Lion Copper and Gold Corp. announced it has completed the Stage 1 Program of Work and has reached an agreement with Rio Tinto America Inc. (Rio Tinto) on the scope of the Stage 2 Program of Work with Nuton, a Rio Tinto venture, referenced in the Parties' March 18, 2022 Option Agreement. See news release dated March 21, 2022 for details.

Additionally, the Parties have also agreed to an early advance of the Stage 3 Program of Work for exploration activities. The company is further to report that it has completed the Stage 1 Program of Work which included the following outcomes: Exploration Achievements: Identification of nearly 1,600 ft of continuous copper mineralization beneath the Yerington Pit; Discovery of two new high-grade copper-bearing veins at the Reno Prospect (previously referred to as the Montana-Yerington prospect), including deep sulphide mineralization which may be related to Ann Mason; Identified new ore-grade copper oxide mineralization through surface trenching at the Mason Pass Prospect; Further confirmation of ore-grade surface oxide mineralization at the MacArthur Deposit. Engineering Achievements: Completed Concept Level study for the Yerington Project to include NutonTM technologies; Completed Scoping Level study for the MacArthur Project to include NutonTM technologies; Permitting and Stakeholder Engagement: Pre-Application, Pre-Plan of Operations submitted to Agencies; MacArthur Exploration Plan of Operations Update Draft stakeholder engagement plan; Risk and opportunity register; Wildlife surveys; Surface water inventory.