World Copper Announces Compelling Results for Escalones PEA; US$1.5 Billion Post-Tax NPV8 and 46.2% IRR

Webcast & conference call March 22, 2022, 8:00AM PST

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), announces the results of the independent Preliminary Economic Assessment (“PEA“) for its flagship Escalones project in Central Chile (“Escalones” or the “Project“). All values in this news release are reported in U.S. dollars unless otherwise noted.

PEA HIGHLIGHTS:

  • $1,499.6 million Post-Tax NPV8 at $3.60 /lb. Life of Mine (“LOM”) (20 years) copper price
    • Post-Tax IRR of 46.2% and Payback of 2.18 years
    • $2,279.1 million pre-tax NPV8, Pre-Tax IRR of 63.9%
  • $1,822.4 million Post-Tax NPV8 at US$4.00 /lb. LOM copper price
    • Post-Tax IRR of 53.6% and Payback of 1.95 years
    • $2,769.8 million pre-tax NPV8, Pre-Tax IRR of 75.0%
  • Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
    • Profitability Index (NPV / CAPEX) at $3.60 /lb. of 3.44X
    • Capital Intensity Index (Initial CAPEX / Cu production in tonnes); First 5-years $7,756 /t Cu; LOM $8,416 /t Cu
  • First 5 years average annual copper production of 124.7 Mlbs. (56,520 tonnes); LOM average 114.9 Mlbs. (52,131 tonnes)
    • First 5-years average C1 (Cash Operating) costs of $1.13 /lb. Cu; LOM average C1 costs $1.19 /lb. Cu
  • First 5 years average annual EBITDA $290.8 million; LOM average annual EBITDA $265.1 million
  • LOM Sustaining Capital of $192.5 million
    • First 5-years average All-In Sustaining Cost (AISC) of $1.28 /lb. Cu; LOM average AISC of $1.42 /lb.
  • 365.8 Mt of heap leach tonnes mined and processed over a 20-year LOM in a conventional open pit mining operation
    • First 5-years average grade 0.49% Cu; LOM average grade 0.38% Cu
    • LOM strip ratio of 1.12 of waste to heap leach tonnes
    • LOM cutoff grade of 0.17% Cu
  • Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day
    • Estimated average heap leach recoveries of 72.5%
  • Recommendations for work that may lead to potential for further improvements to the Project including:
    • Expansion and improvement of the existing Escalones Mineral Resource Estimate through further exploration of the total 16,189-hectare land package
    • Improvement and refinement of metallurgical recoveries and processes through further metallurgical testwork
    • Continued evaluation of different project sizes (“right sizing”) and optimization of mine plans
    • Evaluation and incorporation of existing technologies to improve sustainability and reduce environmental impact

The PEA summarized in this news release 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 to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for Escalones. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade or quality are estimated on the basis of 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. Mineral Resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction.

The effective date of the PEA is February 15, 2022, and a National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report to support the PEA will be filed on SEDAR within 45 days of this news release.

Nolan Peterson, CEO and President of World Copper commented on the results:

“The exceptional results of the Escalones PEA confirm what we at World Copper have always believed – that Escalones has the potential to be one of the most impressive copper properties in South America. Escalones now joins a peer group of large-scale, study backed, development stage assets. Escalones has several attributes that make it attractive for development including robust economics, strong value metrics and the potential of rapid returns for a comparably low capital investment. These factors combine leading to a profitability index in the top quartile of peer group companies with a capital intensity in the bottom quartile. Furthermore, the Project’s lowest quartile position on the global cash cost curve indicates profitability in even the weakest copper market scenarios. The results of the PEA, combined with Escalones’ large land package and resource expansion potential, make it a truly outstanding project.

Embracing the oxide potential of Escalones resulted in unlocking the value of an asset that others have overlooked. The results of the PEA are a testament to our skill at understanding and identifying the key value drivers of copper deposits. As an oxide heap leach Escalones is positioned well to benefit from global decarbonization efforts and the evolving global economy, where reducing environmental impacts and contributions to preventing climate change are increasingly important. It is our goal to work hand in hand with our local partners and communities, to begin proving that more sustainable mining projects are not only possible but can also yield economic benefits to all stakeholders.

The PEA is the culmination of years of hard work by the team at World Copper, our partners, and our stakeholders. I personally thank all for their efforts and support. While the PEA is the most significant milestone to date for Escalones, our work does not end here. We intend to advance the Project through development and permitting while continuing exploration drilling to upgrade and expand the resource as we work to unlock the full potential of the Project.”

SUMMARY OF PRELIMINARY ECONOMIC ASSESSMENT

The PEA was prepared by Global Resources Engineering (“GRE“) with contributions from other firms, including Hard Rock Consulting, LLC (“HRC“). The PEA was prepared in accordance with the requirements of NI 43-101 and is based on the Mineral Resource Estimate for Escalones with an effective date of June 25, 2021, prepared by HRC (see “Geology and Mineral Resource Estimate” below).

The PEA confirms that the Escalones estimated Inferred Mineral Resources are amenable to a large scale, bulk high-tonnage, open pit, mining operation. An optimized PEA mine plan has been developed from the mineral resources available to the Project. For the PEA study a leased mining fleet, operated by the owner, was assumed, in order to minimize initial CAPEX requirements – categorizing the expenditure, as appropriate, into operating costs.

Escalones production would focus on the oxide heap-leachable material processed using a conventional heap leach operation with sulfuric acid and fresh water. The pregnant leach solution is further processed via solvent extraction and electrowinning to produce an average 52,000 tonnes (approximately 114 million lbs.) of copper in cathodes per year, over a full 20-year LOM. Copper recoveries are estimated to average approximately 72.5% of total copper placed.

Capital and operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy.

Table 1: Summary of PEA Economic Results and Assumptions

PEA Economic Model Results and Assumptions
Copper Price Assumed $3.60/lb Cu
Pre-Tax NPV8 & IRR$2.28 billion / 63.9%
Post-Tax NPV8 & IRR1$1.50 billion / 46.2%
Undiscounted Post-Tax Cashflow (LOM)$3.13 billion
Payback Period (from first production)2.18 years
Initial Capital$438.4 million
LOM Sustaining Capital $192.5 million
LOM C1 Cash Costs$1.19 / lb Cu
LOM All-In Sustaining Cash Costs (AISC)$1.42 / lb Cu
Average Annual Copper Production52,000 kt
LOM~20 years
Estimated Process Recovery LOM72.5%

(1) All figures are reported in 2022 U.S. dollars and on a 100% equity owned basis. Copper price used was based on past 3-years historical prices and forward 2-years LME copper prices. Copper prices exclude a $80/t Cu (or $0.0364 / lb. Cu) Cathode premium which was included into overall economics. Taxes were calculated assuming Chilean Mining Royalty Tax rates as of January 2022 and a 27% First Order Corporate tax rate.

