Lion Rock Resources (TSXV: ROAR, OTCQB: LRRIF, FSE: KGB) has confirmed tin mineralization at the Volney Project in the Black Hills of South Dakota. Phase 1 drilling at the Giant Volney target returned 0.1% Sn over 28.3 m, including 0.3% Sn over 3.0 m, in cassiterite-bearing pegmatite at shallow depth. Despite tin hitting record prices earlier this year, and the role of the US as one of the world’s largest consumers, the country has not mined tin domestically since 1993. Volney is one of the only active tin exploration projects in the US.
Past Producer with Confirmed Drill Results
The Volney Project is a past-producing tin, tantalum, and lithium property with a documented production history spanning 1903 to 1944. The Rough and Ready Mine produced 105,039 lbs of tin between 1903 and 1927, including a concentrate grade of 62.5% Sn in its first year of operation. [8]
Lion Rock recently completed its maiden drill program at Volney and hit tin mineralization near surface in multiple holes, co-occurring with tantalum within the same pegmatite intervals. Assay values reached 0.3% Sn over 3.0 m. Results from 11 additional drillholes are pending.
Superb Infrastructure on Private Land
The project sits on 142 hectares of private land with surface and mineral rights. It has excellent access to infrastructure, including on-site power and all-season road access. Importantly, it is proximal (under one hour) to rail connections to Great Lakes shipping ports at Duluth, Minnesota and Thunder Bay, Ontario.
Accelerated, Low-Cost Production Potential
Volney's location on private land means reduced permitting timelines, and the shallow mineralization means potential for low CAPEX and low OPEX bulk mining methods. Lion Rock acquired the property in October 2024, completed geophysics and surface sampling in early 2025, and finished a 15-hole Phase 1 drill program by early 2026. That speed of execution is difficult to replicate on federal ground.
In total, six minerals on the current US Critical Minerals List have been identified at Volney: lithium, tin, tantalum, gallium, cesium, and rubidium.
Award-Winning Management and Technical Team
The Lion Rock team includes award-winning experts in every stage of the mining lifecycle, and has established a strong working relationship with local and state government officials in South Dakota's Black Hills mining district.
Initial assays from four drill holes at the Giant Volney target returned tin and tantalum mineralization hosted in muscovite-rich pegmatite. All four holes were collared directly into the pegmatite body, meaning reported intervals represent partial intersections only. The full interpreted width extends west of the drill collars based on surface mapping.
| Drillhole | Sn (%) | Ta (ppm) | Length | Notes |
| VOL25-006 | 0.1 | 45 | 28.3 m | Broad Sn-Ta interval; incl. 0.3% Sn and 120 ppm Ta over 3.0 m |
| VOL25-007 | 0.1 | 53 | 6.2 m | Adjacent to lithium interval (1.6% Li2O over 10.6 m) |
The tin mineralization co-occurs with tantalum within the same pegmatite intervals, consistent with a fractionated LCT system. Both tin and tantalum are on the current US Critical Minerals List. Assays across the broader pegmatite also returned elevated gallium, rubidium, cesium (, and tantalum.
Assay results from the remaining 11 drillholes in the Phase 1 program are pending, including lithium and gold analyses from multiple target areas along the Volney trend.
Volney is not a greenfield concept. The property produced tin at commercial grades for extended periods over four decades.
Between 1903 and 1927, the Rough and Ready Mine produced 105,039 lbs of tin through 740 meters of underground workings, operated successively by Tinton Mining Co., Tinton Reduction Co., and Black Hills Tin Co. In its first year of operation (1903), the mine recorded a concentrate grade of 62.5% Sn. [8]
A subsequent 1928 to 1929 campaign produced 1.5 tonnes of cassiterite concentrate at 30.7% Sn, along with 13.1 tonnes of tantalite concentrate grading 38.7% to 57% Ta2O5. [9]
Between 1941 and 1944, Fansteel Mining Corp. produced 3,800 lbs of cassiterite from the Giant Volney pegmatite, alongside 1,080 tonnes of spodumene concentrate (5.6% to 6.3% Li2O) and 21,884 lbs of tantalite concentrates at 45% Ta2O5. [10]
Lion Rock's 2025 surface sampling program confirmed the persistence of tin at surface across the property: 13 historic mill piles returned tin values exceeding 1% Sn, and pegmatite stockpiles at the Rough and Ready Mine returned grades of 1.8% and greater than 2.5% Sn.
