Mr. Peter Berdusco reports

CANADA ONE TO ACQUIRE CONTIGUOUS LAND PACKAGE, DOUBLING SIZE OF COPPER DOME EXPLORATION AREA, PRINCETON, BRITISH COLOMBIA

Canada One Mining Corp. has entered into a share purchase agreement, dated Sept. 25, 2023, with Rockhound Copper Inc. and each of the shareholders of Rockhound (collectively, the vendors), pursuant to which the company will acquire all of the issued and outstanding share capital of Rockhound. Rockhound owns 2,974 hectares (Copper Dome South) of prospective ground contiguous to the south of the company's existing Copper Dome project located in Princeton, B.C.

Peter Berdusco, president and chief executive officer of Canada One, commented: "We feel very fortunate to secure a large contiguous land package in the highly sought-after, competitive location just south of the Copper Mountain mine operated by Hudbay Minerals. This not only doubles our land position, but it will also provide us with additional prospective ground, greatly expanding our exploration at Copper Dome."

Highlights:

• The acquisition will increase the Copper Dome project's exploration area from 2,262 hectares to 5,236 hectares;
• Copper Dome South is roughly six kilometres south of the Copper Mountain mine site;
• Historical Titan 24 geophysical survey identified two high-chargeability-zone anomalies, both over one km in length and 300 metres in depth;
• Historical airborne magnetic survey identified seven target areas for exploration follow-up;
• Recent soil geochemical sampling at Copper Dome South has identified anomalies for Cu (copper), Zn (zinc), and precious and platinum group metals.

Terms of the purchase agreement

Under the terms of the purchase agreement, in consideration for all the issued and outstanding shares of Rockhound, the company will, upon closing of the acquisition: (i) issue 12 million common shares of the company to the vendors; (ii) and make a cash payment of $20,000. In addition, the company will make a further cash payment of $20,000 within six months of the closing. The consideration shares issued to the vendors are issued at a deemed value of nine cents per consideration share, for an aggregate value of $1.08-million, and represents 26.3 per cent of the issued and outstanding common shares of the company on a postissuance basis.

Under the terms of the purchase agreement, if the company drills 0.15 per cent copper or greater over a 100-metre or greater interval length on Copper Dome South, it will issue an additional bonus of one million common shares. If a preliminary economic assessment is completed on Copper Dome South, the company will issue a further bonus of one million common shares. Copper Dome South is also subject to a 3-per-cent net smelter royalty (NSR) in favour of the vendor. The company has an option to purchase up to 2 per cent of the net smelter royalty for $2-million.

The company is relying on the prospectus and registration exemption under Section 2.16 of National Instrument 45-106 -- Prospectus Exemptions in issuing the consideration shares. As a result, the consideration shares will not be subject to a hold period. No finder's fees or commissions are payable in connection with completion of the acquisition.

Closing of the acquisition is subject to a number of conditions, including: the approval of the TSX Venture Exchange and the satisfaction of all other closing conditions specified in the purchase agreement. The acquisition does not involve any non-arm's-length parties (as defined in the policies of the exchange) to the company.

In connection with acquisition, Rockhound does not have any material liabilities and the company does not expect to assume any material obligations related to Copper Dome South, nor does it expect to devote the majority of its working capital or resources to the development of Copper Dome South. The primary focus of the company at this time remains the planned exploration and drilling work at the existing Copper Dome project. As a result, the acquisition does not constitute a fundamental acquisition for the company within the policies of the exchange. The issuance of the consideration shares to the vendors will not result in a change of control of the company, within the meaning of applicable securities laws and the policies of the exchange.

Copper Dome South overview

Past work on Copper Dome South comprises several exploration programs going back as early as 1972. These programs were small and limited in extent. No major exploration programs were undertaken at the property until 2009.

In 2009, Quantec Geosciences conducted an 8.2 km Titan 24 DC/IP (direct current/induced polarization) survey on behalf of Supreme Resources Ltd. The two-line survey, each 4.1 km in length, in a north-south direction, delineated two high-chargeability anomalies on line 82100E and 83100E.

Line 82100E shows a high-chargeability zone extending two km in length and over 400 m in depth, and is open to the south. Line 83100E, located one km to the east of line 82100E, shows a high-chargeability zone one km in length, within a magnetic low signature with a dimension of 400 m by 400 m wide, within a high-chargeability setting extending past 400 m in depth.

Lines 82100E and 83100E also show an extensive highly chargeable feature in the southern end of the line, open at depth. This zone covers almost two km of line 82100E, and over one km of line 83100E.

An airborne magnetometer survey conducted in 2020 indicates magnetic signatures associated with northwest-southeast-trending faults. Several targets were identified with similar geophysical signatures to the east and west in the surrounding claim area.

The most recent exploration work on the property has delineated two soil geochemical anomalies for copper/zinc, and elevated precious and platinum group metals.

Copper Dome project

The property is contiguous to Hudbay Minerals' currently producing Copper Mountain mine, which hosts a proven and probable mineral reserve of 702 million tonnes (Mt) of 0.24 per cent Cu. The property's northern boundary lies 1.5 km from the mine's deposits.

Copper Mountain mine

The Copper Mountain mine, which is contiguous to the north of the Copper Dome project, is a conventional, open-pit, truck and shovel operation. The mine has a 45,000-tonne-per-day plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates, with gold and silver credits. A new life-of-mine plan, to expand the mill to 65,000 tonnes per day, further increases average annual production to 138 million pounds of copper equivalent (CuEq) and reduces all-in costs to $1.76 (U.S.) per pound of copper over the first 20 years of a 32-year mine life. The 65,000-tonne-per-day mill expansion, including the integration of New Ingerbelle, brings Copper Mountain mine's after-tax NPV (net present value) at an 8-per-cent discount to $1.245-billion (U.S.) (see the life of mine plan expansion study technical report, Copper Mountain Mining Corp., September, 2022).

The company cautions that the discoveries and observations on properties in proximity to the Copper Dome project are not necessarily indicative of the presence of similar mineralization or geology on the property.

Qualified person

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

We seek Safe Harbor.