An initial resource for Lion Copper & Gold’s (CSE: LEO; US-OTC: LCGMF) Bear deposit in Nevada establishes Bear as one of the state’s largest undeveloped red metal resources while the deposit sits on the larger Rio Tinto-(NYSE, LSE, ASX: RIO) backed Yerington project.
The estimate outlines about 1 billion indicated tonnes grading 0.29% copper for 6.7 billion lb. contained metal, and 1.7 billion inferred tonnes at 0.22% copper for 8.7 billion lb. of copper, Lion reported Tuesday. Bear sits in the larger Yerington project, about 34 km west of the state capital Carson City.
“Bear provides a strong foundation for future engineering studies while also presenting significant opportunities to further upgrade and expand the inferred mineral resource through additional drilling,” Lion Copper and Gold CEO John Banning said in a release. “The Bear deposit materially strengthens Lion’s copper endowment and reinforces the exceptional geological potential of the Yerington Copper District.”
Among Nevada’s biggest
The Bear resource lifts Lion’s main Yerington project among Nevada’s largest undeveloped copper projects, significantly expanding the company’s copper inventory beyond the reserves and resources already outlined in last year’s pre-feasibility study (PFS).
Including reserves from Yerington, Lion’s Nevada copper base now totals about 19 billion lb. of global contained copper, putting it ahead of Hudbay Minerals’ (TSX, NYSE: HBM) Mason project which hosts 15.3 billion contained lb., and Southwest Critical Materials’ Pumpkin Hollow project with 7.3 billion lb. of contained metal.
Yerington hosts 506.6 million tons in proven and probable reserves grading 0.21% copper for 2.1 billion lb. contained metal, according to the PFS released in August 2025. Those reserves also include the MacArthur deposit.
Yerington’s $694M value
That study estimated Yerington could produce about 120 million lb. of copper cathode annually over a 12-year life. Discounted at 7%, the project has a post-tax net present value of US$694 million and a 14.6% internal rate of return, at initial capital costs of US$724 million.
Both Bear and Yerington are included in the option to earn-in agreement with Rio Tinto and its Nuton subsidiary, Lion said. Nuton has the right to acquire 65% of the project in a new company.
Nuton has been testing its proprietary heap-leach technology at Yerington since 2022. The Rio Tinto subsidiary has deployed its technology for commercial use at Gunnison Copper’s (TSX: GCU; US-OTC: GCUMF) Johnson Camp mine in neighbouring Arizona.
Lion Copper shares fell 24% to C22¢ apiece on Tuesday morning in Toronto, valuing the company at C$94.9 million. The stock has traded in a 12-month range of C12¢ to C47¢.
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