LION COPPER & GOLD CORP.

Summary

We are an exploration and development stage company engaged in advancing copper properties in Nevada, United States. We hold our only material mineral property, the Yerington Copper Project located in Lyon County Nevada, through our wholly owned U.S. subsidiary, Singatse Peak Services LLC ("SPS*")*.

As of December 31, 2025, we held interests in the following mineral properties:

Yerington Copper Project

Our principal asset is the Yerington Copper Project located in Lyon County, Nevada, a historic copper mining district with established infrastructure. The Project comprises multiple deposits, including the Yerington, MacArthur and Bear deposits, and consists of fee lands, patented mining claims and unpatented mining claims covering approximately 26,465 acres.

The Project is subject to the earn-in option agreement with Nuton described under "Item 1. Business."

In September 2025, we completed a PFS for the Project prepared in accordance with NI 43-101 standards. In February 2026, we filed with the SEC a TRS under S-K 1300. These reports evaluate development of the Project through conventional open-pit mining and heap leach processing with solvent extraction and electrowinning.

The PFS and TRS established mineral resources and mineral reserves and support a projected mine life of approximately 12 years with average annual payable copper production of approximately 120 million pounds. Additional technical and economic information regarding the Project, including mineral resources, mineral reserves and development assumptions, is contained in the TRS filed as an exhibit to this Annual Report.

The Project remains at the development stage. Advancement toward construction remains subject to completion of a feasibility study, permitting, financing and other factors described under "Item 1A. Risk Factors."

Project Location and Access

The Yerington Copper 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 deposit.

Regional Layout Map

Source: Lion CG, 2025

Project Stage

The Project is a Pre-feasibility stage project with Mineral Reserves and Resources at the Yerington (which includes the Yerington pit and Vat Leach Tailings) 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, we 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 our owned 6,014.5 ac-ft of water rights to good standing. This Settlement Agreement effectively terminates the legal proceedings initiated by us to defend its water rights.

Property Claims

The Yerington Project consists of 5 fee simple parcels and 82 patented mining claims totaling 2,767.59 acres, and 1,155 unpatented lode and placer claims totaling 26,464.59acres. The unpatented claims are located on lands administered by the US Department of Interior, Bureau of Land Management (BLM).

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 us, as amended, was exercised on February 9, 2015. Our 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 our 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 $200 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 $15.00, 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.

Geology, Mineralization and Deposit

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.

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 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 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 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

Exploration activities at the Yerington Copper Project have been conducted by the Company and prior operators over several decades and include geological mapping, geophysical surveys, drilling and metallurgical testing. These historical and recent programs support the current geological interpretation and the mineral resource and reserve estimates presented in the TRS. The Company expects to continue technical and development work programs as part of advancing the Yerington Copper Project.

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 Yerington 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

Our 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. We 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.

Diamond drilling was completed at Yerington in 2024 totaling 3,457.5 ft of drilling in four core drill holes which were targeted for expansion and resource upgrade.

In 2025, geotechnical 8.25-inch outside diameter hollow stem auger drilling was completed at Yerington to characterize subsurface conditions in citing a heap leach facility. In total, 14 drill holes were completed, totalling 1,359 feet.

From 2007 through to 2010, we 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. Our 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, we 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. Our 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 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.

In 2024, 6,165 feet of exploration drilling in 18 reverse circulation drill holes was completed.

Bear Deposit

We have drilled 10 holes totalling 34,283.5 feet at the Bear since 2015. The drill holes were 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. One area is included in the mineral reserve and resource estimate:

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

Vat Leach Tailings

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.

Metallurgical Testing

Yerington and MacArthur oxide materials are well-suited to standard heap leaching. The projected operational scaled-up copper recoveries for these oxide materials are approximately 68% for Yerington and 46-59% for MacArthur, with expected net acid consumption of approximately 15 lb/ton and 20-42 lb/ton, respectively. The VLT projected operational scaled-up copper recovery is 69% with a net acid consumption of 15 lb/ton.

Primary sulfide materials at Yerington will be processed using Nuton® technologies The projected operation scaled-up copper recovery is 73% with a net acid consumption of 30 lb/t.

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 Nuton® methods.

The metallurgical Nuton testing on Yerington sulfide materials remains 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.

Oxide material from MacArthur will be placed Run of Mine on a separate leach pad, optimized adjacent to the MacArthur pits.

