Mr. Simon Quick reports

CANADIAN COPPER TO ACQUIRE LARGE 18 MILLION TONNE VMS DEPOSIT

Pursuant to the terms of a letter of intent (LOI) it entered into with Votorantim Metals Canada Inc., an arm's-length seller (VM Canada or the seller), Canadian Copper Inc. intends to acquire VM Canada's entire 72-per-cent interest in the Murray Brook joint venture. Murray Brook is located in the Bathurst camp of New Brunswick, Canada.

"Our objective to secure majority ownership of the Murray Brook deposit has been central to our growth strategy since 2022. This potential acquisition of a large, advanced-stage polymetallic asset is transformative for Canadian Copper. This considered transaction would firmly establish the company's footprint as a base metal explorer with significant mineral resources in the Bathurst camp. The Murray Brook deposit contains 183 million pounds of copper, 1.07 billion pounds of zinc, 390 million pounds of lead, 42 million ounces of silver and 339,000 ounces of gold," commented Simon Quick, chief executive officer of Canadian Copper. "This complements our current Chester asset very well with estimated measured resources totalling 120 million pounds of copper. This opportunity enables possible synergies with the Chester deposit through the implementation of hub and spoke processing. Several deposits in the region extend beyond 1,000 metres in depth, thus we are excited to test the vertical depth extent of Murray Brook beyond the previously explored 350 metres," he added.

With the exception of the information included under the heading "value creation opportunities: integrate scoping studies and update project economics," all technical information concerning the Murray Brook project in this press release has been derived from the "Technical Report and Preliminary Economic Assessment (PEA) of the Murray Brook Project New Brunswick Canada" with an effective date of June 4, 2013, prepared by P&E Mining Consultants Inc., under the supervision of Eugene Puritch, PEng, for Votorantim Metals Canada and El Nino Ventures Inc. and filed on SEDAR.

Canadian Copper is not treating the historical resources estimate as a current resources estimate or mineral reserves, as it has not taken steps to identify what work is required to verify, upgrade or reclassify the historical resources estimate using a qualified person. The company believes the historical resource estimates to be both relevant and reliable. The information provides an indication of the exploration potential of Murray Brook but may not be representative of expected results.

The strategic merits of this transaction for Canadian Copper shareholders are:

• Location synergies: The consolidation of the company's ownership across 18 kilometres of the Caribou Horizon trend connecting the Murray Brook West exploration asset to the west, and Murray Brook deposit to the east. These assets connect the previous operating Restigouche and Caribou mines which produced have more than 700 million pounds of zinc plus copper, lead and other precious metals since 1970. The Caribou mine remains equipped with an operating process plant including milling, flotation and a tailings storage facility.
• Strategic asset: The completion of this transaction would result in Canadian Copper owning a majority in an advanced-stage, large, undeveloped 18 MT (million tonne) volcanogenic massive sulphide (VMS) potentially open-pit minable deposit with significant near-mine and prospective regional exploration. More than 98 per cent of the Murray Brook mineral resources are within the measured and indicated categories.
• Mineral resources description: The Murray Brook deposit contains a sulphide measured and indicated mineral resource of 18 million tonnes grading 0.47 per cent Cu, 2.73 per cent Zn, 0.99 per cent Pb, 42 g/t Ag and 0.59 g/t Au. The contained metal within this mineral resource is approximately 183 million pounds of copper, 1.07 billion pounds of zinc, 390 million pounds of lead, 42 million ounces of silver and 339,000 ounces of gold.
• Development optionality: The expanded mineral resource base provides scale to study a central hub and spoke processing strategy or toll milling with other assets in the region.
• Maintain focus in a top-tier jurisdiction: This transaction provides continued focus on critical minerals in New Brunswick, a jurisdiction with demonstrated regulatory and permitting framework for asset development.

