Mr. Max Porterfield reports

VISIONARY EXPANDS ITS LAND POSITION AT PT. LEAMINGTON PROJECT, NEWFOUNDLAND

Visionary Copper and Gold Mines Inc. has entered into an agreement to acquire a 100-per-cent interest in three mineral licences comprising 69 mineral claims from V.A. French Geological Consultants Inc. The French claims are contiguous with the Stockley claims previously acquired by Visionary and further consolidates the company's land position along the prospective Pt. Leamington volcanogenic massive sulphide (VMS) trend in central Newfoundland.

Highlights:

• Visionary has agreed to acquire three mineral licences, comprising 69 mineral claims (French claims), which are contiguous with its recently acquired Stockley claims, further consolidating its prospective ground along the Pt. Leamington VMS trend.
• Airborne EM (electromagnetic) response: A 2007 HeliGeoTEM airborne electromagnetic survey identified a broad conductive response extending across portions of both the Stockley and French claims, allowing Visionary to now evaluate the geological and geophysical information as a single exploration area.
• Massive sulphide boulder coincident with airborne EM: Historical exploration by Noranda Exploration Co. Ltd. identified a boulder containing predominantly massive pyrite with quartz veins, which returned historical assays of 0.43 per cent copper (Cu), 0.23 gram per tonne (g/t) gold (Au) and 5.8 g/t silver (Ag) within the airborne EM target area.
• Favourable VMS geology and alteration: Historical Noranda mapping identified Wild Bight Group volcanic rocks, hydrothermal alteration and sulphide mineralization in the area of the two claim groups.
• Proven discovery model: The Pt. Leamington deposit was discovered in the 1970s by Noranda Exploration following identification of an airborne EM anomaly, after which massive sulphide boulders were found in proximity to the conductor.

The French claims acquisition consolidates ownership across a historical airborne EM response identified by a 2007 HeliGeoTEM survey. Historical exploration by Noranda also identified mineralized massive sulphide float in the broader target area, together with favourable volcanic stratigraphy, hydrothermal alteration and sulphide mineralization. With the Stockley and French claims now consolidated, Visionary can integrate these historical geological, geochemical and geophysical data sets across what was previously a property boundary.

Max Porterfield, president and chief executive officer of Visionary, stated: "I am pleased that this acquisition continues our land consolidation strategy, which we announced in September. The French claims are directly contiguous to the Stockley acquisition and bring additional prospective ground along the Pt. Leamington trend under Visionary's control. More importantly, geological and geophysical features extend across the former property boundary, allowing our exploration team to evaluate this area as one system rather than as separate claim blocks."

Jason Flight, Visionary's vice-president of exploration, commented: "What interests us here is not any single data set in isolation, but the combination of historical exploration results. Noranda previously documented mineralized massive sulphide float, favourable volcanic stratigraphy, hydrothermal alteration and sulphide mineralization in this area, while subsequent airborne geophysics identified a conductive response extending across both the Stockley and French claims. Consolidating the ground allows us to bring those data sets together, refine the geological interpretation and determine where to focus detailed exploration follow-up."

EM target and associated historical massive sulphide float

The French claims were acquired in part to consolidate a historical HeliGeoTEM electromagnetic target that extends southwest from the Stockley claims onto the contiguous French claims. Historical exploration by Noranda identified massive sulphide glacial float in the broader target area, including a boulder described as predominantly massive pyrite with quartz veining that returned 0.23 g/t Au, 5.8 g/t Ag and 0.43 per cent Cu. Noranda also documented nearby sulphide-bearing volcanic rocks and favourable hydrothermal alteration, providing additional geological support for follow-up of the broader target area.

The historical sampling results and sample locations referenced above were generated by previous operators and have not been independently verified by Visionary. Historical coordinate information has been compiled from available assessment reports and sample records and may be subject to uncertainties associated with historical surveying, co-ordinate systems and datum conventions. In addition, Noranda noted that the mineralized massive sulphide float may have travelled a considerable distance from its source; accordingly, the location of the float should not be interpreted as demonstrating the location of an underlying mineralized source.

A proven discovery model

The Pt. Leamington deposit was discovered in the 1970s by Noranda Exploration following identification of an airborne EM anomaly, after which massive sulphide boulders were found in proximity to the conductor. The first exploration hole drilled to test the target intersected massive sulphide mineralization and became the discovery hole for the Pt. Leamington deposit that Visionary is advancing today. Visionary's exploration targets to the south of the deposit display similar geological and geophysical signatures with airborne identified EM conductors along the Pt. Leamington host horizon together with nearby massive sulphide float -- making them high-priority exploration targets for ground follow-up and drilling.

