10-Q 1 form10q.htm FORM 10-Q Lion Copper and Gold Corp.: Form 10-Q - Filed by newsfilecorp.com
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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 March 31, 2024

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

For the transition period from __________________ to __________________

000-55139

(Commission File Number)

LION COPPER AND GOLD CORP.

(Exact name of registrant as specified in its charter)

British Columbia, Canada      98-1664106
(State or other jurisdiction   (IRS Employer
of incorporation or organization)   Identification No.)

143 S Nevada St., Yerington, NV 89447

(Address of principal executive offices) (Zip Code)

917-371-2966 

(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:  None

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: As of May 14, 2024, the registrant's outstanding common stock consisted of 382,792,710 shares.


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

form10qxm002.jpg

Lion Copper and Gold Corp.

 

 

Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Expressed in thousands of U.S. Dollars)

(Unaudited)

 

 

 

 

 


Lion Copper and Gold Corp.
Condensed Interim Consolidated Balance Sheets
As at March 31, 2024, and December 31, 2023
(Unaudited - In thousands of U.S. Dollars)
 
  Note   March 31,
2024
    December 31,
2023
 
               
ASSETS              
Current assets              
Cash and cash equivalents   $ 10,899   $ 2,310  
Other receivables     18     14  
Prepaid and deposit     144     62  
      11,061     2,386  
               
Other receivables - Long term     10     10  
Mineral properties 4,14   7,802     7,647  
Reclamation bonds     9     9  
Investment in associate 5   1,112     1,206  
Right of use asset     68     -  
Total assets   $ 20,062   $ 11,258  
               
LIABILITIES              
Current liabilities              
Accounts payable   $ 565   $ 163  
Accrued liabilities     99     -  
Rio Tinto deposit 6   9,518     1,357  
Derivative liabilities 8   698     176  
Convertible debentures 8,9,13   855     3,544  
Lease liabilities - current     38     -  
      11,773     5,240  
               
Lease liabilities - long term     30     -  
Total liabilities     11,803     5,240  
               
Stockholders' equity              
Share capital, no par value, unlimited common shares authorized; 382,792,710 issued and outstanding (2023 - 309,667,975) 11   108,980     105,396  
Additional paid-in capital 12   24,828     24,168  
Deficit     (128,920 )   (126,663 )
Non-controlling interest 7   3,371     3,117  
Total stockholders' equity     8,259     6,018  
Total liabilities and stockholders' equity   $ 20,062   $ 11,258  

NATURE OF OPERATIONS AND GOING CONCERN (Note 1)

COMMITMENTS (Note 15)

CONTINGENCIES (Note 16)

 

Approved on behalf of the Board of Directors on May 14, 2024:

/s/ "Travis Naugle"                                      /s/ "Stephen Goodman"                           
Chief Executive Officer President & Chief Financial Officer

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


Lion Copper and Gold Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss
For the three months ended March 31, 2024 and 2023
(Unaudited - In thousands of U.S. Dollars, except for shares and per share amounts)
         
      Three months ended March 31,  
  Note   2024     2023  
               
Operating expenses              
Exploration expenditures 4 $ 2,660   $ 1,250  
Rio Tinto Deposit 6   (3,218 )   (1,322 )
General office     101     41  
Interest     94     83  
Insurance     18     11  
Investor relations and corporate development     12     6  
Professional fees     482     242  
Rent     4     4  
Salaries and benefits 13   389     341  
Share-based payments 12,13   660     95  
Transfer agent and regulatory     38     45  
Travel     23     9  
Operating loss     (1,263 )   (805 )
               
Non-operating Income/(expenses)              
Fair value gain (loss) on derivative liabilities 8   680     (940 )
Foreign exchange gain     (1 )   -  
Accretion expense 9   (111 )   (74 )
Gain on transfer of investment shares 5   -     22  
Loss on revaluation of SAFE notes 10   -     (305 )
Share of loss in associate 5   (94 )   (26 )
Interest and other income     86     12  
Loss on conversion 9   (1,690 )   -  
Loss on repayment of convertible debentures 9   (5 )   -  

Loss on extinguishment of convertible debentures

9

  (55 )   -  
      (1,190 )   (1,311 )
Net loss and comprehensive loss for the period   $ (2,453 ) $ (2,116 )
               
Net loss and comprehensive loss attributed to:            
Stockholders of the Company   $ (2,257 ) $ (1,953 )
Non-controlling interest 7 $ (196 ) $ (163 )
               
loss per share, basic and diluted   $ (0.01 ) $ (0.01 )
               
Weighted average number of shares outstanding - basic & diluted     329,761,311     309,567,975  

