Lion Copper Corp. Completes Restructuring of Convertible Debentures and Engages Atrium Research Corporation for Equity Research Coverage

The restructuring moves the debt maturity from November 2026 to May 2027 and adds warrants exercisable through November 2031.

Rhea-AI Summary

Lion Copper (NASDAQ: LCU; CSE: LCU) completed a restructuring extending its secured convertible debentures to May 6, 2027. The US$2,700,000 principal retains a 12% annual interest rate and US$2.6055 conversion price per share. Accrued interest will be paid as at November 6, 2026, the original maturity date; extended-term interest is payable in cash or shares at Lion's discretion at the new maturity.

Lion issued 518,135 warrants exercisable at US$4.17 per share until November 6, 2031. It also engaged Atrium Research for equity research coverage, paying C$38,000 plus GST for October 15, 2026 through June 30, 2027. An initiation report is expected within three to five weeks of initial payment. Subsequent quarterly extensions cost C$12,000 plus GST, subject to termination provisions. No securities will be issued as research compensation.

2 points · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointDebenture maturity extended from November 6, 2026 to May 6, 2027, deferring principal repayment.
• Minor point. Forward-looking: it has not happened yet and may not happen.Atrium research engagement includes an initiation report and at least four additional reports during the term.

Negative

• Moderate pointRestructured US$2,700,000 secured debt continues to bear interest at 12% per annum. 3.7% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Debenture conversion at US$2.6055 per share remains a source of potential dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.518,135 warrants issued at US$4.17 per share, exercisable until November 6, 2031, create potential dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.Accrued interest is payable as at November 6, 2026, despite the principal maturity extension.
• Minor point. Forward-looking: it has not happened yet and may not happen.Extended-term interest payable at maturity in cash or common shares entails cash outflow or potential dilution.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Atrium's initial engagement costs C$38,000 plus applicable GST, with approved out-of-pocket expenses reimbursable.
• Minor point. Forward-looking: it has not happened yet and may not happen.Atrium's quarterly extensions cost C$12,000 plus applicable GST per quarter unless terminated under the agreement.

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-5.71% vs previous close $4.29 last price 0.0x rel. volume Open Argus

Details

Market Reaction – LCU

$4.29 – $4.65 Day Range

$68.53M Mkt Cap at Last Price

On Oct 21, the day this news came out, the latest delayed price for LCU is 5.71% below the previous close. Our momentum scanner has recorded 2 alerts for this stock so far that day. The latest delayed price is $4.29.

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Key Figures

Debenture principal: US$2,700,000 Interest rate: 12% per annum Extended maturity: May 6, 2027 +5 more

Debenture principal

US$2,700,000

Aggregate principal amount restructured

Interest rate

12% per annum

Restructured debentures

Extended maturity

May 6, 2027

Restructured debentures

Conversion price

US$2.6055 per share

Debentures remain convertible

Warrants issued

518,135 warrants

Issued to debenture holders in connection with restructuring

Warrant exercise price

US$4.17 per share

Warrants exercisable until November 6, 2031

Initial research fee

C$38,000 plus applicable GST

Upfront cash fee for initial engagement term

Quarterly research fee

C$12,000 plus applicable GST per quarter

Quarter-to-quarter continuation after initial term

Key Terms

convertible debentures, rule 144, restricted securities, gst

4 terms

convertible debentures financial

"restructuring of its secured convertible debentures"

Convertible debentures are loans a company issues that pay interest like a bond but can be swapped later for the company’s shares at a set price. For investors they act like a safety-net plus a shortcut: you get regular interest payments while retaining the option to join ownership if the share price rises, which offers upside potential but can dilute existing shareholders if conversion occurs.

rule 144 regulatory

"restrictions on resale under Rule 144 under the United States Securities Act"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

View in glossary

restricted securities regulatory

"The securities are also "restricted securities" subject to restrictions on resale"

Restricted securities are shares or other investment instruments that come with legal or contractual limits on when and how they can be sold, like stock given to founders or bought in a private offering. Think of them as assets in a locked box that can’t be freely traded until certain conditions — such as a waiting period, company registration, or specific approvals — are met. For investors this matters because restricted securities are less liquid and can affect timing, price, and perceived value when they eventually enter the market.

gst financial

"C$38,000 (plus applicable GST)"

A consumption tax levied by a government on the supply of goods and services, usually collected at each stage of production and distribution. Businesses charge GST on their sales, claim credit for GST paid on their purchases (input tax credits), and remit the net amount to the tax authority; the exact rate, exemptions and paperwork vary by jurisdiction and the term is often used interchangeably with VAT in many countries.

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Debenture maturity extended to May 6, 2027; Atrium Research to initiate research coverage as Lion broadens its investor reach following its Nasdaq listing

Yerington, Nevada--(Newsfile Corp. - October 21, 2026) - Lion Copper Corp. (NASDAQ: LCU) (CSE: LCU) ("Lion" or the "Company") is pleased to announce that it has completed the restructuring of its secured convertible debentures, as previously announced in the Company's news release dated October 12, 2026, and has engaged Atrium Research Corporation ("Atrium Research") to provide equity research services to the Company.

Completion of Debenture Restructuring

The Company has completed the restructuring of its previously issued secured convertible debentures in the aggregate principal amount of US$2,700,000, bearing interest at a rate of 12% per annum and originally maturing on November 6, 2026 (the "Debentures"). The Debentures were originally issued on November 6, 2025.

The key terms of the restructured Debentures are as follows:

• Extended Maturity: The maturity date of the Debentures has been extended from November 6, 2026 to May 6, 2027.

• Accrued Interest: All interest accrued on the Debentures will be paid as at November 6, 2026.

