Mr. Paul Harbidge reports

FARADAY COPPER REPORTS 32.27 METRES AT 0.98% COPPER AND 103.26 METRES AT 0.79% COPPER WITHIN 484.81 METRES AT 0.42% COPPER OUTSIDE OF THE KEEL UNDERGROUND MINERAL RESOURCE

Faraday Copper Corp. has released the results from five drill holes at its Copper Creek project, located in Arizona, United States.

Paul Harbidge, President and CEO, commented "Our Phase II drill program continues to confirm our view that there is significant upside to the existing resource that was the basis for the PEA. Drill hole FCD-23-024 demonstrated the potential for further expansion of the underground resource at Keel, which remains open. Follow-up drilling is planned as part of our Phase III drill program, which is expected to commence in the fourth quarter of this year."

Highlights

• Intersected 484.81 metres ("m") at 0.42 per cent copper, 0.03 grams per tonne ("g/t") gold and 2.77 g/t silver from 660.84 m, including 103.26 m at 0.79 per cent copper, 0.04 g/t gold and 4.68 g/t silver from 924.47 m, and 32.27 m at 0.98 per cent copper, 0.02 g/t gold and 8.86 g/t silver from 1,105.18 m in drill hole FCD-23-024 in the Keel zone (Figures 1 and 2, see Table 1 for true width information).
• The entire mineralized intercept of drill hole FCD-23-024 is outside of the current underground mineral resource, highlighting the resource expansion potential to the west of Keel and at depth.
• Identified near-surface mineralization outside of the open pit mineral resource.
• A detailed airborne electromagnetic geophysical survey has been completed on the property and data is currently being processed.

Drill hole FCD-23-024 was collared west of Mammoth and drilled to the southeast (Figures 1 and 2). The hole steps out to the west from drill hole FCD-22-007 (see news release dated October 18, 2022) and intersected a zone of shallowly dipping bornite-chalcopyrite bearing veins and higher-grade mineralization hosted in chalcopyrite-quartz cemented breccia and disseminated mineralization. The entire, nearly 500-metre-long, reported intercept is located outside of the underground footprint used to constrain the Mineral Resource Estimate ("MRE") and demonstrates that Keel mineralization remains open to the west and at depth.

Drill hole FCD-23-026 was collared east of Copper Prince breccia and was designed specifically for geotechnical purposes (Figure 1). The hole intersected a near-surface mineralized zone of 31.46 m at 0.21 per cent copper from 7.72 m, immediately outside of the mineral resource. In addition, the hole intersected two anomalous zones of silver, 28.84 m at 0.86 g/t from 182.2 m and 18.83 m at 1.2 g/t from 227.07 m, and merits further follow-up.

Drill hole FCD-23-027 was collared near White Bear breccia and drilled to the northeast (Figure 1). The hole targeted the depth extension of Childs Aldwinkle 240 m below the recently reported result in drill hole FCD-23-023 (see news release dated May 16, 2023). An intercept of 18.26 m at 0.22 per cent copper from 390.72 m demonstrated the vertical continuity of the Childs Aldwinkle breccia. The main feeder zone of the Childs Aldwinkle breccia complex is interpreted to be located along strike to the southeast and follow-up exploration is planned.

Drill hole FCD-23-028 was collared north of the Copper Prince breccia, drilled to the south and targeted the depth extension of the breccia (Figure 1). The hole intersected a broad zone with magmatic-hydrothermal and fault breccias affected by kaolinite-sericite alteration from approximately 220 m to 320 m. Within that zone 32.03 m of 0.13 per cent copper and 0.83 g/t silver were intersected. The low-grade nature of this mineralization does not support further exploration at depth.

Drill hole FCD-23-029 was collared in the same location as hole FCD-23-028 but was drilled steeply to the northeast, targeting the western margin of the Copper Giant breccia (Figure 1). The hole intersected Glory Hole volcanic rocks which are intruded by granodiorite, the latter dominating the lower 100 m of the hole. As no breccia was intersected, this defines the western margin of Copper Giant.

A detailed airborne electromagnetic geophysical survey has been completed. The survey was flown with Geotech(TM) VTEM Plus System and included 988 line-kilometres at approximately 50-metre line spacing over the property. Data is currently being processed and the results will be a key component of future exploration targeting.

Next Steps

Phase II drilling is focused on expanding the MRE, better delineating high-grade zones and testing new targets. This program is expected to conclude in the first week of June 2023. Twenty-seven drill holes have been completed and the results for twenty drill holes have been released to date. The assay results for additional completed drill holes will be released as they are received, analyzed and confirmed by the Company.

Current planned exploration activities beyond Phase II drilling include geological mapping, rock sampling, and collection of spectral and mineralogical datasets to inform targeting for the planned Phase III 20,000-metre drill program.

A gold assaying program of historical drill core samples has been initiated to determine the potential for inclusion of gold in future resource updates. Samples will also be taken for metallurgical test work.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All sampling was conducted under the supervision of the Company's geologists and the chain of custody from Copper Creek to the independent sample preparation facility, ALS Laboratories in Tucson, AZ, was continuously monitored. The samples were taken as one-half core, over 2 m core length. Samples were crushed, pulverized and sample pulps were analyzed using industry standard analytical methods including a 4-Acid ICP-MS multielement package and an ICP-AES method for high-grade copper samples. Gold was analyzed on a 30 g aliquot by fire assay with an ICP-AES finish. A certified reference sample was inserted every 20th sample. Coarse blanks were inserted every 20th sample. Approximately 5 per cent of the core samples were cut into one-fourth core and submitted as field duplicates. On top of internal QA-QC protocol, additional blanks, reference materials and duplicates were inserted by the analytical laboratory according to their procedure. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Faraday's VP Exploration, Dr. Thomas Bissig, P. Geo., who is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

About Faraday Copper

Faraday Copper is a Canadian exploration company focused on advancing its flagship copper project in The United States of America. 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 Company is well-funded 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 TSX under the symbol "FDY".

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