved crushing ore into a uniform minus 0.5-inch size and loading it into one of eight large concrete leach vats where weak sulfuric acid was circulated over an 8-day period. Following the 8-day cycle, the spent ore was removed from the vats and transferred to haul trucks for conveyance to the oxide tailings area.

In May and June of 2012 22 drill holes, VLT-001 to VLT-022, first completed with wet sonic drilling methods. In September 2012, nine dry rotosonic drill holes (Prosonic) twinned the wet sonic drill holes configured with an 8-inch-diameter drill pipe and a 7-inch core. "T" was added to the hole number to identify the twin holes.

2024 Drilling

Diamond drilling was completed at Yerington in 2024 totalling 3,457.5 feet of PQ-sized drilling in four core drill holes that were targeted for expansion. Diamond core drilling was conducted by Alford Drilling, LLC of Elko, NV.

Reverse circulation (RC) drilling was completed at MacArthur in 2024 totalling 6,165 feet of drilling in 18 drill holes that were targeted for expansion and in-fill. RC drilling was conducted by Alford Drilling, LLC of Elko, NV.

Bear Deposit

Diamond drilling was completed at Bear in 2024 totalling 7,048 feet of NQ, HQ, or PQ-sized drilling in two core drill holes that were target for expansion. Diamond core drilling was conducted by Alford Drilling, LLC of Elko, NV.

Sampling, Analysis and Data Verification

Reverse Circulation (RC) samples are collected in a conventional manner via a cyclone and standard wet splitter. Samples are collected in 17-in by 26-in cloth bags placed in five-gallon buckets to avoid spillage of material. Sample bags are pre-marked by SPS personnel at five-foot intervals and also include a numbered tag inserted into a plastic bag bearing the hole number and footage interval. Collected samples, weighing approximately 15 to 20 pounds each, are wire tied and then loaded onto a ten-foot trailer with wood bed allowing initial draining and drying. Each day SPS personnel or the drillers at the end of their shift, haul the sample trailer from the drill site to SPS's secure sample preparation warehouse in Yerington, Nevada. Samples for geologic logging are collected at the drill site in a mesh strainer, washed, and placed in standard plastic chip trays collected daily by SPS personnel.

RC sample bags, having been transported on a ten-foot trailer by drill crews or by SPS personnel from the drill site to the secure sample warehouse, are unloaded onto suspended wire mesh frames for further drying. Diesel-charged space heaters assist in drying during winter months. Once dry, four to five samples are combined in a 24- by 36-inch woven polypropylene transport ("rice") bag, wire tied and carefully loaded on plastic lined pallets. Each pallet is shrink-wrapped, wire tied and weighed.

Drill core, having been transported at end of each shift by the drill crew to Lion CG's secure sample warehouse, is logged by a Lion CG geologist who marks appropriate sample intervals (one to nominal five feet) with colored flagging tape. Lines are marked along the length of core with red wax crayons to indicate where the core piece should be sawed and sampled. Sample tags are placed in the core box at the beginning of the interval sampled and a tag is placed in the sample bag. The sample tags and sample bags are labelled with the drill hole number and sample footage. Half of the split was bagged in 11- by 17-inch cloth bags while the other half was returned to the appropriate core box for storage in the sample warehouse.

In the 2011 drill program, pallets were picked up and trucked by Skyline Assayers & Laboratories ("Skyline") personnel who, at the time, operated a sample preparation facility in Battle Mountain, Nevada. A chain of custody form accompanied all shipments from Yerington to Battle Mountain. Once Skyline prepared each sample in its Battle Mountain facility, approximately 50-gram sample pulps are air-freighted to Skyline's analytical laboratory in Tucson, Arizona for analyses and assay.

In 2017, Bureau Veritas' personnel picked up the samples, which were prepped in the Sparks, NV facility and then forwarded the pulps to their Vancouver laboratory for analysis.

In 2022 and 2024, Skyline personnel (from Tucson) picked up the samples which were prepped and analyzed in their Tucson laboratory.

In 2023, ALS personnel picked up the samples, which were prepped in the Reno, NV facility. Samples were then sent to North Vancouver. British Columbia or Twin Falls, Idaho for analysis.

