Mr. Nicholas Van Dyk reports

NORTHISLE ANNOUNCES UPSIZE OF OVERSUBSCRIBED PRIVATE PLACEMENT TO $6.4 MILLION AND WARRANT EXTENSION

NorthIsle Copper and Gold Inc. has increased the size of its previously announced oversubscribed $5.0-million non-brokered private placement to approximately $6.4-million, consisting of: (i) approximately $3.3-million of flow-through common shares at a price of 47.6 cents per common share (the critical minerals charity flow-through (CMCFT) offering); (ii) approximately $2.0-million of flow-through common shares at a price of 44.8 cents (the charity flow-through (CFT) offering); (iii) approximately $700,000 of flow-through common shares at a price of 35 cents (the flow-through (FT) offering); and (iv) approximately $400,000 of common shares at a price of 28 cents per common share (the non-flow-through (NFT) offering, and together with the CMCFT offering, the CFT offering and the FT offering, the offering). The offering has been fully allocated and is anticipated to result in the issuance of 14,765,700 shares.

Sam Lee, president and chief executive officer of NorthIsle, commented: "We are pleased to have the continued support of our cornerstone shareholders and welcome Franklin Templeton as a new significant institutional shareholder through this offering. We have taken a disciplined approach on our financings to maximize shareholder value and are now fully funded for our 2024 phase I exploration program at Northwest Expo, West Goodspeed and Pemberton Hills."

Certain insiders of the company, including Dale Corman, Mr. Lee and Ian Chang intend to participate in the offering, with full particulars of such participation to be included in the news release announcing the closing of the offering.

The gross proceeds from the sale of FT shares, CFT shares and CMCFT shares will be used to incur expenses that are Canadian exploration expenses (within the meaning of Subsection 66.1(6) of the Income Tax Act) and British Columbia flow-through mining expenditures (within the meaning of Subsection 4.721(1) of the Income Tax Act (British Columbia). The qualifying expenses to be incurred using the gross proceeds from the sale of FT shares and CMCFT shares will also qualify as flow-through critical mineral mining expenditures (within the meaning of Subsection 127(9) of the Income Tax Act).

The offering is non-brokered; however, the company may pay finders' fees in connection with the offering accordance with the rules and policies of the TSX Venture Exchange. The placement is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including the approval of the TSX-V.

The common shares issued pursuant to this offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws. The offering is anticipated to close on or about Dec. 21, 2023.

In addition, NorthIsle announces that it has applied to the TSX Venture Exchange to extend the expiry dates of a total of 5,048,000 common share purchase warrants by three months to March 18, 2024. The warrants were issued pursuant to a private placement of units of the company, which closed on Dec. 17, 2021. Each warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of 28 cents per common share and all other terms of the warrants, including exercise price, will remain the same. The warrant extension is subject to the approval of the TSX Venture Exchange.

About NorthIsle Copper and Gold Inc.

NorthIsle is a Vancouver-based company, the mission of which is to become Canada's leading sustainable mineral resource company for the future. NorthIsle owns the North Island project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island project is located near Port Hardy, B.C., on a more-than-34,000-hectare block of mineral titles 100 per cent owned by NorthIsle, stretching 50 kilometres northwest from the now closed Island Copper mine operated by BHP Billiton. NorthIsle completed a preliminary economic assessment for the North Island project in 2021 and is now focused on advancement of the project through a prefeasibility study while continuing exploration within this highly prospective land package.

We seek Safe Harbor.