Mr. Terry MacDonald reports

COPPER LAKE ANNOUNCES RESULTS OF AGM, EXTENSION OF WARRANT EXPIRY DATE AND GRANT OF STOCK OPTIONS

Copper Lake Resources Ltd. has released the results from the annual general and special meeting of shareholders (AGM), has extended certain warrants, and granted options.

Results of AGM

A total of 54,927,104 shares representing 23.21% of the total issued and outstanding shares at the record date of the AGM were voted.

Shareholders passed all resolutions set out in the management information circular of the Company dated September 19, 2022, including the re-election of the incumbent directors, setting the number of directors at five, and the approval of Copper Lake's stock option plan as required annually by the TSX Venture Exchange. The percent of votes in favor of the various motions ranged from 99.98% to 87.72%.

Extension of Warrants

The Company intends to extend the exercise period for a total of 20,951,500 share purchase warrants, all of which are exercisable at $0.10 per common share (collectively, the "Warrants"). The warrants were issued pursuant to a private placement that closed in two tranches on April 15, 2021 and May 17, 2021 (see May 26, 2021 news release). The Company initially extended the expiry date to November 15, 2023 (see March 27, 2023 news release). The Company proposes to extend the expiry dates for both tranches of these Warrants such that the new expiry date for the Warrants will be July 15, 2024.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

Granting of Options

The Company also announces that, effective October 23, 2023, it has granted an aggregate of 5,350,000 options to certain officers, directors and consultants of the Company in accordance with the Company's current Stock Option Plan. Each option is exercisable into one common share of the Company at a price of $0.05 per share for a period of five years from the date of grant, being today. The options will vest immediately. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of the grant.

ABOUT COPPER LAKE RESOURCES

Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario.

The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper Lake has a 79.45% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties, which add approximately 30 square km to the original property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek ("AZA") First Nations.

Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Norton Lake property is located in the traditional territories of the Eabametoong ("Fort Hope") and Neskantaga First Nations.

We seek Safe Harbor.