Ms. Stacey Pavlova reports

FARADAY COPPER REPORTS Q2 2023 FINANCIAL RESULTS

Faraday Copper Corp. has released its financial results for the three and six months ended June 30, 2023.

Year-to-date highlights:

• Announced results from a preliminary economic assessment (PEA) and an updated mineral resource estimate (MRE) for the Copper Creek project on May 3, 2023, which included:
  • Posttax net present value (7 per cent) of $713-million (U.S.) and internal rate of return of 16 per cent;
  • Updated MRE outlining 4.2 billion pounds of copper measured and indicated mineral resources, and 628 million pounds of copper inferred mineral resources;
• Acquired a land package for $13.7-million ($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 Aug. 1, 2023, July 12, 2023, May 31, 2023, May 16, 2023, March 14, 2023, Feb. 23, 2023, Jan. 31, 2023, and Jan. 17, 2023;
• Completed the phase 2 drill program with all results released, continued baseline environmental data collection, stakeholder mapping and generative exploration targeting at the Copper Creek project to provide a pipeline of future targets through continuing geological mapping and recently reprocessed and newly acquired geophysical data.

Coming milestones at Copper Creek:

• Third quarter 2023: commence metallurgical program for grind-size optimization, gold deportment and further testwork on near-surface mineralization;
• Third quarter 2023: release initial results from the gold assaying program of historical drill core;
• Fourth quarter 2023: initiate phase 3 drill program.

Cash flow, liquidity and capital resources

The company is a resource exploration-stage company, does not generate any revenue and has been mainly relying on equity-based financing to finance its operations. As at June 30, 2023, the company had cash and cash equivalents of $22,299,409 (Dec. 31, 2022: $9,535,039) and a net working capital balance of $20,625,323 (Dec. 31, 2022: $6,642,161). During the six months ended June 30, 2023, cash used in operating activities was $12,564,688 (2022: $7,097,220), cash used in investing activities was $13,284,658 (2022: $327,894) and cash provided by financing activities was $39,443,854 (2022: $20,173,000). Cash used in investing activities was primarily related to the acquisition of the Mercer Ranch on March 7, 2023.

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 is a Canadian exploration company focused on advancing its flagship copper project in Arizona, United States. The Copper Creek project is one of the largest undeveloped copper projects in North America with open-pit and bulk underground mining potential. 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.

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