Mr. Timothy Johnson reports

GRANITE CREEK COPPER RECEIVES PRELIMINARY METALLURGICAL RESULTS DEMONSTRATING POTENTIAL FOR SIGNIFICANT ADDITIONAL COPPER RECOVERY

Granite Creek Copper Ltd. has released preliminary results of a metallurgical study designed to increase recovery of copper from oxide material at its Carmacks copper-gold-silver project.

Kemetco Research Inc. has been contracted to carry out an initial series of scoping tests to evaluate the potential for extraction and recovery of copper from unrecovered copper oxide minerals in the Carmacks project flotation tailings, as referenced in the company's 2023 preliminary economic assessment. Testing involves the leaching of tailings from previous flotation testing of oxidized copper material to dissolve copper into solution and subsequently precipitate copper in a form that could be added to a concentrate being produced by sulphide flotation. The leaching portion of the test work has now been completed, with up to 81 per cent of the copper present in the test samples going into solution. The remaining project task, currently under way at Kemetco, is to complete a series of bench tests to evaluate methods for selective recovery of the leached copper from solution. The planned tests will focus on copper sulphide precipitation to target generation of a high-grade copper sulphide product that could potentially be combined with a copper flotation concentrate in an overall production flowsheet, resulting in significant potential increases to both overall copper recovery and the copper grade of the final concentrate product.

The 2023 PEA was based on an average recovery of copper, life of mine (LOM) of 64 per cent, with up to 93.7-per-cent recovery of copper when processing sulphide material, but only 39.8 per cent when processing oxide material. The current mine plan, as outlined in the 2023 PEA, contemplates processing material with a high oxide content of up to 80 per cent oxide ore in the first five years of the mine life, during which time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. Sensitivity analysis completed in the 2023 PEA identified over $180-million of net present value (NPV) to be gained from a combined sulphide-oxide recovery system, by increasing the LOM recovery of copper by 20 per cent from the current projected 64 per cent to 77 per cent total copper recovery.

The material used for the current test consists of tailings from flotation testing of oxide material, where 39.8-per-cent recovery of copper was achieved prior to the current leach testing. With up to 81 per cent of the remaining copper going into solution, an additional 48-per-cent recovery of copper in oxide is possible (81 per cent of remaining 60.2 per cent copper from original test sample) which would increase the total copper recovery of oxide material to over 80 per cent (original 39.8 per cent plus 48 per cent). This could potentially provide a path to exceed the 20-per-cent increase in total LOM copper recovery opportunity which was referenced in the 2023 PEA. While the current work is being conducted on the most representative material available, it should be noted that this work is preliminary in nature and has not yet been tested on a range of potential feed blends.

Tim Johnson, president and chief executive officer, stated: "The 2023 PEA, a major milestone for the company, identified several opportunities for the project, including increased recovery, resource expansion, and additional mine and process optimization. The unlocking of additional value through the improved recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn't make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto copper belt, where oxidized or partially oxidized (POX) copper ores have not been processed by other operators."

BCSC continuous disclosure review

Following a recent review of Granite Creek's continuous disclosure by the British Columbia Securities Commission, the company provides the following corrections:

• In a news release dated Jan. 19, 2023, announcing the completion of the PEA, the company stated, "The PEA indicates that the potential economic returns from the project justify advancing to a feasibility study." This statement could be construed that the company is treating the PEA as a prefeasibility-level study, which is not the case. While the company maintains that the PEA was positive, additional work will need to be done before a full feasibility study could be initiated. The company also wishes to retract to word "robust" when describing the economics of the project, as this may be misleading to some readers. Granite Creek has also added the following cautionary language to materials that are disseminated to the public, including the company's corporate presentation, fact sheet and website: "The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI [National Instrument] 43-101. There is no certainty that the results of the PEA will be realized." The company encourages the reader to reference the NI 43-101 technical report entitled "Carmacks project preliminary economic assesment (PEA), Yukon, Canada," available on SEDAR and on the company's website, for further details on the project.

Qualified person

Douglas Warkentin, PEng, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Warkentin is a senior metallurgist with Kemetco Research and an adviser to the company.

About Granite Creek Copper Ltd.

Granite Creek Copper, a member of the Metallic group of companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The company's projects consist of its flagship 176 square km Carmacks project in the Minto copper district of Canada's Yukon, on trend with the high-grade Minto copper-gold mine, and the advanced-stage LS molybdenum project and the Star copper-nickel-PGM (platinum group metals) project, both located in central British Columbia.

Note: The company cautions that the results of the 2023 PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.

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