# EDGAR Filing Document

**Accession Number:** 0001339688
**File Stem:** 0001062993-26-002695
**Filing Date:** 2026-5
**Character Count:** 88963
**Document Hash:** 763ef24ccb1639178daba497192cf2dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-002695.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001062993-26-002695

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LION COPPER & GOLD CORP.
- **CENTRAL INDEX KEY:** 0001339688
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55139
- **FILM NUMBER:** 26986516

**BUSINESS ADDRESS:**
- **STREET 1:** C/O #1200-750 WEST PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T8
- **BUSINESS PHONE:** 778-898-0057

**MAIL ADDRESS:**
- **STREET 1:** C/O #1200-750 WEST PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUATERRA RESOURCES INC
- **DATE OF NAME CHANGE:** 20050923

?xml version='1.0' encoding='ASCII'? Lion Copper and Gold Corp.: Form 10-Q - Filed by newsfilecorp.com

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended <u>**March 31, 2026**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the transition period from __________________ to __________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **000-55139** 

(Commission File Number)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**LION COPPER AND GOLD CORP.**</u>

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **British Columbia, Canada** | **98-1664106** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **143 S Nevada St., Yerington, NV 89447** 

(Address of principal executive offices) (Zip Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **775-463-9600** 

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: <u>**None**</u>

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [**X**] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [**X**] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

------

---

| | |
|:---|:---|
| Large accelerated filer [ ] | Accelerated filer [ ] |
| Non-accelerated filer [ ] | Smaller reporting company [ **X** ] |
|  | Emerging growth company [ **X** ] |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ **X** ]

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: <u>**As of May 15, 2026, the registrant's outstanding common stock consisted of 431,137,702 shares.**</u>

------

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of applicable United States and Canadian securities legislations ("**Forward-Looking Statements**"). Forward-Looking Statements reflect the expectations of management and consist of statements that are not only historical fact but also relate to predictions, expectations, belief, plans, projections, objectives, assumptions, future events, or future performance. Forward-Looking Statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan" or similar words. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any Forward-Looking Statements provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in Forward-Looking Statements as a result of various estimates, risks, and uncertainties. Readers should not place undue reliance on Forward-Looking Statements. Forward-Looking Statements in this annual report and in documents incorporated by reference herein include, but are not limited to, statements with regard to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• planned exploration activity including both expected drilling and geological and geophysical related activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future foreign exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sources of liquidity, cash flows and their uses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• realization of anticipated benefits of acquisitions and dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected levels of operating costs, general and administrative costs, costs of services and others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treatment under government regulation and taxation regimes.

Forward-Looking Statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the Forward-Looking Statements, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to exploration and development of natural resource properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertain nature of estimating mineral resources and mineral reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty in the Company's ability to obtain funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copper price fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recent market events and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the Company's business being subject to environmental laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the Company's inability to meet its financial obligations under agreements to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the Company's ability to recruit and retain qualified personnel.

These Forward-Looking Statements are based on the beliefs of our management as well as on assumptions made by and information currently available to us at the time such statements were made. We undertake no obligation to update forward-looking statements should circumstances or estimates or opinions change.

------

**PART I** - **FINANCIAL INFORMATION**

**Item 1. Financial Statements** 

------

![tmp-finx001.jpg](form10qxz002.jpg)

**Lion Copper and Gold Corp.**

**Condensed Interim Consolidated Financial Statements**

**For the three months ended March 31, 2026 and 2025**

**(Expressed in thousands of U.S. Dollars except for shares and per share amounts)**

**(Unaudited)**

------

**Lion Copper and Gold Corp.**<br>Condensed Interim Consolidated Balance Sheets<br>As of March 31, 2026 and December 31, 2025<br>(Unaudited - In thousands of U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | March 31, | December 31, |
|  | Notes | 2026 | 2025 |
| **ASSETS** |  |  |  |
| **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $32438 | $2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 3 | 10 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and deposit |  | - | 4 |
|  |  | 32448 | 2925 |
| **Non-Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties | 4 | 7986 | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation bonds |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in associate | 3 | 14074 | 17829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment other | 3 | 975 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment |  | 39 |  |
| **Total assets** |  | $**55531** | $**29468** |
| **LIABILITIES** |  |  |  |
| **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $554 | $228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuton LLC deposit | 4 | 28857 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures | 7 | 2339 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 8 | - | 3564 |
| **Total current liabilities** |  | 31750 | 6082 |
| **Total liabilities** |  | 31750 | 6082 |
| **Shareholders' Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital, no pair value, unlimited common shares authorized; 421,997,186 issued and outstanding (December 31, 2025 - 413,234,899) | 9 | 111770 | 110702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 10 | 34230 | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment to issue shares |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  | (122219) | (115826) |
| **Total shareholders' equity** |  | 23781 | 23386 |
| **Total liabilities and shareholders' equity** |  | $**55531** | $**29468** |

---

*The accompanying notes form an integral part of these condensed interim consolidated financial statements.*

On behalf of the Board of Directors on May 15, 2026

---

| | |
|:---|:---|
| */s/ "Thomas Patton"* | <u>*/s/ "Tony Alford"*</u> |
| *Director* | *Director* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Condensed Interim Consolidated Statements of Operations and Comprehensive Loss<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars, except for shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  |  | For the three months ended March 31, | For the three months ended March 31, |
|  | Notes | 2026 | 2025 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation | 4 | $934 | $1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5 | 959 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 10 | 7 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuton LLC deposit | 4 | (1765) | (2213) |
| **Operating loss** |  | (135) | (1442) |
| **Non-operating income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 7 | (173) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value loss on derivative liabilities | 8 | (2677) | (774) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | 3 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  | 101 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on shares issued for services | 9 | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of loss in associate | 3 | (3755) | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | 3 | 256 |  |
|  |  | (6258) | (876) |
| **Net loss and comprehensive loss for period** |  | $**(6393)** | $**(2318)** |
| **Net loss and comprehensive loss attributed to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders of the Company |  | $(6393) | $(1555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |  | $- | $(763) |
|  |  | (6393) | (2318) |
| **Loss per share, basic and diluted** |  | $(0.02) | $(0.01) |
| **Weighted average number of shares outstanding basic and diluted** |  | 416411259 | 411011264 |