Mineral Resources

Resource Estimation Methodology

The reserve and 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. Process feed material is sent to separate destinations and the costs reflect that. The mining cost estimates are based on the use of 102-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 slope of 40 degrees was applied.

Process costs and recoveries by feed type were provided by Samuels Engineering. Metallurgical recoveries ranged from 70% for oxide materials and 74% for sulfide materials for the Yerington resource areas. Recoveries for the MacArthur resources are 55% for the MacArthur domain, 53% for the North Ridge domain, and 54% for the Gallagher domain.

Total copper grades are used in the revenue calculations with the appropriate recoveries applied to them.

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

A variable cut-off grade of 0.04% TCu for oxide material and 0.08% TCu for sulfide material was determined for the Yerington Deposit. For the MacArthur Deposit, a cut-off grade of 0.05% TCu was used for the MacArthur domain and a 0.06% TCu cut-off for the North Ridge domain, and a 0.07% TCu cut-off was used for the Gallagher domain. For the VLT a cut-off of 0.03% TCu was used. For all deposits, a copper metal price of US$4.40/lb was utilized and based on historic average price (determined October 2024) of US$3.90/lb Cu escalated approximately 15%. Net price after smelting, refining, and transportation is US$4.22/lb Cu.

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 0.04% total copper (TCu) cut-off grade for oxide mineralization and 0.08% 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 121.7 MTons at 0.27 TCu%; Indicated Resources of 323.3 MTons at 0.21 TCu%; and Inferred Resources of 108.5 MTons at 0.15 TCu%. The Mineral Resource is current on December 31, 2025.

Yerington Deposit - Summary of Copper Mineral Resources at the End of the Fiscal Year Ended December 31, 2025

Notes: Mineral resources are reported in situ and the effective date is March 17, 2025. Mineral resources are not mineral reserves and do not demonstrate economic viability.

Mineral resources are reported within a conceptual pit shell that used the following input parameters: a variable break-even economic cut-off grade of 0.04 % TCu and 0.08% TCu, for oxide and sulfide material respectively, based on assumptions of a net copper price of US$4.22 per pound (after smelting, refining, transportation, and royalty charges), 70% recovery in oxide material, 74% recovery in sulfide material, base mining costs of $2.49/st for oxide and $2.22/st for sulfide, and processing plus G&A costs of $2.00/st for oxide and $4.44/st for sulfide.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

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 second power methods (ID2). The resource classification was applied based on the distance to nearest composite reported for the ID2 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 0.03% TCu cut-off grade. The updated VLT Mineral Resource is as follows: Indicated Resources of 36.5 Mtons at 0.09% TCu and Inferred Resources of 26.4 Mtons at 0.09% TCu. 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, 2025

Notes: Mineral resources reported for the VLT are for surficial deposits and not in situ. Effective date for this Mineral Resource estimate is March 17, 2025.

The 2025 Mineral Resource estimate uses a break-even economic cut-off grade of 0.03 % TCu based on assumptions of a net copper price of US$4.22 per pound (after smelting, refining, transportation, and royalty charges) and 75% recovery in oxide material.

Mineral Resources are not Mineral Reserves and do not demonstrate economic viability.

The Mineral Resource estimate is reported from within the resource pit shell containing Indicated and Inferred Mineral Resources.

There is no certainty that all or any part of the Mineral Resource estimate will be converted into Mineral Reserves.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

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.

A variable cut-off grade was utilized. A 0.05% TCu cut-off was used for the MacArthur domain, a 0.06% TCu cut-off for the North Ridge domain, and a 0.07% TCu cut-off for the Gallagher domain. The MacArthur block model TCu was interpolated using inverse distance weighting to the third power (ID3).

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 163.3 MTons at 0.18 TCu%; Indicated Resources of 155.1 MTons at 0.15 TCu%; and Inferred Resources of 23.2 MTons at 0.15 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, 2025

Notes:

Mineral resources are reported in situ and are current as of March 17, 2025.

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Herb Welhener, Vice president of IMC is qualified person for the MacArthur Mineral Resource estimate.

