Mr. Simon Quick reports

CANADIAN COPPER INC. ANNOUNCES FEASIBILITY STUDY TEAM AWARD AND PROJECT UPDATE

Canadian Copper Inc. has awarded the feasibility study (FS) for the combined 100-per-cent-owned Murray Brook project and Caribou process plant to DRA Americas as lead author, SLR Consulting Ltd., Stantec Consulting Ltd. and Dillon Consulting Ltd. The current timeline to publish results from the FS is December, 2026. The study team and contributing consultants were selected based on several elements including their previous experience with the Caribou process plant, their study team proximity to the project and distance from identified key contractors for the project execution, and timely delivery schedule.

Project update

• Early works site activities have commenced at Murray Brook in support of the FS, including:
  • Geotechnical investigations for site infrastructure design parameters at Murray Brook (waste dump facilities, modular buildings and haul road design);
  • Additional sample collection targeting waste, ore and topsoil for kinetic testing in support of environmental characterization, water treatment, final mine design and closure plan.
• Haul road design between Murray Brook and Caribou site is progressing:
  • Optimization and trade-off studies under way to redevelop existing logging roads to minimize impact, cost, while reviewing expected route gradient to minimize operating costs.
• Site-wide water management at Murray Brook field activities will start in July, including:
  • Simulated flows for main Murray Brook design facilities (open pit, waste dumps, modular facilities and catchment ponds);
  • Deterministic water quality modelling;
  • Predictive groundwater modelling with hydraulic conductivity and additional monitoring well installations.
• Metallurgical testwork at SGS Canada Inc. in Lakefield, Ont., continues to advance:
  • SGS has completed 26 rougher and open-circuit cleaner tests to date and expects to begin closed-circuit locked cycle testing this month.
  • Results from the SGS testwork will be included into the FS to finalize the flowsheet design, estimate process plant operating costs and predict recovery performance.
• The company remains on track to register the environmental impact assessment (EIA) with the New Brunswick Department of Environment and Local Government (DELG) in the H1 of 2026.
  • Draft project description is complete and under review;
  • The company engineering teams continue to advance key project design components. As design deliverables are received, updates will be provided to DELG to support regulatory review of the EIA.

Christian Brousseau, vice-president, projects, of Canadian Copper, stated: "We have assembled a dynamic team and their contributions will be essential in developing this project. The opportunity of reusing existing infrastructure is a significant advantage in cost and schedule, but also on the permitting front. Revitalizing this complex and extending its life for 13-plus years will have a meaningful and immediate impact on the region."

Remaining steps to close Caribou complex transaction

The company, as buyer, and FTI Consulting Canada Inc., the court appointed Receiver of Trevali Mining New Brunswick Ltd., and the New Brunswick government continue to advance the closing of the Caribou complex transaction. The current timeline remains Q2 2026.

• The asset purchase agreement (APA) as described in the Caribou transaction term and the draft vesting order are complete;
• Draft minister consent request letters to transfer mining and crown land leases are complete;
• Draft minister care and maintenance handover plans are complete.

FTI is now scheduling the hearing to seek court approval of the APA and a vesting order for the Caribou complex transaction.

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral development company with a 100-per-cent-owned copper, zinc and silver portfolio of mineral resources, as well as other base metal exploration assets. The company is focused on the prolific Bathurst mining camp (BMC) of New Brunswick, Canada. There are currently 192,282,255 shares issued and outstanding in the company.

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