KC.V · 2021-11-08 12:00:00

1. Refer to Table 1 for base case metal prices 2. Refer to Figure 1 for spot metal prices 3. Pounds of copper equivalent calculated on base case metal prices stated in Table 1 4. Refer to Table 8 for all-in sustaining cost (AISC) calculation methodology

Corporate Updates

1. Refer to Table 1 for base case metal prices

2. Refer to Figure 1 for spot metal prices

3. Pounds of copper equivalent calculated on base case metal prices stated in Table 1

4. Refer to Table 8 for all-in sustaining cost (AISC) calculation methodology

5. Refer to Table 2: Estimate of Mineral Resources for the Kutcho Project

Kutcho Copper Corp. | 717 – 1030 West Georgia Street | Vancouver, British Columbia | Canada | V6E 2Y3

Telephone: (604) 628-5623 | www.kutcho.ca

Kutcho Copper Announces Results of Feasibility Study

Vancouver, B.C., November 8, 2021. Kutcho Copper Corp. (TSXV: KC, OTCQX: KCCFF) (“Kutcho Copper” or the

“Company”) is pleased to announce the results of the 2021 Feasibility Study (“FS” or “ Feasibility Study”) for the

development of the 100% owned Kutcho copper and zinc project (“the Kutcho project” or “the Project” ) in

northern British Columbia.

• ROBUST PROJECT ECONOMICS

o Base case metal prices(1) of $3.50/lb Cu, $1.15/lb Zn

 Pre-tax NPV7% C$737 million, IRR 31%

 After-tax NPV7% C$461 million, IRR 25%

o Spot metal prices(2) of $4.50/lb Cu, $1.57/lb Zn

 Pre-tax NPV7% of C$1,467 million; IRR 51%

 After-tax NPV7% of C$931 million; IRR 41%

• LOW COST PRODUCTION

o Cash costs of US$1.11/lb of CuEq(3)

o All-in sustaining costs(4) of US$1.80/lb of CuEq

o Initial capital cost of C$483 million

• ELEVEN-YEAR OPEN PIT AND UNDERGROUND MINE LIFE

o Metal production of 533 Mlbs Cu, 841 Mlbs Zn, 10.6 Moz Ag, 129.7 koz Au

• HIGH GRADE MINERAL RESOURCE(5)

o 22.8 million tonnes grading 2.26% CuEq containing 1.1 Blbs CuEq (764 Mlbs Cu, 1,096 Mlbs Zn)

o An additional 12.9 million tonnes grading 1.62% CuEq containing 460 Mlbs CuEq in the inferred

category (312 Mlbs Cu, 449 Mlbs Zn)

• STABLE MINING JURISDICTION SITUATED IN NORTHERN BRITISH COLUMBIA, CANADA

o One of the safest global mining jurisdictions, located in the traditional territories of the

Tahltan Nation and Kaska Dena Nation

Vince Sorace, President & CEO of Kutcho Copper commented: “The Feasibility Study represents a major milestone

for Kutcho Copper as we continue to advance the high- grade Kutcho copper-zinc project towards a development

decision. The significant redesign and engineering of the Project delivers a mine plan that is a predominantly open

pit mining operation with the concurrent development of two underground mines. The mine plan has resulted in

a technically robust and capital efficient Project with a minim ised footprint. The results of the Feasibility Study

highlight the attractive economics of the Kutcho p roject which are resilient at lower metal prices, very attractive

at base case prices and exhibit significant leverage to rising prices as reflected in spot metal prices with a C$ 931

million after-tax NPV7% and a 41% IRR. We believe that the results of the Feasibility Study mean that Kutcho Copper

is now one of the most undervalued copper investment opportunities in North America.”

Kutcho Copper Corp.

