LION COPPER & GOLD CORP.

19.1 CAUTIONARY STATEMENT

Certain information and statements contained in this section and in the Report are "forward looking" in nature. Forward-looking statements include, but are not limited to, statements with respect to the economic and study parameters of the Project; Mineral Resource estimates; the cost and timing of any development of the Project; the proposed mine plan and mining methods; dilution and extraction recoveries; processing method and rates and production rates; projected metallurgical recovery rates; infrastructure requirements; capital, operating and sustaining cost estimates; the projected life of mine and other expected attributes of the Project; the net present value (NPV) and internal rate of return (IRR after-tax) and payback period of capital; capital; future metal prices; the timing of the environmental assessment process; changes to the Project configuration that may be requested as a result of stakeholder or government input to the environmental assessment process; government regulations and permitting timelines; estimates of reclamation obligations; requirements for additional capital; environmental risks; and general business and economic conditions.

All forward-looking statements in this Report are necessarily based on opinions and estimates made as of the date such statements are made and are subject to important risk factors and uncertainties, many of which cannot be controlled or predicted. Material assumptions regarding forward-looking statements are discussed in this Report, where applicable. In addition to, and subject to, such specific assumptions discussed in more detail elsewhere in this Report, the forward-looking statements in this Report are subject to the following assumptions:

• There being no significant disruptions affecting the development and operation of the Project

• The availability of certain consumables and services and the prices for power and other key supplies being approximately consistent with assumptions in the Report

• Labor and materials costs being approximately consistent with the assumptions in the Report

• Permitting and arrangements with stakeholders being consistent with current expectations as outlined in the Report

• All environmental approvals, required permits, licenses and authorizations will be obtained from the relevant governments and other relevant stakeholders

• Certain tax rates, including the allocation of certain tax attributes, being applicable to the Project

• The availability of financing for the planned development activities

• The timelines for exploration and development activities on the Project

• Assumptions made in Mineral Resource estimate and the financial analysis based on that estimate, including, but not limited to, geological interpretation, grades, commodity price assumptions, extraction and mining recovery rates, hydrological and hydrogeological assumptions, capital and operating cost estimates, and general marketing, political, business, and economic conditions

The production schedules and financial analysis annualized cash flow table are presented with conceptual years shown. Years shown in these tables are for illustrative purposes only. This Pre-Feasibility Study (PFS) supports a Mineral Reserve declaration, with the mine plan and financial analysis based on Proven and Probable Mineral Reserves as defined under S-K 1300 standards. The PFS provides a higher level of confidence than previous studies, but like all forward-looking information, there is no guarantee that results, estimates, or projections will be realized as anticipated. Methodology Used