Mr. Timothy Marsh reports

BELL COPPER UPDATES

Bell Copper Corp. has provided a drilling update, and has provided an update to its news release of June 15, 2023, wherein it had announced plans to conduct a non-brokered private placement for up to 10,416,666 units at a price of 12 cents per unit to raise gross proceeds of up to $1.25-million. Conditional acceptance of the TSX Venture Exchange to the financing has been received and the company is still in the process of collecting subscriptions from various investors. It plans to submit final documentation and announce a closing of the financing within the next 30 days. Each unit will consist of one common share and one transferable share purchase warrant. Each warrant shall be exercisable into one additional common share at a price of 24 cents per share for a period of two years from the date of closing.

Crescat Capital LLC, a greater than 10-per-cent insider and significant shareholder of the company, has committed to participate in the financing pursuant to its equity participation right to maintain its pro-rata ownership in Bell Copper.

Crescat's participation in the financing shall constitute a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the financing with Crescat, on the basis that the fair market value of Crescat's pro rate participation shall be less than 25 per cent of Bell's current market capitalization.

The private placement shall be subject to final acceptance by the TSX Venture Exchange and all securities issued pursuant to the financing will be subject to a hold period under applicable securities laws, which hold period will expire four months plus one day from the date of closing. The company may pay finders' fees incidental to the financing, as permitted by the policies of the TSX Venture Exchange.

Funds raised from the financing will be used for the continuing drilling and exploration program at the company's 100-per-cent-owned Big Sandy porphyry copper project and for general working capital. Closing shall be subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX-V.

Additionally, further to the company's news release of April 4, 2023, wherein it announced an agreement to settle $60,000 of debt owing to a certain creditor by the issuance of 272,727 common shares in the capital of the company, it was decided laterally to withdraw the application for regulatory approval and alternate arrangements with the creditor have been made for settlement of the debt.

Drilling update

Drilling of hole BS-4 on the Big Sandy porphyry copper project in northwest Arizona has encountered visible native, metallic silver in drill core at a depth of 829 metres, hosted by conglomerate. BS-4 is testing the concept of a decapitated top of a large porphyry copper system buried beneath the conglomerate at a depth of around 1,200 metres. The native silver in BS-4 was not anticipated as part of the porphyry copper target model.

On June 7, 2022, the company announced that it had cut in drill hole BS-3 an interval of 200 metres grading 0.42 per cent copper (8.4 pounds Cu/st) and 2.4 grams of silver per tonne from 1,302 metres to 1,502 metres, including 54 metres grading 0.67 per cent copper (13.4 lb Cu/st) and 3.7 grams of silver per tonne from 1,445 metres to 1,499 metres. Drill hole BS-3 is located 900 metres south of the ongoing drill hole, BS-4. Native, metallic copper has been observed in the overlying conglomerate in each of holes BS-1 through BS-4, but this is the first time that native silver has been seen in the Big Sandy drill core.

The native silver in drill hole BS-4 is believed to represent exotic silver, that is, silver that originated in underlying bedrock and that was leached out of the bedrock by upwelling groundwater and redeposited in the overlying conglomerate. A centimetre-wide halo of gray, bleached sandy matrix in otherwise light brown matrix surrounds the native silver.

The native silver is not believed to represent a commercially significant quantity of silver. Rather, it is seen as a geochemical indicator of proximity to bedrock formations that are silver bearing.

Drilling progress at BS-4 was stalled for two months when the drill string became blocked by a stuck sample tube. Uninterrupted efforts to remove or bypass the stuck tube finally succeeded when a wedge was used to deflect a smaller diameter drill string through the side of the blocked drill string. The native silver was encountered by subsequent diamond drilling beneath the blockage.

Tim Marsh, Bell's president and chief executive officer, and a qualified person as defined by National Instrument 43-101, said: "The native silver that we have just drilled at Big Sandy complements the exotic, native copper that we have reported in previous drill holes as an indicator of nearby, copper-silver mineralized bedrock. Our BS-3 intersection nearly one kilometre away demonstrated the existence of an underlying, supergene enriched porphyry copper deposit as a potential source for the exotic, native metals in the conglomerate. This is just the sort of welcome mat that should greet every successful explorer."

Qualified person

The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng, the company's chief executive officer and president. No mineral resource has yet been identified on the Big Sandy project. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable.

About Bell Copper Corp.

Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100-per-cent-owned Big Sandy porphyry copper project and the Perseverance porphyry copper project which is under a joint venture-earn-in.

We seek Safe Harbor.