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Table 1: Feasibility Study Headline Results

Net Present Value @ 0% discount rate, after-tax C$841 million

Net Present Value @ 7% discount rate, after-tax C$461 million

Internal Rate of Return (IRR), after-tax 25 %

Payback Period (Production Start) 3.4 years

Net Smelter Revenue(1) C$2,979 million

Pre-Tax Cash Flow C$1,264 million

After-Tax Cash Flow C$841 million

Copper US$3.50 /lb

Zinc US$1.15 /lb

Silver US$20 /oz

Gold US$1,600 /oz

Total Reserve (Proven and Probable) 17.3 Mt

Copper grade 1.58%

Zinc grade 2.31%

Silver grade 28 g/t

Gold grade 0.39 g/t

On-site construction period(2) 2 .0 years

Mining life 8.0 years

Processing life 10.75 years

Open pit mining 14.5 Mt

Underground mining 2.8 Mt

Open pit strip ratio 5.6 : 1

Mining rate 1.6 Mtpa / 4,500 tpd

Processing rate (including ore sorter) 1.4 Mtpa / 3,900 tpd

Copper 533 Mlbs

Zinc 841 Mlbs

Silver 10.6 Moz

Gold 129.7 koz

Open pit mining C$2.87/t ore moved

Open pit mining C$24.75/t ore mined

Underground mining C$55.38/t ore mined

Processing C$28.21/t ore crushed

General and Administrative C$8.79/t ore crushed

Total C$65.89/t ore crushed

Cash cost, CuEq(4) US$1.11 /lb CuEq

All-in sustaining cost (AISC), CuEq(5) US$1.80 /lb CuEq

Initial capital C$483 million

Sustaining capital C$90 million

Mine closure bond C$19 million

Closure and rehabilitation C$34 million

Mine closure bond recovery -C$19 million

Salvage -C$18 million

Total C$589 million

PROJECT VALUATION

METAL PRICES (BASE CASE)

MINERAL RESERVES

PROJECT TECHNICALS

CAPITAL COSTS (6)

PRODUCED METAL IN CONCENTRATE

OPERATING COSTS (3)

Kutcho Copper Corp.

-3-

Notes:

- Tonnages are reported in metric tonnes (t), copper and zinc in pounds (lbs), silver and gold reported in troy ounces (oz).

- "M" = million, "k" = thousand

- All tables report rounded figures and may not sum precisely.

- The financial model is based on 100% of the Project being financed through equity (no equity from other projects can be used to offset the cost of capital).

No debt or equity schedule is included.

- All values, unless otherwise stated, are undiscounted.

- The highlights refer to the Feasibility Study base case. The Wheaton Precious Metals Purchase Agreement is not applied to the base case.

1. Net smelter revenue (NSR) includes royalty payments.

2. On-site construction period excludes the access road construction and a 3 month commissioning period.

3. Operating costs exclude the pre-production period which are allocated to Pre-Production Capital).

4. Cash or operating costs are operating expenses for mining, plant operations and administration to the point of production of the concentrate at the Kutcho

site. It excludes off-site concentrate costs, sustaining capital, closure/rehabilitation and royalties. CuEq calculation assumes metal base case prices.

5. All-in sustaining costs includes all cash costs, sustaining capital expenses to support on-going operations (such as TMF construction, major plant equipment

replacement and repair), concentrate charges, and royalties. It includes closure and rehabilitation costs.

6. No inflation or depreciation of costs were applied; all costs are in 2021 money values. Major underground mobile equipment, all open pit mobile equipment

and the power plant are leased. Contingencies included.

Figure 1: Sensitivity of Base Case After-Tax NPV7% and IRR to Metal Prices (US$:C$ FX Rate at 0.76)

Note:

1. Spot metal prices as at 26 October 2021: Copper US$4.50/lb, Zinc US$1.57/lb, Silver US$24/oz, Gold US$1,788/oz.

Kutcho Copper Corp.

