Lion Copper and Gold Corp. announced that it has completed the Stage 1 Programme of Work and has reached an agreement with Rio Tinto America Inc. (“Rio Tinto”) on the scope of the Stage 2 Program of Work with Nuton, a Rio Tinto venture. Rio Tinto will now provide Stage 2 funding of USD 5,000,000 and an immediate advance of USD 2,500,000 to cover Stage 3 funding, with the company receiving a total amount of USD 7,500,000 to fund the Mason Valley project’s development, exploration efforts and other agreed-upon corporate purposes.
Lion Copper and Gold Corp. and Rio Tinto America Inc. (“Rio Tinto”).
Why it matters
The agreement with Rio Tinto for Stage 2 funding and an advance on Stage 3 funding allows Lion Copper and Gold Corp. to continue to develop and explore its Mason Valley copper project, including permit applications and baseline studies, an exploration plan of operations, surface and groundwater characterization, geochemical characterization, wildlife surveys, stakeholder engagement, permitting/strategy development and a mine plan of operations. It also allows the company to continue to use Nuton technologies and engage with stakeholders, including local Native American tribes and other local communities, to advance the project with the goal of low-carbon-impact domestic copper production.