---

*The accompanying notes form an integral part of these condensed interim consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Condensed Interim Consolidated Statements of Changes in Equity<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars, except for shares)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Number of<br>Shares** | **Share**<br>**Capital** | **Additional<br>Paid-in<br>Capital** | **Deficit** | **Commitment<br>to Issue<br>Shares** | **Non-<br>Controlling<br>Interest** | **Total Equity** |
| **Balance, December 31, 2024** |  | **411011264** | $**110459** | $**25877** | $**(130597)** | $**-** | $**3660** | $**9399** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  | 48 |  |  | 1038 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued by Falcon Copper Corp. |  |  |  |  |  |  | 482 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss and comprehensive loss for the period |  |  |  |  | (1555) |  | (763) | (2318) |
| **Balance, March 31, 2025** |  | **411011264** | **110459** | **25925** | **(132152)** | **-** | **4417** | **8649** |
| **Balance, December 31, 2025** |  | **413234899** | $**110702** | $**28500** | $**(115826)** | $**10** | $**-** | $**23386** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for option and warrant exercises | 9 | 8504062 | 1015 | (209) |  |  |  | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services | 9 | 258225 | 53 |  |  | (10) |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modification of warrants | 8 |  |  | 5932 |  |  |  | 5932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 6, 10 |  |  | 7 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss and comprehensive loss for the period |  |  |  |  | (6393) |  |  | (6393) |
| **Balance, March 31, 2026** |  | **421997186** | $**111770** | $**34230** | $**(122219)** | $**-** | $**-** | $**23781** |

---

*The accompanying notes form an integral part of these condensed interim consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Condensed Interim Consolidated Statements of Cash Flow<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | Three months ended March 31, | Three months ended March 31, |
|  | Note | 2026 | 2025 |
| **Operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss for the period |  | $(6393) | $(2318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense |  | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value gain on derivative liabilities |  | 2677 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses |  | 80 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of loss in associate |  | 3755 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares-based compensation |  | 7 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of ROU asset |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services |  | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments |  | (256) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on shares issued for services |  | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivable |  | 547 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposit |  | 4 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 326 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuton LLC deposit |  | 28653 | (2294) |
| **Cash flow provided (used) by operating activities** |  | **29616** | **(2362)** |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties |  | (82) | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuton LLC deposit applied |  | 82 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment |  | (39) |  |
| **Cash used by investing activities** |  | **(39)** | **-** |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from private placements |  |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible debentures |  |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible debentures |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from warrants and options exercised |  | 497 |  |
| **Cash provided by financing activities** |  | **497** | **696** |
| Increase (decrease) in cash and cash equivalents |  | 30074 | (1666) |
| Cash and cash equivalents, beginning of period |  | 2364 | 7999 |
| **Cash and cash equivalents, end of period** |  | $32438 | $6333 |

---

*The accompanying notes form an integral part of these condensed interim consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 \| Page

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)

**1. NATURE OF OPERATIONS AND GOING CONCERN**

Lion Copper and Gold Corp. ("**LCG**"), together with its subsidiaries, collectively, the "**Company**", is engaged in the acquisition, exploration and development of copper properties in the United States. The Company is currently advancing its flagship Yerington Copper Project in Nevada toward a Feasibility Study (the "**FS**"), pursuant to an earn-in agreement with Nuton LLC ("**Nuton**"), a Rio Tinto venture.

LCG was incorporated in British Columbia, Canada on May 11, 1993. Its common shares are listed on the Canadian Securities Exchange ("**CSE**") under the symbol "LEO" and are quoted for trading on the OTCQB Market under the symbol "LCGMF".

The Company acquires mineral properties through option agreements and claim staking. The carrying value of its mineral properties represents the acquisition costs and does not reflect present or future values. The recoverability of these assets is dependent on the discovery of mineral reserves, the Company's ability to secure sufficient financing for corporate and other obligations, and the successful development or disposition of the properties.

The Company's development activities on the Yerington Copper Project are substantially funded under an earn-in agreement with Nuton rather than direct Company funding.

These condensed interim consolidated financial statements ("**Interim Financial Statements**") have been prepared on a going concern basis, which assumes the Company will continue to operate for the foreseeable future and realize its assets and discharges its liabilities in the normal course of business.

As of March 31, 2026, the Company had an accumulated deficit of $122,219 (December 31, 2025 - $115,826), and working capital of $698 (December 31, 2025 - working capital deficiency of $3,157).

The Company has not generated revenue and will require additional financing to fund general corporate and administrative activities and repay its outstanding convertible debt obligations when due. Although the Company has historically been successful in raising capital, there can be no assurance that additional financing will be available on acceptable terms, or at all. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern.

The Interim Financial Statements do not include any adjustments that would be necessary if the Company were unable to continue as a going concern. Such adjustments could be material.

**2. SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Statement of compliance and consolidation

The Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("**U.S. GAAP**") and are presented in United States dollars ("**$**" or "**USD**"), unless otherwise indicated.

The Interim Financial Statements include the accounts of LCG and its wholly owned subsidiaries, Quaterra Alaska Inc. ("**QTA**") which holds a 100% interest in Singatse Peak Services LLC ("**SPS**") and MRE LLC, , as well as its partially owned consolidated entity, Blue Copper Royalties LLC ("**BCR**"). Falcon Copper Corp. ("**FCC**") was deconsolidated effective December 31, 2025 (Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

The Company consolidates entities over which it has control. Control exists when the Company has power over the relevant activities, exposure to variable returns, and the ability to affect those returns through its power over the entity.

The Company reassesses control when events or circumstances indicate a change in its ability to direct the activities of a subsidiary. Changes in consolidation status are applied prospectively, with assets and liabilities initially recorded at fair value. A gain or loss may be recognized upon deconsolidation of a subsidiary, depending on the carrying amounts of deconsolidated assets and liabilities compared to the fair value of retained interests and ongoing contractual arrangements.

The significant accounting policies applied in the preparation of these Interim Financial Statements are consistent with those disclosed in Note 3 of the Company's audited consolidated financial statements for the year ended December 31, 2025.

In preparing these Interim Financial Statements, management has applied the same judgements, estimates and assumptions as those applied to the audited consolidated financial statements as at and for the year ended December 31, 2025.

**3. INVESTMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Falcon Copper Corp. ("**FCC**")</u>

Falcon Copper Corp., formerly Blue Copper Resources Corp, is a privately held company incorporated in Wyoming, United States. Prior to December 31, 2025, the Company consolidated FCC due to a majority representation on FCC's board of directors.

On December 31, 2025, FCC restructured its board such that the Company no longer had a controlling financial interest. Accordingly, the Company deconsolidated FCC in accordance with ASC 810, Consolidation.

Upon deconsolidation, the Company derecognized the assets, liabilities and non-controlling interests of FCC and recognized its retained investment in FCC at fair value of $17,829, based on FCC's share price of $0.31.

As of March 31, 2026 and December 31, 2025, the Company held 57,513,764 common shares of FCC, representing 33.69% of FCC's issued and outstanding shares. The investment is accounted for using the equity method with the continuity listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Balance, December 31, 2025** | $**17829** |
| &nbsp;&nbsp;Share of loss in associate | (3755) |
| &nbsp;&nbsp;**Balance, March 31, 2026** | $**14074** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

The Company's share of FCC's net loss was based on FCC's unaudited net loss of $11,148 for the three months ended March 31, 2026. Based on its 33.69% ownership interest, the Company recognized its proportionate share of the loss in the interim financial statements.

