WCU.V · 2023-02-24 12:00:00

World Copper Extends Cardero Loans

Debt & Credit Facilities

#2710 - 200 Granville Street

Vancouver, BC, Canada, V6C 1S4

T: 604-638-3287 / F: 604-408-7499

www.worldcopperltd.com

NR 23-03 February 24, 2023

World Copper Extends Cardero Loans

Vancouver, British Columbia - World Copper Ltd. (“World Copper”, “Cardero” or the “Company”)

(TSXV: WCU, OTCQX: WCUFF, FSE: 7LY0), reports that pursuant to their news release dated December

29, 2022, the TSX Venture Exchange (“TSXV”) has accepted the consolidation and extension of the due

dates on advances from E.L. II Properties Trust, a company owned by Robert C. Kopple, a director of the

Company (the “Lender”). Four loans in the aggregate amount of USD 1,065,265 equivalent Canadian

amount converted at CAD 1.3565, CAD 1,445,031.97 (the “Loans”) have been extended to February 22,

2024 (the New “Maturity Dates”). The Company has issue d in aggregate 10,321,657 non- transferable

bonus common share purchase warrants (each, a “Bonus Warrant”) to the Lender. Each Bonus Warrant

entitles the holder to purchase one common share in the capital of the Company at an exercise price of CAD

0.14 per share expiring on February 22, 2024. The Bonus Warrants were calculated based on the original

loan amount of USD 1,065,265 converted to CAD 1,445,031.97 based on the exchange rate on December

29, 2022. All securities issued pursuant to the Loans will be subject to a hold period of four months and

one day in Canada from the date of issuance. Further, a clause has been added to the warrant certificate

that restricts the exercise of warrants such that the holders' ownership would not be above 19.99%.

This transaction constitutes a "related party transaction" as such term is defined under Multilateral

Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61- 101”). The

Company is relying on the exemptions from the formal valuation and minority approval requirements under

MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI

61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction,

insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization.”

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focuse d on the

exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both

located in Chile. World Copper has laid claim to four copper porphyry targets, one with estimated

resources, significant soluble copper mineralization, and 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.

Detailed information is available at the Company 's website at www.worldcopperltd.com, and for general

Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.

World Copper Ltd. 2 February 24, 2023

NR23-03 Continued

#2710-200 Granville

Vancouver, BC, Canada, V6C 1S4

T: 604-638-3287 / F: 604-408-7499

www.worldcopperltd.com

For further details on the Company readers are referred to the Company's website. To view the Company's

Canadian regulatory filings, please visit SEDAR.

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: 604-638-3287

E-mail: [email protected]

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

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 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. 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, statements as to the anticipated business plans and timing of future activities

of the Company, the ability of the Company 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, ti tle disputes

or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID–19, including

World Copper Ltd. 3 February 24, 2023

NR23-03 Continued

#2710-200 Granville

Vancouver, BC, Canada, V6C 1S4

T: 604-638-3287 / F: 604-408-7499

www.worldcopperltd.com

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.

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