New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.9m free cash flow). Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$22.6m market cap, or US$16.3m). Announcement • Jan 23
Lion Rock Resources Inc. Completes Phase 1 Drill Program At Volney Project, South Dakota LION Rock Resources Inc. provided an update on its exploration activities at the Volney Project, located in the historic Black Hills mining district of South Dakota, USA. Phase 1 of the Company's multi-phase exploration drill program at the Volney Project is now complete, following the completion of 15 drill holes. The Company completed approximately 3,600 metres of diamond drilling in 15 drillholes targeting both interpreted gold-bearing horizons and lithium-bearing pegmatites along the Volney trend, including areas near the historic Giant Volney, Rusty, and Rough & Ready mines. Of the holes completed to date, five have targeted lithium-bearing pegmatites, five have targeted gold-bearing structures, and five have targeted both lithium and gold mineralization. This program represents the first modern drill testing along the Volney trend. Multiple Mineralized and Altered Shear Zones Successfully Intersected: Drilling has encountered multiple sulphide-bearing shear intervals of various lengths with associated quartz veining and silicification hosted in altered mafic volcanics and metasedimentary rocks. These altered and mineralized horizons have been encountered throughout the entire drilled strike length so far. Drill core displays similar characteristics with auriferous units previously mapped and sampled at surface, where grab samples returned up to 14.0 g/t Au. Spodumene-bearing Pegmatite Intersected: Spodumene has been identified in multiple pegmatite intercepts in the Giant Volney and Rough & Ready mine areas. Drillhole VOL25-009 intercepted two spodumene-bearing pegmatite zones from 48.3 to 76.9 m and from 103.5 to 120.3 m. These pegmatites occur near areas of previous surface sampling that returned up to 3.6% Li2O and are consistent with mapped pegmatite system in the Volney target area. Cassiterite and tantalite have also been observed in drill core. Assays Pending: Core processing and sampling for the final drillholes is complete with samples shipped to SGS in Denver, Colorado for analysis. Assay results will be reported as they become available. 