Table 2: Economic and Sensitivity Analysis

Copper Price $US/lbPost-Tax NPV8 Base Case $US MillionsBase Case  IRR (%)Post-Tax NPV8 CAPEX (±10%) $US MillionsPost-Tax NPV8 OPEX (±10%) $US MillionsPost-Tax NPV8 Grade (±10%) $US Millions
3.001,00934.7%971 / 1,046898 / 1,1191,252 / 761
3.601,50046.2%1,463 / 1,5351,392 / 1,6051,781 / 1,210
4.001,82253.6%1,786 / 1,8571,717 / 1,9272,130 / 1,507

Static sensitivities are presented in Table 2 above. A dynamic sensitivity analysis was conducted using Monte Carlo statistical modeling techniques. The sensitivity to dynamic variations in model assumptions are presented below in Table 3.

Table 3: Dynamic Sensitivity Analysis

Monte Carlo Dynamic Modeling Results1P90
Post – Tax NPV8 – $US million$1,098 million
Post – Tax IRR – %34.2%
C1 Cash Costs – $/lb Cu$1.46 / lb Cu

*Note:
(1) Monte Carlo results are displayed as P90 the result where 90% of the 20,000 generated outcomes of the dynamic statistical modeling exceeded (or did not exceed) the result. Probability distributions for Monte Carlo Analysis inputs were:
Copper Price: $3.00 to $4.20 – Triangular Distribution CAPEX: 65% to 135% – Beta General Distribution OPEX: 65% to 135% – Beta General Distribution Copper Recovery: 67.5% to 77.5% – Beta General Distribution Copper Head Grade (Payable Copper): 90% to 110% – Beta General Distribution

GEOLOGY AND MINERAL RESOURCE ESTIMATE

Escalones has estimated Inferred Mineral Resources of 426 million tonnes of 0.367% copper, based on nearly 25,000 metres of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71% for the purposes of resource modeling. HRC completed an updated resource estimate for Escalones with an effective date of June 25, 2021 (see technical report dated October 6, 2021 (effective August 15, 2021) entitled National Instrument 43-101 Technical Report: Mineral Resource Estimate for the Escalones Copper Project Santiago Metropolitan Region, Chile).

Table 4: Oxide Mineral Resource Statement for Escalones

ClassDensityTonnes GradeMetal Content
Tonne/m3(x1000)Total Cu%x1000 Ib Cu
Inferred2.69426,1980.3673,446,982

*Notes: (1) Mineral resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred mineral resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of 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. See “Cautionary Note to United States Investors”.
(2) Mineral resources are reported at a 0.13% CuT cutoff. The cutoff is calculated based on a long-term copper price of US$3.50/lb; assumed combined operating leached material costs of US$6.50/t (process, general and administrative and mining taxes); refining & transportation costs of $0.25/lb of Cu; metallurgical recoveries of 71% for copper and a 2% net smelter returns royalty.
(3) Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction, the optimization used the same mining costs of $2.50/t mined and a 50º pit slope.
(4) Rounding may result in apparent differences when summing tonnes, grade and contained metal content.

The estimated Inferred Mineral Resources sit within a four square-kilometre area of hydrothermal alteration comprising quartz-sericite, potassic, and calc-silicate alteration assemblages, mostly hosted by central porphyritic intrusive rocks with porphyry-style (fracture-fill and disseminated) mineralization. Calcareous sedimentary rocks flanking the central zone host replacement-style “skarn” and disseminated sandstone-hosted mineralization.

Copper mineralization at Escalones occurs as secondary copper oxides, sulphates and carbonates that have replaced sulphides comprising chalcopyrite, bornite, and covellite to depths averaging about 300m. This replacement has led to higher grades at shallower depths, and, since the mineralization sits within a high-standing ridge, makes it ideal for surface mining.

The estimated Inferred Mineral Resources are reported within an optimized pit shell and are considered to have a reasonable potential for economic extraction. A 0.13% total Cu cut-off grade was selected for reporting the mineral resource (bolded) while the sensitivity to various cut-off grades is also demonstrated (Table 5). The cut-off grade was calculated based on the following assumptions: a long-term copper price of US$3.50/lb Cu, assumed combined operating leached material costs of US$6.50/t (process, general and administrative and mining taxes), refining & shipping costs of US$0.25/lb of Cu, metallurgical recoveries of 71% for copper, and a 2% net smelter returns royalty. The metal prices used in the cut-off represent a 15% increase over the three-year historical average as of June 30, 2021.

The Inferred Mineral Resources have currently only been prepared and reported above the base of the oxide/secondary sulphide – primary sulphide boundary to define material that can be recovered via leach. There is sulphide material below this surface that has been successfully tested for flotation recovery in the past but has been excluded from the current estimate of Inferred Mineral Resources.

Table 5: Resource Sensitivity Within Escalones 2021 Resource Pit

Cut-off Grade (% Cu)Strip RatioInferred
Tonnes (x ‘000)Copper (%)Contained Acid Soluble Copper (millions lbs)
0.100.77463,4720.3473,541
0.130.93426,1980.3673,447
0.150.99412,6430.3743,405
0.201.21371,3850.3963,245
0.251.63312,6920.4282,952

MINING

Mine plans for the resource area were designed and planned using conventional open pit mining methods. The open pit is suitable for phased designs. The design pit phases use triple-benching of 10-metre benches at an overall pit wall slope of 50°. In-pit haul roads were designed to be 34-metres wide, allowing for two-way traffic using 227-tonne haul trucks.

A PEA mining schedule was generated from the Mineral Resource Estimate within the base case pit, which was set at a cut-off grade of 0.17% Cu. The PEA mining schedule includes four distinct phases of pit development and was developed assuming the following:

  • Mining Production Rate: 50,000 tonnes per day (tpd)
  • Mine Operating Days per Week: 7
  • Mine Operating Weeks per Year: 52
  • Mine Operating Shifts per Day: 2
  • Mine Operating Hours per Shift: 12 (10 productive hours per shift)
  • Utilization: 85%
  • Availability: 90%

A summary of the reported resources for each pit phase are shown in (Table 6). In some cases, out-of-pit haul roads needed to access pit areas on the steep banks of the property were included in the resource reporting.

Table 6: Escalones Resources by Pit Phase

Pit PhaseMineralized Material (million tonnes)Rock Waste Material (million tonnes)Till Waste Material (million tonnes)Contained Copper (millions lbs)Copper Grade (%)Stripping Ratio
142.420.315.5533.60.5700.84
294.050.833.9811.90.3920.90
367.3124.111.4565.90.3822.02
4162.2140.312.31,186.80.3320.94
Total365.8335.673.13,098.10.3841.12

*Notes:
(1) The block model was created by HRC.
(2) GRE used HRC’s Whittle pit shells to create phases as a guide for phase design and the ultimate final pit design.
(3) GRE used 50° inter-ramp angle pit slopes for the pit design, with 34-metre-wide haul roads at 10% grade.
(4) Resources in this table are reported at a 0.17% Cu cut-off grade.

RECOVERY METHODS

The production process for Escalones is comprised of conventional sulfuric acid heap leaching followed by solvent extraction and electrowinning to produce cathode copper. The target production rate is 50,000 tonnes per day of mineralized material producing an average of 52,000 annual tonnes (115 million pounds) of Grade-A copper cathode. The estimated average copper extraction from the mineralized material is 72.5%, with 75% recovery of the recoverable copper during the first year, 20% during the second year, and 5% thereafter.