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


Lion Copper and Gold Corp.
Condensed Interim Consolidated Statements of Changes in Equity
For the three months ended March 31, 2024 and 2023
(Unaudited - In thousands of U.S. Dollars, except for shares)
  Notes   Common shares     Share capital     Additional
paid-in
capital
    Deficit     Non-controlling
interest
    Total
stockholders'
equity
 
Balance at December 31, 2022     309,567,975   $ 105,384   $ 23,043   $ (121,834 ) $ 388   $ 6,981  
Share-based payments 12   -     -     95     -     -     95  
Issuance of common shares of BCRC 7   -     -     -     -     3,536     3,536  
Net loss for the period     -     -     -     (1,953 )   (163 )   (2,116 )
Balance at March 31, 2023     309,567,975   $ 105,384   $ 23,138   $ (123,787 ) $ 3,761   $ 8,496  
                                       
Balance at December 31, 2023     309,667,975   $ 105,396   $ 24,168   $ (126,663 ) $ 3,117   $ 6,018  
Private placement     23,809,522     654     -     -     -     654  
Private placement - share issuance cost     -     (27 )   -     -     -     (27 )
Conversion of convertible debentures - original     3,500,000     234     -     -     -     234  
Conversion of convertible debentures - induced     45,815,213     2,723     -     -     -     2,723  
Share-based payments 12   -     -     660     -     -     660  
Issuance of common shares of FCC 7   -     -     -     -     450     450  
Net loss for the period     -     -     -     (2,257 )   (196 )   (2,453 )
Balance at March 31, 2024     382,792,710   $ 108,980   $ 24,828   $ (128,920 ) $ 3,371   $ 8,259  

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


Lion Copper and Gold Corp.
Condensed Interim Consolidated Statements of Cash Flow
For the three months ended March 31, 2024 and 2023
(Unaudited - In thousands of U.S. Dollars)
    For the three months ended March 31,  
    2024     2023  
             
Cash flows provided by operating activities            
Loss for the period $ (2,453 ) $ (2,116 )
Non-cash transactions:            
Interest expense   94     83  
Accretion expense   111     74  
Fair value gain on derivative liabilities   (680 )   940  
Gain on transfer of investment shares   -     (22 )
Share of loss of investment in associate   94     26  
Wages settled through transfer of investment shares   -     33  
Share-based payments   660     95  
Loss on revaluation of SAFE notes   -     305  
Loss on conversion of convertible debentures   1,690     -  
Loss on repayment of convertible debentures   5     -  

Loss on extinguishment of convertible debentures    

  55     -  
             
Changes in operating assets and liabilities:            
Other receivables   (4 )   (4 )
Trade payables and other liabilities   501     146  
Prepaid and deposit   (82 )   (44 )
Rio Tinto deposit   8,161     6,310  
Net cash provided by operating activities   8,152     5,826  
             
Cash flows used in investing activities            
    Capitalized expenditures on mineral properties   (155 )   -  
Net cash used in investing activities   (155 )   -  
             
Cash flows provided by financing activities            
    Proceeds from convertible debentures   -     1,306  
    Proceeds from SAFE notes   -     100  
    Proceeds from private placement   1,450     2,000  
    Share issuance costs   (27 )   -  
    Repayment of convertible debentures   (831 )   -  
Net cash provided by financing activities   592     3,406  
Increase in cash   8,589     9,232  
Cash, beginning of period   2,310     1,365  
Cash and cash equivalents, end of period $ 10,899   $ 10,597  
 
Supplemental cash flow information              
    Shares issued for conversion of SAFE notes     -     1,536  
    Shares issued for convertible debentures     2,957     -  

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


Lion Copper and Gold Corp.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2024 and 2023
(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. (together with its subsidiaries, "Lion CG" or the "Company") is a Canadian-based Company advancing its flagship copper assets at Yerington, Nevada through an option to earn-in agreement with Nuton LLC, a Rio Tinto venture. The Company is incorporated in British Columbia, Canada. Its registered and records offices are located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. On November 22, 2021, the Company changed its name from Quaterra Resources Inc. to Lion Copper and Gold Corp. The shares of the Company commenced trading under the new name at the open of trading on November 23, 2021. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") under the symbol "LEO" and trades on the OTCQB Market under the symbol "LCGMF".

The Company acquires its mineral properties through option or lease agreements and capitalizes all acquisition costs related to the properties. The underlying value of the amounts recorded as mineral properties does not reflect current or future values. The Company's continued existence depends on discovering economically recoverable mineral reserves and obtaining the necessary funding to complete the development of these properties.

