Granite Creek Copper Ltd. announced significantly increased recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project ("Carmacks Project" or the "Project") was achieved through metallurgical studies conducted by Kemetco Research Inc. from ("Kemetco"). The Company's 2023 Preliminary Economic Assessment ("2023 PEA") for the Project identified the opportunity to significantly increase net present value ("NPV") by improving oxide recovery. Metallurgical testing completed on the project in support of the 2023 PEA showed that while a copper recovery of over 93% could be achieved via a well- established froth flotation technique for sulphide ore, only 39.8% copper recovery from oxide ore was achieved using the same process.

The current test results show a total recovery of 88% for oxide material is possible, an increase of 48% over the PEA base case. These results will have a significant impact on the economics for the project as the PEA identified an additional $180 M of NPV5% value by increasing life of mine average recovery for copper from 64% to 77%. With sulfide recoveries of 93.7% identified in the PEA and combined oxide recoveries (initial flotation + leaching and precipitate) of 88% the potential recoveries for copper are well above the 77% target level highlighted in the 2023 PEA.

The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life. During this time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. An increase in recovery of oxide material for the first five years of mine life, as demonstrated in these test results, would have a potentially very significant impact on project economics.

Results of this testing are outlined below: Acid leaching was able to extract as much as 80% of the remnant copper present in a composite prepared from Carmacks copper oxide flotation tailings. Copper in precipitates varied, but in most tests approached the theoretical grade of pure CuS which grades 66.5% Cu. High grades were obtained without pH adjustment.

This testing shows a total copper recovery from oxide material of 88% with Initial Flotation recovery of 39.8% + Leach and Precipitate recovery of 48% (80% of the remnant copper). Adding Sodium hydrosulphide ("NaHS") solution resulted in up to 100% precipitation of copper from leach solutions, offering a promising avenue for further refinement. Hydrogen sulphide gas was equally effective as a sulphide source for copper precipitation.

In all tests, the precipitation of CuS resulted in a drop in pH as free acid was regenerated as a by-product of the precipitation reaction, creating the potential to reuse/recycle the regenerated acid.