Run of mine (ROM) material would be trucked to a primary jaw crusher located close to the proposed open pit, then conveyed to a secondary crushing circuit, and finally delivered to the heap via a series of overland conveyors. The pregnant leach solution (PLS) from the heap leach would be processed directly in the solvent extraction plant (SX), diverted to a dedicated pond, or recirculated to the heap.

The SX circuit consists of a series of extraction stages and a stripping stage using a conventional mixer/settler arrangement. The loaded organic from the extraction stage would be transferred to the stripper vessel, producing a rich electrolyte solution for subsequent electrowinning (EW). The copper-depleted raffinate from the extraction circuit would be recycled to the raffinate pond. Prior to electrowinning, the rich electrolyte would be purified to remove entrained organic through column flotation and filtration. The depleted “raffinate” solution would report to the heap leach raffinate pond/tank and be recirculated back to the heap after having the reagent levels adjusted (free acid).

The electrowinning circuit consists of a series of electrowinning cells equipped with cathodes and anodes. The copper depleted lean electrolyte would report back to the SX stripping circuit. The plated copper cathodes would be stripped using a mechanized stripping system after being washed. Grade-A copper cathodes would then be sampled and bundled for shipment and sale. No concentrate is produced from SX-EW processing.

INFRASTRUCTURE

Escalones will require the following infrastructure for operations:

  • Process water supply
  • Power supply
  • Access and haul roads
  • Cathode storage and transport system
  • Mine and plant infrastructure
  • Ground material transport
  • Upgraded or expanded camp

The Project is accessible from Queltehues via gravel road. Additional access and haul roads will be needed within the Project area to access mining and process facilities, crushers, and pits. The costs for development of these and other necessary infrastructure components are included in the cost estimate. The conceptual design includes locating all project infrastructure facilities within the immediate vicinity of the mine.

The power requirements for the Project are approximately 150 GWh. per annum. Power is assumed to come from the grid connection at the Queltehues hydroelectric plant, approximately 53 km downstream. High-voltage transmission lines are included in the project estimate, to provide power from the Queltehues plant to the Project.

Process makeup water consumption assumes 0.06 cubic metres of water evaporated per stacked tonne, including a 5% evaporation loss from irrigation flows, with an additional 0.15 cubic metres per stacked tonne stored in the heap. This results in a makeup usage estimate of approximately 2.6 million cubic metres per year (5,000 litres per minute (lpm) or 1,300 gallons per minute (gpm)). Mine process and camp water will require an additional 379 lpm (100 gpm).

GRE has assumed water would be available from the Rio Pangal Valley near El Teniente, Costs to construct an 85 km long pipeline to bring water from this area to the project site are included in the cost estimate. World Copper currently has no water rights for Escalones; however, active discussions are ongoing to secure water from sources that may include seawater pipeline tie-ins.

A camp suitable for housing up to 230 persons will need to be constructed. A suitable location down valley towards Queltehues is assumed to be available.

CAPITAL AND OPERATING COST ESTIMATES

GRE prepared the capital and operating cost estimates under the assumption of processing of open pit mined material at a rate of 50,000 tpd. Capital costs include, process plant and facilities, process mobile equipment, site and ancillary infrastructure, G&A, sustaining capital, working capital and a 25% contingency on general capital items for a total initial capital of $438.4 million and a total sustaining capital of $192.5 million for a total of $630.9 million for the LOM. (See Table 7).

An existing 2% net smelter returns royalty exists on the Escalones resource exploitation concessions, in favour of the previous option holder on the Project. The royalty can be re-purchased for a cost of US$3 million within the first 5-years of production from Escalones. For the capital cost estimate prepared by GRE it is assumed that the royalty is re-purchased.

Table 7: Escalones Capital Cost Summary

AreaYear -1 (millions)LOM Sustaining (millions)Total (millions)
Royalty Buyback$3.0$3.0
Process$233.9$145.6$379.5
Infrastructure$107.0$7.8$114.9
G&A$6.8$0.6$7.4
Sustaining$0.5$0.5
Contingency$87.1$38.5$125.6
Total$438.4$192.5$630.9

The estimate assumes that the Project will be operated by the owner with leased mobile mining equipment. Pit stripping takes place during the same period of heap leach material production and is considered an operating cost. All costs for mining equipment leasing, drilling, blasting, labour, maintenance, and supplies are included as operating costs.

Operating costs include mining, processing, and G&A and total $2,956.1 million over the full LOM. The mining unit costs per total tonne are $1.87; the processing unit costs per heap leach tonne are $3.39; and the G&A unit costs per heap leach tonne are $0.53 (see Table 8). Total operating costs per heap leach tonne are $8.08 per heap leach tonne. A 10% contingency is applied to leasing costs for mobile mining equipment. No contingency is applied to other operating costs.

World Copper has committed greater than 10% of the LOM Escalones G&A budget within the PEA to supporting community relations and development.

Table 8: Escalones Operating Cost Summary

ItemTotal Operating Cost (millions)Unit Operating CostUnit
Mining$1,445.7$1.87$/tonne mined
Processing$1,239.8$3.39$/tonne processed
G&A$206.0$0.53$/tonne processed
Closure/Bonding$75.4$0.21$/tonne processed
Total$2,956.1$8.08$/tonne processed

WORKING CAPITAL

Working capital for the project assumes 1.5 months of operating expenses totalling $12.4 million starting in Q4 of Year -1.

Capital and Operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy.

The PEA is considered preliminary in nature and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would allow classification as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

No Mineral Reserves have been estimated for the project. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of 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. Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction.

QUALIFIED PERSONS

John Drobe, P.Geo., Chief Geologist to World Copper is the qualified person as defined by NI 43-101 for the Project. Terre Lane, MMS, SME and Dr. Todd Harvey, SME are the qualified persons as defined by NI 43-101 for the PEA and are independent of the Company. J.J Brown, P.G., SME RM, Richard Schwering, P.G., SME-RM, and Enrique Grez, P.G. Comisión Minera de Chile are the qualified persons as defined by NI 43-101 for the Mineral Resource Estimate and are independent of the Company. They have reviewed the technical information that forms the basis for this news release and have approved the disclosure herein.

CONFERENCE CALL AND WEBCAST INFORMATION

Nolan Peterson, World Copper CEO and President will present the results of the PEA on March 22, 2022, at 8:00AM PST on a Webcast hosted by Amvest Capital.

Please register at the following link:

https://www.amvestcapital.com/webinar-directory/worldcopper032222

A recording of the presentation will be made available after the presentation.

ABOUT ESCALONES

The Escalones porphyry-skarn copper-gold project is located within the Santiago Metropolitan Region, in Central Chile, approximately 97 km southeast of Santiago and 35km east of El Teniente. The Project covers an area of 161 square kilometres (km2), of which (i) 46 km2 are covered by 19 exploitation concessions that are the subject of an option agreement between an indirect, wholly owned subsidiary of World Copper, TriMetals Mining Chile SCM (“TMI Chile“), and a third-party vendor to acquire a 100% interest in and to the concessions; and (ii) 115 km2 are covered by 40 exploration concessions, owned by TMI Chile.

