Canadian Copper Satisfies Option Agreement Condition

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Canadian Copper Satisfies Option Agreement Condition

Toronto, June 28^th, 2023 – Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to announce that, pursuant to the terms of an Option Agreement it entered into with strategic partner Puma Exploration Inc. (TSXV:PUMA) (“Puma”) on June 30, 2021, it has made its first anniversary payment. All five mineral assets contained in the Option Agreement are located in the Bathurst Camp of New Brunswick, Canada.

“Since going public in July 2022, Canadian Copper’s strategic objective was to acquire and continue to grow our mineral inventory of critical minerals focused in the Bathurst Camp, of New Brunswick. This area is a top tier jurisdiction with a permitting framework, established infrastructure, and extensive history of large base metal mines, which are all necessary ingredients to successful mining development,” commented Simon Quick, CEO of Canadian Copper. “By executing this strategy, our Chester deposit Indicated Resources grew by more than 3x[1] in 2022 with targeted exploration efforts. Approximately 80% of the Chester copper resources are within 100 meters from surface at +1% Cu grade. Now with our pending acquisition of the Murray Brook deposit announced on June 13^th, we will grow our mineral inventory of critical minerals even more! We are eager to close the Murray Brook acquisition to evaluate integration and growth opportunities with this large open pit 18 million tonne deposit relative to our existing critical mineral projects in the region.”

To review the Company developments at the Chester Project, please see the 2022 press release here. Summary Chester Mineral Resource Estimate highlights are:

Indicated Mineral Resources: 4.866 million tonnes (“Mt”) at a grade of 1.13% copper, containing 120.28 million pounds (“Mlbs”) of copper, with potential by-product of 13.66 Mlbs lead, 10.52 Mlbs zinc, 69,000 ounces of silver, or potentially 7.51 Mlbs of in situ copper equivalent (“CuEq”)1.
Inferred Mineral Resources: 1.819 million tonnes (“Mt”) at a grade of 1.01% copper, containing 38.35 million pounds (“Mlbs”) of copper, with potential by-product of 3.17 Mlbs lead, 1.57 Mlbs zinc, or potentially 1.35 Mlbs of copper equivalent (“CuEq”)1.

Option Agreement Conditions

Canadian Copper has the right to acquire 100% interest in the Option Agreement assets under the following payment conditions:

$300,000 in cash or shares on the first (1^st) anniversary payment. (Satisfied)
- The Company has issued Puma 3,637,873 Canadian Copper shares.
$1M in cash or shares on the second (2^nd) anniversary payment.
$1M in cash or shares on the third (3^rd) anniversary payment.

Figure A: Portfolio of Option Agreement Assets

Figure B: Murray Brook Project Location

[1] Press Release dated November 1, 2022 “Canadian Copper Significantly Grows Mineral Resources at Chester Project”: https://canadiancopper.com/canadian-copper-significantly-grows-mineral-resources-at-chester-project/

Qualified Person

Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. is President and a Principal of APEX Geoscience Ltd. and is an independent QP. Mr. Dufresne is responsible for the Chester MRE and has reviewed and approved the geological information reported in this news release.

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada. There are currently 70,555,000 shares issued and outstanding in the Company.

For more information, please contact:

Simon Quick, Director and CEO | (905) 220-6661 | simon@canadiancopper.com | ir@canadiancopper.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the acquisition of the Caribou Complex, completion of a PEA, a Combined Operation strategy, Funding Strategy and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire properties under the Puma Option Agreement, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the CSE), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk and Uncertainties” in the Company’s annual management discussion and analysis for the year ended October 31, 2023 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.

Cautionary Note Regarding Mineral Resource Estimates and Historical Estimates

Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. Canadian Copper is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified person.

June 28, 2023
6:00 am

Simon Quick

Simon's experience includes early stage permitting, project development through to design engineering, construction, and final turnover. He joins Canadian Copper from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

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