-4-

Figure 2: Sensitivity of Base Case After-Tax NPV7% and IRR to Copper Price Only (US$:C$ FX Rate at 0.76)

Note:

1. Only copper price adjusted.

2. Spot copper price as at 26 October 2021: US$4.50/lb.

Project Summary

The Kutcho project is located in northern British Columbia (BC), approximately 100 km east of Dease Lake within

the traditional territories of the Tahltan Nation and Kaska Dena Nation. The Project described in the Feasibility

Study contemplates mining the Main and Esso deposits to extract mainly copper and zinc, with minor quantities

of gold and silver. The Main deposit is designed to be mined primarily as a conventional shovel and truck open pit

operation, with a deeper remnant mined by underground longitudinal longhole open stoping (LLHO S) with

cemented rock fill (CRF) . The underground Esso deposit is also designed to be mined using LLHOS with CRF. A

total of 17.3 Mt is planned to be mined over an 11 year mine life, with 14.5 Mt coming from the open pit and 2.8

Mt from the underground mines. A steady-state crusher production rate of 4,500 tonnes per day (tpd) is expected

be achieved by the end of the first year of operations.

After primary crushing at an average steady state rate of 4,500 tpd , an ore sorter utilizing an x -ray transmission

(XRT) sensor would remove low -grade and waste material from the feed to the SAG and ball mills, followed by

conventional flotation , regrind and dewatering circuits . Approximately 3,900 tpd of ore would report to the

milling and flotation circuit after ore sorting. A total of 53 3 Mlbs of copper and 8 41 Mlbs of zinc as primary

products, and 10.6 Moz of silver and 129 koz of gold is anticipated to be recovered to concentrate for sale.

Kutcho Copper Corp.

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The Project design includes an extensive progressive reclamation programme, including the backfilling of the open

pit and water treatment during operations and for the closure period.

The Project is located within the traditional territories of the Tahltan Nation and Kaska Dena Nation. Kutcho has

a good working relatio nship with these Nations and has started discussions with both to develop Economic

Participation Agreements that would safeguard their interests, provide employment , and benefit the Nations

economically.

Feasibility Study Participation

The study was led by CSA Global and included the support of SIM Geological Inc., Allnorth Consultants Ltd., ABH

Engineering Inc., Mineit Consulting Inc., Terrane Geoscience Inc., Piteau Associates, and Onsite Engineering Ltd.,

all of which are independent of the Company.

Environment, Social and Governance

Environmental

The Kutcho Project is designed with environmental protection in mind; final closure and reclamation were key

drivers in the design process . Various environmental protection and impact mitigations are incorporated , with

the highlights being:

• Upgrading the site access road to minimize impact on water quality and natural resources, including run-

off control and clear span bridge crossings

• Use of liquified natural gas for power generation as opposed to diesel, significantly reducing the

generation of greenhouse gases and reducing the potential for fuel spills

• The tailings management facility (TMF) is designed to be a fully -lined impoundment with the rockfill

embankment comprising non-potentially acid generating (nPAG) waste rock and built using downstream

construction methods

• On closure, the TMF would be capped with nPAG waste rock and revegetated

• Waste rock not required for construction would be placed on a stockpile, most of which would be

backfilled into the pit during operations and revegetated

• Potentially acid generating (PAG) waste rock would be placed on temporary stockpiles, all of which would

be rehandled back into the pit at the end of the mine life to reduce the risk of future acid generation or

metal leaching

• No infrastructure is located within fish-bearing streams

• The water management system would divert non-contact water around proposed mine facilities

• Contact water would be collected for operational re -use or treated in a water treatment plant prior to

discharge to the environment to ensure adherence to provincial and federal water quality guidelines

• At closure all buildings would be removed, disturbed lands rehabilitated, and the property returned to

functional use according to as yet to be developed and approved reclamation plans and accepted

practices at the time of closure

Social

• The Project is located within the traditional territories of the Tahltan Nation and Kaska Dena Nation

• Kutcho has a good working relationship with these Nations and commenced discussions with both to

develop Economic Participation Agreements that would safeguard their interests, provide employment ,

and benefit them economically

Kutcho Copper Corp.

