Fri, Aug 16, 7:04 PM (151 days ago)
Lion Copper and Gold Corp. reported a net loss of $1,174,000 for Q2 2024, compared to a profit of $139,000 in Q2 2023. The company's cash and cash equivalents increased significantly to $8,318,000 from $2,310,000 at year-end 2023, while total assets rose to $17,261,000. The working capital deficit improved to $589,000 from $2,854,000, primarily due to an increase in cash and a $4.9 million rise in the Rio Tinto deposit. Exploration expenditures for the quarter were $2,389,000, reflecting ongoing activities tied to the Rio Tinto agreement, which has received cumulative funding of $23 million. The company continues to face uncertainties, including ongoing losses and the need for further financing to support exploration initiatives. Future operations may be impacted by the results of ongoing legal proceedings regarding water rights and permitting processes. Overall, while cash flow from financing activities remains a critical lifeline, the company’s operational performance continues to depend on exploration success and securing additional funding.