World Copper Ltd. announced that it has completed an internal technical review of the exploration and development potential of the Zonia Copper Oxide Project ("Zonia" or the "Zonia Project"), located in the Walnut Grove Mining District, Yavapai County, Arizona, United States. The Company acquired Zonia in January 2022; a decision made in part based on Zonia's strong 2018 preliminary economic assessment (the "PEA"). World Copper has assessed Zonia's potential to host significantly more copper mineralization and is currently working on exploration drilling targets along the southwest to northeast long-axis of the Zonia deposit and below the existing resource as well as a compelling surface rock sample copper and molybdenum geochemical anomaly coincident with a manganese low anomaly located approximately two kilometres north-northeast of the established resource.

In addition to the exploration targets identified, World Copper intends to update the PEA, which is dated April 17, 2018, with an effective date of March 22, 2018, and was prepared by Global Resource Engineering Ltd. for Cardero Resource Corp., which reported mining methods and an economic base case based on USD 3.00/lb copper (a copy of the technical report with respect to the PEA is available on the Cardero Resource Corp. SEDAR profile at www.sedar.com). The mineral resource statement used for the PEA will also be updated as part of this process, to reflect recent copper prices.

World Copper has compiled and evaluated historical surface and subsurface geological, geochemical, and geophysical data currently available for the main Zonia deposit. Previous explorers focused on the near- term production potential of the Zonia deposit and constrained the mine plan model to a scale that would allow all mine infrastructure to be on private patented land claims, where the mine permit process is comparatively shorter. Historical surface exploration data and subsurface drilling data support significant potential to expand the existing resource through infill and step out drilling within and adjacent to the current resource.

The Zonia deposit is outlined by an IP chargeability high and has an associated surface copper-molybdenum rock geochemical high with a coincident manganese low. This anomalism extends beyond the current drill footprint and warrants step out drilling on all sides. Furthermore, additional drilling is necessary at depth below the current pit to (i) infill widely spaced mineralized intercepts and (ii) identify additional mineralization capable of pulling the pit to greater depths.

A review of the geology and existing block model will be made to evaluate areas of additional mineralization internal to the existing model and to identify specific targets for expanding resources with follow-up drilling. Zonia Norte Exploration Potential The largest potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where a large (2.5 x 1.5 kilometres) 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. It is significant that the anomaly is open to the north where outcrops are covered by post-mineral cover. This large geochemical footprint is interpreted to represent a second porphyry centre.

Nearby historical drill holes indicate the area is deeply weathered and copper-oxide mineralization is present. Zonia Exploration Plans Exploration efforts are ongoing at Zonia. Additional mapping and detailed sampling is required to understand controls on mineralization at the northeast end of the Zonia open pit, where several high-grade historical copper showings need to be fully understood.

The showings lie on a trend that links the main deposit to the new drill target to the northeast. The Zonia Norte porphyry target was fully permitted by the previous operator and is drill-ready once the permitting process is re-started. The drill programme comprises 18 shallow near-surface oxide targeting holes totaling over 5,000m (18,000 feet).

Further mapping over the target and adjacent areas are planned. High-grade historical copper occurrences (Copper Crown and others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled as part of the ongoing target delineation exploration program at Zonia. These occurrences of high-grade copper have geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.

World Copper plans to update the PEA in order to: (i) have it reflect current market conditions; (ii) include the full extent of the available resource; (iii) explore different sizes and concepts as part of a strategic review of the asset; and (iv) incorporate additional drill and geological data, as warranted. The PEA used USD $3.00/lb copper for a base case scenario producing 92.6 million tons of leachable material over an 8.6-year mine life. At a copper price of USD 3.00/lb, the Zonia Project shows an after-tax NPV at 6% of $225 million, an NPV at 8% of $192 million, an NPV at 10% of $163 million, and an IRR of 29.0%; the payback period is 2.89 years.

The PEA concluded the Zonia Project is most sensitive to copper price which is an important consideration for improving the economics. The updated PEA will be part of a broad strategic review of the Zonia Project and is a low-cost and high-reward study that is expected to positively impact Zonia's development outlook. The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be classified as Mineral Reserves.

There is no certainty that the results of the PEA (or any update thereto) will be realized. No Mineral Reserves have been estimated for Zonia. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.