Drill-defined mineralization within the Project area occurs beneath a high-standing ridge between Quebrada Escalones and Quebrada Argüelles, at elevations ranging from 3,400 metres above sea level (masl) in the west, up to approximately 4,077 masl on the ridge. Surface alteration and mineralization covers about 1.5 km east-west and 3 km north-south. The central intrusive complex is mostly covered by glacial till plateau called the “Meseta” at 3,800 masl and flanked by lower skarns on the west, and higher skarn along the ridge crest to the east.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the results of the PEA, including the projected CAPEX, the estimated after-tax NPV and IRR, the estimated LOM and estimated concentrate grades, the potential production from and viability of Escalones, the risks and opportunities outlined in the PEA, the potential tonnage, grades and content of deposits, the extent of mineral resource estimates, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive all necessary approvals required to develop Escalones as outlined in the PEA, that the assumptions in the PEA are reasonably accurate, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Escalones in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to United States Investors

World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws.  Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.

As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, which are defined in substantially similar terms to the corresponding CIM Standards.  In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards.  Accordingly, there is no assurance any mineral resources that World Copper may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43101.

World Copper Enters into MOU for Strategic Alliance with the Advanced Mining Technology Centre of the University of Chile

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“) – (TSX.V: WCU, OTCQB:WCUFF) announces that it has entered into a Memorandum of Understanding (“MOU“), through its wholly-owned Chilean subsidiary, TriMetals Mining SCM, with the Advanced Mining Technology Centre (“AMTC“) of the Faculty of Physics and Mathematics (“Facultad de Ciencias Físicas y Matemáticas“) of the University of Chile (“Universidad de Chile“).

The MOU sets out a framework for a strategic alliance between the parties (the “Strategic Alliance“) for the research, development, and implementation of sustainable and innovative technologies applicable to exploration, metal mining and ore processing. The ultimate goal of the Strategic Alliance is to develop and implement mining processes that reduce the environmental impacts of mining activities to the surrounding communities and help protect the natural environment throughout the mining development cycle.

World Copper President and CEO, Nolan Peterson commented, “It is a great honor to collaborate with AMTC and Universidad de Chile. This MOU is aligned with World Copper’s goals of developing its Escalones project into one of the greenest and most environmentally friendly mining projects in Chile and creating an exemplar mining company of the future. AMTC will allow us to access some of the best talent and know-how in the country, to help us fast-track these goals. Sustainability is integral to contributing meaningfully to our communities and to the success of our projects and we believe it is a critical component in the value creation chain. World Copper is committed to making deep inroads within the Chilean community and this MOU is an example of that. We will continue to form these relationships as we expand our team and activities to embrace the opportunity before us.”

Javier Ruiz del Solar, Executive Director of AMTC commented, “We welcome this opportunity to work hand-in-hand with a forward-looking company like World Copper as we continue to strive for the highest standards of sustainability and technical excellence for the mining industry, in the spirit of the values of Universidad de Chile.”

The MOU calls for scientific and educational co-operation between AMTC and World Copper’s Escalones project. For the initial period of two years the parties will make joint efforts towards a common goal of creating sustainable and environmentally friendly methods of conducting exploration and mining activities. Both parties will work towards creating new technologies that aim to reduce water consumption, environmental footprints, and CO2 emissions of mining related activities. The MOU does not commit either party to any specific action, but rather provides the initial principles on which parties will carry out research, development, innovation, and other activities contemplated by the Strategic Alliance.

The MOU strengthens the links between AMTC and World Copper, as well as between academia and the mining industry. AMTC is a prominent academic centre in Chile and has an outstanding reputation for putting cutting-edge research into practice and helping the mining industry advance towards a greener and more sustainable future. World Copper has unique knowledge of exploration and project development in Chile and seeks to work with academic partners towards responsible resource development. Pursuant to the MOU, the Company will host workshops for AMTC researchers and students to investigate potential projects and options to cooperate in the development of World Copper’s projects in Chile and the U.S.

ABOUT AMTC

AMTC was founded in 2009 as a part of the Facultad de Ciencias Físicas y Matemáticas of the Universidad de Chile, and its facilities are in the Campus Beauchef of the Universidad de Chile.

Its scientific research activity of its over 170 faculty is focused on five areas: exploration and geological modelling, mine design and production planning, mineral processing and extractive metallurgy, automation in mining, water, and environmental sustainability.

AMTC has successfully championed numerous scientific projects creating prototypes, proprietary software and cooperating with various mining and exploration companies. AMTC has also developed significant cooperation agreements and joint research initiatives with government agencies, and research and technology centres worldwide. For more information, please visit www.mtc.cl.

ABOUT UNIVERSIDAD DE CHILE

Universidad de Chile, located in Santiago, is the oldest and the most prestigious public university in Chile. It is recognized as one of the best universities in Latin America for its leadership and innovation in science, technology, social sciences, and arts. It was also listed among the 400 best universities in the world.

Its five campuses and world-class facilities educate over 43,000 undergraduate and graduate students and offer more than 39 doctoral programs and 115 master programs. Notable alumni include Nobel laureates Pablo Neruda and Gabriela Mistral, twenty Chilean presidents and two presidents from other countries (Mexico and Ecuador).

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,280 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

QUALIFIED PERSON

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of World Copper as he is a consultant of World Copper.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:

John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:

Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the objectives and activities of the parties pursuant to the Strategic Alliance, the ability of the Company to access the best talent and know-how in Chile, the ability of the Company and AMTC to develop technologies that reduce water consumption, environmental footprints and CO2 emissions of mining activities, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that AMTC and the Company will continue to work together under the Strategic Alliance, that market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s projects in a timely manner, including the Escalones, Cristal and Zonia projects, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects, including with respect to implementing the new technologies contemplated by the MOU, and its ability to comply with environmental, health and safety laws.

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 information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones, Cristal and Zonia projects, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Clarifies News Release

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company”; TSXV: WCU, OTCQB: WCUFF), at the request of IIROC, clarifies and provides additional information related to its February 2, 2022 news release.

The Company retracts its stated endorsement of the future price targets and buy recommendation reports of Zack’s Small-Cap Research (“Zack’s”) and Fundamental Research Corp. (“FRC”), which statement was made in error.

The Company reports that each of Zack’s and FRC have been retained for a one year term to provide independent analyst coverage, for the amount of USD $30,000 and CAD $40,000, respectively. The Company has no input in setting the price target recommended by the analysts.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona.  Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project was acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated April 20, 2021; June 9, 2021; September 20, 2021; November 9, 2021, December 13, 2021 and January 28, 2022 for more details.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:

John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:

Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future 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 World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of World Copper, the ability of World Copper to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID19, including the impact of COVID19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents. All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Provides Anniversary Commentary

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), provides the public and its shareholders with a corporate update.

A Message from World Copper’s CEO and President, Nolan Peterson:

My fellow stakeholders, three weeks ago we passed a significant milestone for the Company as we have now been publicly traded for one year. On Friday, January 28th, we completed our merger with Cardero Resources (“Cardero”) and welcomed a new group of shareholders and a new project to our story. The World Copper story has been developing rapidly over the past year and will only accelerate as our momentum continues to build. I would like to take this opportunity to welcome our new shareholders and remind all of what we are developing at World Copper.

