Ms. Stacey Pavlova reports

FARADAY COPPER REPORTS Q3 2023 FINANCIAL RESULTS

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

Year-to-date highlights:

• Reported gold assay results from the Childs Aldwinkle breccia at the Copper Creek project on Oct. 5, 2023;
• Announced the planned 20,000-metre phase III drill program commenced on Oct. 12, 2023;
• Commenced a metallurgical program evaluating grind size optimization, gold deportment and further test work from the near-surface mineralization;
• 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 programs 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 II 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:

• Continuing results from the gold assaying program of historical drill core;
• Continuing results from the phase III drill program;
• Metallurgical results from phase II drill program;
• The company is targeting an updated technical report in the first half of 2025, which will include results from the phase II and III drill programs, the gold program, and metallurgical studies.

Copper Creek project update

The learnings from the geological and structural model and the results from the phase I and phase II drill programs, along with the recently acquired geophysical and airborne spectral data sets, and economic criteria defined in the PEA base case, have contributed to the framework for the phase III 20,000-metre diamond drill program, which commenced in the fourth quarter of 2023. The focus of phase III drilling will be on expanding the mineral resource, improved delineation of high-grade mineralized zones and reconnaissance drilling on new targets.

With extensive historical exploration, over 200,000 metres of drilling and modest past production, significant exploration upside remains. There are over 400 known breccia occurrences mapped at surface, of which only 35 have been drilled and 17 are included in the MRE.

In the phase II drill program gold assay results confirmed the potential for gold to occur in economic concentrations in certain phases of the mineralization. However, there is insufficient gold assay data to estimate within an MRE, therefore a sampling program of historical material is under way. The results from the first breccia assayed for gold, Childs Aldwinkle, have been returned. The company is continuing the reassaying of historical material for potential inclusion of gold in future mineral resource updates. Additional areas are expected to include the Copper Prince and Pole breccias and the Keel underground zone.

The company has commenced a metallurgical program focused on grind size optimization to test viability of coarse particle flotation, gold deportment to concentrate and further test work on near-surface mineralization.

The company is targeting an updated technical report in the first half of 2025, which will include results from the phase II and III drill programs, the gold program, and metallurgical studies.

Cash flow, liquidity and capital resources

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 Sept. 30, 2023, the company had cash and cash equivalents of $19,954,475 (Dec. 31, 2022 -- $9,535,039) and a net working capital balance of $18,755,414 (Dec. 31, 2022 -- $6,642,161). During the nine months ended Sept. 30, 2023, cash used in operating activities was $14,935,139 (2022 -- $11,591,766), cash used in investing activities was $13,768,540 (2022 -- $823,573) and cash provided by financing activities was $39,443,854 (2022 -- $20,290,126). 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 for net proceeds of $38,437,854 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 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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