Sponsored Post: Lion Rock Resources first Phase 1 drill program at Volney is now complete, confirming a serious US critical minerals system, with gold upside.

Lion Rock Resources (TSXV:ROAR | OTCQB: LRRIF), has now confirmed there is more than one way to win on the Volney story. The final six holes from its first drill program on the property hit critical minerals mineralization across significant widths, extending the system to 300 metres long, up to 100 metres wide and 150 metres deep, with high-grade lithium, tin and tantalum hosted in spodumene-bearing LCT (lithium-cesium-tantalum) pegmatites, alongside a new gold discovery announced in April.

With all results now in for phase one drilling, Volney has emerged as a compelling, broader critical minerals play with gold upside, and potential for accelerated development.

• lithium results include 2.3% Li₂O over 5.7 metres within 1.6% Li₂O over 10.6 metres, and 2.2% Li₂O over 1.3 metres within 1.5% Li₂O over 10.3 metres
• tantalum results are equally important for the strategic angle. Lion Rock reported 788 ppm Ta₂O₅ over 5.89 metres in VOL25-010 and 727 ppm Ta₂O₅ over 10.48 metres in VOL25-013, with a one-metre interval in VOL25-013 grading 3,715 ppm Ta₂O₅
• tin also remains part of the system, with 0.3% Sn over 3.0 metres within 0.1% Sn over 28.3 metres, and a peak grade of 1.0% Sn over 0.5 metres

All of these results have come from drill testing a single pegmatite target. Interpretation of the drill results, supported by recent surface sampling, confirms numerous pegmatite clusters along strike and across the property.

Volney is emerging as a US project with exposure to gold and a broader critical minerals basket at a time when the US is working with urgency to rebuild domestic supply chains. The USGS warned, in 2024, the US was 100% net import reliant for 15 nonfuel mineral commodities overall; in particular, it is more than 50% import reliant for lithium, 77% import reliant for tin and 100% import reliant for tantalum.

• Lion Rock is advancing a multi-commodity South Dakota story: high-grade gold upside alongside lithium-bearing LCT pegmatites
• the project is a past producer of tin, tantalum, and lithium. Historic production numbers (from shallow underground and artisanal, open pit mining) include concentrate grades of up to 30.7% Sn, 57% Ta2O5, and 8.3% Li2O (1941 – 1944)
• the project sits on 142 hectares of private land in the Black Hills, a setup the company points out can significantly shorten timelines relative to projects reliant on federal land permitting

Why Lion Rock stands out now

There are plenty of early-stage juniors pitching exposure to critical minerals, but few can point to a project where the geology, jurisdiction and market backdrop line up as clearly as they do at Volney.

The first part of the case is geological. The large spodumene-bearing LCT pegmatite system centred on the Giant Volney trend – one of many present on the property – extends roughly 635 metres by 200 metres and remains open for expansion. Recent and historical drilling has shown that mineralization starts from surface and supports low cost bulk mining methods. As a distinct bonus, this critical minerals system has the potential to deliver significant gold credits, as highlighted by the recently announced gold discovery on the project.

The second part is strategic. The US is reworking its approach to critical minerals, prioritsing global supply chain security where domestic projects have begun to command more attention. Reuters put it plainly: if you do not have your own deposits and mines, you need partners who do.

Volney offers Lion Rock a way to sit inside both of those themes at once.

“Our inaugural drill program at the past-producing Volney project has been a tremendous success. In addition to our recently announced gold discovery, we have now confirmed the presence of a large, strongly mineralized lithium-tin-tantalum system on the very same property. It is important to note that all three commodities in this system sit on the US critical minerals list and occur on private mineral claims” — Dale Ginn, President and CEO of Lion Rock

A closer look at the lithium and critical minerals angle

Volney is host to an LCT pegmatite system, the same family of pegmatites that hosts many of the world’s best-known hard-rock lithium deposits. This system goes hand in hand with some serious tin and tantalum mineralization. Historic numbers show that just one area of the 142 ha property produced over 1,400 tonnes of lithium at grades up to 8.3% Li₂O, more than 21,000 lbs of tantalum at 45% Ta₂O₅ and over 100,000 lbs of tin.

That broader element mix matters because the US remains heavily import dependent across the critical minerals chain.

Against this backdrop, the dramatic rise of military conflict, most notably the ongoing Iran and Ukraine wars, means the demand for critical minerals like tantalum is going to rise significantly. Tantalum capacitors are used heavily in military communications systems, missile systems, and military drones. The US hasn’t mined tantalum since the 1950’s and is entirely reliant on imports from countries such as China. For context, some of the tantalum grades coming out of Volney are as much as five times higher than the two known (and undeveloped) tantalum deposits in the US.

As for lithium, well the lithium market has staged a remarkable comeback in early 2026, surging over 100% from their 2025 lows to more than US$18,000 per tonne in May 2026.

Why does South Dakota matter?

Jurisdiction is part of the thesis, not just the backdrop.

Lion Rock says Volney covers 142 hectares of private land in South Dakota’s Black Hills, with road access, power, water and rail links. The project is also near one of US mining’s great historical districts: the Homestake camp, which the company says produced 43.9 million ounces of gold. (And the regional South Dakota Mines college ranks as one of the best in the US)

The private-land point deserves attention as it has the potential to allow the project a more streamlined permitting path than projects tied up on federal ground. Development for many projects, through a federal review to expand from private land onto federal land, means timelines can hinge on land status and permitting complexity. Lion Rock’s Volney’s private-land setting has potential to give the project an edge.

And, let’s not forget, Volney is a past-producing asset, and that history matters. The company’s presentation describes a long record of mining and concentrate production across the district. Given that history, it’s not surprising that the project has on site power, an all season road, and excellent access (less than one hour away) to the US rail network.

What are investors buying here?

At this stage, investors are not buying a resource. They are buying a setup.

As of March 31st, 2026, Lion Rock Resources listed 111 million shares outstanding, 169.2 million fully diluted shares, a share price of C$0.19, and a market capitalization of about C$ 21 million. The company says Phase 1 drilling is complete, more assays are pending, and a Phase 2 drill program is planned.

The company is positioning itself as a district-scale US asset with gold, lithium and critical mineral leverage in one package. That is the broader point: Lion Rock is not trying to sell Volney as a one-hole story. Instead, it is working methodically to prove that South Dakota’s Black Hills have room to deliver a modern discovery to production narrative — one where grade, jurisdiction, and strategic relevance all sit in the same place.

The first drill program has already changed the story. Volney is no longer simply a historic South Dakota project with lithium and gold potential. It is now a drilled discovery-stage asset with two confirmed mineralized systems: gold on one side, lithium-tin-tantalum on the other. Private land, streamlined permitting, and superb infrastructure. More ways to win, indeed.