Mr. John Timmons reports

COPPER ROAD ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT OF $175,000

Further to the news release dated Oct. 16, 2023, Copper Road Resources Inc. has closed its upsized non-brokered private placement of 1.75 million flow-through units of the company at a price of 10 cents per FT unit for gross proceeds of $175,000. Each FT unit was composed of one common share of the company that was issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share of the company at a price of 15 cents at any time on or before Oct. 20, 2025.

The company intends to use the gross proceeds of the offering on the exploration of the company's Copper Road project near Batchawana Bay, Ont. The gross proceeds from the issuance of the FT shares will be used for Canadian exploration expenses (within the meaning of the tax act) that qualify for the federal 30-per-cent critical mineral exploration tax credit, which will be renounced with an effective date no later than Dec. 31, 2023, to the purchasers of the FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares. If the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each subscriber of FT units for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures.

The company also paid cash fees and issued finder warrants to an eligible finder equal to 7.0 per cent of the aggregate gross proceeds raised and 7.0 per cent of the aggregate number of FT units sold by such finder pursuant to the offering. Each finder's warrant entitles the holder to acquire one common share in the capital of the company at a price of 10 cents for a period of 24 months following the closing of the offering.

The securities issued pursuant to the offering are subject to a statutory hold period of four months and one day.

About Copper Road Resources Inc.

Copper Road is a Canadian-based explorer engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals. The company is exploring for large copper/gold deposits on the 21,000-hectare Batchawana Bay project 80 kilometres north of Sault St. Marie, Ont., Canada.

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