Mineral resources are reported within a conceptual pit shell that uses the following input parameters:

Metal price of $4.40/lb Cu; process costs between $1.67 and $2.14/st; and base mining costs for heap tonnage of $2.49/st and $2.53/st for waste,

Recovery of Total Copper in redox zones of leach cap, overburden, oxide and mixed: MacArthur domain 55%, North Ridge domain 53%, Gallagher domain 54%, recovery in sulfide redox = 0%

Cut-off grade: for leach cap, overburden, oxide and transition is 0.05% TCu in MacArthur, 0.06% Tcu in North Ridge and 0.07% Tcu in Gallagher

Total resource shell tonnage = 438,601ktons

Mineral Reserve Estimates

Only Measured and Indicated resources were used for Mineral Reserve Estimation. Pit optimization shells were completed for each area. These were plotted to determine the ultimate shell for pit design purposes and help in the pit development phase determination.

A restriction was placed on the pit optimization runs for the Yerington pit so that pit shells were not expanded to the east past the highway into proximity with the Walker River. The existing pit crest was used as that limit. The shell chosen for the Yerington pit design was Revenue Factor (RF) = 0.9 or $3.51/lb copper. This is where 98% of the RF=1 pit revenue was achieved, with only 67% of the waste material needed to be moved.

For the VLT area, pits were generated, but the RF=1 pit was selected to fully remove the material where the sulfide heap leach facility would be placed. In later phased expansions, the sulfide facility will expand onto the current VLT location.

Pit optimization for the MacArthur area was completed in the same manner. Various pits were examined from a phasing perspective, but the RF=1.0 pit was selected as a single phase. This shell was used for the designs in all three areas (MacArthur, Gallagher, and North Ridge) of MacArthur.

A cut-off was applied to each pit as follows: Yerington pit - 0.05% TCu, VLT pit - 0.03% TCu, MacArthur pit - 0.05% TCu, Gallagher pit - 0.07% TCu, and North Ridge pit - 0.06% TCu. A US$3.90/lb copper price was used for each area.

Yerington Deposit - Summary of Copper Mineral Reserves at the End of the Fiscal Year Ended December 31, 2025

Note: This mineral reserve estimate has an effective date of May 31, 2025, and is based on the mineral resource estimates for Yerington and VLT dated March 17, 2025, by AGP Mining Consultants Inc. and MacArthur Area Pits dated March 17, 2025, by Independent Mining Consultants Inc. The Mineral Reserve estimate was completed under the supervision of Gordon Zurowski, P.Eng. of AGP, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final pit designs based on a $3.90/lb copper price.

The copper cutoff grades used were:

Yerington Pit - 0.05% copper (oxide ROM), 0.09% copper (sulfide)

VLT Pit - 0.03% copper (oxide ROM)

MacArthur - 0.05% copper (oxide ROM)

Gallagher Pit - 0.07% copper (oxide ROM)

North Ridge Pit - 0.06% copper (oxide ROM)

Open pit mining costs varied by area and elevation with waste of $2.53/t, oxide material at $2.49/t and sulfide at $2.22/t. Incremental costs of $0.027/25ft bench were applied below the 4225-foot elevation for waste and oxide and 0.024/t for sulfide material below the 4225-foot elevation.

Processing costs were based on the use of an acid plant at site with crushing for sulfide material. The processing costs by pit area were:

Yerington Pit - $2.00/t ore (oxide ROM), $4.44/t (sulfide)

VLT Pit - $1.34/t ore (oxide ROM)

MacArthur - $1.67/t ore (oxide ROM)

Gallagher Pit - $2.14/t ore (oxide ROM)

North Ridge Pit - $1.73/t ore (oxide ROM)

G&A costs were $0.49/t ore.

Process copper recoveries varied by material and area and were as follows:

Yerington Pit - 70% (oxide ROM), 74% (sulfide)

VLT Pit - 75% (oxide ROM)

MacArthur - 55% (oxide ROM)

Gallagher Pit - 54% (oxide ROM)

North Ridge Pit - 55% (oxide ROM)

Mining Methods

Open pit mining offers the best approach for development of the deposits based on the size of the resource, tenor of the grade, grade distribution and proximity to topography for the deposits.

The PFS mine schedule totals 506.6 Mt of heap leach feed grading 0.21% copper over a processing life of just under 12 years. Open pit waste tonnages from the various areas total 159.8 Mt and will be placed into waste storage areas adjacent to the open pits. The overall open pit strip ratio is 0.32:1 (waste: heap feed).

