World Copper Provides Exploration and Development Update on the Zonia Copper Oxide Project, Central Arizona

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA:7LY0) announces that it has completed an internal technical review of the exploration and development potential of the Zonia Copper Oxide Project (“Zonia” or the “Zonia Project“), located in the Walnut Grove Mining District, Yavapai County, Arizona, United States.  The Company acquired Zonia in January 2022; a decision made in part based on Zonia’s strong 2018 preliminary economic assessment (the “PEA“).

Key Highlights

An internal technical review confirms three significant potential growth drivers for the Zonia Project:

  • Resource expansion targets adjoining the existing Zonia resource provide an opportunity to enlarge the outlined mineralization through step-out drill programs.
  • A significant porphyry exploration target, “Zonia Norte”, to the northeast of the main resource, previously undrilled, represents potential for discovery of a new deposit separate from the main resource, potentially similar in size, but within the overall Zonia land package.
  • An update of the most recent Preliminary Economic Assessment, to include mineralized material that was excluded from the last concept, and to enlarge the project and assess Zonia’s development potential under current market conditions.

Nolan Peterson, CEO and President of World Copper Ltd commented “With the Zonia Project in Arizona and our flagship Escalones project in Central Chile, World Copper now controls two significantly de-risked copper oxide resources that set us apart from most junior copper exploration companies.  The Zonia Project in particular has established itself as a near-term project with a strong development case and timelines that synergize well with our overall strategy.  Since acquiring Zonia our team has focused in on understanding its potential to build upon its already robust economics.  We will be restarting exploration and development at Zonia in the coming months, and I look forward to providing updates as our work progresses.”

World Copper has assessed Zonia’s potential to host significantly more copper mineralization and is currently working on exploration drilling targets along the southwest to northeast long-axis of the Zonia deposit and below the existing resource (Figure 1) as well as a compelling surface rock sample copper and molybdenum geochemical anomaly coincident with a manganese low anomaly located approximately two kilometres north-northeast of the established resource (Zonia Norte, Figure 2).  In addition to the exploration targets identified, World Copper intends to update the  PEA, which is dated April 17, 2018, with an effective date of March 22, 2018, and was prepared by Global Resource Engineering Ltd. for Cardero Resource Corp., which reported mining methods and an economic base case based on USD $3.00/lb copper (a copy of the  technical report with respect to the PEA is available on the Cardero Resource Corp. SEDAR profile at www.sedar.com).  The mineral resource statement used for the PEA will also be updated as part of this process, to reflect recent copper prices.

Zonia Project Resource Expansion Potential

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

The Zonia deposit is outlined by an IP chargeability high and has an associated surface copper-molybdenum rock geochemical high with a coincident manganese low (Figures 1 and 2).  This anomalism extends beyond the current drill footprint and warrants step out drilling on all sides.  Furthermore, additional drilling is necessary at depth below the current pit to (i) infill widely spaced mineralized intercepts and (ii) identify additional mineralization capable of pulling the pit to greater depths.

A review of the geology and existing block model will be made to evaluate areas of additional mineralization internal to the existing model and to identify specific targets for expanding resources with follow-up drilling.


Figure 1.  Expansion potential based on the current drill hole distribution, the PEA Whittle Pit outline and an IP Chargeability geophysical feature, which is interpreted to represent mineralization extending out from the current oxide copper resource (Cardero Resource Corp., 2021).

Zonia Norte Exploration Potential

The largest potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where a large (2.5 x 1.5 kilometres) coincident copper-molybdenum-manganese geochemical anomaly has been identified (Zonia Norte; Figure 2).  Historical surface rock geochemical sampling has delineated a copper-molybdenum anomaly that is spatially coincident and similar in size/shape with a broad zone of manganese depletion consistent with typical porphyry-copper mineralization.  This anomaly is situated 1.5 kilometres to the north-northeast of the Zonia deposit, which exhibits the same pattern of geochemical anomalism and is comparable in size to the northeast target.  It is significant that the anomaly is open to the north where outcrops are covered by post-mineral cover.  This large geochemical footprint is interpreted to represent a second porphyry centre.  Nearby historical drill holes indicate the area is deeply weathered and copper-oxide mineralization is present. 

