Mr. John Banning reports

LION COPPER & GOLD PROVIDES DEFINITIVE FEASIBILITY STUDY AND PERMITTING UPDATE FOR THE YERINGTON COPPER PROJECT

Lion Copper and Gold Corp. has provided shareholders with an update on the advancement of the definitive feasibility study (DFS) and permitting activities for the Yerington copper project in Lyon county, Nevada.

The company's DFS and permitting programs continue to advance under stage 3 of the earn-in agreement with Nuton LLC, a subsidiary of Rio Tinto Group. Based on work completed to date, the company remains on schedule and on budget to complete the DFS during the first quarter of 2027.

Significant progress has been made across the technical work programs supporting the DFS. During 2026, the company completed the planned hydrogeological drilling program and geotechnical drilling program required to support mine design and engineering activities. In addition, the planned resource drilling program targeting the VLT area has been completed, providing additional geological information to support future project evaluation.

Engineering and technical studies continue across all major disciplines required for completion of the DFS, including mine engineering, processing, rail and logistics, infrastructure design, water management, environmental studies, and permitting support. As engineering advances, many major project infrastructure components have now entered the third party bidding process. The company expects the results of the bidding process to further inform and refine the capital cost estimates being developed as part of the definitive feasibility study.

Permitting activities also continue to advance as planned and in parallel with the DFS. Environmental baseline studies, project facility definition, agency engagement and permitting workstreams remain under way in support of future state and federal permit applications. John Banning, chief executive officer of Lion Copper and Gold, commented:

"The Yerington copper project continues to advance well through the definitive feasibility study. Completing the major field programs, including the hydrogeological, geotechnical and VLT resource drilling programs, represents another important milestone for the project. We remain on schedule and on budget for completion of the DFS in the first quarter of 2027. As the project continues to mature, major infrastructure packages are now progressing through the third party bidding process, which will provide additional confidence in the capital cost estimates supporting the study."

The company believes completion of the DFS will represent a significant milestone in advancing the Yerington copper project toward a future construction decision. The study will refine mine planning, engineering design, capital and operating cost estimates, and permitting strategies developed during the preliminary feasibility study completed in 2025.

The company also notes that the recently announced National Instrument 43-101-compliant mineral resource estimate for the Bear deposit demonstrates the broader district-scale copper endowment within the Yerington copper district. While the current DFS remains focused on the Yerington copper project, the Bear deposit represents a significant long-term development opportunity that is contiguous with the Yerington copper project.

Lion continues to benefit from Nuton's commitment to finance up to approximately $31-million (U.S.) under stage 3 of the earn-in agreement to complete the DFS and support associated permitting activities.

The company will continue to provide updates as additional project milestones are achieved.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by John Banning, QP-MMSA, chief executive officer of the company and a qualified person as defined under National Instrument 43-101.

About Lion Copper and Gold Corp.

Lion Copper and Gold is a junior mining company advancing its flagship Yerington copper and Bear projects in Lyon county, Nevada, through an earn-in agreement with Nuton. The project focuses on accelerating production from its long-life, low-strip-ratio, brownfield-advantaged Yerington copper project utilizing modern processing technologies.

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