Mr. Giulio Bonifacio reports

CANDENTE COPPER RECONSTITUTES BOARD OF DIRECTORS

Candente Copper Corp. has reconstituted its board of directors and has accepted the retirement of George Elliott and Andres Milla from the board.

Further to the company's press release of June 30, 2022, the company's board has determined that in view of the recent appointments of Steven Latimer and Jeremy Meynert, announced on Sept. 22, 2022, and as a result of continuing discussions with Fortescue Metals Group regarding the company's majority voting policy, discussed below, it was mutually agreed the board be reconstituted to consist of the following seven directors: Giulio T. Bonifacio; Joanne Freeze; Miguel Inchaustegui; Mr. Latimer; Mr. Meynert; Sean Waller and Christine Nicolau (Fortescue nominee).

Mr. Bonifacio, executive chair of Candente Copper, commented: "I would like to sincerely thank George Elliott and Andres Milla for their long-standing service and contributions to the company. Under the guidance of the newly reconstituted board, which includes Steven Latimer and Jeremy Meynert, the company will now move to further advance its Canariaco project, which already possesses a significant copper, gold and silver resource, with further drilling of high-priority drill targets being planned for 2023."

Majority voting policy

At the company's annual general meeting of shareholders held on June 22, 2022, while all of management's nominee directors were re-elected, Ms. Freeze, Mr. Waller, Mr. Elliott and Mr. Milla received a greater number of withheld votes than votes in favour of their election.

In accordance with the company's majority voting policy, each of the withheld vote directors offered their resignation to the company, to be effective upon the acceptance of such resignation by the board, with the withheld vote directors abstaining from this vote.

For each of the withheld vote directors, between 96 per cent and 98 per cent of the withheld votes were cast by Fortescue. The company's executive chair, Mr. Bonifacio, held several discussions with Fortescue regarding their withheld votes, and in consultation with Fortescue, initiated a board reconstitution process that included the retention of Ms. Freeze and Mr. Waller, and the appointment of Mr. Latimer and Mr. Meynert as directors of the company, as announced in the company's press release dated Sept. 22, 2022.

The board met with each of the withheld vote directors abstaining, and in accordance with the company's majority voting policy, approved the board as reconstituted with resignations for Mr. Elliott and Mr. Milla being accepted.

About Candente Copper Corp.

Candente Copper is a multiasset copper developer. The company's flagship project is its 100-per-cent-owned Canariaco advanced-staged copper project, within which are the Canariaco Norte deposit, Canariaco Sur deposit and Quebrada Verde prospect, all within a four-kilometre northeast-southwest trend in northern Peru's prolific mining district.

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