Zonia Exploration Plans

Exploration efforts are ongoing at Zonia.  Additional mapping and detailed sampling is required to understand controls on mineralization at the northeast end of the Zonia open pit, where several high-grade historical copper showings need to be fully understood.  The showings lie on a trend that links the main deposit to the new drill target to the northeast.  The Zonia Norte porphyry target was fully permitted by the previous operator and is drill-ready once the permitting process is re-started.  The drill programme comprises 18 shallow near-surface oxide targeting holes totaling over 5,000m (18,000 feet).  Further mapping over the target and adjacent areas are planned.  High-grade historical copper occurrences (Copper Crown and others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled as part of the ongoing target delineation exploration program at Zonia.  These occurrences of high-grade copper have geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.


Figure 2.  Zonia gridded rock geochemical anomalies. The large anomaly at the north-east end of the claims, Zonia Norte, is interpreted to be another copper oxide porphyry (Cardero Resource Corp., 2021).

Zonia Project Development Program

World Copper plans to update the PEA in order to: (i) have it reflect current market conditions; (ii) include the full extent of the available resource; (iii) explore different sizes and concepts as part of a strategic review of the asset; and (iv) incorporate additional drill and geological data, as warranted.  The PEA used USD $3.00/lb copper for a base case scenario producing 92.6 million tons of leachable material over an 8.6-year mine life.  At a copper price of $3.00/lb, the Zonia Project shows an after-tax NPV@6% of $225 million, an NPV@8% of $192 million, an NPV@10% of $163 million, and an IRR of 29.0%; the payback period is 2.89 years.  The PEA concluded the Zonia Project is most sensitive to copper price which is an important consideration for improving the economics.  The updated PEA will be part of a broad strategic review of the Zonia Project and is a low-cost and high-reward study that is expected to positively impact Zonia’s development outlook.  

The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be classified as Mineral Reserves.  There is no certainty that the results of the PEA (or any update thereto) will be realized.  No Mineral Reserves have been estimated for Zonia.  Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.  Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade, or quality are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity.  Inferred Mineral Resources may not be converted to Mineral Reserves.  It is reasonably expected, though not guaranteed, that most 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.  All dollar amounts in the preceding paragraph are reported in US dollars unless otherwise noted.

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 the Company as he is the Chief Geologist of the Company.

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 each has additional 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

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 expected completion of an update to the PEA, the completion of the planned exploration program, future exploration of the Zonia Project, 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 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 Zonia 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 Zonia Project, the estimation or realization of mineral reserves and mineral resources, 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 43‑101.

World Copper Signs Letter of Intent with DESALA for Development of Escalones Seawater Supply Alternative Provides Update on Progress of Ongoing Drilling Campaign

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA:7LY0), announces that its wholly-owned Chilean subsidiary has signed a non-binding Letter of Intent (as defined below) with Desaladora Rosario SpA (“DESALA”) for the construction of a pipeline, which will provide a desalinated seawater supply alternative for the Company’s flagship Escalones project in Central Chile (“Escalones” or the “Escalones Project”).  DESALA develops water desalination projects using reverse osmosis technologies that allows for the production of high-quality fresh water, free of boron and other chemicals, suitable for human consumption, irrigation and mining operations (see about DESALA below).  The Company’s intention is to partner with DESALA to contribute to an effort of reducing the negative effects of climate change that affect many communities in Chile, as well as to secure a climate-conscious, sustainable water supply for future development of the Escalones Project.