French claims transaction terms

Visionary has entered into a mineral property purchase agreement with V.A. French Geological Consultants Inc., pursuant to which the vendor has agreed to sell, and Visionary has agreed to acquire, an undivided 100-per-cent interest in the three mineral licences comprising the French claims.

In consideration for the acquisition, Visionary will:

• Pay the vendor $10,000 in cash on closing;
• Issue the vendor $30,000 of common shares of Visionary.

The number of consideration shares will be determined by dividing $30,000 by the greater of: (i) the volume-weighted average price of Visionary's common shares traded on the TSX Venture Exchange during the 30 days immediately preceding the agreement; and (ii) the discounted market price as defined under TSX Venture Exchange policies.

The vendor will retain a 1.0-per-cent net smelter return royalty on the French claims. Visionary has a one-time right to purchase the entire royalty for $1-million, following which the royalty would be reduced to 0 per cent.

The consideration shares will be subject to applicable statutory resale restrictions. The agreement and transactions contemplated therein remain subject to acceptance by the TSX Venture Exchange.

Cautionary statements

The historical geological, geochemical, assay and geophysical information described in this news release predates Visionary's ownership of the French claims and has not been independently verified by the company's qualified person. The company considers the historical information relevant for exploration targeting but is not treating the information as current verified exploration results.

Historical Noranda documentation indicates that the mineralized massive sulphide boulder described herein may have travelled a considerable distance from its source. Accordingly, the presence of a mineralized float does not establish the location, grade, geometry or existence of an underlying mineralized body.

Pt. Leamington mineral resource

The Pt. Leamington mineral resource estimate was prepared by P&E Mining Consultants Inc. for Callinex Mines Inc. The National Instrument 43-101 technical report had an effective date of Aug. 20, 2021, and a signing date of Dec. 5, 2023, and was filed on Dec. 18, 2023. The attached table states the mineral resources from the P&E 2021 technical report.

Qualified person

The technical information contained in this news release has been reviewed and approved by Jason Flight, PGeo, a qualified person under NI 43-101. Mr. Flight is not independent under NI 43-101 as he is vice-president of exploration for the company.

About Visionary Copper and Gold Mines Inc.

Visionary Copper and Gold Mines is advancing its portfolio of base-and-precious-metals-rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the 100-per-cent-owned Pt. Leamington deposit in Newfoundland, located in one of the richest VMS and gold districts in Canada. The company prepared a pit-constrained indicated mineral resource of 5.0 million tonnes grading 1.42 per cent copper equivalent (CuEq) for 156.8 million pounds (lb) CuEq (145,700 ounces gold, 60.0 million lb copper, 153.5 million lb zinc, 2.0 million ounces silver and 1.5 million lb lead), a pit-constrained inferred mineral resource of 13.7 million tonnes grading 1.27 per cent CuEq for 384.8 million lb CuEq (354,800 ounces gold, 110.2 million lb copper, 527.3 million lb zinc, 6.2 million ounces silver and 7.0 million lb lead) and an out-of-pit inferred mineral resource of 1.7 million tonnes grading 1.74 per cent CuEq for 65.7 million lb CuEq (65,400 ounces gold, 13.3 million lb copper, 102.9 million lb zinc, 1.4 million ounces Ag and 2.6 million lb lead) (see news release dated Oct. 25, 2021). Additionally, the company is permitting the Rainbow deposit at its VMS-rich Pine Bay project, located near existing infrastructure in the Flin Flon mining district. The company prepared an indicated mineral resource on the Rainbow deposit of 3.44 million tonnes grading 3.59 per cent CuEq for 272.4 million lb CuEq (238.3 million lb copper, 56.9 million lb zinc, 37,600 ounces gold, 692,800 ounces silver and 2.3 million pounds lb lead), an inferred mineral resource on the Rainbow deposit of 1.28 million tonnes grading 2.95 per cent CuEq containing 83.4 million lb CuEq (72.1 million lb copper, 19.5 million lb zinc, 11,100 ounces gold, 222,200 ounces silver and 800,000 pounds lead) and an inferred mineral resource at the Pine Bay deposit of 1.0 million tonnes grading 2.62 per cent copper containing 58.1 million lb Cu (see news release dated July 10, 2023). Additionally, the portfolio includes the Nash Creek project, located in the VMS-rich Bathurst mining district of New Brunswick. A 2018 PEA (preliminary economic assessment) generates a strong economic return with a pretax IRR (internal rate of return) of 34.1 per cent (25.2 per cent posttax) and a net present value (NPV) at 8 per cent of $230-million ($128-million posttax) at $1.25 zinc (see news release dated May 14, 2018).

We seek Safe Harbor.