Mr. Morgan Lekstrom reports

BLACKWOLF'S 2023 LETTER TO SHAREHOLDERS

Blackwolf Copper and Gold Ltd. has provided its year-end letter to shareholders.

Dear shareholders,

Two thousand twenty-three was a year of action and achievements for Blackwolf. We want to personally thank our shareholders for joining us in this journey in creating a top-tier exploration and resource development company. We structured a path for this growth through our strategic investors, board, management team, advisers and projects. We are very excited to continue to grow in 2024 as we steer Blackwolf in the direction of success.

In April, the company closed an $8.5-million private placement and gained the financial backing of Frank Giustra. His support as a major shareholder has been immeasurable. Subsequently, in October, Blackwolf completed another private placement, raising $3.2-million -- an amount that exceeded our initial target, as a result of the significant support from our current and new shareholders.

June marked a strategic reorganization of the board and management team to better position Blackwolf for its planned future growth, with the appointment of Morgan Lekstrom as chief executive officer and Rob McLeod transitioning to executive chairman. The team has a record of executing and has shown incredible resolve over the past year.

In September, the company completed the acquisition of Optimum Ventures Ltd. and its interest in the Harry project. With the acquisition of the Harry project, Blackwolf became strategically positioned in the Golden Triangle, between Ascot's Premier mine, scheduled to go into production, and another successful exploration company, as well as in southeast Alaska with its six-million-tonne high-grade Niblack copper-gold volcanogenic massive sulphide project. Blackwolf is becoming a premier precious and strategic metal explorer in Alaska and British Columbia's Golden Triangle.

In September, Andrew Bowering was added to the board, who brings significant experience in the capital markets, corporate strategy and marketing. In November, Vivien Chuang was appointed as the company's newest board member, who also has over 15 years experience in the resource sector.

Upon closing of the Optimum transaction, we completed our initial drill program on the Harry project of just under 2,000 metres and made a significant gold discovery with two high-grade intercepts of 312 grams per tonne of gold over one metre and 277 g/t of gold over another metre in the same hole. (Please refer to the Blackwolf news release of Oct. 30, 2023, for details.)

We were able to drill the first two exploration holes ever at the Cantoo project on the Alaska side of the Golden Triangle in an area that is one of the last undiscovered and underexplored positions in the area.

Assay results are still pending from the 2023 drill programs and will provide a clear direction to follow up on our discoveries.

Mr. Lekstrom stated: "All this to say, we spent the last 12 months executing on projects that were promised but also setting up the right people and the launching pad from which we can grow Blackwolf significantly. These transactions, strategic people and financings have given Blackwolf the look and feel of a company that has a bright future and one that can execute. I personally want to thank our current and former directors for their guidance and support of management's vision and goals."

In closing, we would like to express our sincere gratitude to our shareholders. None of what we have accomplished this past year would have been possible without your continuous support. Thank you. We look forward to an exciting 2024.

About Blackwolf Copper and Gold Ltd.

Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by its vision and through collaboration with local and indigenous communities and stakeholders, Blackwolf builds shareholder value through its technical expertise in mineral exploration, engineering and permitting. The company holds a 100-per-cent interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. In addition, the company holds a 100-per-cent interest in five Hyder area gold-silver and base metal properties in southeastern Alaska and an option to acquire an 80-per-cent interest in the Harry gold-silver property located in northwestern British Columbia in the Golden Triangle.

We seek Safe Harbor.