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• Kutcho Copper remains committed to de-risking and advancing the Kutcho project in close consultation

with the Tahltan and Kaska Dena Nations

Governance

• Kutcho Copper is committed to the principles of good governance, openness and transparency in all its

activities and has begun developing appropriate policies, controls and practices for the next phase of the

Project’s development.

Location and Access

The Kutcho project is located in northern British Columbia, approximately 100 km east of Dease Lake and 425 km

north of Terrace, BC. Access to the site during construction and operations would be via an upgraded 120 km

gravel road that joins the Stewart –Cassiar Highway 37 directly south of Dease Lake. In addition, a 1,000 m long

airstrip is located about 10 km to the northwest of the mine site.

First Nations and Local Communities

The Kutcho project is located within the traditional territories of the Tahltan Nation and Kaska Dena Nation. The

closest community to the mine site is Dease Lake. Traditional use of lands and resources in the vicinity of the

Project have been documented for both the Tahltan Nation and Kaska Dena Nation. Kutcho Copper is committed

to working and consulting with the First Nations following a jointly developed Consultation Plan. To this end,

Kutcho Copper and the Tahltan Nation and Kaska Dena Nation have already signed several agreements. Kutcho

Copper has also initiated discussions to develop the access road to the P roject site in partnership with Tahltan

Nation and Kaska Dena Nation.

Mineral Resource Estimate

The mineral resource estimate for the Kutcho p roject was prepared by SIM Geological Inc. in accordance with

current CIM standards, definitions and guidelines, with an effective date of 30 July 2021. Mineral resources

tabulated below are inclusive of mineral reserves.

Kutcho Copper Corp.

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Table 2: Kutcho Project - Estimate of Mineral Resources Inclusive of Reserves (effective 30 July 2021)

Notes:

1. The mineral resource estimates in the table above form coherent bodies of mineralisation that are considered amenable to a combination of

open pit and underground extraction methods based on the following parameters: Base Case Metal Prices: Copper US$3.50/lb, Zinc US$1.15/lb, Silver

US$20.00/oz, Gold US$1600/oz. Projected operating costs: Mining (underground) C$56.58/t, Mining (open pit) C$3.49/t, Processing C$26.97/t, G&A

C$7.89/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)+(Ag g/t x 0.006)+(Au g/t x

0.466). 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 political, environmental, or other risks that

could materially affect the potential development of the mineral resources.

Resource Classification Tonnes

(000)

CuEq

(%)

(g/t)

Measured 7,213 2.31 1.64 2.35 24.7 0.36

Indicated 12,201 1.79 1.27 1.64 22.8 0.32

Measured + Indicated 19,414 1.98 1.41 1.90 23.5 0.34

Inferred 459 1.35 0.78 1.24 16.8 0.60

Indicated 793 1.93 1.35 1.54 30.3 0.45

Inferred 1,717 1.87 1.19 1.90 26.1 0.49

Indicated 2,595 4.40 2.40 4.49 61.5 0.78

Inferred 1,624 2.15 1.32 1.59 35.8 0.42

Inferred 9,086 1.49 1.06 1.53 16.2 0.16

Measured 7,213 2.31 1.64 2.35 24.7 0.36

Indicated 15,590 2.23 1.46 2.11 29.6 0.41

Measured + Indicated 22,802 2.26 1.52 2.18 28.1 0.39

Inferred 12,886 1.62 1.10 1.58 20.0 0.25

Combined

Sumac Deposit (1.05% CuEq cut-off)

Esso Deposit (0.95% CuEq cut-off)

Main Deposit (below open pit, 1.05% CuEq cut-off)

Main Deposit (pit constrained, 0.45% CuEq cut-off)

Kutcho Copper Corp.

