Mr. Clive Massey of Universal Copper reports

UNIVERSAL COPPER ANNOUNCES SECURITYHOLDER APPROVAL FOR ACQUISITION BY VIZSLA COPPER

At the special meeting of Universal Copper Ltd.'s holders of common shares and holders of options to acquire shares, securityholders have overwhelmingly voted in favour of the special resolution to approve the previously announced plan of arrangement with Vizsla Copper Corp., pursuant to which Vizsla Copper will acquire all of the issued and outstanding shares in exchange for 0.23 of a Vizsla Copper common share for each share held. Additionally, the company's outstanding options will be exchanged for options of Vizsla Copper, and the company's outstanding warrants will become exercisable to acquire Vizsla Copper shares in amounts and at exercise prices adjusted in accordance with the exchange ratio. The purchase price represents a 60-per-cent premium to the 10-day volume-weighted price of 1.5 cents per share on Feb. 12, 2024.

Shareholders holding a total of 53,825,794 shares were represented in person or by proxy at the meeting, which constituted a quorum of shareholders, who represented 37.91 per cent of the 141,998,878 issued and outstanding shares entitled to vote as of Feb. 23, 2024, the record date for the meeting.

The arrangement required the approval of: (i) at least two-thirds of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting; (ii) at least two-thirds of the votes cast by securityholders, present in person or represented by proxy and entitled to vote at the meeting, voting together as a single class; and (iii) a majority of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting excluding shares held by interested parties as defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions).

Of the votes cast at the meeting, 94.08 per cent of the votes cast by shareholders (93.86 per cent after excluding shares required to be excluded under MI 61-101) and 94.56 per cent of the votes cast by securityholders voting as a single class were in favour of the arrangement resolution.

The company will seek a final order of the Superior Court of British Columbia to approve the arrangement on April 16, 2024. Completion of the arrangement is subject to the satisfaction of customary closing conditions for a transaction of this nature, including receipt of the final order. Subject to the satisfaction (or waiver) of the conditions precedent, it is expected that the arrangement will be completed in April, 2024. Following completion of the arrangement, it is expected that the shares will be delisted from the TSX Venture Exchange and the Frankfurt Stock Exchange.

About Vizsla Copper Corp.

Vizsla Copper is a copper-gold-molybdenum-focused mineral exploration and development company headquartered in Vancouver, Canada. Vizsla Copper is primarily focused on its flagship Woodjam project, located within the prolific Quesnel Terrane, 55 kilometres east of the community of Williams Lake, B.C. It has three additional copper exploration properties: Copperview, Redgold and Carruthers Pass, all well situated amongst significant infrastructure in British Columbia. Vizsla Copper's growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value-accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada, and it is committed to socially responsible exploration and development, working safely, ethically and with integrity.

About Universal Copper Ltd.

Universal Copper is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties. The company's management team has many years of experience in exploration, finance and efficient public company management. Universal Copper's current focus is on advancing the Poplar copper project, one of the most advanced preproduction copper projects in British Columbia with a historic National Instrument 43-101 resource.

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