Woods Process Laboratory picked-up the samples from W-3 drilling, which were prepped and assayed in their facility in Winnemucca, NV. Samples were analyzed for total copper (TCu), and in some instances gold and multi-element analyses. Samples representing oxide mineralization were also analyzed for acid soluble copper and ferric soluble copper via individual assay analyses or via sequential methodology. After analysis, all pulps and rejects are returned to Lion CG and kept in a secure sample warehouse.

Rock quality designations (RQD) and magnetic susceptibility measurements were taken on all drill core which was photographed following geologic logging. Selected core was used to provide bulk density measurements.

Data verification has been conducted to validate the historic data. Anaconda's former Chief Chemist confirmed Samples from MacArthur and Yerington were delivered to Anaconda's analytical laboratory in Yerington, NV. Samples were blended, pulverized and a 2-gm sample was extracted for assay. Samples were assayed for total copper and oxide copper, according to standard wet chemistry procedures. Assay reports were handwritten, signed by Anaconda's Chief Chemist and one original issued to management along with three carbon copies.

Lion CG has also conducted twin drilling at the MacArthur, Yerington, and Bear Deposits which has validated Anaconda's historic drilling data. Also, historic core from the Yerington Deposit has been re-assayed, further confirming Anaconda's data.

Metallurgical Testing

Yerington and MacArthur oxide materials are well-suited to standard heap leaching. The projected copper recoveries for these oxide materials are approximately 70% for Yerington and 75% for MacArthur, with expected net acid consumption of approximately 28.6 lb/ton and 32 lb/ton, respectively.

Primary sulfide materials at Yerington will be processed using BioHeap technologies, which comprise a suite of copper heap leaching technologies that improve recovery from primary copper sulfides.

Oxide and sulfide at Yerington will be processed using separate heap leach pads. Oxide material will be processed using modern oxide heap leaching techniques, while the sulfides will be processed using BioHeap methods. Copper recoveries from Yerington sulfide materials demonstrate an increase from below 25% to 74% for the sample tests to date, with an acid consumption calculated at 32 lb/ton.

At this point in time, the metallurgical BioHeap testing on Yerington sulfide materials is ongoing.

Several synergies exist that improve the metallurgical performance of oxide materials while simultaneously reducing operating costs for both the oxide and sulfide leach methods.

The current phase of testing, optimization and variability testing is anticipated to conclude in 2025.

Upon reviewing historical and recent metallurgical test results for the MacArthur Deposit, oxide material, certain issues were identified that necessitate further test work to enhance the understanding of copper recovery and sulfuric acid consumption, along with their potential impact on the Project. In 2021, a total of 13 drill holes were executed to collect fresh samples for additional metallurgical test work encompassing bottle roll tests and several column tests aimed at refining heap leach recovery.

Analysis of the sieve data from the column tests suggests that finer crushing may offer potential benefits at MacArthur. However, it is essential to conduct additional metallurgical testing to validate this observation and strike a balance between capital and operating costs while maximizing potential recovery improvements.

Mineral Resources

Resource Estimation Methodology

The resource pit shells were completed with various input parameters including estimates of the expected mining, processing, and G&A costs, as well as metallurgical recoveries, pit slopes and reasonable long-term metal price assumptions. AGP worked together with Lion CG and the study team personnel to select appropriate operating cost parameters for the open pits.

The mining costs are based on cost estimates for equipment from vendors specific to the Yerington Copper Project and previous studies completed by AGP. The costs represent a base cost from the resource shell edge and an incremental cost below the shell elevation for the Yerington and MacArthur pit shells, but a fixed average cost for the other resource areas due to their geometry being less influenced by the depth of the potential shell. Process feed material is sent to separate destinations and the costs reflect that. The mining cost estimates are based on the use of 100-ton trucks using an approximate waste dump configuration to determine incremental hauls for process feed and waste.

Geotechnical sectors used for the Yerington resource were based on AGP's 2023 review of past operating reports. Pit slopes ranged from 40-45 degrees. For the MacArthur area pits a default slope of 45 degrees was applied.

Process costs and recoveries by feed type were provided by the process firm Woods. Metallurgical recoveries ranged from 70% for oxide materials and 75% for sulfide materials for the Yerington resource areas. Recoveries for the MacArthur are resources used 60% for leach cap, 71% for oxide, 65% for transition material and 40% for sulfides.

Total copper grades are used in the revenue calculations with the appropriate recoveries applied to them. The recovery assumptions are based on the process flow sheet the feed material will be subjected to on the heap.