Three heap leach facilities will be used to provide copper solution to the processing (SX/EW) facilities. The sulfide HLF located near the Yerington pit will utilize the Nuton process for the leaching of sulfide feed from the Yerington pit. The Nuton facility will have a peak feed rate of 35 Mtpa through a crushing plant. The Yerington pit is the only supply of sulfide material for the PFS. The other process stream will employ conventional oxide copper leaching technology with ROM material. One oxide HLF will be located at Yerington for the Yerington oxide and VLT material while the other oxide HLF will be adjacent to the MacArthur pits.

The current mine plan includes minimal pre-stripping as the bottom of the existing pit still contains material suitable for placement on a HLF with conventional leaching and use of the Nuton process for the sulfide materials.

The open pit mining starts in Year 1 and continues uninterrupted until early in Year 12.

Conventional mining equipment was selected to meet the required production schedule, with additional support equipment for road, waste rock storage, and pit bench maintenance as is typical in an open pit mine.

Drilling will be completed with down-the-hole-hammer (DTH) electric drills with 6¾" bits. A smaller 5½" drill is used for tighter working areas. The primary loading units will be 21 yd³ electric hydraulic shovels. Additional loading will be completed by 15 yd³ loaders. It is expected that one of the loaders will be at the primary crusher for most of its operating time. The haulage trucks will be conventional 100-ton rigid body trucks.

Mineral Processing & Metallurgical Testing

Copper mineralization at the Yerington Copper Project exhibits characteristics typical of deposits in the Western United States. The unique orientation of the mineralized zones and the existence of both the Yerington and MacArthur deposits allows for the potential to process oxide, transitional and sulfide copper ores simultaneously.

Recent advances in processing technology, particularly the Nuton® process, show improvements in recovering lower grade copper sulfide ores using bio-leaching technology without the need for flotation concentration and smelting. Modelling and associated test work confirm that copper recoveries up to 77% are achievable on primary Yerington sulfide ore using Nuton Technology.

Current test campaigns are optimizing Nuton Technology and evaluating synergies across flowsheets that incorporate heap leach processing of oxide, transitional and sulfide ore.

Metallurgical copper extraction and recovery estimates for the Yerington Copper Project are summarized in the Yerington Copper Project Projected Recoveries by Deposit/Ore Type/Process. These projections are based on metallurgical test campaigns and data from historical operations at the Yerington project site.

Yerington Copper Project Project Recoveries by Deposit/Ore Type/Process(1)

(1) Based on metallurgical test work campaigns

Planned Infrastructure

The MacArthur and Yerington Sites have similar infrastructure, with Yerington as the main operating site. The major operating and administrative infrastructure will be located at Yerington Site.

Both MacArthur and Yerington Sites will have the following:

• Mine Pit(s)

• HLFs

• Waste Rock and Storage Facility (WRSF)

• Raffinate pond

• Pregnant Leach Solution (PLS) pond

• PLS event pond

• Solvent Extraction (SX) facility

• Pit dewatering and deep well water pumps

• Overhead power lines with connection to existing substations

• Railroad spur and railroad offloading

• Haul Roads

• Service Roads

The shared infrastructure between the two Sites includes:

• Railroad

• Connecting Service Road

• Intra-site pipelines

The Yerington Site will have the following additional infrastructure:

• Yerington Stockpiles: coarse ore and fine ore

• Truck shop

• Administrative buildings

• Crushing and Agglomeration circuit

• Common Electrowinning (EW) facility

• Water Treatment Plant

• Acid Plants (2)

• Cogeneration Plants (2)

• Fuel storage

Project Permitting

The Yerington and MacArthur Properties are on private and federal land administered by the BLM Sierra Front Field Office in the Carson City District. Proposed mining operations for the Project will require authorization from Federal, State, and local regulatory agencies, supported by requisite studies and analyses, along with public involvement.

The Table below provides an overview of the anticipated Federal, State, and County permits and approvals that may be required to dewater the Yerington Pit and construct/operate the Yerington Copper Project. This preliminary list of permits/authorizations may require modifications as additional mine planning and engineering designs are completed and results of baseline characterization studies and analyses are available.

Yerington Copper Project Project Anticipated Permit Requirements

Note:

*: Not anticipated at this time, but if the Heap Leach Facility (HLF) ponds are deemed jurisdictional dams, these permits may be required.

