World Copper Provides Corporate Update
#2710-200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
NR24-07 May 21, 2024
World Copper Provides Corporate Update
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copper Ltd. (" World Copper" or
the "Company"; TSXV: WCU, OTCQB: WCUFF, FSE: 7LY0) is pleased to provide a general corporate
update regarding the Company's assets and direction.
Zonia Project Update
Going forward the Company will be focusing its efforts on the Zonia Project ("Zonia") as our flagship
asset, with the aim of working to advance Zonia to a bankable feasibility study and then proceeding into
construction and production.
Given the current global copper supply deficit, management's belief is that the short-term solution to the
copper supply crisis will come from smaller more efficient copper operations, which are cheaper to build
and have less environmental impacts. Recent events in the sector have shown that major mining companies
are hesitating to take on very large-scale, high capital intensity projects by looking for partners to share the
risk and costs, or by targeting smaller assets and innovative or conventional leaching technologies.
Zonia fits into these new copper market dynamics perfectly offering a viable smaller scale and lower cost
operation that can be permitted and constructed in half the time required on average to develop new larger
concentrate mines. Being a past producer, Zonia's mineralization is pre-stripped resulting in a 1:1 strip ratio
for our new operations, and it has power and water on site.
We recently announced the formation of a Technical Advisory Committee that will play a lead role in the
proposed development and construction of the Zonia mining operation. Derek White and Joe Philips have
joined us as advisors at World Copper. Derek is an industry leader in the copper sector having developed
and built several copper mines. As the former CEO of KGHM International he built the Sierra Gorda mine
in Chile and the Ca rlota mine in Arizona. Most recently he completed construction of the Premier Gold
mine in BC. He is a consummate mine builder. Derek will guide the World Copper team in taking Zonia
down the path to production. Joe Philips brings a wealth of mine building experience having lead
construction on 14 mining operations in 11 different counties. His upgrading and expansion of the SX-EW
plant for Tres Valles in Chile will be of particular importance to our Zonia development process.
Our seasoned team are looking to put the asset into production within 3 to 5 years and at a quarter of the
costs of conventional concentrate operations. Zonia is uniquely positioned with a strategic location in
Arizona allowing it to supply the domestic US refined copper market, which is currently in dire need for
US-manufactured cathodes, Zonia has the potential to become a net-zero facility benefiting from low energy
consumption, favorable energy mix and emission compensation returns.
World Copper has adopted a two- phase plan to move the Zonia project down the production track. Phase
one would target only the portion of the project located on private land. Phase two will target copper
mineralization located on non- private land so that it could be permitted for future inclusion into the
anticipated mine plan. To satisfy the parameters of a bankable feasibility study Phase one will move to
convert a major portion of the inferred resources in from the PEA to indicated resources. This will most
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Vancouver, BC, Canada, V6C 3L6
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www.worldcopperltd.com
likely entail an infill drilling campaign. Other Phase one programs will include environmental studies, land
and water use permits, metallurgical studies, mine planning , engineering, financing modelling and
construction planning.
Phase two programs will comprise primarily of permitting the BLM land (non- private) that surrounds the
Zonia private land, environmental studies, and some exploration drilling. Our BLM lands are 3 times the
size of our private land package and have the potential to increase our copper resource exponentially. These
phase two prog rams will be initiated in parallel with the phase one activity as the timeline to receiving
exploration and mining permits for these areas are longer.
Zonia's historical preliminary economic assessment (PEA) in 2018 concluded that the economics of the
project are excellent and gives World Copper the assurance to advance the project through feasibility. The
historical PEA outlines an open-pit, copper-oxide heap leach project with a 9-year mine life and favourable
economics. The base case uses a $2.00/lb designed pit shell with a grade cutoff of 0.17% total copper. The
PEA was prepared by Global Resource Engineering Ltd. (“GRE”) of Denver, Colorado, in accordance with
the Canadian Securities Administrators (CSA) NI 43 -101. GRE reported on the scoping- level capital and
operating costs, and project economics associated with the potential development of the Zonia copper oxide
project. The full report entitled "Preliminary Economic Assessment, NI 43 -101 Technical Report Zonia
Copper Project Yavapai County, Arizona, USA" with an Effective Date of March 22, 2018, and an Issue
Date of April 17, 2018, is available on SEDAR+ or can be downloaded using this link.
The preliminary economic assessment is preliminary in nature 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 categ orized as mineral reserves; there is no certainty that the preliminary economic
assessment will be realized.
The updated mineral resource estimate for Zonia (see news release dated February 23, 2023), includes 75.7
million short tons grading 0.30% total -copper (Indicated Resources) containing 450.5 million pounds of
copper and 122.0 million short tons grading 0.24% total -copper (Inferred Resources) containing 575.4
million pounds of copper, which is a significant expansion of the historical resource estimate.
