Granite Creek Copper Ltd. reported positive results from its Preliminary Economic Assessment (PEA) for the Carmacks Copper-Gold-Silver project (the Project or Carmacks Project), located in the Yukon, Canada's Minto Copper District within the traditional territories of Little Salmon/Carmacks First Nation and Selkirk First Nation. The PEA demonstrates attractive project economics with significant opportunities for additional mine life expansion, reinforcing the potential of the Minto Copper District to become a top-tier global copper district. The Company envisions developing the Carmacks Project into a low-carbon source of copper.

A critical mineral, as defined by the Canadian government, copper is key to the transition to a zero-carbon economy through the electrification of transportation and other industries, and the development of renewable energy production. The 2023 PEA clearly demonstrates the viability of the Carmacks Deposit as a robust open pit sulphide and oxide copper-gold-silver project with significant potential upside from both resource expansion and secondary processing of oxide material to further improve oxide recoveries. The Project is to be powered by the Yukon's electrical grid which uses primarily renewable electricity.

The PEA contemplates open pit mining using a conventional truck and shovel operation in two separate pits. Mining targets the high-grade, near surface oxide material in the 147 pit, then transitions to target sulphide material in the 1213 pit followed by final mining of the deeper oxide and sulphide material in 147. Mined material would be delivered to a crushing and grinding circuit consisting of a primary crusher, SAG mill and ball mill.

Both oxide copper ore and sulphide copper ore would be processed via a simplified flow sheet consisting of well-established flotation technology producing a high-quality copper-gold-silver concentrate. Oxide and sulphide ore would be blended and sequenced to provide optimal cash flow and to minimise the environmental footprint with mined-out pits or portions of pits being reclaimed as mining commences in the next area. Both conceptual pits lie within 2km of the proposed mill site.

Tailings from the flotation circuit would be filtered and water recirculated into the flotation circuit. This would improve water management and limit environmental impact, with final tailings placement on a lined dry stack tailings facility at site. A high-grade, premium copper, gold and silver concentrate would be shipped via deep seaports in Skagway, Alaska or other nearby facilities.

Treatment and refining charges terms are within standard market rates. Average copper recovery during life of mine ("LOM') is calculated to be 64% with approximately 2/3 of material processed being oxide ore and 1/3 being sulphide ore. Metallurgical studies returned 93% copper recovery when processing sulphide ore, 40% copper recovery while processing oxide ore and 82% when processing a 50:50 blend.

Metallurgical work highlights the opportunity for further optimization of the Project through more detailed mine sequencing or discovery of near mine sulphide or that could be blended with ore from the 147 pit. The PEA for the Project outlines an initial (pre-production) capital cost estimate of C$220 million and LOM sustaining capital costs of C$130 million, including overall closure costs of C$5 million. Initial capital costs include the construction of milling and processing facilities, lined dry stack tailings and lined waste rock facilities, on-site infrastructure of 15km of access road and facilities for water capture and treatment.

Construction of a powerline (12.8 km, 138 kV) from an existing substation is placed under sustaining capital to allow for construction time of the power grid. Operating costs estimates were developed using first principles methodology, vendor quotes received in Third Quarter 2022, and productivities being derived from benchmarking and industry best practices. Over the LOM, the average operating cost for the Project is estimated at C$3.16/t mined and C$18.30/t processed.

Tailings costs are included in processing costs. The average cash operating costs over the LOM is US$1.76/lb CuEq and the average AISC is US$2.57 /lb CuEq. The PEA indicates that the potential economic returns from the Project justify advancing to a feasibility study.

The Project generates cumulative cash flow of C$371.2 million on an after-tax basis and C$505.8 million pre-tax at a base case of $3.75/lb Cu based on an average mill throughput of 7,000 t/day over the 9-year life of mine. The PEA is significantly influenced by copper price assumptions. Using the Case 1 metal price scenario consists of near current prices of US$4.25/lb Cu, US$2000/oz Au and US$25/oz silver, the Project generates an after-tax Net Present Value ("NPV") using an 5% discount rate of $328 million and an after-tax IRR of 38% with a payback period of 1.5 years from the commencement of production.

(Table 3), Outlined below in Table 4 is a detailed sensitivity analysis across gold and copper prices with silver kept at $22/ounce. Table 5 below highlights additional sensitivities to foreign exchange, recovery, CAPEX and OPEX. The third conceptual pit, 2000S as identified in the Mineral Resource Estimate ("MRE), could be brought into the mine plan if sufficient additional resources were defined by drilling to offset pre-stripping costs.

Electrification of the mining fleet. Significant cost saving and reduction in greenhouse gas production may be possible through the sourcing of electric vs. diesel haul trucks for the Project.

The PEA envisions using a contract mining fleet for the Project and preference will be given to suppliers that can provide either fully electric or hybrid equipment. Further discovery. Exploration conducted in 2022 consisting of geophysics, trenching and soil sampling identified four areas proximal to the proposed mine plan that if successfully drilled could enable longer mine life beyond nine years or provide additional sulphide mill feed earlier in the mine's life.

Four targets on the Property require evaluation, all located within 1km of the current deposits. Two of the targets are located beneath the current resource and there is higher geological certainty that these may contain appreciable copper mineralization. Zone 1213 shallow: Downward continuation of Zone 12 and 13.

Estimated dimensions are 360m long, 15 - 40m wide, starting at approximately 65m below the current drilling. Zone 12 deep: Downward continuation of Zone 12. Estimated from geophysics to be continuing for an additional 170m below current resource modelling.

Approximated to be 580m long and 15-40m wide. Gap Zone target: Geophysical anomaly that fits with current geological understanding of the fault offset between 147 and 2000S Zone.