Lion Copper & Gold Corp. Files 2023 10-K

Ticker: LCGMF · Form: 10-K · Filed: Apr 1, 2024 · CIK: 1339688

Sentiment: neutral

Topics: 10-K, mining, financials

TL;DR

LCGMF filed its 2023 10-K. All systems go for metal mining ops.

AI Summary

Lion Copper & Gold Corp. filed its 2023 10-K on April 1, 2024, detailing its operations and financial status for the fiscal year ending December 31, 2023. The company, formerly known as Quaterra Resources Inc., is involved in metal mining. The filing provides information on various subsidiaries and projects, including those under Blue Copper Resources Corp. and Quaterra Alaska.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Lion Copper & Gold Corp.'s financial health, operational activities, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — As a metal mining company, Lion Copper & Gold Corp. is subject to inherent risks associated with exploration, development, commodity price volatility, and regulatory environments.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Lion Copper & Gold Corp.?

Lion Copper & Gold Corp. is engaged in metal mining, as indicated by its Standard Industrial Classification code [1000].

When did Lion Copper & Gold Corp. change its name?

The company formerly known as Quaterra Resources Inc. changed its name on September 23, 2005.

What is the address of Lion Copper & Gold Corp.?

The business and mailing address for Lion Copper & Gold Corp. is C/O #1200-750 WEST PENDER STREET, VANCOUVER, A1, V6C 2T8.

What is the SEC file number for Lion Copper & Gold Corp.'s 10-K filing?

The SEC file number for this filing is 000-55139.

Which subsidiaries are mentioned in relation to Lion Copper & Gold Corp.'s reporting?

The filing mentions subsidiaries such as Blue Copper Resources Corp., Quaterra Alaska, Singatse Peak Services, and others like Groundhog, Muncy, Butte Valley, Chaco Bear Ashton, Wassuk, Bear, Yerington, and Macarthur.

Filing Stats: 4,485 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-03-29 21:55:03

Key Financial Figures

Filing Documents

RISK FACTORS

ITEM 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 16

CYBERSECURITY

ITEM 1C. CYBERSECURITY 16

PROPERTIES

ITEM 2. PROPERTIES 17

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 33

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 33

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 34

[Reserved]

ITEM 6. [Reserved] 36

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS 36

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 36

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 36

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 36

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 37

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 37

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 41

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 47

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 49

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 50

EXHIBITS, FINANCIAL STATEMENTS SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES 51 PART I "Company," "Lion CG," "we," "us," "our" and similar words of similar meaning refer to Lion Copper and Gold Corp. NOTE ABOUT FORWARD-LOOKING STATEMENTS This annual report of Lion CG 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: planned exploration activity including both expected drilling and geological and geophysical related activities; future foreign exchange rates; future sources of liquidity, cash flows and their uses; realization of anticipated benefits of acquisitions and dispositions; expected levels of operating costs, general and administrative costs, costs of services and others; and treatment under government regulation and taxation regimes. Forward-Looking Statements are subject to a variety

BUSINESS

ITEM 1. BUSINESS General Lion CG was incorporated under the Company Act (British Columbia) on May 11, 1993, originally under the name Acquaterre Mineral Development Ltd. On November 30, 1993, the Company changed its name to Aquaterre Mineral Development Ltd. and became Quaterra Resources Inc. on November 13, 1997. On November 22, 2021, the Company changed of its name from Quaterra Resources Inc. to Lion Copper and Gold Corp. The Company's common shares are listed on the TSX Venture Exchange (" TSXV ") under the symbol "LEO" and trade on the OTCQB Market under the symbol "LCGMF". Additional information about Lion CG, including the Company's press releases, quarterly and annual reports, is available through the Company's filings with the securities regulatory authorities in Canada at www.sedarplus.com or the United States Securities Exchange Commission at www.sec.gov/edgar . 8 Lion CG's domicile is British Columbia, Canada and the Company operates under the Business Corporations Act (British Columbia). The Company's registered and records offices are located at Suite 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. The Company's head office is located at 143 South Nevada Street Yerington, NV 89447. The Company's website is www.lioncg.com. Since our incorporation, substantially all of our capital has been deployed to the development of our exploration stage business. We have not undertaken any material mergers or acquisitions other than in the ordinary course of business. There have been no public takeover offers by third parties with respect to our shares and we have made no public takeover offers with respect to another company's shares. 9 Intercorporate Relationships The chart below illustrates our corporate structure on December 31, 2023, including our subsidiaries, the jurisdictions of incorporation, and the percentage of voting securities held. Note 1: Quaterra Alaska, Inc. is 100% owned by Lion Copper and Gold C

RISK FACTORS

ITEM 1A. RISK FACTORS In addition to the factors discussed elsewhere in this Form 10-K, the following are certain material risks and uncertainties that are specific to our industry and properties that could materially adversely affect our business, financial condition and results of operations. The Company's securities should be considered a highly speculative investment and investors should carefully consider all of the information disclosed in the Company's Canadian and U.S. regulatory filings prior to making an investment in the Company. Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits, which, though present, are insufficient in quantity and/or quality to return a profit from production. Without limiting the foregoing, the following risk factors should be given special consideration when evaluating an investment in the Company's securities. Additional risks not currently known to the Company, or that the Company currently deems immaterial, may also impair the Company's operations. The Company may require additional funding to complete further exploration programs. The Company does not generate operating revenue and must finance exploration activity by other means, such as selling assets, raising funds through optioning certain property interests, and the issuance of debt and/or equity. The Company cannot provide any assurance that additional funding will be available for further exploration of the Company's projects or to fulfill anticipated obligations under existing property agreements. 12 Failure to obtain necessary financing could result in delay or postponement of further exploration and development, and the property interests of the Company with the possible dilution or loss of such interests. Further, financing will depend upon

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing