Mr. Peter Berdusco reports

CANADA ONE PROVIDES CORPORATE UPDATE

Canada One Mining Corp. has provided an update on certain continuing corporate developments.

Copper Dome project

The company is focusing its 2023 exploration program on its wholly owned Copper Dome project located south of Princeton, B.C., and contiguous to the producing Copper Mountain mine recently purchased for $439-million (U.S.) and now operated by Hudbay Minerals Inc. A comprehensive drill permit for the project has recently been submitted to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation, which includes allowance for geochemical and geophysical surveys in addition to diamond drilling. The company anticipates a first review of the drill permit application by the ministry to be completed by September of this year with the potential of a granted permit in time for a fall drilling program.

As part of the permitting process, the company has engaged consultation with numerous groups, including first nations. The exploration team has completed a mobile metal ion (MMI) soil geochemical survey over two previously identified zones of interest, the Friday Creek and Road Haul zones, and one new zone of interest, the Boundary Road zone. All samples have been submitted to SGS Labs. A detailed compilation of recent geophysical and past drilling programs into one cohesive data package is also continuing, and which will allow for comprehensive geological review in three dimensions of all past work and surveys performed.

Completion of further exploration and development work on the project remains subject to market conditions and additional financing being received by the company.

Matabitchuan cobalt project/Franelle copper project

As previously announced on April 25, 2023, the company confirms that it will not be proceeding with transactions involving the Matabitchuan cobalt project and the Franelle copper project, and that any such transactions and associated financing have been cancelled. In connection with the termination, the company has not assumed any continuing obligations or liabilities related to the Matabitchuan cobalt project or the Franelle copper project. A non-refundable deposit of $50,000 was advanced by the company in connection with the proposed transaction involving the Franelle copper project. The TSX Venture Exchange has not reviewed or accepted the proposed acquisition of the Matabitchuan cobalt project or the Franelle copper project or the related deposit.

Resumption of trading

The company has applied to the TSX Venture Exchange to resume trading in its common shares. The resumption of trading remains subject to the satisfactory completion of a review by the TSX Venture Exchange and the company will provide further information once such a review has been completed and a date confirmed for the resumption of trading.

About the Copper Dome project

The Copper Dome project's is located 1.5 kilometres south of the Copper Mountain mine open pit deposits. The project lies within the lower portion of the Quesnel trough porphyry belt, a well-established mining district. The belt extends north from the Copper Mountain mine, through the Elk, Brenda, Craigmont, Highland Valley and New Afton mines.

Previous drilling has confirmed the presence of high-grade copper associated with northeast running geological structures similar to those seen at the Copper Mountain mine, as well as palladium (Pd), platinum (Pt) and gold (Au) mineralization. Multiple zones of mineralization have been discovered on the property to date. Excellent infrastructure provides year-round access with low-cost exploration and low jurisdictional risk.

Qualified person

The technical information contained in this news release has been reviewed by Freeman Smith, PGeo, a qualified person for the purposes of National Instrument 43-101.

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