Lion Copper and Gold Provides Update on Water Rights

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ('Lion CG' or the 'Company') announces an update on its water rights associated with its Yerington copper projects in Lyon County, Nevada (news release dated July 26, 2021).

On August 30, 2023 and subsequent to a remand order by Lyon County District Judge Aberasturi dated December 6, 2022, the State Engineer of the Nevada Division of Water Resources has provided notice declaring as forfeited the Company's water rights under three permits, including: Permit 15424 in the amount of 1.2 cubic feet per second annually; Permit 18411 in the amount of 1.34 cubic feet per second annually and Permit 23793 in the amount of 526 million gallons annually (the 'Notice').

The Company intends to seek a reversal of the Notice and has the right to file a Petition for Judicial Review within 30 days from the date of the Notice.

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.

Contact:

Stephen Goodman

Email: info@lioncg.com

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.