Lion Copper and Gold Announces Amendment of Stage 2 Program of Work Agreement

Vancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG" or the "Company") announces an amendment to the Stage 2 Program of Work of its Option to Earn-in Agreement ("the Agreement") with Nuton LLC, a Rio Tinto venture, referenced in the Parties' March 18, 2022 Option Agreement. See news releases dated March 21, 2022 and January 5, 2023 for further details.

Under the amendment, the term of Stage 2 of the Agreement has been extended by 9 months to September 12, 2024 to allow for completion of a pre-feasibility study incorporating Rio Tinto's Nuton^TM technologies.

Stage 2 will now be divided into Stage 2a, comprising work completed up to the original January 12, 2024 end date, and Stage 2b, covering the extended term.

Subject to approvals, Rio Tinto will advance US$10 million of the Stage 3 earn-in amount to Lion CG for the Stage 2b work program within 30 days of completing Stage 2a.

After Stage 2b, the companies will decide if an additional Stage 2c work program is necessary. If pursued, subject to approvals, Rio Tinto will advance another US$5 million for Stage 2c within 30 days of executing the scope of work agreement.

Travis Naugle, co-chairman & CEO of Lion CG, states: "We are pleased to continue our partnership with Rio Tinto to further assess deployment of their innovative Nuton^TM technologies at our Yerington Copper Project. The pre-feasibility study will provide critical data to inform next steps and potential creation of a joint investment vehicle for development."

About Lion CG
Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship copper projects at Yerington, Nevada through an Option to Earn-in Agreement with Rio Tinto.

About Nuton
Nuton is an innovative venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. Nuton™ offers the potential to economically unlock copper from primary sulfide resources through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper bearing waste and tailings, and getting higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the potential to produce the world's lowest impact copper while having at least one Net Positive impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.

On behalf of the Board of Directors,
Stephen Goodman
President

For more information please contact:
Email: info@lioncg.com
Website: www.lioncg.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "expect", or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184619