World Copper Ltd. announced the results of an updated mineral resource estimate for the Zonia copper-oxide deposit in Arizona, USA . The updated mineral resource estimate includes 75.7 million short tons grading 0.30% total-copper containing 450.5 million pounds of copper and 122.0 million short tons grading 0.24% total- copper containing 575.4 million pounds of copper, which is a significant expansion of the Historical Resource Estimate. At the base case total-copper cut-off grade of 0.125 ­ 0.130% and at a range of total-copper cut-off grades a 3D view looking north, showing resource blocks at various copper grades that are constrained within the optimized pit shell.

The Updated Resource Estimate was completed by Richard A. Schwering P.G., SME-RM, of Hard Rock Consulting, LLC of Lakewood, Colorado, an independent qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, for World Copper as part of the Company's overall exploration plan for Zonia. The Updated Resource Estimate was completed in a manner consistent with the "CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines" adopted by CIM Council on November 29, 2019, and the mineral resources are classified in accordance with "CIM Definition Standards for Mineral Resources and Mineral Reserves", prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on May 10, 2014 . Classification of the resources reflects the relative confidence of the grade estimates.

Mr. Schwering estimated the mineral resources for the Project based on wireframe modeling and to a maximum search distance of 960 feet using an ordinary kriging interpolant. Geostatistics and mineral resource estimation were done with Leapfrog EDGE®. Three- dimensional wireframes and model visualization was done with Leapfrog Geo® software, and the mineral resources were constrained with a Lerch-Grossman pit optimization.

The metal of interest at the Project is copper, and the effective date of the Updated Resource Estimate is September 1, 2022. A variable copper cut-off was chosen for reporting the Updated Resource Estimate based on the oxidation model. The cut-off grade for blocks was calculated based on the following assumptions: a long-term copper price of USD 3.60/lb., assumed combined operating ore costs of USD 6.25/ton, refining & shipping costs of USD 0.05/lb.

of copper, and copper metallurgical recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition. Mineral resources that are not mineral reserves do not have demonstrated economic viability and may be materially affected by modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade, or quality are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity.

Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Data verification efforts for the Updated Resource Estimate carried out by HRC included discussions with World Copper personnel, personal inspection of the Project area with the collection and submission of check samples to an external laboratory, a mechanical audit of the exploration drillhole database received from World Copper, and a detailed review of additional information obtained from historical reports and information provided by the Company.

HRC also completed a partial validation of the database geologic information as compared to the paper logs, and a partial validation of the assay values contained in the exploration database as compared to assay certificates provided by World Copper. A statistical analysis was also completed on 46 twinned drill holes completed by previous operators. A technical report to support the Updated Resource Estimate for the Project, prepared in accordance with NI 43-101, will be filed on SEDAR within 45 days of this news release.

Comparison to Historical Resource Estimate Cardero Resource Corp. filed a technical report on SEDAR entitled "Preliminary Economic Assessment, NI 43-101 Technical Report Zonia Copper Project Yavapai County, Arizona, USA", which report was prepared by Global Resource Engineering with an Effective Date of March 22, 2018, and an Issue Date of April 17, 2018 . The historical mineral resource estimate used for the PEA was prepared in accordance with the requirements of NI 43-101 with an effective date of November 30, 2015.

The qualified person for the Historical Resource Estimate was Rex C. Bryan of Tetra Tech Inc. Total copper grades were estimated for the Project using an ordinary kriging algorithm based on three-dimensional wireframe modeling and a maximum search distance of 600 feet. Three- dimensional wireframes and model visualization was done with GemCom® software. Geostatistics and resource estimation was done with MicroModel®.

Additional statistical analysis was done with Statistica®, and Excel®. The Historical Resource Estimate was stated within a Lerch-Grossman optimized pit shell and met the test of reasonable prospects for economic extraction using the following parameters: a metal price of $2.50/lb. copper, mining costs of $1.50/ton, processing costs of $3.40/ton, general and administrative costs of $0.45/ton, oxide recovery of 73%, transition zone recovery of 70% and an average pit slope of 45 degrees.

The Historical Resource Estimate was classified as Measured, Indicated, and Inferred in accordance with CIM Standards. The Historical Resource Estimate is superseded by the Updated Resource Estimate disclosed by the Company in this news release. A qualified person has not done sufficient work to classify the Historical Resource Estimate as current, and the Company is not treating the Historical Resource Estimate as current mineral resources.

Building from the resource expansion from the Updated Resource Estimate, the next step and largest potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where a large coincident copper-molybdenum-manganese geochemical anomaly has been identified . Historical surface rock geochemical sampling has delineated a copper- molybdenum anomaly that is spatially coincident and similar in size/shape with a broad zone of manganese depletion consistent with typical porphyry-copper mineralization. This anomaly is situated 1.5 kilometres to the north-northeast of the Zonia deposit, which exhibits the same pattern of geochemical anomalism and is comparable in size to the northeast target.