Tin at Volney

The United States has not mined tin domestically since 1993. Volney — a past-producing tin property with drill-confirmed cassiterite mineralization — is one of the only active tin exploration projects in the country.

1.0% Sn Grade Peak 0.3% Sn over 3.0 m No US Tin Mine Since 1993 Past Producer · 1903–1944

Drill Confirmed

Commercial-Grade Tin, Near Surface

Phase 1 returned tin in cassiterite-bearing pegmatite across multiple drillholes at the Giant Volney and Rough and Ready targets — co-occurring with lithium and tantalum in a fractionated LCT system, within a critical minerals strike measuring 300 m long, up to 100 m wide, and 150 m deep.

0% Sn

Grade peak over 0.5 m — VOL25-012

0% Sn

Over 3.0 m — at the commercial threshold

Record LME price per tonne — Jan 2026

Last year tin was mined in the US

The commercial threshold for tin in lode deposits is approximately 0.3–0.5% Sn. Phase 1 intercepts at Volney meet or exceed this threshold across multiple intervals. Drill intercepts are individual results and are not directly comparable to resource estimate averages.

Phase 1 Results

Complete Tin Intercepts

Tin occurs from near surface, frequently in the same intervals as lithium and tantalum — all three sit on the current US Critical Minerals List.

Drillhole	Sn (%)	Length	From (m)	To (m)	Notes
VOL24-006	0.1	28.3 m	22.2	50.5	Incl. 0.3% Sn over 3.0 m
VOL24-007	0.1	6.2 m	19.3	25.5	Adjacent to high-grade lithium
VOL25-008	0.1	1.0 m	72.2	73.1
VOL25-009	0.2	3.0 m	68.0	71.0
VOL25-009	0.1	4.7 m	106.5	111.2	Co-occurring with 0.3% Li₂O
VOL25-009	0.3	0.8 m	117.5	118.3
VOL25-010	0.2	2.0 m	50.5	52.5
VOL25-010	0.2	1.2 m	141.0	142.3
VOL25-012	0.2	5.5 m	22.5	28.0	Near surface
VOL25-012	1.0	0.5 m	91.0	91.5	Grade peak
VOL25-013	0.1	5.6 m	24.9	30.6	Co-occurring with 0.3% Li₂O, 848 ppm Ta₂O₅
VOL25-013	0.2	1.0 m	29.0	30.0	Co-occurring with 3,715 ppm Ta₂O₅
VOL25-013	0.1	1.6 m	33.8	35.4	Co-occurring with 0.3% Li₂O
VOL25-015	0.2	1.0 m	82.5	83.5

Reported intervals are downhole lengths. True widths are unknown. Reported grades are uncut and no capping has been applied.

Production History

Four Decades of Historic Tin Production

Volney is not a greenfield concept. Between 1903 and 1927, the Rough and Ready Mine produced 105,039 lbs of tin through 740 metres of underground workings, operated successively by Tinton Mining Co., Tinton Reduction Co., and Black Hills Tin Co. — recording a concentrate grade of 62.5% Sn in its first year of operation.

A 1928–29 campaign produced 1.5 tonnes of cassiterite concentrate at 30.7% Sn along with 13.1 tonnes of tantalite concentrate. Between 1941 and 1944, Fansteel Mining Corp. produced a further 3,800 lbs of cassiterite from the Giant Volney pegmatite.

Lion Rock's 2025 surface sampling confirmed the persistence of tin at surface: 13 historic mill piles returned values exceeding 1% Sn, and pegmatite stockpiles at the Rough and Ready Mine graded 1.8% and greater than 2.5% Sn. Despite this history, the Phase 1 program was the first drilling to test the system with contemporary analytical methods.

Previously used concentrator facility at the Volney Project — Previously used concentrator facility on the property

Historic production figures are derived from published geological reports and government surveys, have not been verified by a Qualified Person, and do not constitute current mineral resources or reserves.

Why Tin, Why Now

A Market Under Acute Supply Pressure

More than 50% of global tin consumption goes to solder — the material that bonds semiconductor chips to circuit boards, with no commercially viable lead-free substitute at scale.

Aug 2023Myanmar's Wa State suspended mining. Historically ~10% of global tin concentrate; flows to China fell 77% year-over-year through July 2025.
2025Indonesia shut 1,000+ illegal mining operations across Sumatra, cutting exports by over 50%. Chinese smelter utilization dropped below 70% on concentrate shortages.
Jan 2026Tin hit a record USD 56,800/tonne on the LME, and a supply deficit is projected for 2026 — the first since 2021. Prices have since consolidated near US$46,600/t, with Coface projecting ~US$45,000/t through H1 2026.
By 2030Demand projected to grow 40% on electrification, digitalization, and AI/data-center buildout — with a structural supply deficit of 13,000 tonnes without new mine investment.

Washington Is Responding — Upstream Is Missing

In September 2024, the Department of Defense awarded USD 19 million under the Defense Production Act to establish a domestic tin smelting, refining, and recycling facility in Coatesville, Pennsylvania — the first in over 35 years. Nathan Trotter & Co. has since announced a USD 65 million expansion in Virginia, expected operational by end of 2026. At the 2026 Critical Minerals Ministerial, EXIM Bank disclosed a further USD 215 million in letters of interest for tin extraction projects in the United Kingdom and Australia.

The US now has smelting and processing capacity coming online — but no domestic tin mine supply, roughly 75% import reliance, and virtually no active tin exploration. Volney is one of the exceptions.

