Lion Copper & Gold has defined billions of pounds of copper at its Bear deposit in Nevada, but much of the project’s eventual ownership could pass to Rio Tinto’s Nuton unit before the deposit reaches a development decision.
The Canadian-listed junior reported a maiden indicated resource of 1.06 billion tonnes grading 0.29% copper, containing 6.71 billion pounds. A further 1.77 billion tonnes grading 0.22% copper, containing 8.77 billion pounds, was classified as inferred. The estimate was effective July 21 and was based on 79 drill holes and 25,825 assays, according to Lion’s August 4 disclosure.
The resource was constrained inside an open-pit shell using a 0.10% copper cutoff, a net copper-price assumption of US$4.22 per pound, and an assumed 75% recovery rate.
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Bear forms part of a group of Yerington-area assets covered by Lion’s earn-in agreement with Nuton, a wholly owned subsidiary of Rio Tinto.
Under that agreement, Nuton holds the exclusive right to acquire at least 65% of a future limited liability company that could receive Bear, the Yerington mine, MacArthur, Wassuk, and associated rights. The transaction remains conditional on funding requirements, an investment decision, and both parties electing to proceed. Nuton does not currently hold an ownership interest in the assets.
Nuton had invested approximately US$28 million through the first two stages before committing up to another US$31 million for feasibility, engineering, and permitting work in November 2025. Lion confirmed receiving US$30.5 million of that Stage 3 funding in January.
Land control also remains incomplete. Lion said it controls most of the property required for Bear but does not own or control every surface and property interest that could be needed. The company acquired another 183 acres near Bear on July 31 as part of its continuing land-consolidation program.
Lion plans to assess how Bear could be incorporated into the broader Yerington development plan.