Summarized financial information of FCC is presented below:

**Summarized balance sheet:**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;Cash | $19122 | $24090 |
| &nbsp;&nbsp;Prepaid expenses | 553 | 175 |
| &nbsp;&nbsp;Mineral properties | 3275 | 1550 |
| &nbsp;&nbsp;Investment in associate | 8892 | 8927 |
| &nbsp;&nbsp;**Total Assets** | $**31842** | $**34742** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;Accounts payable & accrued liabilities | $552 | $1259 |
| &nbsp;&nbsp;Convertible debentures | 27421 | 24364 |
| &nbsp;&nbsp;Derivative liabilities | 13347 | 10490 |
| &nbsp;&nbsp;**Total Liabilities** | $**41320** | $**36113** |

---

**Summarized statement of loss**

---

| | | |
|:---|:---|:---|
|  | **Three months ended**<br> **March 31, 2026** | **Three months ended**<br> **March 31, 2025** |
| &nbsp;&nbsp;**Operating expenses** |  |  |
| &nbsp;&nbsp;General and administrative expenses | $341 | $37 |
| &nbsp;&nbsp;Exploration & evaluation | 76 | 74 |
| &nbsp;&nbsp;Professional fees | 1948 | 589 |
| &nbsp;&nbsp;Salaries & benefits | 2320 | 686 |
| &nbsp;&nbsp;Travel | 110 | 3 |
| &nbsp;&nbsp;Reimbursement of contractor services | (21) | (49) |
| &nbsp;&nbsp;Total operating expenses | 4774 | 1340 |
| &nbsp;&nbsp;Interest expense | 1 | 5 |
| &nbsp;&nbsp;Fair value loss on derivative liability | 2857 |  |
| &nbsp;&nbsp;Other income | (40) |  |
| &nbsp;&nbsp;Accretion expense | 3521 |  |
| &nbsp;&nbsp;Share of loss in associate | 35 |  |
| &nbsp;&nbsp;**Net loss** | $11148 | $1345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>FCC Warrants</u>

As of December 31, 2025, the Company held 6,564,180 FCC share purchase warrants classified as financial assets with a fair value of $719. The warrants are revalued at each period end, with changes in fair value recognized in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

Each warrant entitles the Company to acquire one common share of FCC for a period of five years. The price is variable and determined based on the lower of a valuation cap or discounts to future financing or market prices.

As at March 31, 2026, the fair value of the warrants was $975, which was measured using a Monte Carlo simulation method.

The following table summarizes the continuity of the FCC warrants during the three months ended March 31, 2026:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Balance, December 31, 2025** | $**719** |
| &nbsp;&nbsp;Unrealized gain on investments | 256 |
| &nbsp;&nbsp;**Balance, March 31, 2026** | $**975** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

**4. MINERAL PROPERTIES** 

Total mineral property acquisition costs are listed in the table below:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Falcon Copper Copr.** | **Falcon Copper Copr.** |  |  |
|  | **MacArthur** | **Yerington** | **Bear** | **Hunewill** | **Wassuk** | **Copper<br>Canyon** | **Blue** <br>**Copper** | **Schell** <br>**Creek** | **Groundhog** | **Total** |
| **Balance, December 31, 2024** | $**2489** | $**1195** | $**1575** | $**-** | $**1405** | $**10** | $**1028** | $**200** | $**-** | $**7902** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition |  |  |  | 1312 |  |  |  |  |  | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Option payments |  |  | 231 |  |  |  | 225 | 50 | 47 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funded by Nuton LLC |  |  | (231) |  |  |  |  |  |  | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deconsolidation of Falcon<br> Copper Corp. |  |  |  |  |  |  | (1253) | (250) | (47) | (1550) |
|  |  |  |  | 1312 |  |  | (1028) | (200) |  | 84 |
| **Balance, December 31, 2025** | **2489** | **1195** | **1575** | **1312** | **1405** | **10** | **-** | **-** | - | **7986** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition | **-** | **-** | 81 | **-** | **-** | **-** | **-** | **-** | **-** | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Option payments |  |  | 1 |  |  |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funded by Nuton LLC |  |  | (82) |  |  |  |  |  |  | (82) |
| **Balance, March 31, 2026** | $**2489** | $**1195** | $**1575** | $**1312** | $**1405** | $**10** | $**-** | $**-** | $**-** | $**7986** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

Total exploration expenditures recorded on the condensed interim consolidated statements of operations and comprehensive loss are listed in the tables below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Singatse Peak Services LLC** | **Falcon Copper Corp.** | **Falcon Copper Corp.** | **Falcon Copper Corp.** |  |
| **Three months ended March 31,<br>2026** | **MacArthur** | **Yerington** | **Bear** | **Wassuk** | **Blue** <br>**Copper** | **Schell** <br>**Creek** | **Other** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assay & Labs | $- | $67 | $- | $- | $- | $- | $- | $**67** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drilling |  | 84 |  |  |  |  |  | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental |  | 439 |  |  |  |  |  | **439** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geophysical |  | 1 |  |  |  |  |  | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Technical Study |  | 296 | 18 |  |  |  |  | **314** |
| &nbsp;&nbsp;&nbsp;&nbsp;Field Support | 11 | 17 | 1 |  |  |  |  | **29** |
|  | 11 | 904 | 19 |  |  |  |  | **934** |
| Funded by Nuton LLC | (11) | (904) | (19) |  | **-** | **-** | **-** | **(934)** |
|  | $- | $- | $- | $- | $- | $- | $- | $**-** |
| **Three months ended March 31,<br>2025** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Maintenance | $- | $- | $- | $1 | $31 | $- | $22 | $**54** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assay & Labs |  | 9 |  |  |  |  |  | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drilling |  | 119 |  |  |  |  |  | **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental | 1 | 150 |  |  |  |  |  | **151** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geophysical |  |  |  |  |  | 10 |  | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;Technical Study | 32 | 763 | 5 |  |  |  |  | **800** |
| &nbsp;&nbsp;&nbsp;&nbsp;Field Support |  | 8 |  |  | 12 |  |  | **20** |
|  | 33 | 1049 | 5 | 1 | 43 | 10 | 22 | **1163** |
| Funded by Nuton LLC | (33) | (1049) | (5) | (1) |  |  |  | **(1088)** |
|  | $- | $- | $- | $- | $43 | $10 | $22 | $75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

&nbsp;&nbsp;&nbsp;&nbsp;a) Nuton Agreement

On March 18, 2022, the Company entered into an option earn-in agreement with Nuton LLC ("**Nuton**"), a subsidiary of Rio Tinto, as subsequently amended (the "**Nuton Agreement**"). Under the Nuton Agreement, Nuton was granted an exclusive option to acquire an initial 65% interest in the Company's Yerington, MacArthur, Wassuk, Bear projects, together with the associated water rights (collectively, the "**Mining Assets")** through the completion of staged work programs and funding commitments totaling up to $59,000.

Following the completion of Stage 1 and Stage 2, Nuton elected to advance to Stage 3 in November 2025, and the parties entered into a Stage 3 Earn-In Agreement dated December 19, 2025. In January 2026, Nuton contributed $30,500 to fund feasibility study and project permitting activities. As of March 31, 2026, cumulative funding received under the Nuton Agreement totaled $58,500.

Upon completion of the feasibility study, Nuton and the Company will determine whether to establish a separate investment vehicle to hold the Mining Assets, with Nuton retaining a minimum 65% ownership interest.

Funds received under the Nuton Agreement do not represent revenue to the Company. Accordingly, such amounts are recorded as a deposit liability until eligible project expenditures are incurred in accordance with the staged work programs. As expenditure is incurred, the deposit liability is reduced, with corresponding amounts recognized as associated expenses or capitalized to mineral properties, consistent with the Company's accounting policies.

The continuity of the Company's Nuton LLC deposit is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Balance December 31, 2024** | $**6645** |
| &nbsp;&nbsp;Funds applied to capitalized acquisition | (231) |
| &nbsp;&nbsp;Funds applied to exploration and evaluation | (2805) |
| &nbsp;&nbsp;Funds applied to general and administrative | (3405) |
| &nbsp;&nbsp;**Balance December 31, 2025** | $**204** |
| &nbsp;&nbsp;Funds received | 30500 |
| &nbsp;&nbsp;Funds applied to capitalized acquisition | (82) |
| &nbsp;&nbsp;Funds applied to exploration and evaluation | (934) |
| &nbsp;&nbsp;Funds applied to general and administrative | (831) |
| &nbsp;&nbsp;**Balance March 31, 2026** | $**28857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;b) MacArthur and Yerington Properties, Nevada

Located in the historic copper district of Yerington, Nevada, the Company's MacArthur and Yerington are 100% owned by SPS, a wholly owned subsidiary of Quaterra Alaska Inc.

The MacArthur property consists of unpatented lode claims and placer claims and covers lands administered by the U.S. Department of Interior - Bureau of Land Management ("**BLM**"). It is subject to a 2% net smelter return royalty upon commencing commercial production, which can be reduced to a 1% NSR in consideration of $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

The Yerington property is centered on the former Anaconda open pit copper mine. This includes simple parcels and patented mining claims as well as unpatented lode and placer claims on land administered by BLM. The Yerington deposit is subject to a 2% NSR upon commencing commercial production. The total lifetime royalty is capped at $7,500.

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;c) Bear Deposit, Nevada

The Bear deposit consists of private land located to the northeast of the Yerington deposit.

The Company has five option agreements, entered between March 2013 and May 2015, subsequently amended, pursuant to which it may acquire a 100% interest in private lands covering the Bear deposit. Under the terms of these option agreements, the Company is required to make aggregate cash payments of $5,988 over 15 years, of which $5,916 had been paid as of March 31, 2026, in order to maintain its exclusive right to purchase the land, mineral rights, and certain water rights, and to conduct mineral exploration activities on the properties.

Two of the properties are subject to a 2% NSR upon commencing commercial production, which can be reduced to a 1% NSR in consideration of $1,250 in total.

The remaining payments required to keep the option agreements in good standing consist of $150 due in 2026 and $51 annually from 2027 through 2029, for a total of $302.

These option agreements also contain purchase provisions with cash payments ranging from $6,250 to $22,770, subject to varying written notice requirements ranging from no prior notice to 12-months' notice.

&nbsp;&nbsp;&nbsp;&nbsp;d) Hunewill, Nevada

In November 2025, the Company acquired a parcel of land adjacent to its Yerington Copper Project for total cash consideration of $1,312, including transaction costs. The acquisition was undertaken to expand the Company's land position for potential future exploration and development activities.

The transaction was accounted for as an asset acquisition, and the entire purchase price was capitalized as mineral property costs and allocated to the Hunewill property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

&nbsp;&nbsp;&nbsp;&nbsp;e) Wassuk, Nevada

The Wassuk property consists of unpatented lode claims on land administered by the BLM. The property is subject to a 3% NSR upon commencing commercial production, which can be reduced to a 2% NSR royalty in consideration of $1,500.

&nbsp;&nbsp;&nbsp;&nbsp;f) Copper Canyon, Nevada

On August 21, 2023, the Company purchased the title to the Copper Canyon claims from Convergent Mining, LLC and paid $10 in mineral claim fees. Further, the Company is required to pay an exploration fee to Convergent Mining, LLC calculated as the 5% of the first $2,000 of qualifying exploration costs, not exceeding $100.

**5. GENERAL AND ADMINISTRATIVE EXPENSES**

Certain general and administrative expenses were funded by Nuton, including salaries of $303 (2025 - $325), legal and consulting fees of $111 (2025 - $467), and other general administration expenses of $417 (2025 - $333).

A detailed breakdown of general and administrative expenses is provided below:

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31 | Three months ended March 31 |
|  | 2026 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $383 | $704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, bonuses and benefits | 361 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 101 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel | 14 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor relations | 57 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent and regulatory | 43 | 37 |
|  | $959 | $1406 |
| Nuton LLC deposit applied | (831) | (1125) |

---

**6. NON-CONTROLLING INTEREST ("NCI")**

There were no transactions involving NCI during the three months ended March 31, 2026, as FCC, the entity giving rise to the NCI balance, was deconsolidated effective December 31, 2025.

During the three months ended March 31, 2025, FCC completed a private placement issuing 4,150,000 common shares at $0.116 per common share for gross proceeds of $482. In addition, FCC granted 10,900,000 stock options with an estimated fair value of $1,038.

**7. CONVERTIBLE DEBENTURES** 

On February 3, 2025, and March 11, 2025, FCC entered into convertible loan agreements for $200, and $20, respectively. The loans bear interest at 5% per annum and have 12 months' terms. The principal and accrued interest are convertible into common shares of FCC at the lower of the price per share in the lowest equity financing undertaken by FCC during the term of the loan or $0.106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

Under ASC 815, the conversion feature does not require bifurcation. Therefore, both the debt and the conversion option were accounted for as a single liability carried at book value plus accrued interest.

