Ms. Claudia Tornquist reports

KODIAK REPORTS POSITIVE RESULTS FROM METALLURGICAL TESTWORK ON THE MPD PROJECT

Kodiak Copper Corp. has released results from its initial metallurgical test work program conducted on samples from the company's 100-per-cent-owned MPD copper-gold project in Southern British Columbia. The test work, completed on representative drill core samples, demonstrates positive metallurgical performance with good recoveries and clean concentrate characteristics, confirming the favourable metallurgy of the MPD mineralization.

Highlights:

• Robust flotation rougher recoveries of up to 89.9 per cent copper, 74.1 per cent gold and 76.0 per cent silver;
• Flotation testing confirmed that a high-grade copper concentrate exceeding 26 per cent copper can be produced from the MPD mineralization;
• The copper concentrates had significant gold grades of between 6.2 and 16.9 grams per tonne, enhancing the value of the concentrate;
• Gold contained in pyrite presents an opportunity to further improve gold recovery; this and other optimization opportunities will be explored in the next phase of metallurgical testing;
• Low concentrations of deleterious trace metals were observed suggesting the potential for clean, high-quality concentrates.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "These results are a significant milestone in the advancement of the MPD project. They confirm that the copper mineralization at MPD is amenable to conventional processing and reinforce the potential for a high-quality, saleable copper concentrate with significant gold content. This further derisks the project as we continue to work towards a maiden resource estimate, a major milestone and value catalyst for Kodiak, which is expected in the near future."

The introductory metallurgical test work program was designed to develop an understanding of the metallurgical responses of the mineralized material at MPD as well as to determine baseline copper and gold recoveries. A flotation program, incorporating automated mineralogy, which uses advanced analytical techniques to quantitatively determine mineral composition, was designed to develop a fundamental understanding of the factors that drive recovery and concentrate grade.

Sample selection and methodology

Three composite samples of half split core were collected for the metallurgical test work program. The composites were selected to build a cross-section of grades from six zones at the MPD project: Gate/Prime, Man, Dillard, West, Adit and South/Mid. Early-stage pit optimization work was referenced to determine representative grades to support the sample selection. The three composites were chosen to represent low-grade, average-grade and high-grade samples from the six zones. The samples were named MPD North High Grade (MPDNHG), MPD North Low Grade (MPDNLG) and MPD South (MPDS).

Each of the three composites was initially subjected to automated mineralogy using the industry-standard Tescan Tima platform. The mineralogy identified that the majority of the copper is in the form of chalcopyrite with a small amount of bornite and chalcocite.

The flotation test work utilized a proven, industry-standard copper flotation flow sheet that included rougher-stage and cleaner-stage flotation tests to recover copper, gold and silver. The rougher stage is a primary flotation stage intended to separate valuable minerals from barren rock. The cleaner stage is a secondary stage intended to concentrate the valuable minerals to a high-grade final concentrate product. A total of 24 flotation tests utilizing common reagents were performed to confirm metallurgical performance and provided valuable data to support optimization of recovery and final concentrate grade.

Metallurgical test work results

The results demonstrated copper rougher recoveries of 89.0 per cent and 89.9 per cent for the MPDNHG and MPDS samples, respectively, and 82.3 per cent copper rougher recovery for the MPDNLG sample. Gold showed good recovery by flotation, with between 59.7 per cent and 74.1 per cent reporting to the rougher concentrate.

Cleaner flotation tests were conducted to demonstrate that saleable copper concentrates bearing high gold credits (considered greater than 22 per cent copper) could be produced from each of the samples. The concentrates produced in the test work were of good quality, returning copper grades of between 22 per cent and 26.7 per cent and gold assays between 6.2 grams per tonne (low-gold-grade feed) and 16.9 grams per tonne. Analysis of the concentrates also show that the concentrates have low concentrations of deleterious elements.

The results of the test work are presented in Table 1.

It was seen during the program that a portion of the gold in the samples is associated with pyrite, as is observed at other Quesnel belt porphyry systems, indicating that standard sulphide flotation recovery methods are acceptable for producing gold in concentrate. Increasing the pyrite content in the copper concentrate while maintaining a saleable concentrate grade has been identified as an opportunity to maximize gold recoveries and will be explored in future test work.

The initial test work confirmed that the mineralization at MPD responds well to standard processing methods. Further metallurgical test work will build on the knowledge developed during this initial program to identify opportunities to improve recoveries.

Quality assurance/qualified person

The metallurgical program was carried out by Blue Coast Research, a leading provider of metallurgical testing services for the global mining industry. Blue Coast was selected to conduct initial metallurgical and mineralogical assessment of the MPD mineralization. The metallurgical and mineralogical work was conducted under the supervision of Tad Crowie, PEng, of JDS Energy & Mining Inc., a qualified person as defined by National Instrument 43-101. JDS is an international mining consultancy with extensive experience across a wide range of deposit types and metals, including many porphyry copper projects in British Columbia. Mr. Crowie has reviewed this news release and approved the technical information pertaining to the metallurgical work. Dave Skelton, PGeol, vice-president, exploration, and the qualified person as defined by NI 43-101, has reviewed and approved the technical information contained in this release.

Stock option grant

Kodiak also granted 50,000 stock options to an employee of the company. The options are exercisable at 50 cents per share for a period of five years from the date of grant, with one-third vesting immediately and one-third every year thereafter. The options were granted pursuant to the company's shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.

About Kodiak Copper Corp.

Kodiak is focused on its 100-per-cent-owned copper porphyry projects in Canada and the United States that have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel terrane in southern-central British Columbia, Canada, a mining district with producing mines and excellent infrastructure. MPD has all the hallmarks of a major, multicentred porphyry district with the potential to become a world-class mine. Work to date has outlined multiple substantial mineralized zones across the property, including several zones with near-surface, high-grade mineralization. A maiden resource estimate for MPD is planned in 2025 and with known mineralized zones open to expansion and more target areas yet to be tested, Kodiak continues to systematically explore the project to build critical mass and make the next discovery. The company also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine.

Kodiak's founder and chairman is Chris Taylor, who is well known for his gold discovery success with Great Bear Resources. Kodiak is also part of Discovery Group, led by John Robins, one of the most successful mining entrepreneurs in Canada.

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