For block valuation, a Net Smelter Rate ("NSR") ($/t) was determined for every block and used with the Lerchs-Grossman routine within MinePlan.

Commodity prices used in the resource estimation were based on metal pricing at the time the resource estimates were calculated. For the Yerington deposits (Yerington, W-3 stockpile and Vat Leach Tailings), the spot copper price on the London Metal Exchange (LME) on February 16, 2023, was $4.03/lb. The two-year, three-year, five-year, and ten-year rolling average prices to February 16th of the years has been $4.14, $3.73, $3.36 and $3.07/lb respectively.

Net revenue was determined by applying the estimated copper price to the payable copper estimated for each year. Sales prices were applied to all life of mine production without escalation or hedging. The revenue was calculated as the value of payable metals sold minus treatment and transportation charges. The copper metal price of $4.30/lb Cu for the resource shell was based on the historic three-year average price of $3.73/lb Cu escalated by 15% for the Mineral Resource.

Copper prices for the MacArthur Deposit were based on data at the time of the resource generation (January 2022). New pit shells were not developed for these deposits, so the copper price of $3.50/lb was used.

The grade cut-offs for each deposit (Yerington, W-3 stockpile, Vat Leach Tailings, and MacArthur) using the costs, and recoveries highlighted in Table 1 were also included in the same table. Note in Table 1 that MacArthur has variable calculated cut-offs due to higher processing costs at Gallagher due to higher acid consumption. The marginal cut-off is considered at the rim of the pit shell. Any material that is mined is considered for processing if the contained mineralization contains a value greater than processing it or above the marginal cut-off. Material at the pit shell rim with less value than the marginal cut-off is sent to a Waste Rock Storage Facility ("WRSF") from an economics perspective.

Those blocks within the constraining resource shell and above the cut-off applied are considered to have reasonable prospects for economic extraction.

The mineral resources were classified in accordance with S-K 1300 definitions. The Yerington Deposit Mineral Resource estimate involved assay analyses and the interpretation of a geologic model which describes the spatial distribution of copper within the Yerington Deposit. Interpolation parameters were defined based on geological considerations, drill hole spacing, and geostatistical analysis of the data. Classification of the Yerington Deposit Mineral Resources was done based on their proximity to sample locations and their suitability for mining production. The 2023 Yerington Copper Project Mineral Resource amenable to open pit extraction was reported at 0.038% total copper (TCu) cut-off grade for oxide mineralization and 0.126% TCu cut-off grade for sulfide mineralization.

Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

The updated Mineral Resources for the Yerington Deposit are as follows: Measured Resources of 62.9 MTons at 0.30 TCu%; Indicated Resources of 94.7 MTons at 0.27 TCu%; and Inferred Resources of 113.2 MTons at 0.22 TCu%. The Mineral Resource is current on December 31, 2024.

Yerington Deposit - Summary of Copper Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on $4.30/lb Cu

Notes:

• Mineral resources are reported in situ and are current as of December 31, 2024. Mineral resources are not mineral reserves and do not demonstrate economic viability. AGP is the Firm responsible for this estimate.

• Mineral resources are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.038 % TCu and 0.126% TCu, for oxide and sulfide material respectively, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, 75% recovery in sulfide material, base mining costs of $2.49/st for oxide and 2.22 for sulfide, and processing plus G&A costs of $2.14/st.

W-3 Stockpile

W-3 is a rock disposal stockpile that lies north-northwest of the current Yerington pit. It was derived from subgrade copper oxide material mined during historical Anaconda mining operations. In 2012, Lion CG drilled fourteen Roto-Sonic drill holes into this stockpile.

No controls for mineralization were used as W-3 is a surface stockpile of primarily low-grade oxide mineralization, and are not in situ. The volume of the W-3 stockpile was estimated by comparing the current topography based on 2023 LiDAR survey and interpreted original topography.

The mineral resource estimates were classified in accordance with the definitions in S-K 1300. The W-3 block model TCu was interpolated using inverse distance weighting to the third power methods (ID 3). The resource classification was applied based on the distance to nearest composite reported for the ID 3 interpolation.

Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

The 2023 W-3 Stockpile Mineral Resource amenable to open pit extraction was reported at 0.04% TCu cut-off grade. The Inferred W-3 Stockpile Mineral Resource is 14.1 million tons at 0.11% TCu. The Mineral Resource is current on December 31, 2024.

