Updated Mineral Resource Estimate For Copper Creek Project

VANCOUVER - Faraday Copper Corp. reported an updated Mineral Resource Estimate (MRE) for the Copper Creek project, located in Arizona. The MRE was prepared by SRK Consulting (U.S.) Inc. in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Paul Harbidge, President and CEO, commented, "The delivery of the first combined open pit and underground resource for Copper Creek marks another key milestone in the advancement of the project. With over 355 million tonnes of Measured and Indicated Mineral Resources, the project has the potential to provide a U.S. domestic supply of copper for decades, supporting the decarbonization of the global economy."

"The geological model, completed earlier this year, provided the foundation to accurately segregate and estimate the updated resources. The deposit remains open along strike and at depth. With the recent completion of the 6,000 meter Phase I drilling program, which was not included in this MRE, there exists the potential for an increase to the resources as part of the technical work for the upcoming Copper Creek Preliminary Economic Assessment, expected to be issued in Q2 2023."

Mineral Resource Estimate Highlights: Measured Mineral Resources: 65.1 million tonnes ("Mt") at a grade of 0.61% copper, 0.011% molybdenum and 1.7 g/t silver containing 872.9 million pounds ("Mlbs") of copper, 15.7 Mlbs of molybdenum, and 3.5 million ounces ("Moz") of silver, or 927.3 Mlbs copper equivalent ("CuEq"), including open pit resources of 38.9 Mt at a grade of 0.72% CuEq; Indicated Mineral Resources: 290.0 Mt at a grade of 0.47% copper, 0.007% molybdenum and 1.2 g/t silver containing 3,034.2 Mlbs of copper, 47.2 Mlbs of molybdenum, and 11.0 Moz of silver, or 3,199.0 Mlbs CuEq, including open pit resources of 45.7 Mt at a grade of 0.46% CuEq; Inferred Mineral Resources: 75.0 Mt at a grade of 0.38% copper, 0.007% molybdenum and 0.8 g/t silver containing 634.9 Mlbs of copper, 12.0 Mlbs of molybdenum, and 2.0 Moz of silver, or 673.5 Mlbs CuEq, including open pit resources of 29.3 Mt at a grade of 0.36% CuEq; For the combined resource, 82.6% of the tonnage is within the Measured and Indicated category; Amenable to a combination of open pit and bulk underground extraction methods; and This MRE, together with the pending results of the 2022 Phase I drill program, will form the basis for the Preliminary Economic Assessment ("PEA") expected by the end of Q2 2023.