Ms. Claudia Tornquist reports

KODIAK REPORTS NEW COPPER PORPHYRY DISCOVERY AT 1516 ZONE AND FINAL 2023 DRILL RESULTS

Kodiak Copper Corp. made a new copper porphyry discovery at the 1516 zone located on the southern portion of the 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia. Results from the final 21 holes drilled at MPD in 2023 are presented in this release, which include the first assays from discovery holes at 1516, as well as the last holes reporting from the West, South and Man zones from 2023.

Highlights:

• The new 1516 zone is the second previously unknown copper porphyry centre discovered by Kodiak on the MPD project, after the Gate zone discovery.
• The new 1516 zone is interpreted to be part of a larger, multicentred, 4.5-square-kilometre porphyry system that also hosts the South, Mid and Adit zones, based on drill core chemistry and historic copper in soils.
• The 1516 zone was discovered underlying a two-kilometre-long, zoned polymetallic copper-gold-molybdenum-bismuth-tungsten (Cu-Au-Mo-Bi-W) soil anomaly, having a coincident historic induced polarization (IP) anomaly on the east flank of the larger historic copper anomaly. The target is twice the strike length of Kodiak's first discovery at the Gate zone.
• Drill hole AXE-23-018 at the 1516 zone intersected 0.12 per cent copper equivalent (CuEq) over 258 metres, within a broader zone of 0.09 per cent CuEq over 525 metres, extending from 368 m to 893 m downhole (see the table entitled "Weighted-average grade composite intervals for final 2023 holes, reporting: 1516 zone: AXE-23-015 and AXE-23-018; West zone: AXE-23-004, AXE-23-009 and AXE-23-010; South zone: AXE-23-013; Man zone: MPD-23-003, MPD-23-005, MPD-23-006 and MPD-23-007"). Drill hole AXE-23-15 assayed 0.43 per cent copper and 659 grams per tonne (g/t) silver (Ag) near-surface between 36 m and 49 metres depth. Core recovery was poor for this solitary high-grade result, but more follow-up is warranted.
• Like the early Gate zone drilling, the first holes into the 1516 discovery are interpreted to be within a lower-grade shell and follow-up drilling is warranted to test for higher-grade zones within this large target. In addition to copper, soil results suggest significant gold and molybdenum potential within this complexly zoned porphyry system.
• Final results from holes drilled in 2023 at the West, South and Man zones infill previous work, and show large extents of mineralization from surface and to substantial depths. These areas continue to be priority targets for further drilling.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "Kodiak's 2023 exploration program was a resounding success. We set out to demonstrate the potential of MPD beyond our initial discovery at the Gate zone, and our drilling has now proven multiple kilometre-scale mineralized porphyry centres across the property. Importantly, 2023 results include high-grade intercepts and mineralization right from surface. The discovery of an entirely new porphyry centre at 1516 is a particularly positive development, which we will certainly follow up on. Preparations for this year's field program are well under way. We are prioritizing numerous promising drill targets with the help of innovative AI [artificial intelligence] technology from Vrify, and we are looking forward to announcing our 2024 plans soon. Against a backdrop of rallying copper prices and exceptionally strong market fundamentals for the red metal, I am confident that Kodiak's exploration success will translate into strong opportunities for our shareholders going forward."

Final 2023 drill results

The 2023 drill program at MPD was composed of 18,562 metres in 33 holes and evaluated five of the now 24 targets currently identified on the project. Final results from 21 holes drilled in 2023 are reported herein, with assays from 10 holes at four zones (1516, West, South and Man), with the remainder not reaching target depth, having had no significant assays, or not having been assayed at this time.

1516 zone discovery

Seven holes were drilled from two pads with various azimuths at the 1516 zone soil anomaly. Due to poor weather and ground conditions, only three holes reached their targets and assays for two are reported herein. Drilling intersected Nicola group volcanics intruded by Copper Mountain suite diorite, the target host rocks for most copper mineralization in this region. Host rock alteration includes epidote-chlorite-potassic feldspar zones generally indicative of peripheral-type porphyry mineralization adjacent to a mineralized centre.

Drill hole AXE-23-018, drilled to the northeast, intersected 0.10 per cent Cu and 2.14 g/t Ag (0.12 per cent CuEq) over 258 metres, within a broader zone of 0.08 per cent Cu and 1.71 g/t Ag (0.09 per cent CuEq) over 525 metres from 368 m to 893 m downhole. Drill hole AXE-23-015 assayed 0.43 per cent Cu and 659 g/t Ag, between 36 m and 49 m depth. However, the interval recovered only 25 per cent of the core and this result is assumed to represent a narrow, near-surface, high-grade vein of unknown width, which will be followed-up.