The following table summarizes the continuity of the convertible debentures for the three months ended March 31, 2026 and year ended December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Balance as at December 31, 2024** | $**257** |
| &nbsp;&nbsp;Issued | 24590 |
| &nbsp;&nbsp;Accretion | 2125 |
| &nbsp;&nbsp;Interest | 70 |
| &nbsp;&nbsp;Converted | (586) |
| &nbsp;&nbsp;Repayment | (6) |
| &nbsp;&nbsp;Deconsolidation of FCC | (24364) |
| &nbsp;&nbsp;**Balance as at December 31, 2025** | $**2086** |
| &nbsp;&nbsp;Accretion | 173 |
| &nbsp;&nbsp;Interest | 80 |
| &nbsp;&nbsp;**Balance as at March 31, 2026** | $**2339** |

---

**8. DERIVATIVE LIABILITIES**

During the year ended December 31, 2024, the Company issued certain share purchase warrants that can be exercised in USD or CAD. The warrants were classified as derivative liabilities, carried at fair value and revalued at each reporting date.

During the three months ended March 31, 2026, 2,380,952 warrants were exercised resulting in a decrease of $309 to the derivative liability.

On March 31, 2026, the Company modified the exercise price of the warrants such that they are only exercisable in USD, the functional currency of the Company. As such, the warrants no longer meet the definition of derivative liability, and the fair value of the warrants of $5,932 on March 31, 2026 was reclassified to equity.

The following table summarizes the continuity of the derivative liabilities for the three months ended March 31, 2026 and year ended December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Balance December 31, 2024** | $**289** |
| &nbsp;&nbsp;Issuance of convertible debentures with variable conversion price | 10393 |
| &nbsp;&nbsp;Deconsolidation of Falcon Copper | (10490) |
| &nbsp;&nbsp;Fair value change on derivative liabilities | 3372 |
| &nbsp;&nbsp;**Balance December 31, 2025** | $**3564** |
| &nbsp;&nbsp;Exercise of warrants | (309) |
| &nbsp;&nbsp;Fair value change on derivative liabilities | 2677 |
| &nbsp;&nbsp;Modification of warrants | (5932) |
| &nbsp;&nbsp;**Balance March 31, 2026** | $**-** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

**9. SHARE CAPITAL**

The Company is authorized to issue an unlimited number of common shares without par value.

During the three months ended March 31, 2026, the Company issued 258,225 common shares in consideration for services received, with an aggregate deemed value of $40, including $10 relating to amounts accrued as a commitment to issue shares as of December 31, 2025. The common shares issued had a fair value of $53, resulting in a loss of $13 recognized during the period.

During the three months ended March 31, 2026, the Company issued 8,504,062 common shares pursuant to the exercise of warrants and stock options for total proceeds of $497. In connection with these exercises, $209 was reclassified from additional paid-in capital and $309 was reclassified from derivative liability to share capital.

No common shares were issued during the three months ended March 31, 2025.

**10. ADDITIONAL PAID-IN CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Stock options

The Company is authorized to grant stock options to directors, employees, and consultants pursuant to its stock option plan for up to 20% of the Company's issued and outstanding common shares. Stock options are granted at the discretion of the Board of Directors and may vest immediately or upon the achievement of specified performance milestones.

The exercise price of each option cannot be lower than the closing market share price of the Company's common shares on the trading day preceding the grant. Most options are granted for a term of five years and invested immediately, except for those subject to performance milestones.

The following table summarizes the continuity of the number of stock options issued and outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
|  | Number<br>of options | Weighted<br>average exercise<br>price (CAD) | Number<br>of options | Weighted<br>average exercise<br>price (CAD) |
| Outstanding, beginning of period | 88540965 | 0.10 | 63735248 | $0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | 29000000 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (4950000) | (0.08) | (2223635) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  | (1970648) | (0.08) |
| Outstanding, ending of period | 83590965 | 0.10 | 88540965 | 0.10 |
| Exercisable, ending of period | 76090965 | 0.10 | 81040965 | 0.10 |

---

As of March 31, 2026, all stock options were fully vested except for 7,500,000 granted on April 5, 2025.

The following table summarizes the Company's stock options outstanding as of March 31, 2026 and December 31, 2025, with weighted-average remaining contractual life of 3.3 and 3.6 years, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Exercise** |  |  |  |
| **Grant Date** | **Price (CAD)** | **Expiry Date** | **March 31, 2026** | **December 31, 2025** |
| June 18, 2021 | 0.245 | June 18, 2026 | 2550000 | 2550000 |
| October 21, 2021 | 0.09 | October 21, 2026 | 900000 | 900000 |
| May 25, 2022 | 0.085 | May 25, 2027 | 2000000 | 2000000 |
| March 3, 2023 | 0.095 | March 2, 2028 | 350000 | 350000 |
| July 22, 2023 | 0.08 | July 21, 2028 | 15715965 | 16215965 |
| March 1, 2024 | 0.07 | March 1, 2029 | 12865000 | 12865000 |
| July 26, 2024 | 0.08 | July 26, 2029 | 7500000 | 7500000 |
| December 10, 2024 | 0.085 | December 10, 2029 | 12710000 | 17160000 |
| April 4, 2025 | USD 0.08 | April 4, 2030 | 7500000 | 7500000 |
| September 5, 2025 | 0.12 | September 5, 2030 | 20000000 | 20000000 |
| September 8, 2025 | 0.135 | September 8, 2030 | 1500000 | 1500000 |
|  |  |  | 83590965 | 88540965 |

---

During the three months ended March 31, 2026, the Company recognized shared-based compensation expense of $7 (2025 - $1,086) related to the vesting of options. Share-based compensation expense is recorded over the vesting period of the respective awards.

&nbsp;&nbsp;&nbsp;&nbsp;b) Share purchase warrants

The following table summarizes the continuity of the number of warrants issued and outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
|  | Number<br> of warrants | Weighted<br> average<br> exercise price | Number<br> of warrants | Weighted<br> average exercise<br> price |
| Outstanding, beginning of period | 122759564 | $0.06 | 110477171 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants issued |  |  | 27979275 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | (3554062) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants expired |  |  | (15696882) | (0.06) |
| Outstanding, end of period | 119205502 | $0.06 | 122759564 | $0.06 |

---

The following table summarizes warrants outstanding as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Grant Date | Exercise<br>Price ($) | Expiry Date | March 31, 2026 | December 31, 2025 |
| March 8, 2024 | 0.056 | March 8, 2029 | 25536568 | 27917520 |
| September 19, 2024 | 0.056 | September 19, 2029 | 40978549 | 41707215 |
| November 8, 2024 | 0.06 | November 8, 2029 | 24711110 | 25155554 |
| November 6, 2025 | 0.0965 | November 6, 2030 | 27979275 | 27979275 |
|  |  |  | 119205502 | 122759564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

**11. RELATED PARTY TRANSACTIONS**

The Company's key management personnel consist of its directors and executive officers. Compensation for key management personnel was as below:

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2026 | 2025 |
| Salaries and bonuses | $138 | $215 |
| Share-based compensation | 7 | 658 |
|  | $145 | $873 |

---

Certain officers are entitled to payment upon a change of control in accordance with their employment agreements. Share-based compensation represents the fair value of stock options granted to directors and officers during the year.