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Mineral Reserve Estimate

The mineral reserve estimate for the Kutcho p roject, with an effective date of 4 November 2021, was prepared

by CSA Global Pty Ltd and reported in accordance with the National Instrument 43-101. The mineral reserves are

estimated using current CIM standards, definitions and guidelines. Mineral reserves for the Project are a subset

of the measured and indicated mineral resources. The mineral reserves are inclusive of diluting material that

would be mined and delivered to the processing plant, and include suitable discounting to allow for losses typically

incurred during mining.

Table 3: Kutcho Project - Mineral Reserve Estimate (effective 4 November 2021)

Notes:

1. CIM definitions were followed for Mineral Reserves.

2. Mineral Resources are reported inclusive of Mineral Reserves.

3. The Inferred Mineral Resource does not contribute to the financial performance of the Project and is treated in the same way as waste.

4. Sum of individual amounts may not appear to equal the totals due to rounding.

5. Metal prices - copper US$3.50/lb, zinc US$1.15/lb, silver US$20/oz, and gold US$1,600/oz.

6. No previous mining has occurred at the Project site.

7. The reference point at which the Mineral Reserves are defined is where the ore is delivered to the crusher.

8. There is no known likely value of the following factors of mining, metallurgical, infrastructure, permitting or other relevant factor that could materially

affect the estimate.

9. A complex NSR formula has been applied that varies for oxide and sulphide rock types and also varies for head grade and is fully documented within the

NI43-101 Technical Report of the Feasibility Study.

9a. The oxide NSR formula can be approximated to +/- 1% accuracy for average head grades as: NSR ($/t) = 50.26 x Cu% + 7.09 x Zn% + 0.14 x Ag_gpt + 8.94

x Au_gpt.

9b. The sulphide NSR formula can be approximated to +/- 1% accuracy for average head grades as: NSR ($/t) = 57.82 x Cu% + 9.94 x Zn% + 0.34 x Ag_gpt +

22.52 x Au gpt.

Run of

Mine

Average

NSR

Mt Cu

g/t

g/t C$/t Cu

Mlbs

Moz

koz

Esso Underground Probable Sulphide 2.23 2.14 4.13 54.9 0.71 $199 105.3 202.6 3.9 50.7

Main Underground Probable Sulphide 0.60 1.40 1.54 32.2 0.57 $120 18.5 20.4 0.6 11.0

Total Underground Probable Sulphide 2.83 1.99 3.58 50.1 0.68 $183 123.8 223.0 4.6 61.7

Proven Oxide 0.03 1.40 1.79 20.2 0.27 $88 0.8 1.0 0.0 0.2

Probable Oxide 0.41 1.24 1.77 17.1 0.37 $81 11.2 16.0 0.2 4.9

Proven Sulphide 6.80 1.64 2.38 24.5 0.37 $135 245.7 356.5 5.4 80.8

Probable Sulphide 7.28 1.38 1.78 23.0 0.29 $112 221.8 285.7 5.4 67.1

Total Open Pit

Proven &

Probable

Sulphide &

Oxide

14.51 1.50 2.06 23.5 0.33 $122 479.5 659.3 11.0 153.0

Proven Oxide 0.03 1.40 1.79 20.2 0.27 $88 0.8 1.0 0.0 0.2

Probable Oxide 0.41 1.24 1.77 17.1 0.37 $81 11.2 16.0 0.2 4.9

Proven Sulphide 6.80 1.64 2.38 24.5 0.37 $135 245.7 356.5 5.4 80.8

Probable Sulphide 10.11 1.55 2.28 30.6 0.40 $132 345.5 508.7 9.9 128.8

Total Reserves

Proven &

Probable

Sulphide &

Oxide

17.34 1.58 2.31 27.9 0.39 $132 603.2 882.3 15.5 214.7

Diluted Grade Contained Metal

Reserve

ClassificationMine Section Material Type

Open Pit

and

Underground

Main Open Pit

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