• Interest During the Extended Term: Interest on the restructured Debentures will remain payable in cash or common shares of the Company, as determined by the Company, as at the extended maturity date.

• Conversion Price: The Debentures remain convertible into common shares of the Company at a conversion price of US$2.6055 per share.

In connection with the debenture restructuring, the Company has issued an aggregate of 518,135 common share purchase warrants (the "Warrants") to the holders of the Debentures. Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Share") at an exercise price of US$4.17 per Share until November 6, 2031.

The Warrants and any Shares issuable upon exercise of the Warrants are subject to a statutory hold period of four months from the date of issuance, expiring on February 21, 2027, in accordance with applicable Canadian securities legislation. The securities are also "restricted securities" subject to restrictions on resale under Rule 144 under the United States Securities Act of 1933, as amended (the "U.S. Securities Act").

The securities referred to in this news release have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Engagement of Atrium Research Corporation

The Company has engaged Atrium Research Corporation, a Toronto-based equity research firm, to provide research services to assist the Company in presenting its investment case to potential investors, including fund managers, family offices and high-net-worth individuals.

Under the engagement, Atrium Research will publish an in-depth initiation report on the Company, including an investment thesis, analysis of the Company's strategy and outlook, peer comparison, financial analysis with estimates, and a valuation and target price. The initiation report is expected within three to five weeks of the initial payment. Atrium Research will also publish at least four additional research reports during the term of the engagement, tied to the Company's material news, and will conduct two video interviews with management. Atrium Research's reports and financial estimates are distributed through platforms including Bloomberg, Refinitiv, FactSet, S&P Global and AlphaSense, as well as to its email distribution focused on the small and micro-cap market.

In consideration of the services to be provided, the Company will pay Atrium Research an upfront cash fee of C$38,000 (plus applicable GST) for an initial term commencing October 15, 2026 and ending June 30, 2027. Following the initial term, the engagement will continue on a quarter-to-quarter basis at a fee of C$12,000 (plus applicable GST) per quarter, unless the Company elects otherwise in writing at least thirty days before the end of the initial term. Either party may terminate a quarter-to-quarter extension on thirty days' written notice. The Company will also reimburse Atrium Research for reasonable out-of-pocket expenses approved in advance by the Company. No securities of the Company will be issued to Atrium Research as compensation for its services.

Atrium Research retains editorial direction over the content of its research reports and financial models, which are based on publicly available information, industry data and discussions with management. Atrium Research will provide content to the Company for fact-checking and will make any necessary factual corrections. Atrium Research does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.

About Atrium Research Corporation

Atrium Research provides institutional quality company sponsored research on public equities in North America. Its investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Its research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, and an in-depth valuation analysis. Atrium Research is wholly owned and operated by its Co-Founders, Ben Pirie and Nicholas Cortellucci.

Atrium Research Corporation
906-81 Navy Wharf Court
Toronto, ON, M5V 3S2
Ben Pirie – bpirie@atriumresearch.ca, 647-688-9661
Nicholas Cortellucci – ncortellucci@atriumresearch.ca, 647-391-3314

About Lion Copper Corp.

Lion Copper Corp. is a U.S.-focused copper development company advancing its flagship Yerington Copper Project in Lyon County, Nevada. The Company's strategy is focused on developing significant domestic copper resources and establishing a potential long-term source of copper cathode for the United States.

Lion is progressing a Definitive Feasibility Study and permitting activities for the Yerington Copper Project, with the objective of advancing the project toward a future development and investment decision.

Further information can be found at www.lioncg.com.

John Banning
Chief Executive Officer & Director
info@lioncg.com

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward-looking statement that reflects the Company's current views about future events and is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include statements relating to the restructured Debentures, including the payment of accrued interest, the form of payment of interest during the extended term, and the repayment or conversion of the Debentures at or before the extended maturity date; the potential exercise of the Warrants; the engagement of Atrium Research, including the research services to be provided, the timing of the initiation report, and the anticipated benefits of the engagement, including broadening the Company's reach to investors; and the advancement of the Yerington Copper Project, including the Definitive Feasibility Study and future development, investment and financing decisions. Forward-looking statements are based on certain assumptions, including that the Company will have sufficient funds to pay interest and principal on the Debentures when due and that Atrium Research will deliver the research services as contemplated. Although the Company believes that it has a reasonable basis for each forward-looking statement, these statements are based on facts and factors currently known to the Company and its expectations of the future, about which the Company cannot be certain. Factors that could cause actual results to differ materially include market prices, the continued availability of capital and financing, and general economic, market or business conditions. The Company cannot assure that actual results will be consistent with these forward-looking statements. These forward-looking statements speak only as of the date of this news release, and the Company undertakes no obligation to revise or update any forward-looking statements for any reason, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320101

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When do Lion Copper's restructured convertible debentures mature?

The debentures now mature on May 6, 2027, extended from November 6, 2026. The US$2,700,000 secured convertible debentures retain their 12% annual interest rate and US$2.6055 conversion price per common share.

What warrants did Lion Copper issue in its debenture restructuring?

Lion issued 518,135 common share purchase warrants to debenture holders. Each warrant permits the purchase of one common share at US$4.17 until November 6, 2031.

How can Lion Copper's Atrium Research engagement be terminated?

Lion can prevent the quarter-to-quarter continuation by electing otherwise in writing at least thirty days before the initial term ends. The initial term ends June 30, 2027. Either party may terminate a quarterly extension on thirty days' written notice.

Who controls the content of Atrium Research's reports on Lion Copper?

Atrium Research retains editorial direction over its reports and financial models. It provides content to Lion for fact-checking and makes necessary factual corrections. Its work uses publicly available information, industry data and management discussions; Atrium has no direct or indirect interest in Lion or its securities, or right or intent to acquire one.