Ms. Claudia Tornquist reports

KODIAK'S WEST ZONE DRILLING INTERSECTS 0.51% CUEQ OVER 158 M, WITHIN 0.34% CUEQ OVER 533 M FROM SURFACE, AND DISCOVERS NEW HIGH-GRADE COPPER-GOLD-SILVER AND MINERALIZED BRECCIA ZONES

Kodiak Copper Corp. has provided drill results from the fully financed, large drill program at its 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia. Assay results from the first three holes drilled in 2023 at the West zone (MPD South/Axe claims) are presented in this release.

Highlights

• Kodiak's drilling at the West zone to date has confirmed porphyry mineralization from surface over an area of 300 metres by 300 metres and up to 819 metres depth, extending well below historic drilling and open to extension.
• A new zone of structurally hosted high-grade copper-gold-silver mineralization has been discovered to the east of the West zone.
• For the first time at the MPD project, significant mineralized hydrothermal breccia has been drilled. The breccia includes copper mineralized clasts suggesting additional undrilled mineralization at depth.

West zone drill results

• Three drill holes were completed into the West zone, collared near the centre of the geophysical target and drilled to the south, vertically and to the east. Additional drill holes are also being completed, with assays pending.
• Drill hole AXE-23-001, drilled toward the south, intersected significant mineralization from bedrock surface to 539 metres depth. Assays include 0.28 per cent copper, 0.28 gram per tonne gold and 0.83 g/t silver (0.51 per cent copper equivalent (CuEq*)) over 158 metres, within a broader interval of 0.18 per cent Cu, 0.20 g/t Au and 0.61 g/t Ag (0.34 per cent CuEq*) over 533 metres.
• Drill hole AXE-23-002, drilled vertically, intersected mineralization from surface to 488 metres depth, assaying 0.21 per cent Cu, 0.30 g/t Au and 1.36 g/t Ag (0.45 per cent CuEq*) over 203 metres, within 0.15 per cent Cu, 0.16 g/t Au and 0.80 g/t Ag (0.28 per cent CuEq*) over 482 metres.
• Drill hole AXE-23-003, drilled to the east, also intersected from-surface mineralization assaying 0.22 per cent Cu, 0.27 g/t Au and 1.08 g/t Ag (0.44 per cent CuEq*) over 51 metres, within a broad interval of 0.13 per cent Cu, 0.20 g/t Au and 0.61 g/t Ag (0.29 per cent CuEq*) over 209 metres.
• West zone drilling by Kodiak and others shows an approximately 1:1 ratio of g/t gold to per cent copper, similar to the central Gate zone and usually indicative of higher temperature mineralization.

Gold-rich mineralization within the West zone

A review of drill core from AXE-23-001, 002 and 003 suggests some of the high copper-gold-silver values observed within the intervals reported in the table also originate from interpreted north-south-trending vein-like structures that enrich the porphyry mineralization. Examples of these are:

• AXE-23-001: 5.14 g/t Au, 2.68 g/t Ag and 0.83 per cent Cu over 2.1 metres at 21 metres downhole;
• AXE-23-002: 10.7 g/t Au, 2.16 g/t Ag and 0.10 per cent Cu over 0.8 metre at 591 metres downhole;
• AXE-23-003: 9.51 g/t Au, 3.31 g/t Ag and 0.33 per cent Cu over 0.9 metre at 71 metres downhole;
• AXE-23-003: 8.29 g/t Au, 17.15 g/t Ag and 0.13 per cent Cu over 0.8 metre at 192 metres downhole.

New structurally hosted high-grade zone

• Drilling east beyond the limits of the West zone magnetic anomaly, drill hole AXE-23-003 intersected a new, structurally controlled high-grade copper-gold-silver zone assaying 0.93 per cent Cu, 0.64 g/t Au and 3.2 g/t Ag (1.44 per cent CuEq*) over 16 metres starting at 274 metres downhole.
• The interval contains distinctive copper-gold-silver zone with semi-massive pyrite-chalcopyrite mineralization in phyllic/propylitic altered andesite.

Discovery of mineralized hydrothermal breccia

• A new discovery was also made at depth in vertical drill hole AXE-23-002 where mineralized high-temperature, high-energy hydrothermal breccia was intersected over 175 metres from 644 to 819 metres. The hole was lost prematurely in mineralization. This is the first significant breccia-hosted porphyry mineralization drilled at MPD.
• The breccia contains chalcopyrite-mineralized clasts which account for a portion of the total mineralized grade. In most high-energy hydrothermal breccia systems, mineralized clasts indicate a separate, deeper mineralized zone below the breccia. Future drilling will test for mineralization at depth, including the source of the mineralized clasts.
• The discovery interval assayed 0.29 per cent Cu, 0.22 g/t Au and 0.72 g/t Ag (0.46 per cent CuEq*) over 30 metres, within a broader zone assaying 0.11 per cent Cu, 0.13 g/t Au and 0.53 g/t Ag (0.21 per cent CuEq*) over 175 metres, which remains open at depth.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "I am very pleased with these initial results from our 2023 drill program. The first three holes at the West zone are a promising start and confirm our thesis that porphyry mineralization exists below and adjacent to shallow historic drilling. The West zone is only one of several targets we will test this year and I am looking forward to the next batch of results from the Man zone where our second drill is currently turning. In total we are aiming to test four or five targets in 2023, each with excellent discovery potential."

Chris Taylor, chairman of Kodiak, said: "We have been looking for mineralized breccias like the ones we have discovered beneath the West zone since we began drilling at MPD, as higher-grade breccias are key contributors to many alkalic porphyry mines. We interpret both MPD North and MPD South as overlying major structural intersections that controlled porphyry magma emplacement and are using geophysical and drill data to define new targets within these mineralized corridors. This approach has proven effective in similar alkalic porphyry systems such as the Cadia-Ridgeway deposits in Australia, and locally at many British Columbia porphyry mines including Copper Mountain, Mount Polley and Red Chris."

New drilling at the West zone confirmed significant copper-gold mineralization from bedrock surface over 300 metres of width (east-west) and at least 300 metres of strike (north-south). Hole AXE-23-001 exited the mineralized zone on the west at approximately 540 metres downhole. Vertical hole AXE-23-002 confirmed copper-gold to 488 metres and then discovered a new lower zone of altered polymict breccia with chalcopyrite from 644 to 819 metres (where the hole was lost), and below historic drilling. Hole AXE-23-003 was drilled to test the eastern extent of the West zone and encountered a fault bounded contact at 215 metres. This hole also intersected a second new 16-metre-wide high-grade, copper-gold-silver zone farther east at 274 metres.

In addition, all three holes intersected high-grade, structural/vein hosted gold-silver-copper zones, with approximately metre-scale widths and interpreted to trend north-south within the broader porphyry envelope.

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. (ALS) in North Vancouver, B.C., for preparation and analysis. ALS meets all requirements of International Standards for Standardization/International Electrotechnical Commission 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 48-element four-acid digest inductively coupled plasma atomic emission spectroscopy analysis (MS61) with additional analysis for ore grade elements (ME-OG62) and ore grade Cu (Cu-OG62). Results were reported in parts per million (ppm) and converted to per cent or grams per tonne (g/t) 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 of 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 well 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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