"There's no need for us to panic. We know the game was there for us to win. We just need to get our basics right; hold on to the ball. It's tough, we're against the world champions, it's not going to be easy. But we'll work hard for it."
Elliot Daly, who had a mixed night, admitted he had "gone to sleep" for the All Blacks' opening try by Codie Taylor when he was exposed after Aaron Smith opted to tap a penalty instead of going for a shot at goal.
"We have to be up for it all the time and expecting everything. For the first try, I probably fell asleep a little bit," said Daly.
"It was probably a lack of discipline and how clinical we were in the 22 when we did make line breaks, it [lack of finishing] cost us a little bit.
"I didn't think we were that far away. They just took their chances, they had three good chances and took them and we will have to look at how they got that and got into those situations.
"I think in large parts of the game, they played well. I think we will look at it and see what we need to work on next week."
Daly, like Faletau, said the errors could be fixed in time for the second test and that the series could still be salvaged, highlighting the stunning try finished by Sean O'Brien as an indication of their potency.
"I definitely feel this series is still alive," Daly said. "We're really looking forward to building as a team. We know we've got to go there and win now. It's still a good chance for us.
"We were thrilled with the [O'Brien] try. It has given us the belief that we can do it.
"You have got to attack the All Blacks. When we did in large parts, we played well when we got through our phases. We just have to look at opportunities where we can score a few more tries."
Lions prop Mako Vunipola said the test squad would not have a problem lifting themselves to go again on Saturday.
"The best advice is that we have another chance next week," said Vunipola.
"It's just a case of we have to go back and take the learnings from this game. Hopefully then you can improve for the next game. We're going to need to as well.
"We are all very experienced players, we've all had highs and lows before, so we know that we have to come together quickly."