MeritValue

LION COPPER & GOLD CORP.

LCGMFdata completeness 63%11 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

LION COPPER & GOLD CORP. earns about -94% on invested capital, but has diluted owners by 102% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$6.45M1−$1.93M2−$5.91M3−$4.74M4$4.38M4
Operating cash flow−$5.5M5−$1.79M6−$2.39M7$3.94M8−$13.2M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$842,0009$1.37M10$2.31M11$8M11$2.36M12
Diluted shares239.8M304.5M309.6M375.0M484.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.48
your share of equity
Profit it earned you last year
$0.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.48 of net worth that earned you $0.09 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-94% avg · 5y
FY21 -93%FY22 -25%FY23 -117%FY24 -255%FY25 21%

It earned an average -94% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+102% shares · 5y

Share count is up 102% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001062993-23-008192 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001062993-24-007468 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001062993-25-006510 (NetIncomeLoss)
  4. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-001811 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001062993-23-008192 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001062993-24-007468 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001062993-25-006510 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-001811 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001062993-24-007468 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2022-12-31 · accession 0001062993-25-006510 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2023-12-31 · accession 0001062993-25-006510 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K/A · period ending 2025-12-31 · accession 0001062993-26-001811 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)