Mr. Sam Lee reports

NORTHISLE INTERCEPTS 96M GRADING 1.42G/T AU EQ. AND 87M GRADING 1.46G/T AU EQ. AT NORTHWEST EXPO DEMONSTRATING CONTINUITY OF GOLD RICH ZONE

Northisle Copper and Gold Inc. has released the first batch of drill results from its 2023 phase 3 program at Northwest Expo, which demonstrate continuity of the gold-rich Zone 1 in Northwest Expo.

Sam Lee, president and chief executive officer of Northisle, stated: "Today's drill results continue to affirm the continuity of this high-priority area within the gold-enriched Zone 1 at Northwest Expo. We are nearing completion of delivering final drill results, metallurgical testing and an initial resource at Northwest Expo Zone 1, in addition to initiating our fully financed 2024 phase 1 drill program during the first quarter this year. This is a strong start to what we believe will be a transformational year at Northisle as we progress our district-scale opportunity for critical metals."

Summary of additional Northwest Expo 2023 drill results

The table entitled "Newly released Northwest Expo significant 2023 intercepts" summarizes key highlights released today from the Northwest Expo 2023 drill program, including significant intercepts from NW23-20 and NW23-21, which show continuity of mineralization east and west of NW23-13, which previously intersected 130 metres grading 2.13 grams per tonne (g/t) gold equivalent (AuEq).

NW23-19 was drilled 300 metres to the southeast of NW23-20 and provided important vectoring information indicating movement from the advanced argillic alteration characteristic of the lithocap domain of this porphyry system into the quartz-sericite-pyrite (QSP) alteration characteristic of the periphery of the causative porphyry centre, although did not have economically significant grade.

Key catalysts

The company has a number of important catalysts over the next several months, which it believes will continue to establish the North Island project as one of the best new mining camps in the world. These include the following:

• Q1 2024 -- geophysics results from Northwest Expo and West Goodspeed;
• Q1 2024 -- final 2023 drill results;
• Q1 2024 -- inaugural Northwest Expo Zone 1 resource estimate, including phase 3 drilling;
• Q1 2024 -- metallurgical testing results from Northwest Expo Zone 1;
• Q2 2024 -- target commencement of 2024 drilling program;
• Continuing -- continued progress on relationships with indigenous rightsholders and local stakeholders.

Upcoming investor events

During first quarter, the company will be very active in reaching out to new and existing investors via virtual and in-person channels. Northisle will be attending several external investor events, including the following events during January:

• Jan. 21 to Jan. 22: Booth 203 at Vancouver Resource Investor Conference (VRIC), Vancouver:
  • Northisle presentation: 2 p.m. PT, Jan. 21, 2024, in workshop No. 3.
• Jan. 22 to Jan. 25: Booth 1118 at AME Roundup, Vancouver -- including core shack (booth 924):
  • Northisle presentations include: Agentis technical session (Jan. 22, 2024, at 10 a.m. PT in Room 7, VCC East); BCRMA session (Jan. 23, 2024, at 10 a.m. PT in Room 17, VCC); and the British Columbia, Yukon and Alaska technical session (Jan. 25, 2024, at 9 a.m. PT in Ballroom A).
• Jan. 23 to Jan. 25: TD Securities Global Mining Conference, Toronto:
  • Northisle presentation: 3:25 p.m. ET, Jan. 23, 2024, in Room 28 -- TD Tower 10th floor.

Details of drilling results

Phase 3 of the 2023 Northwest Expo drilling program is composed of eight drill holes. Six of the drill holes are in Zone 1, where Northisle anticipates completing a resource estimate during Q1 2024.

NW23-21 on section 569400E was drilled 50 metres east and parallel with NW23-13, which was previously reported.

All 2023 drill results from Northwest Expo are summarized in the table entitled "Northwest Expo significant 2023 intercepts."

NW23-21 shows good continuity 50 metres west of NW23-13, and with holes EC-228 and EC-233 up and down dip, respectively, where they enter and exit into the section envelope of 25 metres either side of section 569400E.

Similarly, drill hole NW23-20, on section 569500E, also shows good continuity 50 metres to the east of NW23-13, as well as down-dip with NW21-03, which was the hole that focused attention on this target in 2021. The assays of NW23-22 through NW23-26 will be reported upon receipt of the remaining holes in process at the analytical laboratory.

NW23-19 was drilled south of Zone 1 in the vicinity of the Moly quarry as the first of a series of holes to be used to vector into the centre of the down-faulted porphyry system. This hole provided important vectoring information from the alteration minerals present but did not intersect economically significant grade.

