Ms. Stacey Pavlova reports

FARADAY COPPER REPORTS Q1 2023 FINANCIAL RESULTS

Faraday Copper Corp. has released its financial results for the three months ended March 31, 2023.

Year-to-date highlights:

• Announced results from the Copper Creek project preliminary economic assessment and an updated mineral resource estimate on May 3, 2023, which included:
  • Posttax net present value (NPV) (7 per cent) of $713-million (U.S.) and internal rate of return of 16 per cent;
  • Updated mineral resource estimate that has 421.9 million tonnes at an average grade of 0.45 per cent copper for 4.2 billion pounds of contained copper in the measured and indicated categories, and 83.6 million tonnes at an average grade of 0.34 per cent copper for 628 million pounds of contained copper in the inferred category;
• Acquired a ranch for $10-million (U.S.) on March 6, 2023, consisting of approximately 6,000 deeded acres (private land) within 32,000 acres of grazing leases as part of a land consolidation strategy around the Copper Creek project;
• Completed a bought deal financing on Feb. 14, 2023, for a total of 49,999,700 common shares sold at a price of 80 cents per common share for aggregate gross proceeds to the company of $39,999,760;
• Announced results for the Copper Creek project drill program on March 14, 2023, Feb. 23, 2023, Jan. 31, 2023, and Jan. 17, 2023;
• At the Copper Creek project, continued to advance the project through the continuing 10,000-metre phase II drill program, baseline environmental data collection, stakeholder mapping and continuing generative exploration study to provide a pipeline of future targets through geological mapping and geophysical data collection and interpretation.

Upcoming milestones:

• Q4 2023 -- initiate phase III drill program at Copper Creek.

Cash flow, liquidity and capital resources

During the three months ended March 31, 2023, cash used in operating activities was $7,922,544 (2022 -- $2,637,637), cash used in investing activities was $13,538,439 (2022 -- $91,443) and cash provided by financing activities was $39,174,354 (2022 -- $103,000). Cash used in investing activities was primarily related to the acquisition of the ranch on March 6, 2023.

The company is a resource exploration-stage company and does not generate any revenue and has been mainly relying on equity-based financing to finance its operations. As at March 31, 2023, the company had a net working capital of $26,327,806 (Dec. 31, 2022 -- $6,642,161). The company will need to raise additional financing to finance its day-to-day operations and to enable the company to achieve its long-term business objectives. On Feb. 14, 2023, the company completed an equity-based financing of $39,999,760 to finance its operations.

The company will require additional financing either through equity or debt financing, sale of assets, joint venture arrangements, or a combination thereof to meet its administrative costs, and to continue to explore and develop its resource properties. There is no assurance that sufficient future financing will be available on a timely basis or on terms acceptable to the company. As such, there is a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern.

About Faraday Copper Corp.

Faraday Copper is a Canadian exploration company focused on advancing two copper projects in the United States. The Copper Creek project, located in Arizona, is one of the largest undeveloped copper projects in North America with open-pit and bulk underground mining potential. The Contact Copper project, located in Nevada, provides potential for a low-cost open-pit, heap leach, oxide project. The company is well financed to deliver on its key milestones, and benefits from a management team and board of directors with senior mining company experience and expertise. Faraday trades on the Toronto Stock Exchange under the symbol FDY.

We seek Safe Harbor.