The Volney Project

Critical Mineral

Why Tin Made the 2025 US Critical Minerals List

Electronics & Solder

Semiconductor-related applications — solder, sputtering targets, and lead-free alloys — drive an estimated ~60% of global refined tin demand. Every electronic device manufactured depends on tin-based solder.

Import Reliance

The US is roughly 75% import reliant for tin, with global supply concentrated in geopolitically unstable regions — the combination that put tin on the 2025 US Critical Minerals List.

Everything Else

Beyond electronics: tinplate for food packaging (23% of US consumption), industrial chemicals (22%), alloys (10%), and growing use in solar photovoltaic interconnections and sodium-ion batteries.

In total, six minerals on the current US Critical Minerals List have been identified at Volney: lithium, tin, tantalum, gallium, cesium, and rubidium.

Common Questions

Tin at Volney — FAQ

Has tin been confirmed at the Volney Project?

Yes. Phase 1 returned tin mineralization across multiple drillholes, including 0.1% Sn over 28.3 m including 0.3% Sn over 3.0 m (VOL24-006), with a grade peak of 1.0% Sn over 0.5 m (VOL25-012). The property also has a documented tin production history: 105,039 lbs of tin between 1903 and 1927, with historic concentrate grades up to 62.5% Sn.

Is there any active tin mining in the United States?

No. The US has not mined tin domestically since 1993 and has not operated a tin smelter since 1989. The Department of Defense is funding the first new domestic tin smelting facility in over 35 years, in Pennsylvania, with a second facility under construction in Virginia.

Why is tin supply under pressure?

Myanmar suspended tin mining in its Wa State region in 2023, reducing concentrate flows to China by 77% year-over-year. Indonesia simultaneously shut down over 1,000 illegal mines, cutting exports by over 50%. Tin hit a record USD 56,800 per tonne on the LME in January 2026, and a supply deficit is projected for 2026.

What is tin used for?

The largest single use is solder for electronics — more than 50% of consumption — bonding semiconductor chips to circuit boards in every electronic device manufactured. Other uses include tinplate for food packaging, industrial chemicals, alloys, and emerging applications in solar interconnections and sodium-ion batteries.

What other minerals are present at Volney?

Confirmed lithium and tantalum within the same LCT pegmatite system, additional US Critical Minerals identified through Phase 1 analytical work, and a new gold discovery spanning 500 m × 400 m × 200 m announced in April 2026.

Where can I review the full drill results?

Phase 1 initial results were published on February 26, 2026, and final Phase 1 results on May 5, 2026. Both are available on the news page and filed on SEDAR+.

Current Status · July 2026

Phase 1 is complete, with all assay results received. Metallurgical test work is underway on Phase 1 drill core and bulk samples, and planning for an expanded Phase 2 drill program — aggressive step-out drilling plus discovery drilling on new high-priority targets — is underway, targeting Q3/Q4 2026. The project has on-site power, all-season road access, and is within an hour of the US rail network.

See the Phase 1 initial results (February 26, 2026) and final results (May 5, 2026).

Sources & Disclosures

References

Lion Rock Resources Inc. (2026), “Lion Rock’s First Results From Maiden Drill Program Reveals Discovery of Multiple Critical Mineral Intercepts Within the Volney Pegmatite,” news release, February 26, 2026
Lion Rock Resources Inc. (2026), “Lion Rock Expands Critical Minerals Strike; Continues 100% Drill Hit Rate at Volney, South Dakota,” news release, May 5, 2026
U.S. Geological Survey, Mineral Commodity Summaries: Tin, January 2025
Nellis, J.M. (1973), Geology of the Tinton District, Lawrence County, South Dakota — Rough and Ready Mine historic production.
Redfern, R.M. (1992), Mineral Resources of the Black Hills Area, South Dakota — 1928–29 cassiterite and tantalite concentrate campaign.
Page, L.R. et al. (1953), “Pegmatite Investigations 1942–45, Black Hills, South Dakota.” USGS Professional Paper 247.
Federal Register (2025), “Final 2025 List of Critical Minerals.”
The Oregon Group (2024), “Is there enough tin supply to hold the tech revolution together?” — solder and semiconductor demand shares.
Discovery Alert (2025), “Myanmar Tin Supply Disruption Sparks Global Market Crisis.”
Crux Investor (2025), “Tin Market Faces Supply Challenges Amid Growing Energy Transition Demand” — International Tin Association demand and deficit projections.
Coface (2026), “Data demand sends tin surging; deficit looms in 2026.”
US Department of Defense (2024), “Department of Defense Awards $19 Million to Establish Comprehensive Domestic Tin Processing.”
Virginia Business (2025), “Nathan Trotter plans $65M tin processing plant in Southern Virginia.”
US Department of State (2026), “2026 Critical Minerals Ministerial.”
Trading Economics (2026), Tin Commodity Price Data.

Qualified Person

The technical content of this page has been reviewed and approved by Carl Ginn, P.Geo., consultant to the Company and a Qualified Person pursuant to National Instrument 43-101.

Forward-Looking Information

Certain statements on this page constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding planned exploration programs, the potential characteristics of the Volney Project's mineralization, and anticipated timelines. Such statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The Company does not undertake to update forward-looking statements except as required by law.

Disclaimer

This page presents factual information about the Volney Project and the tin market and does not constitute investment advice, a recommendation to purchase securities, or an offer of securities for sale. Technical data is sourced from Company news releases and publicly available third-party sources. Historic production figures are derived from published geological reports and government surveys, have not been verified by a Qualified Person, and do not constitute current mineral resources or reserves. Reported drill intervals are downhole lengths; true widths are unknown; grades are uncut. References to other companies are factual and do not imply endorsement or equivalence.

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