**12. SEGMENTED INFORMATION** 

The Company operates as a single operating segment focused on exploration and development in the United States. Although general and administrative expenses are incurred across multiple legal entities, the chief operating decision maker ("CODM"), the Company's board of directors, evaluates performance and allocates resources on a consolidated basis. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total assets.

**13. COMMITMENTS**

To acquire certain mineral property interests as per Note 4, the Company must make optional acquisition expenditures to satisfy the terms of existing option agreements, failing which the rights to such mineral properties will revert to the property vendors.

**14. FINANCIAL INSTRUMENT RISKS**

The board of directors has overall responsibility for establishing and oversight of the Company's risk management framework. The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks. Financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities, lease liabilities, Nuton LLC deposit, convertible debentures, derivative liabilities.

Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The three levels of the fair value hierarchy are:

* Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

* Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

* Level 3 - Inputs that are not based on observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

The Company's activities expose it to financial risks of varying degrees of significance, which could affect its ability to achieve its strategic objectives for growth and stockholder returns. The principal financial risks to which the Company is exposed are liquidity risk, currency risk, interest rate risk, credit risk and commodity price risk. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis.

The carrying values of cash, accounts payable, accrued liabilities, convertible debentures, and Nuton LLC deposit approximate their fair values because of their immediate or short term to maturity and are recorded at amortized cost.

The Company's derivative liabilities are measured at its fair value at the end of each reporting period and are categorized as Level 2 in the fair value hierarchy based on the use of observable indirect market data like government bond yields to estimate risk-free rates and dividend yields based on historical dividend patterns. The Company's investment other is categorized as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;a) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. To mitigate this risk, the Company has a planning and budgeting process in place to determine the funds required to support its ongoing operations and capital expenditures. The Company ensures that sufficient funds are raised from equity offerings or debt financing to meet its operating requirements, after considering existing cash and expected exercise of stock options and share purchase warrants. See Note 1 for further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Currency risk

Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company operates in the United States and Canada; and is exposed to currency risk from transactions denominated in CAD. Currently, the Company does not have any foreign exchange hedge programs and manages its operational CAD requirements through spot purchases in the foreign exchange markets. Based on CAD financial assets and liabilities' magnitude, the Company does not have material sensitivity to CAD to USD exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate due to changes in market interest rates. The Company is exposed to the interest rate risk on its liabilities through its outstanding borrowings and the interest earned on cash balances. The Company monitors its exposure to interest rates and maintains an investment policy that focuses primarily on the preservation of capital and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19\| Page<br>

------

**Lion Copper and Gold Corp.**<br>Notes to the Condensed Interim Consolidated Financial Statements<br>For the three months ended March 31, 2026 and 2025<br>(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Credit risk

Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk through its cash and cash equivalents. Cash and cash equivalents are held in large Canadian and US financial institutions that have high credit ratings assigned by international credit rating agencies.

**15. SUBSEQUENT EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Subsequent to period end, 9,107,656 shares were issued on the exercise of warrants for total proceeds of $717.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Subsequent to period end, 3,750,000 of these performance options vested upon satisfaction of the applicable vesting criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Subsequent to period end, 32,860 shares were issued for service received in April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Subsequent to period end, the Company exercised two mineral property purchase options and acquired additional land for aggregate cash consideration of approximately $3,614 in support of the Yerington Copper Project development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 \| Page

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

------

![form10qxm002.jpg](form10qxz001.jpg)

**Lion Copper and Gold Corp** **.**

**Management's Discussion and Analysis**

**For the three months ended March 31, 2026**

Dated: May 15, 2026

(In thousands of U.S. dollars except for shares and per share amounts)

------

This Management's Discussion and Analysis ("**MD&A**") of Lion Copper and Gold Corp. and its subsidiaries (collectively, "**Lion Copper**" or the "**Company**"), dated **May 15, 2026**, should be read in conjunction with the condensed interim consolidated financial statements for the three months ended March 31, 2026 and the audited consolidated financial statements for the year ended December 31, 2025, and related notes thereto which have been prepared in accordance with accounting principles generally accepted in the United States ("**U.S. GAAP**").

Additional information about the Company, including the Company's press releases, quarterly and annual reports is available through the Company's filings with the regulatory authorities in Canada at <u>www.sedarplus.com</u> or the United States Securities Exchange Commission ("**SEC**") at <u>www.sec.gov</u><u>/edgar.</u> Information about mineral resources, as well as risks associated with investing in the Company's securities is also contained in the Company's most recently filed Form 10-K.

John Banning, Chief Executive officer, of the Company, is a Qualified Person ("**QP**") under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("**NI 43-101**"), and has approved the scientific and technical information in this MD&A.

ABOUT LION COPPER

Lion Copper was incorporated in British Columbia, Canada, on May 11, 1993, and its common shares are listed on the Canadian Securities Exchange ("**CSE**") under the symbol "LEO "and quoted for trading on the OTCQB Market under the symbol "LCGMF".

The Company continues to advance its strategic arrangement with Nuton LLC ("**Nuton**") in respect of the Yerington Copper Project located in Nevada, United States.

Under the March 2022 option to earn-in agreement, Nuton may earn a 65% interest in the Company's copper project through a three-stage funding framework. Following completion of Stage 1 and Stage 2, Nuton elected to proceed to Stage 3 in November 2025, and the parties executed a definitive earn-in agreement on December 19, 2025.

In January 2026, the Company finalized the Stage 3 program budget and received $30,500 from Nuton to advance Stage 3 activities. Nuton funding continues to support advancement of the project while reducing the need for significant direct funding by the Company.

The Company expects to continue advancing feasibility study ("**FS**") and permitting throughout 2026 and will provide updates as material development occur.

Upon completion of the FS, Nuton and the Company will determine whether to establish an investment vehicle to which the Mining Assets will be transferred, with Nuton holding a minimum 65% interest.

Page 2 of 6

------

MINERAL PROPERTIES

**Yerington Copper Project**

During the three months ended March 31, 2026, the Company commenced execution of Stage 3, focused on advancing the DFS and supporting permitting efforts.

The Company has appointed Samuel Engineering, Inc. ("**Samuel**") as lead consultant for the Definitive Feasibility Study ("**DFS**") of its flagship Yerington Copper Project in Nevada, USA and NEXUS Environmental Consultants Inc. ("**NEXUS**") as lead consultant for permitting and environmental management. Lion hosted a mult-day DFS and permitting workshop at the Yerington project site, bringing together all core members of the study team.

Multiple drilling campaigns have also commenced to de-risk and optimize project design. Resource drilling commenced to upgrade the mineral resource of the Vat Leach Tailings ("**VLT**") to reserve status. This drilling program started in February 2026 and is to be completed in May 2026. The additional reserve will be incorporated into the DFS. Additionally, piezometer and geotechnical drilling have started within the Yerington pit area. This drilling started in March 2026 and is to be completed June 2026. These drilling programs are designed to advance the understanding of groundwater conditions, optimize pit slope design and stability analysis, and advance environmental and permitting workstreams.

