There was only so much that Loki knew of James' true past. Clint hadn't exactly been all that informative, and he didn't have all that many memories of coming into contact with Bucky in a previous incarnation.
Not that he needed to in order to tell that the pieces were falling into place on the former soldier's chess board.
"Unfortunately, yes, that's correct." He was sure that this break through was not meant to be had with him. Loki, he who was not to be trusted, God of Mischief, Lies, and all else he would run from, was definitely not at the top of Steve or Clint's list of advisers and/or care givers.
Beggar's couldn't be choosers though. Like it or not, James knew the truth and he'd come to the conclusion on his own, which was for the best. Loki only hoped they were equipped to help him through the rest of the process...such as handling the rest of the memories as they came along and what to properly do with them.
One step at at time. "You're not a prisoner anymore. Whatever it was they made you--done to you, we've been trying to undo, slowly, carefully. I don't possess the power to put a bandaid on the situation." Which was a lie. He could do it, the other him could. Putting so much stake in magic was dangerous, and here? Who knew what it would bring. "But I've been able to give you the power to remember, slowly, obviously. Should you find things become suffocating or bothersome, I should be able to help with that too."