Ms. Claudia Tornquist reports

KODIAK'S FIRST HOLES AT SOUTH ZONE EXTEND COPPER MINERALIZATION TO MID ZONE AND TO DEPTH: 0.32% CUEQ OVER 234 M FROM SURFACE WITHIN 0.17% CUEQ OVER 1053 M

Kodiak Copper Corp. has released results from this year's drill program at its 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia. Assay results from the first two holes drilled at the South zone.

Highlights:

• Kodiak's first two drill holes at the South zone have significantly extended porphyry mineralization and linked historic shallow copper at the South and Mid zones with a near-continuous mineralized intercept in new drilling.
• Drill hole AXE-23-014 at the South zone intersected 0.32 per cent copper equivalent over 234 metres from bedrock surface, within a broader zone of 0.17 per cent CuEq over 1,053 metres, extending from nine to 1,062 metres down hole.
• Holes AXE-23-012 and 014 confirmed copper mineralization along 900 metres of strike and from surface to over 775 metres depth.
• Porphyry mineralization at the South zone correlates well with a 2.3-kilometre-long north-trending copper-in-soil anomaly downslope to the east and chargeability responses from historic 3-D induced polarization (3-D IP) surveying along trend.
• Kodiak's South zone drilling, combined with historic soil geochemistry and 3-D IP, suggests that the South, Mid and Adit zones may be part of a much larger system that comprises all three zones.
• Kodiak's 2023 exploration program is now complete. A total of 18,562 metres in 33 holes were drilled and the company will provide further results from drilling as well as from 3-D IP, soil sampling and prospecting over the coming months.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "After our success at the West and Man zones, the 2023 drilling has now extended a third porphyry zone to depth and along strike at the South zone, once again demonstrating significant potential for larger copper-gold zones at MPD. We are particularly excited by the continuous copper in core linking the South and Mid zones, which we interpret as a much larger system that could stretch all the way to the Adit zone. Future work will include infill 3-D IP and systematic drilling along this trend to guide exploration toward higher-grade portions of the system."

South zone drill results:

• Hole AXE-23-014 was drilled northward from the South zone and below shallow historic holes that make up the Mid Zone. The hole intersected 0.31 per cent Cu, 0.09 gram per tonne Au and 1.23 g/t silver (0.32 per cent CuEq) over 234 metres. This intercept is within a broader envelope of 0.17 per cent Cu, 0.05 g/t Au and 0.80 g/t Ag (0.17 per cent CuEq) over 1053 metres, which links both the South and Mid zones from bedrock at nine metres to 1,062 metres down hole.
• Hole AXE-23-012 was drilled to the southeast, along the flank of a magnetic anomaly and below a large copper-in-soil response to the east. The hole intersected 0.24 per cent Cu, 0.07 g/t Au and 1.49 g/t Ag (025 per cent CuEq*) over 45 metres within a broader envelope of 0.15 per cent Cu, 0.04 g/t Au and 0.85 g/t Ag (0.16 per cent CuEq) over 813 metres.
• Both holes are interpreted to be within the broad envelope of a much larger north-south-trending system linking the South, Mid and Adit zones, confirmed by the 2.3-kilometre-long copper-in-soil anomaly downslope to the east.

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 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 atomic absorption 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 percent, 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, exploration, and the qualified person as defined by National Instrument 43-101, has approved and verified the technical information contained in this news release. The historic data referenced herein are believed to be from reliable sources using industry standards at the time, based on Kodiak's review of available documentation and select verification work. However, the company has not independently validated all historic work, and the reader cautioned about its accuracy.

About Kodiak Copper Corp.

Kodiak is focused on its 100-per-cent-owned copper porphyry projects in Canada and the United States that have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada, a mining district with producing mines and excellent infrastructure. MPD has all the hallmarks of a large, multicentred porphyry system. Kodiak discovered a high-grade porphyry centre of significant size at the Gate zone and is now systematically testing further targets with similar discovery potential. Drilling to date has successfully outlined substantial envelopes of porphyry mineralization at the West, Man and South zones as Kodiak continues to demonstrate the district-scale potential of the MPD project. The company also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, U.S., near the world-class Bagdad mine.

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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