Letter of Intent with DESALA

In recognition of the sensitivity around the use of continental water for mining operations in Chile and the general growing need for fresh water in the region around Escalones, World Copper, through its wholly-owned Chilean subsidiary, and DESALA have signed a letter of intent dated April 18, 2022 (the “Letter of Intent”).  The Letter of Intent provides for both parties to work jointly towards developing and constructing a pipeline and a desalination plant at the coast in the Cardenal Caro province (O´Higgins region) of Chile, which will secure a source of water with suitable capacity to support the Escalones Project’s future operations, and allow for the possibility of sharing water capacity with nearby communities.

Nolan Peterson, CEO and President of World Copper commented, “We are excited to be embarking together with DESALA on this journey towards sustainable water supply for Escalones. Not only will this Letter of Intent be the first step on providing us with a viable source of non-continental water for Escalones it also provides us the opportunity to strengthen our relationships with the communities around our project by affording much needed water security.  A great number of Chilean families living in the communities near Escalones are fully dependent upon water supplied by trucks drawing water from continental sources.  We expect that this Letter of Intent will lead to a strong partnership that will address head on one of the key impacts of climate change that affects central Chile, being water scarcity, and that it will ultimately secure a sustainable and reliable water supply for our future operations at Escalones.”

World Copper and DESALA will work towards entering into a binding water purchase agreement in a take-or-pay format (the “Definitive Agreement”).  DESALA is planning to develop a desalination plant project in the Cardenal Caro province (of a design capacity of 2,000 litres per second (Lps) with an option to double the output in the future) and a pipeline from the plant to the Escalones Project.  Under the terms of a Definitive Agreement, World Copper would secure a portion of this capacity for a minimum period of 15 years in order to fully cover fresh and process water requirements for the Escalones Project, as well as to facilitate additional capacity for the use of local communities nearby.  The pipeline will also provide water to rural communities and other recipients along the route of the pipeline.  Escalones’ estimated water consumption in the February 2022 PEA (as defined below) (See news release dated February 15, 2022), is estimated to be no more than 100 Lps.

Ignacio Rodriguez, Corporate Affairs Manager at DESALA commented, “We are very pleased to welcome World Copper as a principal partner for this new project and we are confident that it will create a necessary impulse for fast-tracking this desalination plant and pipeline to engineering and construction, bringing safe water supply to the citizens and businesses of the Metropolitan and O´Higgins regions of Central Chile.

Drilling Campaign Progress Update

In mid-April, the Company reached an intermediate goal of 1,000m of core drilled, marking an important milestone of its ongoing diamond drilling program at Escalones.  To date, the Company has completed 4 out of a total of 11 planned diamond drill holes.  The first holes were drilled on the Mancha Amarilla lithocap exploration target, which extends one kilometre south from the limit of drilling that currently defines the copper oxide mineral resource at Escalones.  Evidence from prior sampling programmes indicates this southern half of the Escalones alteration system is also deeply oxidized and could contain significant soluble copper mineralization.  Following the early success of the Company’s drilling program, the large east-flanking skarn will be drilled next, as a result of an encouraging surface sampling from last year (see news release dated August 12, 2021).

Figure 1.  Photo of Drilling at Escalones Project (April 2022).

Nolan Peterson, CEO and President of World Copper commented, “Our team mobilized very quickly to capitalize on the end of the Chilean summer drilling season and I am pleased with the progress of our campaign thus far.  Our team has been advancing the campaign according to schedule and, maintaining a stellar safety record at the same time.  I am confident that we will deliver on the objectives outlined for this program.”

The drilling being conducted at the Escalones Project is executed in strict compliance with the requirements issued in the RCA Environmental Approval.  The drilling campaign is designed to minimize the environmental footprint and ensure that sensitive areas are fully protected.  The Company expects to share updates in the upcoming months as it continues the drilling campaign and, expects to be able to publish the initial drilling results in the second half of 2022.

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 each has additional 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.

