Mr. Shaun Pollard reports

WORLD COPPER SIGNS LETTER OF INTENT TO ACQUIRE THE HOT TIP PROPERTY, NYE COUNTY, NEVADA

World Copper Ltd. has entered into a letter of intent dated Oct. 14, 2026, with Orogen Royalties Inc., GenEx Exploration Inc. and Altius Resources Inc. for the proposed purchase of a 100-per-cent undivided interest in the Hot Tip property located in Nye county, Nevada.

The property

The Hot Tip property comprises 129 unpatented lode mining claims and claim applications covering approximately 1,044 hectares (10.4 square kilometres) in Nye county, Nevada, together with any claims staked by the vendors at the direction of World Copper prior to the closing of the transaction. GenEx is the 100-per-cent registered owner of the claims, and each of Orogen and Altius owns a 50-per-cent beneficial interest in the claims pursuant to the terms of an exploration alliance between Orogen and Altius. The Hot Tip property is a road-accessible early-stage epithermal gold exploration target on Bureau of Land Management ground on the eastern edge of the Pancake Range, in Railroad Valley, about 10 kilometres south of U.S. Highway 6 and about 120 kilometres northeast of Tonopah. There is no current mineral resource or mineral reserve on the property.

Historical work and geological setting

The following scientific and technical information is taken from public disclosure by Orogen, including Orogen's news release of Nov. 21, 2023, Orogen's Hot Tip property page, and Orogen's January, 2026, Hot Tip property technical presentation, as well as from information made available to the company in the course of its due diligence.

• Alteration and target concept: Orogen interprets the Hot Tip property as a gold-poor, advanced-argillic alteration cell, comparable in style with the steam-heated cap described at the Silicon deposit in the Beatty district, overlying possible gold-silver mineralization at depth. Hyperspectral mapping reported by Orogen outlines a kaolinite zone about five kilometres across, with a central alunite-pyrite core within a north-trending graben.
• Structural setting: Orogen reports a graben with up to approximately 150 metres of displacement and a left step in its central portion, which Orogen interprets as a possible fluid upwelling zone. The strongest reported alunite is focused in that stepover. Based on the information available to the company, the low-pH core has not been drill tested.
• Geophysics: Historical gradient-array induced polarization work reported by Orogen outlines a chargeability anomaly greater than 15 millivolts per volt, about one kilometre by two kilometres, coincident with alunite-kaolinite, pyrite and silica, and lying within the graben. Outcrop of the alunite-pyrite core is reported at about one kilometre by 400 metres. Orogen reports that the anomaly extends the postulated upwelling zone about two kilometres south under alluvial cover.
• Surface geochemistry: Rock and historical sampling reported by Orogen returned pathfinder values up to 245 parts per million mercury, more than 1 per cent arsenic, more than 1 per cent antimony and 300 ppm thallium, with visible cinnabar and stibnite reported in argillized tuffs. A silicified inselberg south of the core is reported to carry visible cinnabar. These are selective surface results. Sample type, laboratory and quality assurance procedures for the individual results have not been verified by the company, and the results are not necessarily representative of the property as a whole. Full supporting details, including precise sample locations, analytical methods, laboratory identities and quality assurance/quality control protocols, have not been independently confirmed by the company. Complete historical data sets are available in Orogen's public materials. The company does not treat any of these results as current.
• Historical drilling: Orogen reports that Fischer-Watt drilled 18 holes in the 1980s, with an average depth of 71 metres, and that Coeur drilled nine holes in 2017, with an average depth of 193 metres, directed at jasperoid on the margin of the system. The best reported intercept is 24 metres grading 0.38 gram per tonne gold in hydrothermal breccia outside of the northwestern graben margin. The interval is a downhole length, and the true width is unknown. The test result is historical, has not been verified by the company and should not be relied on. The reported drilling tested the margin of the alteration cell and did not test the alunite-pyrite core. Full drill-hole details, including locations, azimuths, dips and analytical procedures, have not been independently confirmed by the company.
• Regional context: Orogen places the Hot Tip property near the intersection of the 32-million-year-old Williams Ridge caldera and the 28-million-year-old Monotony Valley caldera, at the south end of an alteration corridor about 20 kilometres long that includes the historic Silverton silver district about 14 kilometres to the north. Orogen describes the Hot Tip property alteration as kaolinite- and alunite-rich, consistent with a well-preserved upper-level steam-heated cap, and has compared the setting with the Round Mountain gold-silver mine, an Oligocene low-sulphidation system about 110 kilometres west-northwest. Mineralization at Silicon, Round Mountain, Silverton, Tonopah and any other property is not necessarily indicative of mineralization on the Hot Tip property.

Summary of proposed transaction

Under the terms of the LOI and subject to acceptance by the TSX Venture Exchange, it is currently proposed that the company (or a subsidiary of the company) will acquire a 100-per-cent undivided interest in the property from the vendors, who are arm's-length parties to the company, in consideration for a $50,000 cash payment and the issuance of common shares in the capital of the company having an aggregate deemed issuance price of $600,000 as follows.

At closing, each of Orogen and Altius will be granted a 1.5-per-cent net smelter return royalty (3.0 per cent in aggregate) on the property and on a one-mile area of interest from its outer boundary. Up to 0.25 per cent of each NSR royalty may be bought down for $2.5-million (U.S.) on or before the fourth anniversary of grant, and a further 0.25 per cent of each NSR royalty may be bought down for $7.5-million (U.S.) within 120 days after publication of a National Instrument 43-101 prefeasibility study (or a feasibility study, if no prefeasibility study has been prepared). The buydowns are independent and need not be exercised against both holders at the same time. Exercising both rights against one holder would reduce that holder's NSR royalty from 1.5 per cent to 1.0 per cent. Each of Orogen and Altius will have a right of first offer on any additional royalty or stream on the property.

The vendors granted World Copper a period of exclusivity from the date of the LOI until the earlier of: (i) 90 days from the date of the LOI; and (ii) the execution of a definitive property purchase agreement, in consideration for a payment of $64,000, to be paid within five days of the execution of the LOI. The exclusivity payment is non-refundable, provided that, if the transaction is completed, it will be credited against the cash portion of the purchase price. At closing, $23,120 (U.S.) will also be payable to Orogen as a reimbursement of the 2027/2028 BLM annual maintenance fees for the claims.

Completion of the transaction is subject to, among other things, the satisfaction of customary conditions precedent, including, without limitation, satisfactory completion of due diligence by World Copper, World Copper or a subsidiary of World Copper, and the vendors entering into the definitive agreement, which will contain customary terms and conditions for a transaction of this nature, and receipt of all necessary corporate and regulatory (including TSX-V) consents and approvals.

Qualified person and technical notes

Peter Fischl, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release. Mr. Fischl is chief geologist of the company and is not independent of the company within the meaning of NI 43-101. Verification is limited to a review of Orogen's public disclosure and information provided by the vendors. The company's qualified person has not verified the historical sampling, analytical or drill data disclosed herein, which are based solely on Orogen's public disclosure and information provided by the vendors. Such data should not be relied upon until verified by the Company.

Historical exploration results for the property are disclosed for geological context only. No quality assurance or quality control data for the historical exploration programs have been reviewed by the company. The company will not treat any historical result as current until a qualified person has completed data verification satisfactory for the purpose for which the result is used. These results are selective, and complete historical data sets are available in Orogen's public materials. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration on the property will result in a mineral resource or mineral reserve.

About World Copper Ltd.

World Copper, headquartered in Vancouver, B.C., is a Canadian resource company focused on the exploration and development of prospective resource projects.

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