CEO.CA Chairman's Briefing

• QC Copper to acquire the remaining 50% ownership interest from SOQUEM
• Roger has a 43-101 resource estimate showing 535,000 ounces gold equivalent @ 0.95 g/t AuEq.

Toronto, Ontario--(Newsfile Corp. - October 21, 2024) - QC Copper and Gold Inc. (TSXV: QCCU) (OTCQB: QCCUF) ("QC Copper" or the "Company") is pleased to announce that it has signed an arm's length definitive agreement to acquire the remaining 50% ownership interest in the Roger Gold-Copper Project ("Roger" or the "Project"), located in the prolific Chibougamau mining district of Quebec. QC Copper is acquiring the remaining 50% interest from SOQUEM, a subsidiary of Investissement Québec.

Link to QC Copper and Gold Webinar - Strategic Acquisition of Roger Project

Roger Project Highlights

The Roger Project spans 987-hectares, and is located 5km from the historic mining center of Chibougamau, Quebec. It is easily accessible via all-season road, and has access to power. The Project features an existing NI 43-101 compliant mineral resource estimate, completed in August 2018. In August 2023, the Company released favourable and encouraging metallurgical results from the Project based on metallurgical compatibility with Opemiska.

Roger Project Resources:

Table 1) 2018 Roger mineral resource estimate.

This resource estimate is constrained in a conceptual open pit shell. The 2018 updated mineral resource estimate was prepared by GéoPointCom of Val-d'Or, Quebec. At a cut-off grade of 0.45 g/t gold-equivalent, the Indicated Resource is estimated at 10,900,000 metric tonnes at a grade of 0.85 g/t of gold, 0.80 g/t of silver and 0.06% of copper for a total of 333,000 ounces of gold-equivalent, while the Inferred Resource is estimated at 6,569,000 metric tonnes at a grade of 0.75 g/t of gold, 1.18 g/t of silver and 0.11% of copper for a total of 202,000 ounces of gold equivalent. The following metal prices were used in the calculation of gold-equivalent: 1,240 US$ for Au (ounce), 16.528 US$ for Ag (ounce) and 6.549 US$ Cu (Kg). The Technical Report is available at www.sedar.ca.

Strategic Location

Roger neighbours major deposits, including Northern Superior's (NSUP.V) Croteau Est deposit immediately to the north, which hosts a 43-101 compliant inferred resource of 640,000 ounces of gold. Roger is also contiguous with Dore Copper Mining Corp.(DCMD.V) (Cygnus Metals' (CY5.AX)) Gwillim project, which is contiguous to the west.

Chibougamau has a rich mining history, with numerous past producing mines located within a 15km radius including the Company's Opemiska Project and Cygnus Metals' Cedar Bay, Devlin and Corner Bay projects. The Chapais-Chibougamau region has historically produced 1.6 million tonnes of copper and ~6 million ounces of gold between 1953 - 2008.

Link to Roger Location Map

Exploration and Upside

The project is an advanced-stage exploration project and has gone through multiple drill campaigns totaling 58,000 metres. Additionally, underground exploration in 1988 included 1,177 metres of development, 1,433 metres of underground drilling and over 1,000 metres of chip sampling. The Roger deposit is interpreted as a reduced-type intrusion-related porphyry gold-copper deposit that shows strong structural control. Mineralization occurs in the porphyry intrusion and in mafic volcanics to the north. While +500,000 gold equivalent ounces have already been delineated (see Table 1) at Roger, the Project continues to provide significant upside given the deposit is open along strike, to the east and west as well as depth.

Link to Roger Deposit Section

Development Optionality

Owning 100% of Roger provides the Company optionality to incorporate Roger into the future development plans of Opemiska, or to conversely develop Roger as a standalone project, given its strategic location, favourable geology and significant resource upside.

Terms of the Agreement

To maintain and exercise the option, signed Oct 18, 2025, for the remaining 50% of the Project, QC Copper will make payments as per the schedule below:

• Initial cash payment of $75,000 on the Effective Date.
• Subsequent Share Payments:

1) $450,000 in shares on or before the first anniversary of the effective date.
2) $425,000 in shares on or before the second anniversary.
3) $375,000 in shares on or before the third anniversary.
4) $350,000 in shares on or before the fourth anniversary.

The number of Shares to be issued to the vendor will be calculated on the basis of the higher of: (i) an issue price per ‎Share equal to the volume-weighted average price for the 10 days preceding the issue ‎date, subject to the maximum discount permitted under the policies of the Exchange or; ‎‎(ii) $0.05 per Share.‎ The transaction is subject to TSX Venture Exchange acceptance and expected to close prior to the end of October, 2025.

At closing, the vendor will also receive a 2.0% net smelter return royalty in respect of the ‎Roger property which include buy-back rights for QC Copper.

QP Statement

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About QC Copper & Gold Inc.

QC Copper & Gold Inc. is advancing its flagship Opémiska copper mining complex in Quebec, a former high-grade copper producer. The Company's most recent resource estimate outlined a substantial 2.1 billion pounds of copper equivalent in measured and indicated resources, solidifying QC Copper's position as a key player in the Canadian copper sector.

Forward Looking Statements

This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the anticipated benefits of the Transaction to QC Copper and its shareholders; the timing and anticipated receipt of required regulatory (including TSXV) and shareholder approvals for the Transaction; the ability of QC Copper to satisfy the other conditions to, and to complete, the Transaction; and the anticipated timing of the Meeting and the closing of the Transaction. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the current share price of the QC Copper Shares; TSXV acceptance and market acceptance of the Transaction; the Company's current and initial understanding and analysis of its projects; the Company's general and administrative costs remaining constant; market acceptance of the Company's business model, goals and approach; and the feasibility and reasonableness of conducting exploration on and developing any of the Company's projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: there is no certainty that work programs will result in significant or successful ‎exploration and development of the Company's properties; uncertainty as to ‎the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of ‎future financing on acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; the Company may not be able ‎to comply with its ongoing obligations regarding its properties; the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation or income tax legislation, affecting the Company; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227270