QC Copper and Gold Inc. announce the publication of its updated Technical Report for the pit-constrained Mineral Resource Estimate (MRE) on the Opemiska Deposit which the Company announced on January 8, 2024. This updated MRE reflects a significant increase in grade and contained metal, attributed to extensive drilling and technical team's two-year recompilation and reinterpretation of geological data. The Company also underscores that the qualitative improvements in the database enhance confidence in the project's geological model and, by extension, the Mineral Resource Estimate.

A conceptual starter pit has been calculated for the Opemiska Deposit with 19.1 million Measured and Indicated tonnes at 1.1% Cu-Eq. A high-grade potential starter pit provides more options in development scenarios as it allows for a potential short payback period or a staged development scenario, which potentially improves the project's economics. A significant out-of-pit Measured and Indicated Mineral Resource has been added to the pit-constrained Opemiska Deposit with 268 million lbs of copper, 83 thousand ounces of gold, and 1.3 million ounces of silver, or 305 million lbs of copper equivalent contained in 10.1 million tonnes.

Additionally, there are out- of-pit Inferred Mineral Resources of 23 million lbs of copper, 15 thousand ounces of gold, and 218 thousand ounces of silver, or 29 million lbs of copper equivalent contained in 1.2 million tonnes. The Mineral Resource Estimate on the Opemiska Deposit is based on a drill hole database containing 16,570 surface and underground diamond drill holes totalling 1,042,668 metres of core drilling and 348,492 assays. All mine-era drilling was converted from mine grid to UTM using transformation equations calculated by a land surveyor based on differential GPS measurements of many located drill casings.

All historical mine excavations and stopes were digitized in mine grid coordinates from numerous maps, vertical and longitudinal sections, and solid wireframes were built and converted to UTM coordinates. All stopes were digitized down to the bottom of the Perry (820m depth) and Springer (715 metres) mines and formed the basis of the reinterpretation of the geology of the Opemiska Deposit. Completely new mineralized envelopes were defined using a manually adjusted implicit modelling technique for the deposit based on a structural model defined in 2022 in areas of historical mining and areas of known mineralization that could not be mined underground.

As a result, the Deposit tonnage decreased somewhat. However, some out-of-pit Mineral Resources were defined at a 0.8% Cu-eq cut-off that identified a significant tonnage beneath the conceptual pit that will be the object of further drilling along with some satellite zones east of the pit and on the adjacent Cook-Robitaille Option Property.