Despite this production history and confirmed surface mineralization, no modern exploration was conducted at Volney until Lion Rock's acquisition. The Phase 1 program is the first drilling to test the system with contemporary analytical methods.
The Volney Project consists of 142 hectares of private claims with both surface and mineral rights. For any US critical mineral project, this ownership structure is a material advantage.
Exploration and development on federal land in the United States faces multi-year environmental review, and public comment periods that routinely delay drilling before a single hole is completed. Private land ownership allows for faster drill permitting, shorter gaps between exploration phases, and more direct operational control. Lion Rock moved from acquisition, to comprehensive ground sampling programs, mapping, geophysics surveys, and completion of a 15-hole drill program in a little over twelve months.
South Dakota's Black Hills is a proven mining district with active operations, established infrastructure, and a regulatory framework consistently ranked among the most favorable DM1 globally.
Tin was added to the 2025 US Critical Minerals List because of three converging factors: the country's 73% import reliance, the concentration of global supply in geopolitically unstable regions, and tin's role as an irreplaceable input to electronics and defense manufacturing. [3] [11]
More than 50% of global tin consumption goes to solder, the material that bonds semiconductor chips to circuit boards. There is no commercially viable lead-free substitute at scale. Semiconductor-related applications, including solder, sputtering targets, and lead-free alloys, are estimated to drive approximately 60% of global refined tin demand. [1]
Tin demand is growing structurally. The International Tin Association projects total demand growth of 40% by 2030, driven by electrification, digitalization, and expanding AI and data center infrastructure, alongside a structural supply deficit of 13,000 tonnes by 2030 without new mine investment. [2] [12]
Beyond electronics, tin is used in tinplate for food packaging (23% of US consumption), industrial chemicals (22%), alloys (10%), and increasingly in solar photovoltaic interconnections and sodium-ion battery technologies. [3]
The tin market entered 2026 under acute supply pressure. Prices hit a record USD 56,800 per tonne on the London Metal Exchange in January 2026 before pulling back to approximately USD 46,600 per tonne. [13]
Three concurrent disruptions are constraining supply. Myanmar's Wa State, which historically supplied approximately 10% of global tin concentrate, suspended mining in August 2023. Tin concentrate flows to China totaled just 14,200 tonnes through July 2025, a 77% decline year-over-year. [4] [5] Indonesia shut down over 1,000 illegal mining operations across Sumatra, causing exports to fall by over 50%. [13] Chinese smelter utilization dropped below 70% due to concentrate shortages. [7]
A supply deficit is projected for 2026, the first since 2021. Coface projects average prices of approximately USD 45,000 per tonne for the first half of 2026. BMI (Fitch Solutions) raised its 2026 forecast to USD 35,000 per tonne. [6] [7]
The US government is responding directly. 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 such facility in over 35 years. Nathan Trotter & Co. has since announced a USD 65 million expansion in Virginia, expected to be operational by end of 2026. [3] [14] [15] At the 2026 Critical Minerals Ministerial, EXIM Bank disclosed USD 215 million in Letters of Interest for tin extraction projects in the United Kingdom and Australia. [16]
The US has smelting and processing capacity coming online. However, it does not have domestic tin mine supply. There is virtually no active tin exploration in the United States. Volney is one of the exceptions.
A 15-hole Phase 1 drill program has been completed at Volney, representing the first modern drill testing along the Volney trend. Final assay results from 11 drillholes are pending. The Company is in the process of planning the Phase 2 exploration program (see Forward-Looking Information below).
