Lion Copper and Gold Corp. announce that further to its March 21, 2022 news release, the TSX Venture Exchange has approved the Company's Option to Earn- in Agreement with Rio Tinto America Inc. dated March 18, 2022. Under the Agreement, Rio Tinto has the option to earn up to a 75% interest in the Company's Mason Valley, NV assets, including the historic Yerington mine, greenfield MacArthur Project, Wassuk property, the Bear deposit, and associated water rights (the "Mining Assets"). In addition, Rio Tinto will evaluate the potential commercial deployment of its NutonTM technologies at the site. NutonTM offers copper heap leaching technologies developed by Rio Tinto to deliver greater copper recovery from mined ore and access new sources of copper such as low-grade sulphide resources and reprocessing of stockpiles and mineralised waste. The technologies have the potential to deliver leading environmental performance through more efficient water usage, lower carbon emissions, and the ability to reclaim mine
sites by reprocessing waste. Upon completion of a feasibility study, Rio Tinto and Lion CG will decide whether to create an investment
vehicle into which the Mining Assets will be transferred, with Rio Tinto holding not less than a 65% interest in the investment vehicle.