A First Year and Analyst Coverage

When we first listed in January 2021, World Copper traded under the radar with little fanfare. The actions the Company has executed in our first year have been the first steps in building a true mining company that is now starting to truly attract the market’s curiosity. The significance of the updated resource statement for Escalones in 2021, redefining it as a copper oxide resource (see news release of August 23, 2021), is now becoming understood in the market to the benefit of shareholders who understood it from the start. Now with the completion of the merger with Cardero, the value of the Zonia asset in our portfolio is also growing to the same degree of increased awareness.

As the Company executes on our plans and puts our words into action, we have started to increase coverage of the Company. On January 12th, 2022 Zack’s Small-Cap Research ascribed to the company a $2.50/sh price target ($2.03 USD), recognizing the significant value we will unlock as we continue to establish the Escalones project and develop Zonia. On January 21st, 2022 Fundamental Research Corp. likewise provided a price target of $2.02 for the Company. Management believes these targets are readily achievable in the near term, especially with the plans and team we have in place currently.

Please visit the Company’s Analyst coverage page for more details:

https://worldcopperltd.com/analyst-coverage/

2022 Outlook

Development milestones for our flagship Escalones asset in Chile are on track, as the Preliminary Economic Assessment (PEA) for Escalones is expected to be delivered in the near future. The PEA remains the single most important development for the asset and the company, one that will define the full development potential for Escalones. We also expect the Mancha Amarilla drill program to commence in February 2022, with the receipt of drill permits in-hand.

Our plans for Zonia remain to update the existing PEA, and to start drill work to expand the substantial resource that is already in place.

The Company is poised for continued sustained growth in 2022 as we build off of the expected successes from our early 2022 program. We will aim to advance and plan the next phase of drilling at Escalones, and continue developing other exploration targets within that property concurrently, to further understand the resource and advance exploration and development of Zonia in parallel. Copper demand is expected to remain strong in the near-term and strengthen over the long-term further adding further tailwinds to our endeavours. We look forward to continuing to provide updates throughout the upcoming year with continued investor outreach programs as the future continues to be bright for the World Copper.

Presentation at the London Southeast Live Webinar

In addition to the update above, President and CEO, Nolan Peterson will be presenting at the London Southeast Live Webinar on Tuesday, February 8, 2022 at 11:30am PST (2:30 EST/7:30GMT). The full webinar will start at 10:00am PST (1:00 EST/6:00GMT). London South East hosts some of the UK’s largest webinars, and this event will feature four companies, with a substantial expected investor audience in attendance.

Please register for this webinar at:

https://us02web.zoom.us/webinar/register/8716431930253/WN_ZJVzMqdWTgWYBetrouIuFg

Presentation at the GCFF Virtual Conference

President and CEO, Nolan Peterson will be also be presenting at the GCFF Virtual Conference 2022 – Base Metals & Energy Metals Day; a free online event to be held on Wednesday, February 9, 2022 at 10:55am PST (1:55pm EST). Featuring some of the most promising mineral exploration companies in the market today, the event is expecting over 400 English and Chinese speaking live attendees.

Register for this webinar at:

https://gcff-2022-feb-9.eventbrite.ca/?aff=WCU

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated April 20, 2021; June 9, 2021; September 20, 2021; November 9, 2021 and December 13, 2021 for more details and for the current status of the transaction.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:

John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:

Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, that Cardero Shareholders will approve the Arrangement, that Cardero will be successful in obtaining the Final Order, the expected completion date of the Arrangement, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Cardero and the Company will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Announces Management Update and Grants Incentive Stock Options

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), announces that Mr. Nolan Peterson has been appointed the duties and title of President in addition to his current role as Chief Executive Officer.

Mr. Patrick Burn resigned as President as of January 31, 2022 and will remain as a member of World Copper’s Board of Directors.

Henk van Alphen, World Copper’s Chairman stated, “Since his appointment as CEO in April 2021 shareholders should be pleased with the Company’s performance and Mr. Peterson has set the Company on a trajectory for even greater future successes.  The Board has consolidated the roles of CEO and President in recognition of our full confidence in Mr. Peterson’s ability to articulate and advance the Company’s strategic vision. We thank Mr. Burns for his service as President and he will remain a valuable member of our Board.”

PRESENTATION AT THE LONDON SOUTHEAST LIVE WEBINAR

President and CEO, Nolan Peterson will be presenting at the London Southeast Live Webinar on Tuesday, February 8, 2022.  London South East hosts some of the UK’s largest webinars.  Join four CEOs, and a substantial investor audience for this event.

Register at:

https://us02web.zoom.us/webinar/register/8716431930253/WN_ZJVzMqdWTgWYBetrouIuFg

Nolan Peterson will be presenting for World Copper at 11:30 PST (2:30 EST/7:30GMT).  The full webinar will start at 10:00 PST (1:00 EST/6:00GMT).

PRESENTATION AT TH GCFF VIRTUAL CONFERENCE

President and CEO, Nolan Peterson will be presenting at the GCFF Virtual Conference 2022 – Base Metals & Energy Metals Day; a free online event to be held on Wednesday, February 9, 2022.  Featuring some of the most promising mineral exploration companies in the market today, the event is expecting over 400 English and Chinese speaking live attendees.

Register at:

https://gcff-2022-feb-9.eventbrite.ca/?aff=WCU.

Nolan Peterson’s presentation starts at 10:55am PST (1:55pm EST). 

GRANT OF INCENTIVE STOCK OPTIONS

Pursuant to the Company’s 2021 incentive stock option plan, the Company has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase up to 4,585,000 common shares in the capital stock of the Company. The options are exercisable on or before February 1, 2024 at a price of $0.91 per share.

ENGAGEMENT OF LAKEFRONT MEDIA SERVICES

The Company announces that it has engaged Lakefront Media Services to provide marketing and investor outreach services as of January 31, 2022.  Lakefront will be compensated $85,000 for a term of 1 – year.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona.  Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes.  The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%.  The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s.  The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd 
LinkedIn: https://www.linkedin.com/company/worldcopperltd 

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.  All statements, other than statements of historical fact, included herein including, without limitation, that Cardero Shareholders will approve the Arrangement, that Cardero will be successful in obtaining the Final Order, the expected completion date of the Arrangement, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Cardero and the Company will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information.  Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents.  All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements.  The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Announces Closing of Cardero Plan of Arrangement

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), announces that the previously announced plan of arrangement whereby World Copper and Cardero Resource Corp. (“Cardero“) agreed to combine their respective businesses (the “Arrangement“) has now closed. Pursuant to the Arrangement, a total of 29,389,236 common shares of World Copper have been issued to Cardero shareholders based on an exchange ratio of 0.200795, and Cardero has amalgamated with 1302172 B.C. Ltd. to become “Zonia Holdings Corp.”, a wholly-owned subsidiary of World Copper.

“The team at World Copper has been eagerly awaiting the addition of the Zonia property to our portfolio and we welcome the completion of this merger,” stated Nolan Peterson, CEO of World Copper. “Zonia will be an integral part of our development plans as we pursue our strategy of advancing and de-risking our portfolio of assets in premier copper jurisdictions.”

ABOUT ZONIA

Zonia is located in the Walnut Grove Mining District, Yavapai County, Arizona, and consists of 261 patented (96) and unpatented (185) mineral claims, and 566.85 acres of surface rights acquired from the State of Arizona, all totaling 4,279.55 acres.