Nuton continues to advance metallurgical studies on sulfides via column testing.

RESULTS OF OPERATIONS

For the three months ended March 31, 2026, the Company reported net loss of $6,393, primarily driven by non-cash $3,755 loss in investment of Falcon Copper Corp. ("**FCC**") and $2,677 fair value loss on derivative liabilities.

Following the deconsolidation of FCC effective December 31, 2025, FCC's operating expenses are no longer included in the Company's consolidated financial statements. As a result, the current financial results are not directly comparable to those of the same period last year. Accordingly, the decrease in the current period operating expenses primarily reflects the accounting impact of the deconsolidation and related changes in presentation, rather than a reduction in the underlying operating costs of the Company.

Operating expenses includes personnel, professional fees, and share-based compensation, as well as exploration and evaluation expenditures related to the Yerington Copper Project.

As an exploration and development company with no operating revenues, the Company's financial results continue to be influenced by non-cash items, such as share-based compensation as well as financing and investing activities.

Page 3 of 6

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(in thousands of U.S. dollars except for share and per<br>share amounts)** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| &nbsp;&nbsp;**(in thousands of U.S. dollars except for share and per<br>share amounts)** | **2026** | **2025** |
| &nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation | $934 | $1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | 959 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 7 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuton LLC Deposit | (1765) | (2213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 6258 | 876 |
| &nbsp;&nbsp;**Net loss and comprehensive loss** | **(6393)** | **(2318)** |
| &nbsp;&nbsp;Loss and comprehensive loss attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lion Copper and Gold Corp. | (6393) | (1555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |  | (763) |
| &nbsp;&nbsp;loss per share, basic and diluted | $(0.02) | $(0.01) |
| &nbsp;&nbsp;Weighted average number of common shares outstanding | 416411259 | 411011264 |

---

**SUMMARY OF QUARTERLY RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(in thousands except for per share<br>amounts)* | **Q1'26** | **Q4'25** | **Q3'25** | **Q2'25** | **Q1'25** | **Q4'24** | **Q3'24** | **Q2'24** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenditures | $(934) | $(849) | $(1033) | $(987) | $(1163) | $(1603) | $(1591) | $(2389) |
| &nbsp;&nbsp;&nbsp;&nbsp;General administration | (959) | (4374) | (2887) | (1399) | (1406) | (1122) | (1373) | (1358) |
|  | (1893) | (5223) | (3920) | (2386) | (2569) | (2725) | (2964) | (3747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value (loss) gain on derivative liabilities | (2677) | (1851) | 261 | (1008) | (774) | 39 | 439 | (427) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | 3 | (2) | (21) | 19 | (30) | (28) | (4) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other | (3584) | (1254) | (530) | (76) | (72) | 387 | (41) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation |  | 26381 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (7) | (3932) | (3583) | (171) | (1086) | (734) | (129) |  |
|  | (8158) | 14119 | (7793) | (3622) | (4531) | (3061) | (2699) | (4276) |
| &nbsp;&nbsp;Nuton LLC funded | 1765 | 583 | 1474 | 1940 | 2213 | 2310 | 2336 | 3102 |
| &nbsp;&nbsp;Net (loss) income for period | (6393) | 14702 | (6319) | (1682) | (2318) | (751) | (363) | (1174) |
| &nbsp;&nbsp;Basic(loss) income per share | $(0.02) | $0.05 | $(0.01) | $(0.00) | $(0.00) | $(0.00) | $(0.00) | $(0.00) |

---

LIQUIDITY AND CAPITAL RESOURCES

The Company has not earned any revenue. Its operations have been dependent mainly on the Nuton LLC funding in the last few years without diluting shareholders' value.

In January 2026, the Company received $30,500 from Nuton in connection with Stage 3 funding, with aggregate total of $58,500 as of this MD&A date under the Nuton agreement.

Nuton funding is intended to support costs associated with the Yerington Copper Project, including technical studies, engineering, permitting and certain allocable project overhead expenses. While a portion of general and administrative costs is covered by this funding, the Company remains responsible for the balance of its corporate general and administrative expenses.

In January 2026, the Company also received $557 cash dividend from Falcon Butte Minerals Corp. in connection with the disposal of its shares in December 2025.

Page 4 of 6

------

Cash on hand is approximately $29,250 as of May 15, 2026.

The following table summarizes the Company's cash flow for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| &nbsp;&nbsp;Cash provided (used) by operating activities | $29616 | $(2362) |
| &nbsp;&nbsp;Cash used in investing activities | (39) |  |
| &nbsp;&nbsp;Cash provided by financing activities | 497 | 696 |
| &nbsp;&nbsp;Increase (decrease) in cash and cash equivalents | 30074 | (1666) |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 2364 | 7999 |
| &nbsp;&nbsp;**Cash and cash equivalents, end of period** | $**32438** | $**6333** |

---

Year to date the Company has received aggregate proceeds of $1,214 from the exercise of stock options and warrants.

Management believes that cash, including the Stage 3 funding for project expenditure, is sufficient to support planned FS activities. The Company may require additional financing to repay its outstanding debentures due in November 2026 and to advance corporate initiatives.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;**Financial Position** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $32438 | $2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 15049 | 18548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties | 7986 | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 58 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**55531** | $**29468** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $**31750** | $**6082** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | $**23781** | $**23386** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Working capital (deficiency)** | $**698** | $**(3157)** |

---

TRANSACTIONS WITH RELATED PARTIES

The Company's related parties include its directors and officers whose remuneration was as follows, subject to change of control provisions for officers:

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2026 | 2025 |
| Salaries and bonuses | $138 | $215 |
| Share-based compensation | 7 | 658 |
|  | $145 | $873 |

---

These transactions have occurred in the normal course of the business and are measured at the equivalent amount of the services rendered.

Page 5 of 6

------

OUTSTANDING SHARE INFORMATION

As of the date of this MD&A, the Company has:

* 431,137,702 common shares;

* 76,090,965 stock options, exercisable at prices ranging from CAD 0.07 to CAD 0.245, with expiration dates between June 18, 2026 and September 8, 2030; and

* 7,500,000 performance options, exercisable at $0.08, with an expiration date of April 5, 2030; and

* 119,205,501 warrants exercisable ranging from $0.056 - $0.0965 expiring from March 8, 2029 through November 6, 2030.

OFF - BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements as of this MD&A date.

PROPOSED TRANSACTIONS

The Company is exploring potential strategic initiatives to support growth and operations. These initiatives are at an early stage, and no decisions have been made.

FORWARD-LOOKING STATEMENTS

This MD&A contains forward-looking statements within the meaning of applicable United States and Canadian securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as "believe", "anticipate", "expect", "estimate", "may", "plan", "potential", "will", "should" or similar expressions.