A magnetic survey carried out at the end of 2023 by Simcoe Geoscience Ltd., south of the Moly quarry beside NW23-19, and a separate survey completed south of the two discovery holes at West Goodspeed (GS23-04 and GS23-05), will be released once all data is compiled and verified, anticipated to be during Q1 2024. These two surveys are anticipated to assist in vectoring toward the centre of the porphyry cluster identified at the northwest end of the North Island project. Additional details about the West Goodspeed discovery can be found at the company's website.

Northisle has relogged the core from the previous programs at Northwest Expo. Check assays have not been carried out on this core, however, the mineralized lithologies observed and relogged, as well as related assays results, are consistent with adjacent holes drilled, logged and assayed by Northisle. Results of the previous programs at Northwest Expo were first disclosed in the following reports:

• D. Baker (2005): Geological, geochemical, geophysical and diamond drilling report on the Hushamu property, volumes A, B and C.
• J. Lehtinen, and H. Awmack (2007): Diamond drilling report on the Hushamu property.
• C. Baldys, A. Burgert, and J. Houle (2008): Technical report on the Island copper property.

Logging, sampling and assaying procedures, and quality assurance/quality control (QA/QC)

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance/quality control program using industry best practices. Drill intersections in this release are typically HQ to 100 metres and NQ thereafter to the end of holes. After drilling, core was logged for geology, structure and geotechnical characteristics utilizing Geospark core logging software, then marked for sampling and photographed on site. The cores for analyses were marked for sampling based on geological intervals, with individual samples three m or less in length. Drill core was cut lengthwise in half with a core saw. Half-core was sent for assays reported in this news release. Prior to cutting core for assay, bulk density was also determined on site by taking 15-centimete to 20 cm lengths of whole core of each lithology at 10 m intervals. The ends of these were then cut at right angle to the core axis, retaining all pieces to be returned to the core box for later sample cutting and analysis. The diameter of each core sampled for bulk density was measured at each end with digital calipers, to three decimal places, and recorded. The length of the core was measured on four sides at 90 degrees to each other, to two decimal places, and recorded. The software averaged the lengths and diameters. The mass of the dry core was measured twice on an Ohaus balance to two decimal places. If no discrepancy occurred, the measurement was recorded. If there was a discrepancy, the measuring was repeated until no discrepancy between two measurements occurred. The density was calculated using the formula: bulk density equals pi times r-square times h (where r is radius of core and h is length of core). Certified standard masses are used to calibrate the scale balance used for bulk density determinations. The balance in the core logging area was leveled on a large concrete block to avoid vibration and surrounded by a wooden partition to avoid wind affecting the balance. The measurements were recorded in Geospark logging software and bulk density calculated to two decimal places.

A total of 5 per cent assay standards or blanks and 5 per cent core duplicates are included in the sample stream as a quality control measure, and are reviewed after analyses are received. Standards were obtained from WCM Minerals, Vancouver, CDN Minerals, Langley, and Oreas, Canada. Blanks were obtained from unmineralized coarse bagged limestone landscaping rock. Standards and blanks in 2023 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the MSALabs in Langley, B.C., where the samples were dried, then crushed and split, and a 250-gram split was pulverized to 85 per cent passing minus-200 mesh (minus-75 micrometres) size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed for gold by fire assay fusion of 50 g of the 250 g split. Total gold content was determined by digesting the silver dore bead from the fusion and then analyzing by AA (atomic absorption) (MSA code FAS-121). All samples were also analyzed for multiple elements by taking 0.25 g of the 250 g split which was heated in HNO3 (nitric acid), HClO4 (perchloric acid) and HF (hydrofluoric acid) to fuming, and taken to dryness. The residue was dissolved in HCl (hydrochloric acid) and then analyzed utilizing ICP-MS (inductively coupled plasma mass spectrometry) (MSA code IMS-230). Any sulphur analysis from this latter analysis with a value greater than 10 per cent was reanalyzed utilizing a Leco sulphur analyzer. Iron and tungsten accelerators are added to the sample and a stream of oxygen is passed over the sample in the induction furnace. As the sample is heated, sulphur dioxide released from the sample is measured by an IR (infrared) detection system and the total sulphur content is determined (MSA code SPM-210). MSALabs (Langley) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

Pulps and rejects of holes with significant assay intervals are stored at Western Mineral Storage. The remaining split core is indexed and stored at NorthIsle's logging and office facility in Port Hardy, B.C.

Results in this news release are length-weighted averages.

Qualified person

Robin Tolbert, PGeo, vice-president of exploration for Northisle and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release, including the sampling, analytical and test data.

About Northisle Copper and Gold Inc.

Northisle Copper and Gold is a Vancouver-based company whose mission is to become Canada's leading sustainable mineral resource company for the future. Northisle, through its 100-per-cent-owned subsidiary North Island Mining Corp., owns the North Island project, which is one of the most promising copper and gold porphyry projects 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 an updated 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.