Zonia is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The project has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Zonia contains Measured resources of 15.6 million short tons grading 0.43% copper (129.3 million pounds of copper), Indicated resources of 61.4 million short tons grading 0.31% copper (380.6 million pounds of copper) and Inferred resources of 27.2 million short tons grading 0.28% copper (154.6 million pounds of copper) at a 0.2% total copper cut-off grade. A preliminary economic assessment dated April 17, 2018, effective date March 22, 2018 (the “PEA”) was prepared by Global Resource Engineering Ltd., which suggests that the project can be advanced utilizing low-cost open pit mining and heap leach with SX-EW processing to produce pure copper cathode (a copy of the PEA technical report is available on Cardero’s SEDAR profile at www.sedar.com). 

Zonia was pre-stripped during mining in the late 1960s and 1970s so that, as described in the PEA, the strip ratio is a low 1:1. Furthermore, GRE outlines a mine plan and development strategy entirely on private land, which significantly reduces the timeline for permitting. At a copper price of $3.00/lb, Zonia shows an after-tax NPV@6% of $225 million, and an internal rate of return (“IRR”) of 29.0%. 

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.

In addition to the established resource, the Zonia land position contains a copper-molybdenum geochemical anomaly (associated with depressed manganese values) that is similar in intensity and scale (1000 by 1500 metres) to the main resource, and within the same prospective geology. This anomaly is located two kilometers northeast of the resource and represents a high-priority copper-oxide porphyry exploration drill target.

BOARD UPDATE

Concurrent with the closing of the Arrangement, Mr. Robert Kopple and Mr. Keith Henderson have been appointed as directors of World Copper.

Nolan Peterson commented, “The addition of Mr. Kopple and Mr. Henderson to the Board of Directors of World Copper strengthens and enhances our already impressive Board. Mr. Kopple brings a wealth of legal, business and transaction experience to the Board, and is a committed long-term value investor. Mr. Henderson’s considerable experience in mining will be a strong asset to the Company, and will benefit the Board as we commit to advancing our assets, and especially our flagship asset, Escalones, in as sustainable a manner as possible. I look forward to working with Mr. Kopple and Mr. Henderson more closely as we grow the Company”.

Mr. Robert Kopple

Robert C. Kopple is an experienced investor, businessman and lawyer. He is involved in a broad range of corporate financing activities with public companies. Mr. Kopple is a senior partner in a law firm based in Los Angeles specializing in estate planning, tax law and business transactions. His investments include diverse interests in real estate and in several operating companies in mining, healthcare and technology. Mr. Kopple is a significant investor in World Copper.

Mr. Keith Henderson

Mr. Henderson is a mining industry executive with 25 years’ experience throughout Africa, Europe, and North and South America. He was educated in Europe, graduating with B.Sc. (Hons) and M.Sc. in geology and has extensive experience in multiple mineral deposit types and commodities.

The Company also makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 Take-Over Bids and Issuer Bids. Pursuant to the Arrangement, the Company acquired one (1) common share of Zonia Holdings Corp. (the “Amalco Share”) for each common share of 1302172 B.C. Ltd. (“Subco”) held by it prior to the closing of the Arrangement. Immediately prior to the closing of the Arrangement, the Company did not beneficially own or have control and direction over any Amalco Shares. Immediately after the closing of the Arrangement, the Company beneficially owns and has control and direction over one (1) share of Amalco, representing 100% of the issued and outstanding Amalco Shares.

The Company acquired the Amalco Share pursuant to the Arrangement. However, the Company will review its holdings from time to time and may, in the future, increase or decrease its ownership or control over securities of Amalco as circumstances dictate. An early warning report will be filed under Amalco’s profile on the SEDAR website at www.sedar.com. A copy of the early warning report can also be obtained by contacting Marla Ritchie, Corporate Secretary, World Copper Ltd., at 604-638-3287 (#2710 – 200 Granville Street, Vancouver, British Columbia, Canada, V6C 1S4).

QUALIFIED PERSON

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of World Copper as he is a consultant of World Copper.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project was acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated April 20, 2021; June 9, 2021; September 20, 2021; November 9, 2021 and December 13, 2021 for more details.

On Behalf of the Board of Directors of

WORLD COPPER LTD.
“Nolan Peterson”
Nolan Peterson
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow Us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd 
LinkedIn: https://www.linkedin.com/company/worldcopperltd 

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statement

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future 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 World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of World Copper, the ability of World Copper to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSXV), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID‑19, including the impact of COVID‑19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents. All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper and Cardero Provide Update on Plan of Arrangement

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” TSXV: WCU, OTCQB: WCUFF) and Cardero Resource Corp. (“Cardero” TSXV: CDU, Frankfurt: CR5) announce the following update on the previously announced plan of arrangement whereby World Copper and Cardero have agreed to combine their respective businesses (the “Arrangement“) pursuant to an arrangement agreement dated September 17, 2021, as amended (the “Arrangement Agreement“) (see news releases dated April 20, June 9, September 20, November 9 and December 13, 2021).

Cardero received final approval of the Arrangement from the Supreme Court of British Columbia on December 14, 2021, and World Copper and Cardero entered into an amendment to the Arrangement Agreement dated December 28, 2021, whereby the parties agreed to extend the outside date for the completion of the Arrangement to January 31, 2022.  The closing of the Arrangement is now anticipated to occur on January 28, 2022 (the “Closing“).

Effective at the close of trading today, January 27, 2022, the common shares of Cardero (the “CDU Shares“) were halted by IIROC pending the completion of the Arrangement.  After the market close on January 31, 2022, the CDU Shares will also be delisted from the TSX Venture Exchange (the “TSXV“).

At the time of Closing, each outstanding CDU Share will be exchanged for 0.200795 of a World Copper common share, such that after Closing, the former shareholders of Cardero, on a non-diluted basis, will hold 40% of the outstanding World Copper common shares, with the remaining 60% held by the existing shareholders of World Copper, before giving effect to any concurrent financing by World Copper.

The Closing will be subject to receipt of all necessary approvals, including final acceptance by the TSXV of the Arrangement and the delisting of the Cardero Shares, and satisfaction by the parties of the TSXV’s closing conditions and other conditions customary in transactions of this nature.

Further information on the Arrangement can be found in the Cardero management information circular dated November 1, 2021 (the “Circular“), which is available on Cardero’s SEDAR profile at www.sedar.com.  Cardero Shareholders should follow the instructions in the Circular to in order to receive the WCU Shares, including by completing the letter of transmittal which accompanied the Circular.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona.  Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.  The Zonia project is being acquired as part of the Arrangement.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

For further details on World Copper readers are referred to its website.

ABOUT CARDERO RESOURCE CORP.

Cardero Resource Corp., headquartered in Vancouver, is a resource company focused on building a minerals exploration and development company. Cardero has exercised the exclusive option to acquire a 100% interest in the Zonia Copper Oxide Project, located in Arizona.  Zonia is a near-surface copper-oxide resource and a brownfields site having already been mined in the late 1960s and 70s.  The Project has been significantly de-risked with almost 700 drill holes completed to date and with substantial amounts of detailed engineering completed.  The estimated resource (NI 43-101 as amended and dated October, 2017) is located entirely on private land.  Cardero completed a Preliminary Economic Assessment (“PEA”) published in April 2018 which outlines a mine plan and a chosen development route that will allow permitting to be done on private land thereby reducing the time line for permitting.  Engineering at Zonia is more advanced than a typical project at this stage of development and it is reasonable to assume that the Project could go straight to Feasibility from PEA.  The deposit is amenable to truck and shovel open pit mining and copper recovery via leaching and SX-EW processing to copper cathode.