W-3 Stockpile - Summary of Copper Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on $4.30/lb Cu

Notes:

• Mineral resources reported are surficial deposits and are not in situ. The mineral resources are current as of December 31, 2024. Mineral resources are not mineral reserves and do not demonstrate economic viability. AGP is the Firm responsible for this estimate.

• Mineral resources are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.040 % TCu, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, base mining costs of $1.80/st, and processing plus G&A costs of $2.14/st.

Vat Leach Tailings

Oxide tailings, or Vat Leach Tailings ("VLT"), are the residual leached products of Anaconda's vat leach copper extraction process. The oxide tailings dumps, located north of the previous process areas, contain the crushed rock and the red sludge at the base of the leach vats that remained following the extraction of copper in the vat leaching process.

No controls for mineralization were used as this is primarily low-grade oxide mineralization in surface stockpiles and are not in situ. The volume of the VLT was estimated by comparing the current topography based on 2023 LiDAR survey and interpreted original topography.

The mineral resource estimates were classified in accordance with the definitions in S-K 1300. The VLT block model TCu was interpolated using inverse distance weighting to the third power methods (ID 3). The resource classification was applied based on the distance to nearest composite reported for the ID 3 interpolation.

Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

The 2023 VLT Mineral Resource amenable to open pit extraction was reported at 0.04% TCu cut-off grade. The Inferred VLT Mineral Resource is 33.2 million tons at 0.09% TCu (Table 4). The Mineral Resource is current as of December 31, 2024.

VLT - Summary of Copper Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on $4.30/lb Cu

Notes:

• Mineral resources reported are surficial deposits and are not in situ. The mineral resources are current as of December 31, 2024. Mineral resources are not mineral reserves and do not demonstrate economic viability. AGP is the Firm responsible for this estimate.

• Mineral resources are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.040 % TCu, based on assumptions of a net copper price of US$4.08 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, base mining costs of $1.72/st, and processing plus G&A costs of $2.14/st.

The MacArthur Deposit Mineral Resources were classified in accordance with S-K 1300 definitions. The Mineral Resources for the MacArthur Deposits are contained within a pit shell defined by the current understanding of costs and recovery of copper based on the intended recovery method of heap leaching using sulfuric acid.

The cut-off grades are 0.06% TCu for all material types in the MacArthur pit area and North Ridge, and the Leach Cap, Oxide and Mixed zones in Gallagher. This cut-off grade is at or above an internal cut-off by material type (due to variable recovery) and was selected to have a consistent cut-off for all material types. The cut-off for the Sulfide zone in Gallagher is 0.08% TCu due to the higher acid consumption.

Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

The Mineral Resources for the MacArthur Deposit are: Measured Resources of 116.7 MTons at 0.18 TCu%; Indicated Resources of 183.7 MTons at 0.158 TCu%; and Inferred Resources of 156.5 MTons at 0.151 TCu% (Table 5). The Mineral Resource is current as of December 31, 2024.

MacArthur - Summary of Copper Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on $3.50/lb Cu

Notes:

• Mineral resources are reported in situ and are current as of December 31, 2024. Mineral resources are not mineral reserves and do not have demonstrated economic viability. IMC is the firm responsible for the estimate.

• Mineral resources are reported within a conceptual pit shell that uses the following input parameters: metal price of $3.75/lb Cu; metallurgical recoveries of 60% leach cap, 71% oxide, 65% transition and 40% sulfide; and base mining costs of $1.92/st.

• Cut-off grade: 0.06% TCu for leach cap, oxide and transition

• Cut-off grade for sulfide: 0.06% TCu for MacArthur & North Ridge, 0.08% TCu for Gallagher

Exploration Program

Lion CG believes the Yerington Copper Project has potential for copper resources. Historic and current drilling data indicate that horizontal and vertical limits to the mineralization at the Yerington pit have not yet been found.

The Company has set a budget of approximately $0.6 million for exploration of the Yerington Copper Project in the 2025 fiscal year to December 31, 2025.

Wassuk Property, Nevada, US

The Wassuk Property consists of 310 unpatented mining claims located in Lyon County, Nevada covering approximately 6,400 acres. The property does not have any known mineral reserves or resources and is an exploration stage property. The Company does not consider this property to be a material mineral property of the Company.