Project Economics

Capital Costs

The capital cost estimate encompasses all direct and indirect expenditures, complete with appropriate contingencies for the various facilities required to commence production, as outlined in this study. It's important to note that all equipment and materials are assumed to be new, and the estimate does not incorporate allowances for potential scope changes, escalation, or fluctuations in exchange rates. The execution strategy is rooted in an engineering, procurement, and construction management (EPCM) implementation approach, with Lion CG overseeing construction management and the packaging of discipline-based construction contracts.

This capital cost estimate for the Project has been developed to align with the requirements of a PFS, encompassing the costs associated with designing, constructing, and commissioning the necessary facilities.

The capital Cost Estimate Table below estimates the capital costs for the project, encompassing the mine, process facilities (including the 34 Mtpa crushing plant), heap leach facilities, on-site infrastructure, dewatering of the existing pit lake, and all associated project-related indirect expenditures and contingencies across major areas. The total capital cost estimate for the Project stands at approximately $1,732 million, with prices expressed in terms of Q1 2025 levels.

Yerington Copper Project Capital Cost Estimate

Operating Costs

The estimated Project operating costs are shown in the Yerington Copper Project Operating Costs - Life of Mine Table.

Yerington Copper Project Operating Cost Estimate

General data sources and assumptions used as the basis for estimating the process operating costs include:

• Average production rate of 34 Mtpa for the Nuton circuit

• Labor requirements as developed by AGP and Samuel Engineering

• Unit cost of electrical energy of $0.065/kWhr

• Unit cost of diesel fuel of $3.03/gal

• Taxes are excluded from the G&A but are applied to the financial model

Financial Evaluation

Yerington Copper Project Financial Evaluation Base Case $4.30/lb copper

Total cash cost and AISC are non-GAAP measures and include royalties payable.

Internal Controls over Exploration Results, Mineral Resources and Reserve Estimation

The Company maintains internal controls over its exploration activities and mineral resource estimation for the Yerington Copper Project to support the reliability of data and reasonableness of estimates at the preliminary feasibility study stage.

Quality Assurance and Quality Control (QA/QC)

The Company applies industry-standard QA/QC procedures, including the use of certified reference materials, blanks, and duplicates, chain-of-custody protocols, and analysis by accredited independent laboratories. QA/QC results are reviewed by Company personnel and qualified persons to identify potential errors or bias.

Verification of Analytical Procedures

Analytical results are verified through reconciliation of laboratory data, review of methodologies, and independent checks by qualified persons. Geological interpretations and assay results are evaluated for consistency, and resource models are developed using industry-standard software with controlled access.

Resource Estimation Controls

Mineral resource estimates are prepared byqualified persons and include review of geological models, estimation parameters, and key assumptions. Management performs sensitivity analyses and documents key judgments supporting the estimates.

Risk Considerations

Resource estimation at the PFS stage involves inherent uncertainties, including geological variability, data limitations, metallurgical assumptions, and economic factors such as commodity prices and costs. The Company addresses these uncertainties through conservative assumptions, ongoing data validation, and oversight by experienced qualified persons.

Management believes these controls provide a reasonable basis for the reliability of exploration results and mineral resource estimates used in the Company's PFS-level evaluation.

Qualified Person

The scientific and technical information in this Annual Report relating to the Yerington Copper Project is based on information derived from the Technical Report Summary prepared in accordance with S-K 1300 and filed as an exhibit to this Annual Report. The TRS was prepared by qualified persons (each, a "Qualified Person") as defined in S-K 1300. The Company believes that the TRS and the information incorporated herein accurately summarize the material scientific and technical information concerning the Project.

Other Properties

Hunewill Property, Nevada, US

The Hunewill property consists of one fee land parcel located in Lyon County, Nevada. The property is an early-stage exploration asset with no known mineral resources or reserves and is not considered material to our business.

Wassuk Property, Nevada, US

The Wassuk Property consists of approximately 310 unpatented mining claims covering approximately 6,400 acres in Lyon County, Nevada. The property is an early-stage exploration asset with no known mineral resources or reserves. We hold a 100% interest in the property, subject to a 3% net smelter return royalty, reducible to 2% for a payment of $1.5 million. We do not consider the Wassuk Property to be material.

Copper Canyon Property, Nevada, US

The Copper Canyon property consists of approximately 60 unpatented mining claims covering approximately 1,240 acres in Lyon County, Nevada. The property is an early-stage exploration asset with no known mineral resources or reserves and is not considered material.