Detailed information is available at Cardero’s web site at www.cardero.com.

On Behalf of the Board of Directors of World Copper

“Nolan Peterson”
Chief Executive Officer

On Behalf of the Board of Directors of Cardero

“Stuart R. Ross”
Chief Executive Officer and President

For further information, please contact:

World Copper
Nolan Peterson or Michael Pound
Phone: 604-638-3665
Email: info@worldcopperltd.com

Cardero
Stuart Ross
Phone: 604-336-8616
Email: info@cardero.com

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.  All statements, other than statements of historical fact, included herein including, without limitation, the expected date of Closing, the anticipated timing of the halt by IIROC of the CDU Shares, the anticipated timing for the delisting of the CDU Shares, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper and Cardero are forward-looking statements.  Although World Copper and Cardero believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, World Copper and Cardero have applied several material assumptions, including without limitation, that Cardero and World Copper will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper and Cardero’s projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of World Copper and Cardero’s projects and their ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper and Cardero to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.  Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper and Cardero’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper and Cardero to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper and Cardero’s continuous disclosure documents.  All of World Copper and Cardero’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements.  World Copper and Cardero do not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Corporate Update: Expansion & Development in 2022

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), provides the public and its shareholders with a corporate update.

A Message from World Copper’s CEO, Nolan Peterson:

My fellow stakeholders, I greet you at an exciting time for World Copper. As the New Year approaches and we naturally look to the future, I would like to take this opportunity to provide you all with an update on our exciting prospects, while also reflecting on a busy past year.  While we all prepare for the upcoming holiday season and time with our families and loved ones, rest assured that our tireless efforts to build World Copper continue unabated. Merry Christmas, Season’s Greetings and a Happy New Year to all.”

2021 in Review:

Much of our efforts this year focused on laying the foundations for the Company’s future and 2021 will be viewed as a formative year for World Copper. In January the Company listed on the TSX-V and traded publicly for the first time. In April we announced the merger with Cardero Resource Corp. to acquire the Zonia project in Arizona. We have successfully navigated the merger process and are now on the cusp of completing this acquisition.  (See new releases of April 20, 2021; June 9, 2021; September 20, 2021; November 9, 2021 and December 13, 2021).

In August we announced the most significant update to our flagship asset, Escalones, in many years, by re-defining the resource as a copper oxide resource (see news release of August 23, 2021).  This opportunity, created by our skilled geology team, has set Escalones and World Copper on the path to becoming a household name in the mining community, with the largest copper oxide project in exploration and development in Chile.

Management is focused on developing World Copper into a mining company. Throughout the year we have engaged in intensive investor outreach, through numerous webinars, one-on-one meetings and attendance at in-person events. The Company’s story has been well received and excitement continues to build worldwide as our reputation grows. We pride ourselves on our open communication with stakeholders and delivering on commitments and expectations in a timely manner.

Escalones Status:

Escalones is our flagship asset and has become the crown jewel in our portfolio. The update to Escalones resource statement, re-defining the resource as an oxide copper deposit, has allowed the Company to fast-track a Preliminary Economic Assessment (PEA) for Escalones. This PEA is expected to be delivered in early Q1 2022. The PEA will be the first publicly issued economics for the Escalones project and will provide a clear indicator of the potential value of the property. We are excited for the results to come and our opportunity to share them with stakeholders.

While we advance Escalones down a development path, significant blue sky exploration potential exists with drilling of the four other large footprint targets at Escalones. The first and most attractive target is the “Mancha Amarilla” immediately south of and adjacent to the existing defined resource. We expect to have received necessary drill permits and start a drill program on this target in January of 2022. Favorable results of this program would allow us to potentially grow the existing resource substantially, enlarging and making more valuable that which is already a fantastic resource.

Developing The World’s Greenest Copper Project:

Copper is a critical component required for the “Green Revolution” to happen, and for the world’s efforts to transition to an electric economy to be successful. With Escalones, World Copper has the opportunity to not only leverage into this future by supplying the world with copper, but also doing it in the greenest manner possible. This is not simply an unrealistic marketing slogan (AKA Greenwashing) but a quantifiable, achievable objective, borne out of Escalones’ unique geographical location and substantiated by state-of-the-art modern technologies available on the market today. Stakeholders can take comfort in knowing that this initiative is genuine and achievable and driven at the highest levels of the organization. Look for more news in the future as we continue to integrate this into our Escalones development plans.

Zonia Status:

In 2022 we will look to welcome Zonia into our portfolio of projects. Zonia is significantly undervalued and as such we will look to begin rewriting the story on Zonia with a PEA Update in early 2022 to repeat the success of Escalones. Concurrently with that, we will plan to start definition drilling of the main resource in preparation for more detailed engineering studies (PFS/FS) as well as a program targeting the north eastern anomaly at Zonia which has the potential to expand the resource significantly. Our aim will be to turn Zonia into an Escalones-sized resource in the Arizona a premier jurisdiction for mining development.

Outlook 2022:

The Company is poised for continued sustained growth in 2022 as we build off of the expected successes from our early 2022 program. We will aim to advance and plan the next phase of drilling at Escalones, and continue developing other exploration targets within that property concurrently, to further understand the resource and advance exploration and development of Zonia in parallel.  Copper demand is expected to remain strong in the near-term and strengthen over the long-term further adding tailwinds to our endeavours. We look forward to continuing to provide updates throughout the upcoming year with continued investor outreach programs.

Upcoming Amvest Webinar:

Further to these updates, the Company announces that CEO Nolan Peterson will be presenting a World Copper overview along with the latest company developments in a live webinar format taking place on Tuesday, December 21st at 1:05pm PT / 4:05pm ET.

The webinar will be hosted by Amvest Capital and participants are encouraged to register for the webinar at https://www.amvestcapital.com/webinar-directory/worldcopper122121.

Upcoming Conferences & Events in 2022:

World Copper also announces that it will be attending the Vancouver Resource Investment Conference (“VRIC”) from January 16-17th, the Prospectors & Developers Association of Canada (“PDAC”) from March 10-11th in Toronto, Canada and the CRU World Copper Conference from March 29-30th in Santiago, Chile. The Company looks forward to meeting with investors and stakeholders at all three events, and will be providing additional details for the events in the weeks to come.

About VRIC

The Vancouver Resource Investment Conference has been the bellwether of the junior mining market for the last twenty-five years. It is the number one source of information for investment trends and ideas, covering all aspects of the natural resource industry. Each year, the V.R.I.C. hosts over 60 keynote speakers, 350 exhibiting companies and 9000 investors. Investment thought leaders and wealth influencers provide our audiences with valuable insights. C-suite company executives covering every corner of the mineral exploration sector as well as metals, oil & gas, renewable energy, media and financial services companies are available to speak one on one. This is a must-attend for investors and stakeholders in the global mining industry. For more information, including event registration, please visit the https://cambridgehouse.com/vancouver-resource-investment-conference.