The Company had an option, as further amended, to earn a 100% interest in the unpatented mining claims in Lyon County, Nevada, comprising the Wassuk Property over ten years and is required to make $1,405,000 in cash payments (paid) and incur a work commitment of $50,000 by December 31, 2021 (completed). During 2021 two final option payments of $125,000 due by August 1, 2021, and the final $125,000 due by October 10, 2021, were both paid and form part of the total payments of $1,405,000.

The property is subject to a 3% NSR royalty which can be reduced to a 2% NSR royalty for consideration of $1,500,000.

As at December 31, 2022, the Company had satisfied all obligations of the Wassuk property, allowing the Company to exercise their right to acquire 100% interest in the property. On January 14, 2023, the Company exercised this right, and transfer of claims was completed in January, 2023.

Copper Canyon Property, Nevada, US

The Copper Canyon Property consists of 60 unpatented lode mining claims located in Lyon County, Nevada covering approximately 1,240 acres. The property does not have any known mineral reserves or resources and is an exploration stage property. The Company does not consider this property to be a material mineral property of the Company.

On August 21, 2023, the Company entered into a Purchase and Sale Agreement with Convergent Mining, LLC, whereby the Company purchased the title to the Copper Canyon claims from Convergent Mining, LLC upon closing of agreement. As consideration, the Company paid $10,000 in necessary claim fees.

Further, the Company will be required to pay an Exploration fee to Convergent Mining, LLC calculated as:

• 5% of the first $2,000,000 of qualifying exploration costs, not exceeding $100,000

The Copper Canyon Property does not constitute a "Mining Asset" applicable to the Company's Nuton LLC Agreement.

Falcon Copper Corp. Properties

The Company holds an interest in the following properties through its 43.46% interest in Falcon Copper Corp. as described below.

Blue Copper Property, Montana, US

The Blue Copper Property consists of 429 unpatented lode mining claims, 7 leased unpatented claims, 8 leased patented claims, 1 leased private parcel located in Powell Country and Lewis & Clark County, Montana covering over 8,000 acres.

The claim block encompasses a group of more than 14 historic small mines that produced high grade gold, copper and tungsten. Importantly, the streams draining the BCS have a recorded production of almost 200,000 ounces of placer gold through 1959, although the actual production was most likely much higher. Despite the extensive placer production, only one lode gold mine operated historically and produced less than 10,000 ounces. Several major companies conducted exploration programs in the area during the late 1980s and early 1990s.

The property does not have any known mineral reserves or resources and is an exploration stage property. The Company does not consider this property to be a material mineral property of the Company.

Schell Creek Project composed of the Cabin and Muncy Properties in Nevada, US

The Schell Creek Project is composed of the Cabin Property and the Muncy Property, consisting of 15 patented lode mining claims, 754 unpatented mining claims and an option to joint venture with Kennecott Exploration Company located in White Pine County, Nevada covering approximately 15,578 acres. The property does not have any known mineral reserves or resources and is an exploration stage property. The Company does not consider this property to be a material mineral property of the Company.

Muncy Property

Through its subsidiary Falcon Copper, the Company entered into an Option to Joint Venture Agreement with Kennecott Exploration Company ("Kennecott"), a Rio Tinto subsidiary. Pursuant to the agreement, Kennecott grants FCC the sole and exclusive right and option to acquire 100% interest in the Muncy Property, in Nevada. To exercise the option, Falcon Copper must:

• Make a commitment payment of $95,059 to Kennecott (paid)

• Incur exploration expenditures of $1,500,000 on the Muncy Property and $1,000,000 on the Cabin Property

• No less than 70% of exploration expenditures on each property must consist of drilling expenses.

Pursuant to the terms of the option agreement, if Falcon Copper decides to terminate the option at any time, they will grant Kennecott a 2% net smelter royalty in the Cabin Property.

If Kennecott elects not to form a joint venture, Kennecott must transfer all their rights in the Muncy Property to Falcon Copper. In return, Falcon Copper will grant the Kennecott a 2.0% net smelter royalty (NSR) in the Properties. Before Falcon Copper decides to develop a commercial mining operation on any portion of the Properties, it has the right to reduce the net smelter royalty (NSR) from 2.0% to 1.0% by paying the optionor $10,000,000 in cash.

Cabin Property

In 2023, FCC staked approximately 9,000 acres of federal mining claims in White Pine County, Nevada, the area of interest which is termed Cabin. The Cabin Property represents a potential major copper-moly porphyry discovery concealed beneath the Spring Valley pediment within a district-scale BLM land package, located immediately north of the Muncy Property.