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 25,000 m 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 2,000 m and 3,000m in diameter, lie 8-10 km 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 the Escalones February 2022 PEA study:

On February 15, 2022 the Company announced the following outstanding results of the Preliminary Economic Assessment (“PEA“) for the Escalones Project:

  • $1,499.6 million post-tax NPV8 at $3.60 /lb. life-of-mine (“LOM”) (20 years) copper price
  • $1,822.4 million post-tax NPV8 at $4.00 /lb. LOM copper price
  • 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
  • Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
  • LOM Sustaining Capital of $192.5 million
  • Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day

The exceptional results of the Escalones PEA confirm what World Copper has always anticipated – 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. The results of the PEA, combined with Escalones large land package and resource expansion potential, make it a truly outstanding project.

The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be classified as Mineral Reserves.  There is no certainty that the results of the PEA 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.  All values are reported in US dollars unless otherwise noted.

The technical report prepared with respect to the PEA, which is available on the Company’s SEDAR profile at www.sedar.com, is entitled “Preliminary Economic Assessment NI 43-101 Technical Report, Escalones Copper Project, Santiago Metropolitan Region, Chile” and is dated March 22, 2022, with an effective date of February 15, 2022, and it was prepared by Global Resource Engineering with contributions from other firms, including Hard Rock Consulting, LLC.

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 the Company as he is the Chief Geologist of the Company.

ABOUT DESALA

DESALA develops water desalination projects using reverse osmosis technologies and applying a multipurpose model, which allows taking advantage of economies of scale and offering accessible fresh water solutions at competitive rates for agriculture, mining industry rural communities.

DESALA model allows for the production of high-quality fresh water, free of boron and other chemicals, suitable for human consumption, irrigation and mining operations. The supply of this water provides for greater social and environmental sustainability to any water-intensive project.

DESALA includes private investors, a variety of partners and a highly experienced team of engineers and environmental professionals, which allows the company to develop desalination projects from their greenfield stage to their ready-to-build (RTB) phase.

DESALA is currently developing four other desalination plant projects in Chile to supply rural communities in the provinces of Elqui, Limarí, Choapa and Petorca.

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 entering into of a Definitive Agreement with DESALA, the construction of the desalinization plant and pipeline to transport water to the Escalones Project, the expected completion date of the drilling programme and the timing of receiving results therefrom, 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 DESALA and the Company will receive all necessary approvals for the completion of the water desalinization plant and pipeline, 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 the Company’s Chilean projects in a timely manner, including the Escalones 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, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in 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 43‑101.

World Copper’s Shares Approved for Trading on the OTCQX® Best Market

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF) reports that the Company’s common shares have been approved and upgraded to the OTCQX® Best Market and will continue to trade under the symbol WCUFF. The Company’s primary listing also continues to trade on the TSX Venture Exchange under the symbol WCU.

World Copper President & CEO, Nolan Peterson, stated, “With World Copper upgrading to trading on OTCQX Best Market we demonstrate our continuing commitment to expanding and activating our shareholder base in the U.S.A. As we press forward on our path to becoming a significant copper company, we invite new shareholders to learn more about our outstanding assets and development potential.”

About the OTCQX® Best Market

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

Upcoming Live Webinar Presentation – World Copper: A Growing Development Story

President and CEO, Nolan Peterson, will be presenting via the Red Cloud Live Webinar Series on Wednesday, April 20, 2022 at 2:00 pm ET / 11:00 am PT and will be giving an update on the Company and its latest developments.

Register at: https://www.redcloudfs.com/rcwebinar-wcu-2/

Planet MicroCap Showcase

World Copper also announces that it will be presenting at the upcoming Planet MicroCap Showcase 2022 in Las Vegas, Nevada on May 4th, at 8:30 PT/11:30 ET.  President and CEO of World Copper, Nolan Peterson, will be hosting the presentation and answering questions from investors.

