Ms. Claudia Tornquist reports

KODIAK PROVIDES EXPLORATION UPDATE AND FINAL 2022 DRILL RESULTS

Kodiak Copper Corp. has provided an update on its fully financed 2023 exploration program at the 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia. The 2023 drill program commenced in April, with receipt of initial assay results expected in July. Assay results from the final 14 holes drilled at MPD in 2022 are also presented in this release.

2023 exploration program:

• Plans for the year include up to 25,000 metres of drilling, focused predominantly on new porphyry targets that have not previously been drilled by Kodiak, as well as 3-D IP (induced polarization) surveying, soil geochemical sampling and trenching.
• Kodiak has drilled 2,450 metres in four holes as of June 6, 2023, into the West zone target at MPD South (formerly Axe).
• All new drill holes have intersected porphyry mineralization and sulphides with the deepest hole completed to date ending at 820 metres.
• Drilling to date supports retaining a drill rig in the porphyry cluster containing the West, South and Adit targets and adding a second drill rig in the coming weeks to test other high-priority targets including the 1516, Man and Beyer zones.

Final 2022 drill results:

• Six drill holes were completed into the northern and eastern margins of the Gate and Prime zones in late 2022 to confirm the boundaries of the zones. As expected, these intersected lower-grade copper and gold mineralization within pyrite-dominated, predominantly propylitic porphyry alteration outboard of the higher-grade, central zones.
• Hole MPD-22-033 intersected encouraging copper mineralization 150 metres northwest on the flank of the Gate zone, indicating the potential for further extension at depth in that direction. The hole encountered a deep intercept of pyrite-chalcopyrite mineralization assaying 0.28 per cent copper, 0.03 gram per tonne gold and 0.32 gram per tonne silver (0.30 per cent copper equivalent) over 27 metres from 743 metres to 770 metres downhole, within a broader 105-metre interval assaying 0.14 per cent copper, 0.06 gram per tonne gold and 0.33 gram per tonne silver (0.19 per cent copper equivalent) from 725 metres to 830 metres downhole.
• Eight drill holes were also completed into the Dillard target in late 2022. These intersected low-grade copper and gold mineralization within pyrite-dominated, predominantly propylitic porphyry alteration. Results confirm that the Dillard two-plus-kilometre copper-in-soil anomaly overlies a shallow, extensive, predominantly lower-grade porphyry target that warrants further work.
• The best results were from drill hole MPD-22-030, which intersected copper mineralization starting at bedrock surface and continuing for 401 metres downhole, assaying 0.13 per cent copper, 0.05 gram per tonne gold and 0.65 gram per tonne silver (0.18 per cent copper equivalent) from 15 metres to 416 metres downhole.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "We are pleased to see prospective sulphide-bearing, altered porphyritic rocks significantly below the shallow historic drilling at the West zone, just as we did when we first started drilling the Gate zone. This is a promising start and we will continue testing the cluster of porphyry centres in the southern part of MPD for potential to host higher-grade mineralization at depth. We are looking forward to the first batch of 2023 drill results in July. A second drill rig will soon be added to the program to accelerate our progress as we test our compelling suite of drill targets to prove the district-scale potential at MPD. In addition, final results from the 2022 drilling continue to show continuity of copper-gold zones and confirm that future work is certainly warranted at all of the areas drilled to date."

In the Gate-Prime area, holes MPD-22-015, MPD-22-032 and MPD-22-033 were drilled at various orientations to establish the relationship of Prime to the high-grade Gate zone. Results from these holes will be incorporated into a geological model developed for future targeting.

At Dillard, holes MPD-22-027, MPD-22-030, MPD-22-034, MPD-22-035, MPD-22-037, MPD-22-039 and MPD-22-040 were drilled at various orientations in the northern half of the 2.7-kilometre-long copper-in-soil anomaly. Results will be used on future programs to vector in on higher-grade portions of the Dillard zone.

Four holes (MPD-22-007, MPD-22-009, MPD-22-010 and MPD-22-041) did not intersect significant mineralization or did not warrant analysis at this time.

MPD is a large land package (226 square kilometres) located near several operating mines in the southern Quesnel terrane, British Columbia's primary copper-gold producing belt. The project is located midway between the towns of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby.

Quality assurance/quality control procedures

All core samples were sent to ALS Canada Ltd. in North Vancouver, B.C., for preparation and analysis. ALS meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. NQ-size core was split and sampled over approximately three-metre intervals. Samples were analyzed using ALS's fire assay fusion method (Au-AA24) with an AA finish for gold and by a 33-element four-acid digest ICP-AES analysis (ME-ICP61) with additional analysis for ore-grade elements (ME-OG62) and ore-grade copper (Cu-OG62). Results were reported in parts per million and converted to per cent or grams per tonne when applicable. In addition to ALS laboratory quality assurance/quality control (QA/QC) protocols, Kodiak implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards in the field.

Jeff Ward, PGeo, vice-president, exploration, and the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Kodiak believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the company has not independently verified, or cannot guarantee, the accuracy of this historic information.

About Kodiak Copper Corp.

Kodiak is focused on its 100-per-cent-owned copper porphyry projects in Canada and the United States. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada. MPD has all the hallmarks of a large, multicentred porphyry system. Kodiak has made the Gate zone discovery of high-grade mineralization within a wide mineralized envelope, and MPD hosts several other targets with similar discovery potential. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine. Kodiak's porphyry projects have both been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.

Kodiak's founder and chairman is Chris Taylor, who is known for his gold discovery success with Great Bear Resources. Kodiak is also part of Discovery Group led by John Robins, one of the most successful mining entrepreneurs in Canada.

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