Yes. Phase 1 drilling returned 0.1% Sn over 28.3 m, including 0.3% Sn over 3.0 m, at the Giant Volney target (VOL25-006). Tin also occurs in VOL25-007 at 0.1% Sn over 6.2 m. The project has a documented tin production history: the Rough and Ready Mine produced 105,039 lbs of tin between 1903 and 1927, with concentrate grades up to 62.5% Sn.
The largest single use for tin globally is solder for electronics, accounting for more than 50% of consumption. Tin-based solder bonds 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 panel interconnections and sodium-ion battery technologies. [1]
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. [3] [14] [15]
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. [4] [5] [7] [13]
In addition to tin, the Volney Project has confirmed the presence of lithium, tantalum, gallium, cesium, and rubidium. All six are on the current US Critical Minerals List. Gold analyses from Phase 1 drillholes are pending.
Phase 1 results were published in a news release dated February 26, 2026, available on the Lion Rock Resources website and filed on SEDAR+.
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.
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. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, changes in commodity prices, exploration results that differ from expectations, permitting and regulatory delays, and general market conditions. The Company does not undertake to update forward-looking statements except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
This page contains factual information about the Volney Project and the tin market. It does not constitute investment advice, a recommendation to purchase securities, or an offer of securities for sale. All 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 and do not constitute current mineral resources or reserves.
[1] The Oregon Group (2024), "Is there enough tin supply to hold the tech revolution together?" https://theoregongroup.substack.com/p/is-there-enough-tin-supply-to-hold
[2] Crux Investor (2025), "Tin Reaches $38,000/t on Myanmar & Indonesia Supply Shocks." https://www.cruxinvestor.com/posts/tin-reaches-38-000-t-on-myanmar-indonesia-supply-shocks
[3] US Geological Survey, Mineral Commodity Summaries: Tin, January 2025. https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-tin.pdf?v=033108
[4] Discovery Alert (2025), "Myanmar Tin Supply Disruption Sparks Global Market Crisis." https://discoveryalert.com.au/myanmar-tin-supply-disruption-2025/
[5] Discovery Alert (2025), "Myanmar Tin Market: Global Impact & Supply Chain Dynamics." https://discoveryalert.com.au/myanmar-tin-market-2025-strategic-importance/
[6] MINING.COM (2025), "Tin market deficit to tighten." https://www.mining.com/tin-market-deficit-to-tighten-report/
[7] Coface (2026), "Data demand sends tin surging; deficit looms in 2026." https://www.coface.com/news-economy-and-insights/tin-is-riding-high-on-the-metals-market-s-latest-surge
[8] Nellis, J.M. (1973), Geology of the Tinton District, Lawrence County, South Dakota.
[9] Redfern, R.M. (1992), Mineral Resources of the Black Hills Area, South Dakota.
[10] Page, L.R. et al. (1953), "Pegmatite Investigations 1942-45, Black Hills, South Dakota." USGS Professional Paper 247.
[11] Federal Register (2025), "Final 2025 List of Critical Minerals." https://www.federalregister.gov/documents/2025/11/07/2025-19813/final-2025-list-of-critical-minerals
[12] Crux Investor (2025), "Tin Market Faces Supply Challenges Amid Growing Energy Transition Demand." https://www.cruxinvestor.com/posts/tin-market-faces-supply-challenges-amid-growing-energy-transition-demand
[13] Trading Economics (2026), Tin Commodity Price Data. https://tradingeconomics.com/commodity/tin
[14] US Department of Defense (2024), "Department of Defense Awards $19 Million to Establish Comprehensive Domestic Tin Processing." https://www.war.gov/News/Releases/Release/Article/3915604/
[15] Virginia Business (2025), "Nathan Trotter plans $65M tin processing plant in Southern Virginia." https://virginiabusiness.com/nathan-trotter-tin-facility-henry-county/
[16] US Department of State (2026), "2026 Critical Minerals Ministerial." https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial
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Lion Rock Resources Inc.
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