These condensed interim consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these condensed interim consolidated financial statements from the Board of Directors. The Company has incurred ongoing losses and expects to incur further losses in the advancement of its business activities. For the three months ended March 31, 2024, the Company incurred a net loss of $2,453 (2023 - $2,116). As at March 31, 2024, the Company had cash and cash equivalents of $10,899 (December 31, 2023 - $2,310), working capital deficit of $712 (December 31, 2023 - $2,854) and an accumulated deficit of $128,920 (December 31, 2023 - $126,663).

The Company continues to incur losses, has limited financial resources, and has no current source of revenue or cash flow generated from operating activities. To address its financing requirements, the Company plans to seek financing through, but not limited to, debt financing, equity financing and strategic alliances. However, there is no assurance that such financing will be available. If adequate financing is not available or cannot be obtained on a timely basis, the Company may be required to delay, reduce the scope of or eliminate one or more of its exploration programs or relinquish some or all of its rights under the existing option and acquisition agreements. The above factors give rise to material uncertainties that cast substantial doubt on the Company's ability to continue as a going concern.

If the going concern assumptions were not appropriate for these condensed interim consolidated financial statements, then adjustments would be necessary to the carrying values of assets, liabilities, the reported expenses, and the consolidated balance sheet classifications used. Such adjustments could be material.

 


Lion Copper and Gold Corp.
Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)

 

2. BASIS OF PRESENTATION

Statement of compliance

The condensed interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are expressed in U.S. dollars. These condensed interim consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions were eliminated upon consolidation.

These condensed interim consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for the cash flow information.

The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and can affect those returns through its control over that entity. All material intercompany transactions, balances and expenses are eliminated on consolidation.

The accompanying condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2023. The interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.


Lion Copper and Gold Corp.
Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)

2. BASIS OF PRESENTATION (continued)

Statement of compliance (continued)

These condensed interim consolidated financial statements include the financial statements of Lion Copper and Gold Corp., and its subsidiaries:

  Percentage ownership  
Subsidiaries March 31 ,2024 December 31, 2023 Country of incorporation
       
Quaterra Alaska Inc. ("Quaterra Alaska") 100.0% 100.0% USA
       
Singatse Peak Services, LLC ("SPS") 100.0% 100.0% USA
       
Falcon Copper Corp ("FCC") (Formerly Blue Copper Resources Corp ("BCRC")) 46.17% 47.7% USA
       
Blue Copper LLC

46.17% indirect

through FCC

47.7% indirect

through FCC

USA
       
Blue Copper Royalties LLC ("BCR LLC") 48.8% 48.8% USA
       
Falcon Services, LLC ("FSL")

46.17% indirect

through FCC

47.7% indirect

through FCC

USA

On December 13, 2022, Quaterra Alaska assigned and transferred 100% of its outstanding interest held in Blue Copper LLC to FCC.

On August 25, 2023, BCR LLC was incorporated and on September 6, 2023, FCC carried out a re-organization of its assets and capital structure through an assignment transaction with BCR LLC. The Company assessed the impact of the re-organization and concluded the Company still has control over BCR LLC. As such, the re-organization is a transaction between entities under common control and the assets transferred are accounted for at their carrying values. See Notes 4 and 7.

On December 13, 2023, Falcon Services, LLC was incorporated with FCC being the sole shareholder.

For partially owned subsidiaries, the interest attributable to non-controlling stockholders is reflected in non-controlling interest. The Company has assessed control for any entity with less than 50% ownership and has concluded the Company has control (Note 7).

 


Lion Copper and Gold Corp.
Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)

3. SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these condensed interim consolidated financial statements are consistent with the accounting policies disclosed in Note 3 of the Company's audited consolidated financial statements for the year ended December 31, 2023.

In preparing these condensed interim consolidated financial statements, management has made judgements, estimates and assumptions that affect the applicability of the Company's accounting policies. In preparing these condensed interim consolidated financial statements, the significant estimates and critical judgments were the same as those applied to the audited consolidated financial statements as at and for the year ended December 31, 2023, other than noted below;

During the three months ended March 31, 2024, the Company's ownership in BCRC dropped from 48.8% to 46.17% and management assessed control exists and continues to consolidate BCRC as at March 31, 2024. In the absence of majority holdings, the Company will continue to consolidate BCRC as the Company has representation on the board of directors, and management of BCRC and the Company is shared.

 


Lion Copper and Gold Corp.
Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited - In thousands of U.S. Dollars except for shares and per share amounts)

4. MINERAL PROPERTIES

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

    Singatse Peak Services ("SPS")     Lion CG
("LCG")
    Falcon Copper Corp (formerly Blue Copper Resources Corp) ("FCC")