To access the live presentation, please use the following link:
https://www.webcaster4.com/Webcast/Page/2862/45037

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 each has additional 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 2,000 m and 3,000m in diameter, lie 8-10 km 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 the Escalones February 2022 PEA study:

On February 15, 2022 the company announced the following outstanding results of the Preliminary Economic Assessment (“PEA”) for the Escalones project:

  • $1,499.6 million post-tax NPV8 at $3.60 /lb. life-of-mine (20-year LOM) copper price
  • $1,822.4 million post-tax NPV8 at US$4.00 /lb. life-of-mine copper price
  • First 5-years average annual Copper production of 124.7 Mlb. (56,520 tonnes); LOM average 114.9 Mlb. (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
  • Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
  • Life-of-mine Sustaining Capital of $192.5 million
  • Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day

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. The results of the PEA, combined with Escalones’ large land package and resource expansion potential, make it a truly outstanding project.

The Preliminary Economic Assessment 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. All values are reported in US dollars unless otherwise noted.

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.

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 the Company as he is the Chief Geologist of the Company.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”
Nolan Peterson
President & 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 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, the potential production from and viability of Escalones, the potential tonnage, grades and content of deposits, 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, 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 Chilean projects in a timely manner, including Escalones, 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, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the reasonability of the economic assumptions at the basis of the results of the PEA for the Zonia Project, the estimation or realization of mineral reserves and mineral resources, 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 the Private Placement, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including acceptance of the Proposed Transaction, the Private Placement and the Consolidation by 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 the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements.  The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Files Preliminary Economic Assessment Technical Report for Escalones Project on SEDAR

FOR IMMEDIATE RELEASE…Vancouver, British Columbia – March 22, 2022 – World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (“World Copper” or the “Company“) announces that further to its news release dated February 15, 2022, it has filed on SEDAR a National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report with respect to the preliminary economic assessment (“PEA“) for its Escalones copper project in Chile (“Escalones“).

The technical report is entitled “Preliminary Economic Assessment NI 43-101 Technical Report, Escalones Copper Project, Santiago Metropolitan Region, Chile” and is dated March 22, 2022, with an effective date of February 15, 2022 (the “Technical Report“). The Technical Report was prepared by Global Resource Engineering, with contributions from other firms, including Hard Rock Consulting, LLC. The Technical Report is available on World Copper’s SEDAR profile at www.sedar.com and on World Copper’s website at www.worldcopperltd.com.

Highlights of the PEA

  • $1,499.6 million post-tax NPV8 at $3.60 /lb. life-of-mine (“LOM”) (20-years) copper price
  • $1,822.4 million post-tax NPV8 at US$4.00 /lb. LOM copper price
  • 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
  • Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
  • LOM Sustaining Capital of $192.5 million
  • Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day

The exceptional results of the Escalones PEA confirm what World Copper has always anticipated – 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. The results of the PEA, combined with Escalones’ large land package and resource expansion potential, make it a truly outstanding project.

The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be 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. All values are reported in US dollars unless otherwise noted.

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 the Company as he is the Chief Geologist of the Company.

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 each has additional 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 2,000 m and 3,000 m in diameter, lie 8-10 km 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 4,279.55 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 m 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.

Detailed information is available at World Copper’s website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via FacebookTwitter & LinkedIn.

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

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer and President

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

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 results of the PEA, the potential production from and viability of Escalones, the potential tonnage, grades and content of deposits, 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, 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 Chilean projects in a timely manner, including Escalones, 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 Escalones, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in 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 43-101.

World Copper Receives Environmental Approval for 5,000 m Diamond Drilling Campaign at Escalones

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF), announces that the Company has received approval from the Regional Environmental Committee (Comisión de Evalucaión Ambiental) for a 5,000 m diamond drilling programme to be carried out at the Company’s flagship 100%-owned Escalones project in Central Chile (“Escalones” or the “Project“).

On February 21, 2022 the Regional Environmental Committee approved the drilling application Declaración de Impacto Ambiental (“DIA“) submitted by World Copper’s wholly-owned subsidiary and, subsequent to this favorable decision, a Resolución de Calificación Ambiental (“RCA“) was issued on March 7, 2022. The RCA allows the Company to drill up to 5,000 m of diamond drilling in up to 11 drill-holes at Escalones.