Transaction detail

The company and seller have agreed to the following considerations under the LOI signed Feb. 13, 2023, which is subject to exchange approvals and the execution of a definitive purchase agreement (PA):

1. A $250,000 deposit paid to the seller upon expiration of right of first refusal (condition satisfied);
2. A $750,000 instalment to be paid by the company to the seller upon PA execution;
3. The issuance of two million units of Canadian Copper. Each unit to consist of one common share priced using the 30-day volume-weighted average price (VWAP) ending on the closing date of the PA with a 12-month hold period, and one full warrant exercisable for five years at an exercise price that is a 50-per-cent premium to the unit price;
4. A 0.25-per-cent net smelter return (NSR) royalty on the MB asset. Fifty per cent of the NSR can be repurchased by the company for $1-million. The NSR has a zinc price sliding scale defined as: $1.68 (U.S.)/lb equals 1 per cent;
5. The replacement of the seller's bond provided to the government of New Brunswick totalling $2-million within three months of closing the transaction;
6. A final instalment of $2-million to be paid by the company to the seller within 31 days of commercial production.

After the company satisfies conditions No. 1 to 5, Canadian Copper will have completed its purchase of a 72-per-cent interest in the MB joint venture, and the minority partner will retain the remaining 28-per-cent interest. The joint venture agreement (JVA) stipulates that the minority party contribute its proportionate share for expenditures or be diluted. There is no minority party dilution provision where their interest converts to an NSR.

Large historical mineral resource with thick drill intersections

The Murray Brook deposit is the fifth-largest VMS deposit within the Bathurst camp, which ranks third globally as a major VMS district. Murray Brook has a historical resource estimate prepared in accordance with the requirements of Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The measured and indicated mineral resource is 18 million tonnes grading 0.47 per cent Cu, 2.73 per cent Zn, 0.99 per cent Pb, 42 g/t Ag and 0.59 g/t Au. The contained copper and zinc metal within this mineral resource is approximately 210 million pounds of copper and 1.15 billion pounds of zinc.

The mineralization forms a coherent massive sulphide deposit hosted within a sheath fold, enveloped by chlorite-sericite alteration as a halo. There are two distinct lenses to the deposit: a western lens which is deeper and zinc-rich and an eastern lens that is shallower and copper-rich with some zinc. The bottom of the deposit is approximately 350 metres below surface.

Examples of the higher-grade thick intervals are:

• MB-2011-49: Intersected 148 metres from 32 metres grading 0.61 per cent Cu, 3.82 per cent Zn, 0.63 g/t Au and 56 g/t Ag;
• MB-2012-138: Intersected 44 metres from 182 metres grading 0.18 per cent Cu, 8.49 per cent Zn, 4.58 per cent Pb, 0.59 g/t Au and 152 g/t Ag;
• MB-2017-01: Intersected 53 metres from 27 metres grading 5.8 per cent Zn, 2.8 per cent Pb, 1.05 g/t Au and 77 g/t Ag.

Canadian Copper is not treating the historical resources estimate as a current resources estimate or mineral reserves, as it has not taken steps to identify what work is required to verify, upgrade or reclassify the historical resources estimate using a qualified person.

Value creation opportunities: integrate scoping studies and update project economics

The Murray Brook technical report and PEA were completed on Murray Brook in 2013. Exploration work and project advancements have occurred at Murray Brook since the Murray Brook technical report and PEA, that when incorporated into a new PEA, could improve the project economics, such as:

1. Additional metallurgical test work was completed in 2019 that yielded significantly higher metal recoveries than previously included in the 2013 PEA, principally through increases in copper and lead recovery.
2. Project derisking engineering in key areas such as geotechnical drilling and analysis, ground water modelling, pit slope stability design, and acid base accounting analysis to support material handling for reclamation design purposes.
3. A new copper stringer zone discovery which is 25 metres outside of the known open-pit mineralization that could increase the current 10-year mine life. The information provides an indication of the exploration potential of Murray Brook but may not be representative of expected results.
4. Several targets identified both near-mine and more than 10 kilometres from the known Murray Brook deposit.
5. Evaluate ore sorting. This has material economic benefits to reduce transportation costs, emissions, reduced energy consumption and tailings storage requirements.

The Murray Brook technical report and PEA is preliminary in nature and its minable tonnage includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized.

Qualified person

Mr. Puritch, PEng, FEC, CET, president of P&E Mining Consultants and independent qualified person as defined in NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The company is focused on the prolific Bathurst mining camp (BMC) of New Brunswick, Canada. There are currently 70,555,000 shares issued and outstanding in the company.

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