Kutcho Updated Resource

1. The mineral resource estimates in the table above form coherent bodies of mineralization that are considered amenable to a combination of open pit and underground extraction methods based on the following parameters: Metal Prices: Copper US$3.50/lb, Zinc US$1.15/lb, Gold US$1600/oz, Silver US$20.00/oz. Projected operating costs: Mining (underground) US$43.00/t, Mining (open pit) US$2.65/t, Processing US$20.50/t, G&A US$6.00/t. Process recoveries Main and Sumac: Copper 87.6%, Zinc 64.3%, Gold 58.0%, Silver 57.9%. Process recoveries Esso: Copper 94.5%, Zinc 89.3%, Gold 66.0%, Silver 71.2%. Pit slope angle 48.9 degrees.

2. Copper-equivalent grades at Main and Sumac are calculated based on the formula: CuEq = (Cu% x 0.876) + (Zn% x 0.241) + (Au g/t x 0.441) + (Ag g/t x 0.006). Copper-equivalent grades at Esso are calculated based on the formula: CuEq = (Cu% x 0.945) + (Zn% x 0.310) + (Au g/t x 0.466) + (Ag g/t x 0.006). The base case cut-off grade for mineral resources considered amenable to open pit extraction methods at the Main deposit is 0.45% CuEq while the cut-off grade for mineral resources considered amenable to underground extraction methods at Main and Sumac deposits is 1.05% CuEq and is 0.95% Cu at the Esso deposit.

3. Mineral resources are not mineral reserves and do not have demonstrated economic viability. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. It is reasonably expected that the majority of inferred mineral resources could be upgraded to measured or indicated mineral resource with continued exploration.

4. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely

5. The estimate of mineral resources was calculated based on the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.

6. The effective date of the estimate of mineral resources is July 30, 2021. Kutcho Copper is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.