Mr. Simon Quick reports

CANADIAN COPPER ANNOUNCES PRIVATE PLACEMENT: LEAD ORDER BY CEO SIMON QUICK

Canadian Copper Inc. has initiated a non-brokered private placement of up to 8,333,333 units at a price of 12 cents per unit for gross proceeds up to $1-million. The company has secured an initial commitment of $100,000 from Simon Quick, chief executive officer of Canadian Copper.

"As a result of my conviction for the Murray Brook deposit and this transformative acquisition for Canadian Copper, it is prudent that we align ourselves with our current shareholders and future investors whom we are asking to invest alongside us to complete this transaction," commented Mr. Quick. "Murray Brook is a large, well-defined resource, situated between and connecting two previously operating mines in a world-class base metal district conducive to development. A strategic asset purchase of this calibre, which is 10 kilometres from a well-maintained concentrator facility that was operating as recently as 2022, do not come along very often. We believe this acquisition supports the company growth strategy of increasing our exposure to critical minerals in stable jurisdictions."

Each unit of the private placement will consist of one common share of the company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 18 cents per share at any time within two years from the date of issuance. The warrants will be subjected to an accelerated exercise clause in the event the company's share price exceeds 30 cents for 10 consecutive trading days on a volume-weighted average price basis.

Proceeds from the private placement will be used for the financing of the $750,000 cash payment owed under the purchase agreement to acquire the Murray Brook deposit, to update the Murray Brook deposit historical mineral resource estimate technical report projected for release in November, 2023, and for general corporate working purposes.

Closing is expected on or about July 31, 2023, or such other date as the company may determine. While the private placement is being affected by the company on a non-brokered basis, the company may pay finders' fees to arm's-length third parties consisting of a cash commission of up to 7 per cent of the gross proceeds of the private placement and 7 per cent broker warrants on the same terms as warrants issued per the private placement. A statutory four-month-plus-one-day hold period will apply to all securities issued in connection with the private placement. The private placement is subject to Canadian Securities Exchange and regulatory approval.

Certain directors and other insiders of the company may participate in the private placement and subscribe for an amount no more than the maximum amount permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the private placement would be considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company expects to be exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the private placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value (as determined under MI 61-101) of any securities issued under the private placement (and the consideration paid to the company therefor) to interested parties (as defined under MI 61-101) will not exceed 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metal 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 74,192,873 shares issued and outstanding in the company.

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