Porphyry-related mineralization at 1516 included disseminated and vein-hosted Cu-Ag-Mo-plus-or-minus-W-plus-or-minus-Bi. This metallic mineral suite is similar to that seen in core from both the South, Mid and Adit zones, approximately two and three kilometres west and northwest. South, Mid and Adit appear part of the same large, 4.5 square km (3.5 km long), multicentered porphyry system as 1516, separated by an interpreted structural break or splay from the Summers Creek fault.

West zone

The final three holes reporting from the West zone were drilled as infill from two pads at the north and south ends. Hole AXE-23-004 drilled from the north pad reported shallow porphyry mineralization, with 0.26 per cent Cu, 0.11 g/t Au and 0.80 g/t Ag (0.29 per cent CuEq) over 117 metres, between 146 m and 263 m within a broader 387-metre interval assaying 0.14 per cent Cu, 0.23 g/t Au and 0.52 g/t Ag (0.24 per cent CuEq). New and historic drilling at the West zone has confirmed significant Cu and/or Au grades over an area of 350 metres by 650 metres, and from surface to depths of 962 metres, which is open to extension.

South zone

The last hole reporting from the South zone was a near vertical hole, infilling between two previously reported holes and confirming significant shallow mineralization extending to depth. Hole AXE-23-013 assayed 0.29 per cent Cu, 0.08 g/t Au and 1.16 g/t Ag (0.30 per cent CuEq) over 72 metres, between 413 m and 485 m within a broader 706-metre interval assaying 0.14 per cent Cu, 0.04 g/t Au and 0.78 g/t Ag (0.15 per cent CuEq). Kodiak's drilling at the South zone has confirmed copper mineralization along 900 metres of strike, from surface to over 775 metres depth and, when combined with historic soil geochemistry and geophysics, suggests that the South, Mid, Adit and 1516 zones may all be part of a much larger porphyry system.

Man zone

Results from four of the five holes drilled at the Man zone in 2023 are reported herein. Kodiak's holes at Man were drilled at various azimuths from the same set up to assess the extent of copper-gold mineralization in trenches and historic drilling near surface. Drill hole MPD-23-006 intersected 0.15 per cent Cu, 0.37 g/t Au and 0.76 g/t Ag (0.33 per cent CuEq) over 60 metres, between 195 m and 255 m. Drilling at Man continues to extend copper-gold porphyry zones in multiple directions, from surface down to 995 metres depth and along 600 metres of strike. In particular, hole MPD-23-007, drilled to the north, intersected low-grade copper and gold mineralization within pyrite-dominated, porphyry alteration, suggesting mineralization exists toward the Bellcarra target area, a possible link to the Gate zone, which has been drilled to one kilometre north of Man.

Beyer zone

Five shallow angled holes were drilled from two pads at the Beyer zone to test below a high-grade gold-silver zone discovered by trench sampling in 2022. Although narrow intervals of elevated silver values were noted in hydrothermal altered and sheared host rock, no significant gold assays were reported in the 2023 holes that were assayed. The mineralized zone in trenches at Beyer is interpreted to be a narrow lens that does not continue to depth, or a structural zone related to Man zone located 375 metres northwest.

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 (QA/QC) 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 (atomic absorption) finish for gold and by a 48-element four-acid digest ICP-AES (inductively coupled plasma atomic emission spectroscopy) analysis (ME-MS61), with additional analysis for ore-grade elements (ME-OG62) and ore-grade Cu (Cu-OG62). ALS results were reported in parts per million (ppm) and converted to percentage or grams per tonne, where applicable. In addition to ALS laboratory quality assurance/quality control 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 approved and verified the technical information contained in this news release. The historic work referenced herein is 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.

Kodiak reports percentage CuEq for comparative purposes only and, as such, past reporting assumed 100-per-cent metallurgical recovery in equivalency calculations. For more accurate reporting, the company adjusted equivalency calculations starting in October, 2023, to include metallurgical recoveries from comparable deposits or mines, as referenced in the footnote of the table entitled "Weighted-average grade composite intervals for final 2023 holes, reporting: 1516 zone: AXE-23-015 and AXE-23-018; West zone: AXE-23-004, AXE-23-009 and AXE-23-010; South zone: AXE-23-013; Man zone: MPD-23-003, MPD-23-005, MPD-23-006 and MPD-23-007."

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 terrane in south-central British Columbia, Canada, a mining district with producing mines and excellent infrastructure. MPD has all the hallmarks of a major, multicentred porphyry system. Kodiak made an initial discovery of a high-grade porphyry centre of significant size at the Gate zone and has since successfully outlined multiple kilometre-scale mineralized zones across the large MPD property. With more target areas yet to be tested, Kodiak continues to systematically explore the project to build critical mass and demonstrate MPD's district-scale potential. 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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