The Company has already commenced mobilization to the proposed drilling sites at Escalones in anticipation of receipt of the RCA from the Regional Environmental Committee, and intends to start drilling in the upcoming days. The main Escalones deposit remains open to expansion laterally to the south, east and west, with only roughly half of the alteration zone drilled to date. The drilling at the Project will first target the Mancha Amarilla lithocap (“Mancha Amarilla“), which extends one kilometre farther south from the limit of drilling that currently defines the Escalones copper oxide inferred mineral resource estimate (see news release dated August 23, 2021). The geology in the southern-most drill holes and the surface alteration at the main Escalones deposit indicates the southern half of the Escalones alteration system is also deeply oxidized and could contain significant soluble copper mineralization. Subsequent to completing drilling at Mancho Amarilla, the large east-flanking skarn is expected to be drilled in order to follow up on encouraging surface sampling results from last year (see news release dated August 12, 2021).

Nolan Peterson, CEO and President of World Copper Ltd commented, “We are pleased with the receipt of approval from the Regional Environmental Committee to carry out drilling at Escalones. This success is the culmination of a period of intense joint effort of the World Copper team in Chile and all involved stakeholders. This decision is a confirmation that having the right team, with the right technical expertise, is essential to successfully meet all requirements of the comprehensive drilling approval process in Chile. Twenty-two local and national government agencies, as well as the regional government of the Metropolitan Region, were invited to participate and provide their respective comments during the process.

The drill programme at Escalones will be executed in strict compliance with the requirements issued in the RCA evidencing the Regional Environmental Committee’s approval. The drill programme is designed to minimize the environmental footprint and ensure that sensitive areas are fully protected. There will be no new roads constructed, a mobile camp will be installed and removed after the campaign terminates, and only light equipment will be used for the drilling. We continue to engage closely with government and local communities to ensure that interests of all stakeholders are recognized, and to protect the environment as required by the RCA.

In addition, as part of the DIA, the Company proposed additional voluntary commitments, offering higher standards of environmental and cultural protections, beyond the minimum statutory requirements. These commitments include additional protective measures related to archeological and paleontological monitoring, recycling of materials used during the drilling campaign, additional training of teams working on-site related to environmental and cultural heritage protection, as well as measures to protect local biodiversity.

The Company expects to be able to publish the initial drilling results in the second half of 2022 and, will provide updates as it continues mobilizing its team on site and starts drilling. The Company has simultaneously commenced an in-fill sampling programme on two of the distal targets, Rio Negro and Argüelles Este, and exploration of eastern extensions to the East Skarn; this work is expected to be completed in Q1 2022. The acquired geological information will allow us to continue developing the Project and update the recently published Preliminary Economic Assessment.”

About the Escalones February 2022 PEA study:

On February 15, 2022 the Company announced the results of the Preliminary Economic Assessment (“PEA“) for Escalones, the highlights of which are set out below:

  • $1,499.6 million Post-Tax NPV8 at $3.60 /lb. life-of-mine (“LOM”) (20 years) copper price
  • $1,822.4 million Post-Tax NPV8 at US$4.00 /lb. LOM copper price
  • 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
  • Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
  • LOM Sustaining Capital of $192.5 million
  • Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day

The exceptional results of the Escalones PEA confirm what World Copper has 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. The results of the PEA, combined with Escalones’ large land package and resource expansion potential, make it a truly outstanding project.

The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be 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. All values are reported in US dollars unless otherwise noted.

(Further details on the Escalones PEA can be found here).

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.

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 the Company as he is the Chief Geologist of the Company.

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 each has additional 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 25,000 m 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 2,000 m and 3,000 m in diameter, lie 8-10 km 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 4,279.55 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 m 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

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 timing and manner of the 5,000 m drilling campaign at Escalones, the results of the PEA, the potential production from and viability of Escalones, 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 be able to conduct the drilling campaign at Escalones as planned, 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 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.

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 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

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 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.