Northisle Announces Upsize of Oversubscribed Priva Te Placement to $6.4 Million and Warrant Extension

Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3

www.northisle.ca | [email protected]

December 13, 2023

TSX Venture Exchange Symbol: NCX

NORTHISLE ANNOUNCES UPSIZE OF OVERSUBSCRIBED PRIVA TE PLACEMENT TO $6.4

MILLION AND WARRANT EXTENSION

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR

DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce

that has increased the size of its previously announced oversubscribed $5.0 million non-brokered private placement to

approximately $6.4 million, consisting of : (i) approximately $3.3 million of flow-through Common Shares at a price of

$0.476 per Common Share (the “CMCFT Offering”), (ii) approximately $2.0 million of flow-through Common Shares at a

price of $0.448 (the “CFT Offering”), (iii) approximately $0.7 million of flow-through Common Shares at a price of $0.35

(the “FT Offering”) and (iv) approximately $0.4 million of Common Shares at a price of $0.28 per Common Share (the

“Non-FT Offering” and together with the CMCFT Offering, the CFT Offering, and the FT Offering, the “Offering”).The

Offering has been fully allocated and is anticipated to result in the issuance of 14,765,700 million shares.

Sam Lee, President and CEO of Northisle commented: “We are pleased to have the continued support of our

cornerstone shareholders and welcome Franklin Templeton as a new significant institutional shareholder through this

offering. We have taken a disciplined approach on our financings to maximize shareholder value and are now fully

funded for our 2024 Phase I exploration program at Northwest Expo, West Goodspeed and Pemberton Hills.”

Certain insiders of the Company , including Dale Corman, Sam Lee , and Ian Chang intend to participate in the Offering,

with full particulars of such participation to be included in the news release announcing the closing of the Offering.

The gross proceeds from the sale of FT Shares, CFT Shares, and CMCFT Shares will be used to incur expenses

(“qualifying expenses”) that are “Canadian exploration expenses” (within the meaning of subsection 66.1(6) of the Tax

Act) and “BC flow-through mining expenditures” (within the meaning of subsection 4.721(1) of the Income Tax Act

(British Columbia))”. The qualifying expenses to be incurred using the gross proceeds from the sale of FT Shares and

CMCFT Shares will also qualify as “flow-through critical mineral mining expenditures” (within the meaning of subsection

127(9) of the Tax Act).

The Offering is non-brokered; however, the Company may pay finder's fees in connection with the Offering accordance

with the rules and policies of the TSX Venture Exchange ("TSX-V"). The Placement is subject to the completion of formal

documentation and receipt of all necessary regulatory approvals, including the approval of the TSX-V.

The Common Shares issued pursuant to this Offering will be subject to a hold period expiring four months and one day

from the date of issuance in accordance with applicable Canadian securities laws. The offering is anticipated to close on

or about December 21, 2023.

In addition, Northisle announces that it has applied to the TSX Venture Exchange to extend the expiry dates of a total of

5,048,000 common share purchase warrants (“Warrants”) by three months to March 18, 2024 (the “Warrant

Extension”). The Warrants were issued pursuant to a private placement of units of the Company which closed on

December 17, 2021. Each Warrant entitles the holder thereof to acquire one common share in the capital of the

Company at an exercise price of $0.28 per common share and all other terms of the Warrants, including exercise price,

will remain the same. The Warrant Extension is subject to the approval of the TSX Venture Exchange.

Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3

www.northisle.ca | [email protected]

About Northisle

Northisle Copper and Gold Inc. is a Vancouver based company whose mission is to become Canada’s leading

sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most

promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British

Columbia on a more than 34,000 hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres

northwest from the now closed Island Copper Mine operated by BHP Billiton. Northisle completed a preliminary

economic assessment for the North Island Project in 2021 and is now focused on advancement of the project through a

prefeasibility study while continuing exploration within this highly prospective land package. For more information on

Northisle please visit the Company’s website at www.northisle.ca.

For more information on Northisle please visit the Company’s website at www.northisle.ca.

On behalf of Northisle Copper and Gold Inc.

Nicholas Van Dyk, CFA

Chief Financial Officer

Tel: (604) 638 2515

Email: [email protected]

www.northisle.ca

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the

United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as

amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States

or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption

from such registration is available.

Cautionary Statements regarding Forward-Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities law. Any

statements that are contained in this news release that are not statements of historical fact may be deemed to be

forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should",

"anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but

are not limited to, statements relating to the ability to complete the Offering on the proposed terms or at all,

anticipated use of proceeds from the Offering, the participation of certain insiders and others in the Offering, and

receipt of regulatory approvals with respect to the Offering as well as any other future plans, objectives or expectations

of Northisle. Forward-looking statements necessarily involve known and unknown risks, including, without limitation,

Northisle's ability to implement its business strategies; risks associated with mineral exploration and production; risks

associated with general economic conditions; adverse industry events; stakeholder marketing; marketing and

transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal

and external sources, and/or inability to access sufficient capital on favourable terms; industry and government

regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate

fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive.

Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance

that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered

reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ

materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by

this cautionary statement.

The forward-looking statements contained in this news release represent the expectations of management of Northisle

as of the date of this news release, and, accordingly, are subject to change after such date. Northisle does not

Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3

www.northisle.ca | [email protected]

undertake any obligation to update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise, except as expressly required by applicable securities law.

Neither the 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.