Lion Copper and Gold Corp. announced the positive results of a Preliminary Economic Assessment on its Yerington Copper Project located in Lyon County, Nevada. The PEA envisions an open pit mining strategy followed by a heap leach operation, enhanced by the application of Rio Tinto's Nuton technologies to process primary sulfide copper materials.

Given the multitude of advantages offered by Nuton compared to conventional sulfide processing, it serves as the Project's preferred and foundational approach, forming the cornerstone of this PEA. The PEA was completed with funding in accordance with the agreement between the Company and Nuton LLC, a wholly-owned subsidiary of Rio Tinto. A technical report on the PEA, prepared in accordance with the requirements set forth by Canadian National Instrument 43-101 and subpart 1300 of Regulation S-K under U.S. rules, will be filed by the Company on SEDAR+ and on the SEC website within 45 days of this news release.

All currency references in this news release and the PEA are in U.S. Dollars. The Yerington Copper Project PEA merges the Yerington and MacArthur projects into a cohesive, integrated mining operation. The development strategy begins with the reprocessing of legacy rock stockpiles and tailings at the Yerington Mine, followed by mining activities within the base of the legacy Yerington pit once the pit has been dewatered.

To facilitate the processing of primary sulfide and oxide materials, these materials will be mined and transported to separate lined heap leach pads to be located at the legacy Yerington Mine. The leaching process will utilize sulfuric acid delivered via rail from a reputable regional supplier. The leaching process at the Yerington Mine benefits from the application of Nuton technologies, delivering copper recoveries from sulfide materials reaching 74%.

This enhanced leaching method, powered by Nuton technologies, also beneficially eliminates the necessity for a concentrator, tailings impoundment and resource-intense smelter operations. The resulting copper-rich leach solutions, sourced from both the sulfide and oxide Heap Leach Facilities, will be collected and routed to a single solvent extraction and electrowinning plant and culminating with the on-site production of LME Grade A cathode copper. In a subsequent phase of operations, the MacArthur Mine will complement the continued activity at the Yerington Mine, focusing on the extraction of oxide material.

The oxide material from the MacArthur Mine will be transported by conveyor to the oxide HLF to be located at the legacy-affected Yerington Mine, utilizing the existing infrastructure set up during the initial Yerington phase. The Yerington Mine spans a legacy-affected site situated on a combination of private and public (unpatented) mining claims administered by the Bureau of Land Management, while the MacArthur Mine is exclusively on BLM lands. As such, the Project falls under federal jurisdiction, necessitating compliance with Mine Plan of Operations and Reclamation Plan Permit Application requirements, along with other supporting studies, all subject to analysis under the National Environmental Protection Act.

Furthermore, prior to commencing mining activities, other State and local permits will also be required. are unwavering in dedication to the development of the Yerington Copper Project, a commitment deeply rooted in an awareness of the environmental, water conservation, and tribal and social context within which operate. From the inception of this venture, guiding principle has been to minimize footprint while maximizing the positive outcomes for the tribal and other communities living in proximity to the Yerington Copper Project.

This ethos remains the bedrock of core operating values. The strategic alliance with Nuton LLC, a Rio Tinto Venture, as both a technology provider and earn-in partner is a testament to Project's aspiration to serve as a catalyst for positive change in the Mason Valley. This collaboration strengthens resolve to realize a sustainable and responsible future.

The base case copper price of $3.85/lb Cu generates a post-tax net present value of $356 million at a discount rate of 7% and Internal Rate of Return of 17.4%. Capital payback after tax is 5.0 years. Before taxes, the Project NPV (7%) is $482 million with an IRR of 20.3% and payback of 4.7 years.

The Project generates cumulative cashflow of $1.00 billion on a post-tax basis and $1.24 billion pre-tax with the base copper price of $3.85/lb. The Mineral Resources for the Yerington Copper Project are composed of the Yerington Deposit, W-3 Stockpile, Vat Leach Tailings and the MacArthur Deposit.