Mr. Terry MacDonald reports

COPPER LAKE RESOURCES ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Copper Lake Resources Ltd. has closed a first tranche of a private placement of units of the company for gross proceeds of $550,000.

The private placement is composed of the issuance of 12.2 million non-flow-through units (NFT units) at a price of 2.5 cents per NFT unit and 9.8 million flow-through units (FT units) at a price of 2.5 cents per FT unit. Each NFT unit is composed of one common share in the capital of Copper Lake and one common share purchase warrant. Each FT unit is composed of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional share at an exercise price of 10 cents per common share. Warrants issued as part of the NFT units will be exercisable for a period of 36 months from the closing date. Warrants issued as part of the FT units will be exercisable for a period of 24 months from the closing date.

The warrants shall be subject to an accelerated expiry date clause whereby, at any time following the expiry of the four-month-and-one-day hold period, should the weighted average closing price of the common shares on the TSX Venture Exchange be more than 20 cents for a period of 15 consecutive trading days, the company shall be entitled to accelerate the expiry date of the warrants to a date which is 30 days following the date on which the company announces the accelerated expiry of the warrants by press release.

The net proceeds of the financing will be used for exploration at the company's Marshall Lake project and for general working capital purposes.

In connection with the first closing of the private placement, the company will pay a cash finder's fee of $15,050, issue 308,000 NFT units and issue 910,000 finder's warrants, representing 7 per cent cash and 7 per cent finder's warrants. Each finder's warrant entitles the holder to acquire one additional share at an exercise price of 10 cents per common share for a period of 36 months from the closing date.

Completion of the private placement and payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including approval of the TSX-V.

In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will have a hold period of four months and one day from the date of issuance.

About Copper Lake Resources Ltd.

Copper Lake 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 (volcanogenic massive sulphide) copper, zinc, silver and gold project comprises an area of approximately 220 square kilometres, located 120 kilometres north of Geraldton, Ont., and is accessible by all-season road from the Trans-Canada Highway and just 22 kilometres north of the main Canadian National Railway rail line. Copper Lake has an 81.54-per-cent 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 per cent owned and not subject to any royalties, which add approximately 30 square kilometres to the original property.

In addition to the original Marshall Lake property, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100 per cent owned by the company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of four square kilometres on the east side of the Marshall Lake property, where historical EM (electromagnetic) airborne geophysical surveys have outlined strong conductors on the property hosted within the same favourable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square kilometres, 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 First Nations and the Animbiigoo Zaagi igan Anishinaabek (AZA) First Nation.

Copper Lake has a 69.79-per-cent joint venture interest in the Norton Lake nickel, copper, cobalt and palladium (platinum group metals) property, located in the southern Ring of Fire area, is approximately 100 kilometres north of the Marshall Lake property. The Norton Lake property is located in the traditional territories of the Eabametoong (Fort Hope) First Nation and the Neskantaga First Nation.