Mr. Jonathan Egilo reports

AXO COPPER INITIATES PHASE II DRILLING PROGRAM TO FOLLOW UP ON SUCCESSFUL PHASE I PROGRAM WHICH INCLUDED HIGHLIGHTS OF 8.9 METRES OF 5.87 per cent COPPER AND 15.4 METRES OF 3.86 per cent COPPER

Axo Copper Corp. has initiated its 15,000-metre phase II drill program at its La Huerta copper project, located in Jalisco, Mexico. One drill is currently on site and initiating the first drill holes, targeting the main La Huerta trend (LHT) around the Las Marias zone.

"With the closing of Axo's initial public offering, we're thrilled to embark on the company's next chapter of exploration and development of the La Huerta project," said Jonathan Egilo, president and chief executive officer. "The upcoming drill program is planned to be the largest and most ambitious seen to date at La Huerta as we look to expand on the stellar high-grade results from previous programs, in conjunction with searching regionally for new discoveries on our largely unexplored land package."

Past drilling results

Axo Copper's phase II drill program is designed to follow-up and expand on success from prior drilling. Past diamond drilling at La Huerta has totalled 11,441 metres. A previous concession holder completed drilling of 7,232 metres (61 holes) in 2020. Core from this program has been recovered and reassayed for verification. Axo Copper initiated its phase I of drilling in late 2023, completing 4,209 metres (28 holes).

Select results from both programs are shown below, which include C-001 which intercepted 13.7 metres grading 5.03 per cent copper and G-008 which intercepted 9.50 metres grading 6.63 per cent copper both from the historical 2020 program. Results from Axo's phase I program included LHCC-23-023 which intercepted 15.4 metres grading 3.86 per cent copper including 7.6 metres grading 7.37 per cent copper, as well as LHCC-23-022 which returned 8.9 metres grading 5.87 per cent copper including 3.7 metres grading 13.45 per cent copper.

Axo Copper phase II drill program

Axo has initiated its phase II drilling program in which the company plans to drill 15,000 metres. One drill rig is currently on site, with plans to target an area with a northeast-southwest strike length of approximately one kilometre, starting at Las Marias and stepping out to the north along strike toward the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July.

The first several holes are designed to intercept the La Huerta trend at relatively shallow depths, within 100 metres from surface and stepping out sequentially to the north toward Punto 3 and Punto 4. While sequentially advancing drilling to the north, the company also expects to begin testing the system at depth, as mineralization has not been tested at depths below 200 metres from surface. Testing the depth potential below Las Marias is of particular interest to the company, as the IP geophysics anomaly generated by Las Marias and the surrounding area increases with intensity at depth.

Overview of the La Huerta project

The La Huerta copper project is in the south of Jalisco state in Mexico, and consists of two concessions which total 11,331 hectares. The site was recently active with artisanal mining up until 2022, when Axo acquired rights to the project. Mining took place from surface, with mineralized rock trucked approximately 30 miles away from La Huerta to a nearby processing facility.

The Las Marias zone is characterized by copper sulphides, with mineralization hosted in chalcopyrite and bornite, extending to surface.

About Axo Copper Corp.

Axo Copper is a Canadian mineral exploration company engaged in the exploration and development of the La Huerta property, a new copper discovery in Jalisco, Mexico. Initial exploration has yielded high-grade copper both at surface through sampling programs, and at depth through initial drilling. The company is focused on continuing to define near-surface mineralization along the La Huerta trend, expanding mineralization at depth and targeting new discoveries in an underexplored district.

Procedure, quality assurance/quality control and data verification

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one-half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for metallurgical testwork.

The sealed and tagged drill core sample bags are transported to the ALS Chemex facility in Queretaro and Zacatecas, Mexico. ALS Chemex crushes the samples and prepares 200- to 300-gram pulp samples with 90 per cent passing Tyler 150 mesh (106 micrometres). Copper and multielement analysis is completed using total digestion (code ME-ICP61 total digestion ICP). Overlimits greater than 10,000 grams per tonne copper are assayed using Cu-OG62.

Quality assurance and quality control (QA/QC) procedures monitor the chain of custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed AXO's QA/QC protocols.

Qualified person

Charles Spath, PGeo, resource geologist of the corporation, is the qualified person for Axo Copper, as defined under National Instrument 43-101. Mr. Spath has reviewed and approved the scientific and technical information in this press release.

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