About PDAC

The Prospectors & Developers Association of Canada event is considered to be the world’s premier mineral exploration and mining convention for people, companies and organizations in, or connected to, the mineral exploration industry. This four-day annual event will be held at the Metro Toronto Convention Centre, in Toronto, Canada. For more information, including event registration, please visit the https://www.pdac.ca/convention/attendee-info/pdac-2022-announcement.

About CRU World Copper Conference

Annually, almost 500 senior executives, including the most influential copper market executives, convene at this crucial copper industry conference. Delegates and speakers at CRU’s World Copper Conference are among the most knowledgeable participants in the industry, and an important source of opinion on the myriad issues that could influence the market. The international attendees represent the complete copper value chain from miners, to smelters, traders and end-users, as well as high-level government representatives. For more information, including event registration, please visit the CRU World Copper Conference website.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona.  Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.  The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp.  Please refer to news releases dated April 20, 2021; June 9, 2021; September 20, 2021; November 9, 2021 and December 13, 2021 for more details and for the current status of the transaction.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes.  The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%.  The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s.  The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:

John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:

Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd 
LinkedIn: https://www.linkedin.com/company/worldcopperltd 

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.  All statements, other than statements of historical fact, included herein including, without limitation, that Cardero Shareholders will approve the Arrangement, that Cardero will be successful in obtaining the Final Order, the expected completion date of the Arrangement, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Cardero and the Company will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information.  Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents.  All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.Readers are cautioned not to place undue reliance on forward-looking statements.  The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper to Host Conference Call on November 16, 2021

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF) announces a reminder on the upcoming conference call scheduled with World Copper management for November 16, 2021.

Details on the Upcoming Management Conference Call

The call will be hosted by Nolan Peterson (CEO) on Tuesday, November 16, 2021 at 1:15 pm Pacific Standard Time (4:15 pm Eastern Standard time and 9:15 pm Central European Time). The purpose of the call is to provide a general update and discussion of the company’s recent developments and near-term plans.

Dial-in numbers are as follows:
Dial-In (Toll-Free US & Canada):  +1 877-407-6176
Dial-In (International):  +1 201-689-8451

There is no access code.

Live Event Call me™ link (for participant entry):

https://hd.choruscall.com/InComm/?callme=true&passcode=13724979&h=true&info=company-email&r=true&B=6

Participants can use Guest dial-in telephone numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event.

Engagement with North Equities Corp.

The Company has entered into a 6-month marketing and consulting contract with Toronto based marketing firm, North Equities Corp. (the “Contract”). North Equities Corp. specializes in various social media platforms and will be able to facilitate greater awareness and widespread dissemination of the Company’s news. In connection with the Contract, the Company will pay North Equities $100,000 CAD. North Equities currently owns 0 shares of the Company.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its copper porphyry projects:  Escalones and Cristal in Chile, and Zonia in Arizona.  Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.  The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp.  Please refer to news releases dated June 9th, 2021 and April 20th, 2021 for more details and for the current status of the transaction.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes.  The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%.  The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource.   In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s.  The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

For all Investor Relations inquiries, please contact:

John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:

Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

Follow Us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd 
LinkedIn: https://www.linkedin.com/company/worldcopperltd 

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.  All statements, other than statements of historical fact, included herein including, without limitation, that Cardero Shareholders will approve the Arrangement, that Cardero will be successful in obtaining the Final Order, the expected completion date of the Arrangement, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Cardero and the Company will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information.  Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents.  All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements.  The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper to Host Conference Call and Provides Update on Arrangement

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company”; TSXV: WCU, OTCQB: WCUFF) announces an upcoming conference call with management and that Cardero Resource Corp. (“Cardero”) has obtained an interim order of the Supreme Court of British Columbia (the “Interim Order”) in connection with the previously announced plan of arrangement (the “Arrangement”), whereby the Company and Cardero have agreed to combine their respective businesses (see news releases dated April 20, June 9 and September 20, 2021).

Details on the Upcoming Management Conference Call

The call will be hosted by Nolan Peterson (CEO) on Tuesday, November 16, 2021 at 1:15 pm Pacific Standard Time (4:15 pm Eastern Standard time and 9:15 pm Central European Time). The purpose of the call is to provide a general update and discussion of the company’s recent developments and near-term plans. Dial-in numbers are as follows:

Dial-In (Toll-Free US & Canada): +1 877-407-6176
Dial-In (International): +1 201-689-8451

There is no access code.

Live Event Call meTM link (for participant entry):

https://hd.choruscall.com/InComm/?callme=true&passcode=13724979&h=true&info=company- email&r=true&B=6

Participants can use Guest dial-in telephone numbers above and be answered by an operator OR click the Call meTM link for instant telephone access to the event.

Update on Cardero Arrangement

The Interim Order provides for, among other things, the holding of an annual general and special meeting (the “Cardero Meeting”) of the holders of common shares of Cardero (the “Cardero Shareholders”) to approve the Arrangement under the Business Corporations Act (British Columbia). The Cardero Meeting is scheduled to be held at the offices of Cardero, at Suite 2710 – 200 Granville Street, Vancouver, British Columbia on December 10, 2021 at 10:00 a.m. (Vancouver time). The record date for determining Cardero Shareholders entitled to receive notice of and vote at the Cardero Meeting was fixed as October 19, 2021, and Cardero has mailed the management information circular (the “Information Circular”) and related materials for the

#2710-200 Granville Vancouver, BC, Canada, V6C 1S4 T: 604-638-3287 / F: 604-408-7499 www.worldcopperltd.com

Cardero Meeting to the Cardero Shareholders. At the Cardero Meeting, the Cardero Shareholders will be asked to, inter alia, consider a special resolution approving and adopting the Arrangement, substantially as contemplated by the plan of arrangement attached to the Information Circular, which is also available on Cardero’s SEDAR profile at www.sedar.com. The board of directors of Cardero unanimously recommended that Cardero Shareholders vote in favour of the resolutions approving the Arrangement.

The completion of the Arrangement is subject to certain conditions, including the receipt of the requisite approval from the Cardero Shareholders, the final approval (the “Final Order”) of the Supreme Court of British Columbia, final acceptance by the TSX Venture Exchange, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, it is currently anticipated that the Arrangement will be completed on or about December 20, 2021.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated June 9th, 2021 and April 20th, 2021 for more details and for the current status of the transaction.

About Escalones

The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition,three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8- 10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

About Zonia

TheZoniaprojectis in Yavapai County, Arizona, andconsists of 261 mineral claimsand additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of WORLD COPPER LTD.

“Nolan Peterson”

NolanPeterson
Chief Executive Officer

For further information, please contact:

Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

Media inquiries:

Nancy Thompson, Vorticom, Inc. Phone: 212-532-2208 or 917-371-4053

Investor relations inquiries:

John Liviakis,
Liviakis Financial Communications Inc. 415-389-4670

Follow Us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward- looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, that Cardero Shareholders will approve the Arrangement, that Cardero will be successful in obtaining the Final Order, the expected completion date of the Arrangement, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves 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. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Cardero and the Company will receive all necessary approvals for the Arrangement, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

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 information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.