Further information on Zonia’s updated resource estimated can be found in the technical report entitled
"National Instrument 43-101 Technical Report: Updated Mineral Resource Estimate for the Zonia Copper
Project Yavapai County, Arizona USA" dated December 20, 2022 and dated effective September 1, 2022.
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 the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
The Company is also currently reviewing additional assets in the United States. The U nited States has
declared copper a critical metal, and it is a consistently mining friendly jurisdiction. 4 US states were listed
in the top 10 most attractive jurisdictions globally by Fraser Institute (that included Arizona with rank #7).
Both the Department of Energy and the Department of defence have created funding programs for cop per
and other critical metals. By shifting focus to US copper markets World Copper will have a new captive
and supportive potential pool of interest.
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#1570 -200 Burrard Street
Vancouver, BC, Canada, V6C 3L6
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
Escalones Project Update
Escalones remains the largest undeveloped copper oxide deposit in Chile and is one of the most desirable
copper projects in the sector. Further drilling at Escalones is needed in order to advance the project, and
this drilling will also assist in de-risking Escalones. The Company is currently in discussions with the
Chilean authorities for drilling permits and to better understand the next steps in formalizing the directives
under the new sanctuary of nature established by presidential decree (see news release dated January 23,
2024).
Loan Extension
The Company has also , subject to TSX Venture Exchange (" TSXV") acceptance, entered into a loan
extension agreement (the "Extension Agreement") made as of May 18, 2024 with E.L. II Properties Trust
(the "Lender") for loans assumed by World Copper in connection with the merger with Cardero Resource
Corp. by plan of arrangement in January 2022 in the aggregate amount of CAD $1,958,019.88 (based on a
CAD – USD exchange rate of 1.3570 as of February 29, 2024) (the "Loans"). Pursuant to the Extension
Agreement, the Loans will bear interest at a rate of 8% per annum compounded quarterly, and the due dates
for the Loans will be extended by two years.
The Company has agreed to issue the Lender in aggregate 6,419,737 non-transferable bonus common share
purchase warrants (each, a " Bonus Warrant"), each exercisable to purchase one common share of the
Company at an exercise price of CAD $0.305 per share for a period of two years, subject to acceptance by
the TSXV. 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.
As the Lender is a trust owned and controlled by Robert Kopple, who is a director of the Company, the
transaction constitutes a related party transaction pursuant to Multilateral Instrument 61 101 - Protection of
Minority Security Holders in Special Transactions ("MI 61 -101"). The Company is relying on
Sections 5.5(a) and 5.7(1)(a) of MI 61- 101 for an exemption from the formal valuation and minority
shareholder approval requirements, respectively, of MI 61 -101, as, at the time the Extension Agreement
was entered into by the Company with the Lender, neither the fair market value of the subject matter of,
nor the fair market value of the transaction exceeded 25% of the Company's market capitalization.
Strategic Marketing Agreement
The Company also announces that, subject to TSX Venture Exchange acceptance, it has entered into an
consulting agreement with Upcountry Strategy Ltd. ("Upcountry") of Cobble Hill, BC, whereby Upcountry
will provide advice to the Company's board of directors and senior management on public company
administration, the development and implementation of a marketing strategy for the Company and the
review of potential strategic opportunities. The term of the agreement with Upcountry is for six months,
effective May 2, 2024, and may be terminat ed at any time, by either party, with 30 days written notice.
Upcountry will receive a consulting fee of USD$600,000 to be paid over 90 days. As of the date hereof, to
the Company's knowledge, Upcountry (including its directors and officers) does not own any securities of
the Company and has an arm's length relationship with the Company.
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Vancouver, BC, Canada, V6C 3L6
T: 604-638-3287 / F: 604-408-7499
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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: Zonia in Arizona and Escalones in
Chile. Both projects have estimated resources with significant soluble copper mineralization, and they
boast exciting potential to expand the resource base. The company is dedicated to sustainable practices and
leveraging technology to develop safe and productive mining operations in stable, mining-friendly
jurisdictions.
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 Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Gordon Neal"
Gordon Neal
President & Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Gordon Neal or Michael Pound
Phone: 604-638-3665
E-mail: [email protected]
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
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#1570 -200 Burrard Street
Vancouver, BC, Canada, V6C 3L6
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
than statements of historical fact, included herein including, without limitation, the results of the PEA, the ability of
the Company to advance Zonia into production, the potential production from and viability of Escalones and Zonia,
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 projects 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 o r 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 Zonia, the reasonability of the economic assumptions at the basis of the results of the PEA for Zonia, 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 future financings, accidents, labour disputes and other risks of the mining industry, delays in
obtaining governmental approvals (including TSXV acceptance), permits or financing or in the complet ion 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.sedarplus.ca.
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.