Mr. Simon Quick reports

CANADIAN COPPER COMPLETES ACQUISITION OF MURRAY BROOK DEPOSIT

Canadian Copper Inc. has satisfied all conditions required to acquire 100 per cent of the Murray Brook deposit and its surrounding prospective exploration property located in the prospective Bathurst mining camp in New Brunswick, Canada.

"The acquisition of the Murray Brook deposit is a critical milestone for Canadian Copper. To further align myself with the same risks each of our investors take, I have personally financed the loan facility required to close this transaction at no additional cost to the company. The Murray Brook deposit is recognized as one of the largest open-pit VMS [volcanic massive sulphides] deposits in the Bathurst mining camp. Now with ownership consolidation, the company can streamline project advancement timelines, exploration activities and develop strategic partnerships to unlock greater value for our shareholders," said Simon Quick, chief executive officer of Canadian Copper.

Transaction closing summary

72-per-cent ownership by Votorantim Metals Canada Inc. (VM Canada)

Pursuant to the executed definitive purchase agreement announced on Aug. 2, 2023, the company has secured the necessary funds and initiated the process to replace VM Canada's environmental bond with the government of New Brunswick. As a result, Canadian Copper has fulfilled required obligations to secure 72-per-cent ownership of the Murray Brook project.

28-per-cent ownership by MetalQuest Mining Inc.

Pursuant to the letter of intent announced on Sept. 12, 2023, the company has executed a definitive purchase agreement and satisfied remaining acquisition conditions. This completes Canadian Copper's purchase of the remaining 28-per-cent ownership of the Murray Brook project.

Subsequent to the purchase of VM Canada and MetalQuest's interests in the Murray Brook project, mine lease ownership and title transfer will require ministerial approval under the Mining Act in New Brunswick. Pending consent by the minister, ownership and title will transfer to Canadian Copper.

Next steps for Murray Brook property

The company recently published a new mineral resource estimate for the Murray Brook deposit that produced a larger resource and increased the net smelter return value from $68/tonne to $115/tonne. Canadian Copper foresees the following objectives for the asset and property package:

• The company received approval for a 12-hole, 3,000-metre drill program at the Murray Brook deposit to determine the extent of a new copper and gold zone where hole MB19-01 returned 1.35 per cent copper, 19 grams per tonne silver and 0.18 g/t Au over 26 metres. This area is an approximate 50-metre stepout to previous drilling.

• Commence regional exploration across the 18-kilometre Caribou Horizon corridor.

• This area totals approximately 8,600 hectares and remains highly prospective with proven historical production from the adjacent Caribou and Restigouche mines of approximately 700 million pounds of zinc plus copper, lead, silver and gold since the 1970s.

Investigate several critical trade-off studies that leverage existing infrastructure and reduce capital costs

The company believes a toll milling development scenario will improve permitting timelines and reduce project execution risk.

Related-party loan

The company further reports that Simon Quick, chief executive officer and director, has made an unsecured loan facility to the company of up to $350,000 at an interest rate of 7.20 per cent per annum. Mr. Quick has personally secured the loan facility at an interest rate of 7.20 per cent per annum and is not earning any interest from this facility. The board of directors has determined this is in the best interest of the company and that they are reasonable commercial terms. The proceeds of the loan are to be used to finalize the cash components of the Murray Brook acquisition and closing transaction expenses. The loan constitutes a related party transaction under the Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying upon the exemptions from the minority shareholder approval requirements of MI 61-101. The transaction is exempt from the minority approval requirement on the basis that according to Section 5.7(1)(f) the loan is made on reasonable commercial terms that are not less advantageous to the company than if the loan was obtained from a person dealing at arm's length and does not deal with securities of the company.

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 90,044,762 shares issued and outstanding in the company.

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