These forward-looking statements include, but are not limited to, statements regarding the economic projections, development potential, and anticipated outcomes described in our 2025 pre-feasibility study for the Yerington Copper Project, as well as statements regarding our future operations, objectives, expectations, and financial performance. These statements reflect management's current expectations, estimates, assumptions, and beliefs as of the date of this MD&A regarding future events and results.

Forward-looking statements are subject to several known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These risks include, among others, uncertainties related to mineral resource and mineral reserve estimates; assumptions underlying our pre-feasibility study; the availability of financing; reliance on third-party partners; permitting and regulatory approvals; environmental, technical and operational risks; and general economic and market conditions. For a more detailed discussion of these risks, see *Item 1A - Risk Factors* in our most recent Annual Report on Form 10-K.

Forward-looking statements concerning mineral resources, mineral reserves, and project economics are based on technical reports prepared in accordance with applicable disclosure standards. Such technical information is inherently uncertain and subject to significant assumptions regarding geological interpretation, engineering and metallurgical performance, capital and operating costs, copper prices, and other factors, many of which are beyond our control and difficult to predict accurately.

Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise.

Page 6 of 6

------

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Not applicable.

**Item 4. Controls and Procedures**

**Disclosure controls and procedures**

The Company's management is responsible for establishing and maintaining adequate disclosure controls and procedures. The Company's management, including our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based on that evaluation, the principal executive officer and principal financial officer concluded that as of the end of the period covered by this report, the Company has maintained effective disclosure controls and procedures in all material respects, including those necessary to ensure that information required to be disclosed in reports filed or submitted with the SEC (i) is recorded, processed, and reported within the time periods specified by the SEC, and (ii) is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow for timely decision regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

There have been no changes in internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

------

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

We are not aware of any material current, pending, or threatened litigation with respect to the Company.

**Item 1A. Risk Factors**

Not applicable.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.** 

Not applicable.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

The Company has no active mining operations or dormant mining assets currently and has no outstanding mine safety violations or other regulatory safety matters to report.

**Item 5. Other Information**

Not applicable.

------

**Item 6. Exhibits** 

---

| | |
|:---|:---|
| [3.1<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1339688/000106299320002031/exhibit1-1.htm) | [Articles dated June 21, 2018](http://www.sec.gov/Archives/edgar/data/1339688/000106299320002031/exhibit1-1.htm) |
| [3.2<sup>(2)</sup>](http://www.sec.gov/ix?doc=/Archives/edgar/data/1339688/000106299323008192/form10k.htm) | [Certificate of Incorporation and Certificates of Change of Name](http://www.sec.gov/ix?doc=/Archives/edgar/data/1339688/000106299323008192/form10k.htm) |
| [3.3<sup>(</sup><sup>3</sup><sup>)</sup>](http://www.sec.gov/Archives/edgar/data/1339688/000106299325014353/exhibit3-3.htm) | [Notice of Articles dated July 29, 2025](http://www.sec.gov/Archives/edgar/data/1339688/000106299325014353/exhibit3-3.htm) |
| [31.1](exhibit31-1.htm) | [Certification of the Principal Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of 1934 (filed herewith)](exhibit31-1.htm) |
| [31.2](exhibit31-2.htm) | [Certification of the Principal Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of 1934 (filed herewith)](exhibit31-2.htm) |
| [32.1](exhibit32-1.htm) | [Section 1350 Certification of the Principal Executive Officer (filed herewith)](exhibit32-1.htm) |
| [32.2](exhibit32-2.htm) | [Section 1350 Certification of the Principal Financial Officer (filed herewith)](exhibit32-2.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| [101.SCH](lcgmf-20260331.xsd) | [Inline XBRL Taxonomy Extension Schema Document](lcgmf-20260331.xsd) |
| [101.CAL](lcgmf-20260331_cal.xml) | [Inline XBRL Taxonomy Extension Calculation Linkbase Document](lcgmf-20260331_cal.xml) |
| [101.DEF](lcgmf-20260331_def.xml) | [Inline XBRL Taxonomy Extension Definition Linkbase Document](lcgmf-20260331_def.xml) |
| [101.LAB](lcgmf-20260331_lab.xml) | [Inline XBRL Taxonomy Extension Label Linkbase Document](lcgmf-20260331_lab.xml) |
| [101.PRE](lcgmf-20260331_pre.xml) | [Inline XBRL Taxonomy Extension Presentation Linkbase Document](lcgmf-20260331_pre.xml) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

________________

(1) Previously filed as exhibit to the Form 20-F filed April 30, 2020 and incorporated herein by reference.

(2) Previously filed as exhibit to the Form 10-K filed March 31, 2023 and incorporated herein by reference.

(3) Previously filed as exhibit to the Form 10-Q filed August 14, 2025 and incorporated herein by reference.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 15, 2026

---

| | |
|:---|:---|
| **LION COPPER AND GOLD CORP.** | **LION COPPER AND GOLD CORP.** |
| (Registrant) | (Registrant) |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ John Banning |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Lei Wang |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer |

---

------

## Exhibit 31.1

------

Exhibit 31.1

<br>**CERTIFICATION** <br>**PURSUANT TO RULE 13a-14(a) OR 15d-14(a)** <br>**UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934**

I, John Banning, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026 of Lion Copper and Gold Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ John Banning |
|  |  | John Banning |
|  |  | Principal Executive Officer |

---

------

## Exhibit 31.2

------

Exhibit 31.2

<br>**CERTIFICATION** <br>**PURSUANT TO RULE 13a-14(a) OR 15d-14(a)** <br>**UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934**

I, Lei Wang, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026 of Lion Copper and Gold Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Lei Wang |
|  |  | Lei Wang |
|  |  | Principal Financial Officer |

---

------

## Exhibit 32.1

------

EXHIBIT 32.1

**CERTIFICATION** 

**PURSUANT TO 18 U.S.C. SECTION 1350** 

**AND RULE 13a-14(b) OR RULE 15d-14(b)**

**UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934**

In connection with the Quarterly Report of Lion Copper and Gold Corp. (the "Company") on Form 10-Q for the fiscal quarter ended March 31, 2026 (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated May 15, 2026 | /s/ John Banning |
|  | John Banning |
|  | Principal Executive Officer |

---

------

## Exhibit 32.2

------

EXHIBIT 32.2

**CERTIFICATION** 

**PURSUANT TO 18 U.S.C. SECTION 1350** 

**AND RULE 13a-14(b) OR RULE 15d-14(b)**

**UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934**

In connection with the Quarterly Report of Lion Copper and Gold Corp. (the "Company") on Form 10-Q for the fiscal quarter ended March 31, 2026 (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: May 15, 2026 | /s/ Lei Wang |
|  | Lei Wang |
|  | Principal Financial Officer |

---

------