Mr. Simon Quick reports

CANADIAN COPPER EXECUTES DEFINITIVE PURCHASE AGREEMENT FOR MURRAY BROOK PROJECT

On Aug. 1, 2023, pursuant to the terms of a letter of intent (LOI) Canadian Copper Inc. entered into with Votorantim Metals Canada Inc., an arm's-length seller (VM Canada), the company has successfully executed the definitive purchase agreement 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.

Simon Quick, chief executive officer of Canadian Copper. "The signing of the definitive purchase agreement is terrific news for Canadian Copper and culminates a good faith multiparty negotiation since 2022. The Murray Brook resource 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 and is in a Tier 1 jurisdiction conducive to mine development1. This large 18-million-tonne deposit is strategically situated within 10 kilometres of a well-maintained concentrator facility and sits between two previous mining operations. We believe the Bathurst camp area remains highly prospective for much-needed new critical mineral discoveries while presenting continued regional asset consolidation opportunities."

Transaction consideration

The company and seller agreed to the following considerations under the LOI signed Feb. 13, 2023. The below enumerated list provides a completed list of deliverables and obligations regarding the transaction at closing of the purchase agreement:

1. A $250,000 deposit paid to seller upon expiration of right of first refusal (condition satisfied);
2. The execution of a definitive purchase agreement (condition satisfied);
3. A $750,000 instalment to be paid by the company to the seller (condition satisfied);
4. 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 date immediately prior to the closing date of the purchase agreement 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 (condition satisfied);
5. A 0.25-per-cent net smelter return (NSR) royalty on the MB asset. Fifty per cent of NSR can be repurchased by the company for $1-million. The NSR has a zinc price sliding scale defined as $1.68 (U.S.) per pound (lb) equals 1 per cent (condition satisfied);
6. The replacement of the seller's bond provided to the government of New Brunswick totalling $2-million within three months of closing the transaction (to be completed November, 2023);
7. A final instalment of $2-million to be paid by the company to the seller within 31 days of commercial production.

Qualified persons

Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants Inc. and independent qualified person as defined in National Instrument 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.

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