Lion Copper and Gold Corp. has revised the Stage 2 Program of Work under its Earn-in Agreement with Nuton LLC, a venture associated with Rio Tinto. The modification involves a 9-month extension of Stage 2, pushing the completion deadline to September 12, 2024. This adjustment is intended to provide adequate time for the completion of a comprehensive pre-feasibility study, which will integrate unique technologies from Rio Tinto’s Nuton venture.
Detailed Amendment Provisions: New Stages and Financial Commitments
The updated terms necessitate the division of Stage 2 into two phases: Stage 2a, which encompasses work to be conducted until the initial end date of January 12, 2024, and Stage 2b, which addresses activities during the extended period. Additionally, contingent upon requisite approvals, Rio Tinto has committed to fund Lion Copper and Gold Corp. with an upfront amount of US$10 million for the Stage 2b work schedule. This funding is expected within a 30-day window following the conclusion of Stage 2a.
Post Stage 2b, a collective decision will be made regarding the necessity of an additional segment, Stage 2c. If agreed upon, and subject to subsequent approvals, Rio Tinto will contribute an extra US$5 million for this phase, with the funds slated for disbursement within 30 days of formalizing the work agreement for Stage 2c.
CEO’s Insight on the Amendment
Travis Naugle, CEO of Lion Copper and Gold, expressed confidence in the continued collaboration with Rio Tinto, highlighting the strategic importance of incorporating Nuton’s technologies in their Yerington Copper Project. He emphasized that the ensuing pre-feasibility study is instrumental in shaping future decisions and exploring the potential for a joint investment initiative geared toward development activities.
Innovating Copper Extraction
Nuton stands as a pivotal innovation venture within Rio Tinto, focusing on bolstering the company’s copper business. With nearly three decades of research backing, Nuton’s technology suite promises efficient copper leaching processes, which could revolutionize copper extraction from primary sulfide resources. The venture’s approach not only advocates for enhanced copper recovery rates but also champions environmental stewardship, targeting a minimal ecological footprint in its operations.