Mr. Morgan Lekstrom of Blackwolf reports

BLACKWOLF COMPLETES ACQUISITION OF OPTIMUM VENTURES; ANDREW BOWERING JOINS THE BOARD OF DIRECTORS

Blackwolf Copper and Gold Ltd. and Optimum Ventures Ltd. have completed their previously announced plan of arrangement, pursuant to which the company acquired all the issued and outstanding shares of Optimum and, in exchange, shareholders of Optimum received 0.65 of a common share of Blackwolf for each Optimum share held. In addition, Andrew Bowering, mining entrepreneur, a founder of Optimum, has joined the company's board of directors, replacing Don Birak, who stepped down effective Sept. 12, 2023.

Mr. Bowering is a renowned venture capitalist with over 30 years of experience in global mineral exploration and development and a record of building shareholder value. He has founded, financed and led teams in the pursuit of various metals, from initial exploration to production. Mr. Bowering has held senior management roles, overseeing asset acquisitions, sales and raising over $250-million in development capital. He was a founder of Millennial Lithium Corp. (acquired by Lithium Americas) and is actively involved in other publicly traded companies in the battery metals and precious metals sectors, such as Prime Mining Corp. and American Lithium Corp.

Morgan Lekstrom, chief executive officer and director of the company, stated: "With the acquisition of Optimum, Blackwolf has become a top developer of precious and strategic metal projects in Alaska and British Columbia's Golden Triangle. We are excited to welcome Optimum shareholders and our new board member, Andrew Bowering. This merger has brought exciting projects and expertise to Blackwolf and we believe it will contribute significantly to our goal of creating value for our shareholders."

Rob McLeod, executive chairman of Blackwolf, said: "We are proud to welcome Andrew Bowering as a new director of Blackwolf. Andy is one of Canada's top mining entrepreneurs and we have a history of working together in the Golden Triangle since 1995. We are looking forward to working together again. Also, on behalf of the rest of the Blackwolf Team, I want to thank Don Birak for his valuable service to the company and wish him the best in his future endeavours."

Delisting of Optimum shares and information for Optimum shareholders

The Optimum shares are expected to be delisted from the TSX Venture Exchange at the close of trading on Sept. 14, 2023, and Optimum intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Further information about the transaction is set forth in Optimum's management information circular dated July 31, 2023, relating to the annual general and special meeting of securityholders of Optimum, which is available under Optimum's SEDAR-plus profile. Information regarding the procedure for exchange of Optimum shares for Blackwolf shares is provided for in the circular. In order to receive Blackwolf shares in exchange for Optimum shares, registered shareholders of Optimum must complete, sign, date and return the letter of transmittal that was mailed to each registered Optimum shareholder, along with the circular. For those shareholders of Optimum whose Optimum shares are registered in the name of a broker, investment dealer, bank, trust company or other intermediary or nominee, they should contact such intermediary or nominee for instructions and assistance in depositing their Optimum shares.

Advisers and counsel

In connection with the transaction, Fiore Management and Advisory Corp. was issued 567,299 common shares of the company in consideration for advisory services provided to the company.

DuMoulin Black LLP acted as legal counsel to Blackwolf. Boughton Law Corp. acted as legal counsel to Optimum.

Upon closing of the transaction and the issuance of shares for advisory services the company's issued and outstanding common shares is 108,957,568.

About Blackwolf Copper and Gold Ltd.

Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by its vision and through collaboration with local and indigenous communities and stakeholders, Blackwolf builds shareholder value through its technical expertise in mineral exploration, engineering and permitting.

We seek Safe Harbor.