Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - US Copper Corp (TSXV: USCU) (OTCQB: USCUF) (FSE: C730) ("US Copper" or the "Company") is pleased to announce that it has retained Global Resource Engineering of Denver, Colorado ("GRE") to complete a Preliminary Economic Assessment ("PEA") on its entire 100% controlled Moonlight-Superior Copper Project in Northeast California.

Results of the PEA are anticipated by the end of this year.

The Moonlight-Superior Copper Project in Northeast California includes four known copper deposits (the "Project"), three of which host National Instrument 43-101 ("NI 43-101") resources, as referenced in the data section below. US Copper had a PEA prepared on the Moonlight deposit on a stand-alone basis in 2018, which demonstrated positive economics at US$3.15 per pound of copper. The 2018 PEA recommended that incorporating higher grade ore from our Superior and/or Engels deposits into the Moonlight mine plan, could substantially enhance the Project's economics by increasing cash flows in the initial years of production. The Company's recently completed drill programs at Superior in 2021 and at Engels and Moonlight in 2023 were designed to both convert inferred resources to the indicated category, and to better define any higher-grade ore at these deposits for potential starter pits for the Moonlight plant. These soon to be updated Engels and Superior NI-43-101 resources will provide the data for a revised PEA which will also include a newly defined oxide resource at both the Moonlight and Engels deposits.

Management Commentary

"Encouraged by the recent addition of copper to the U.S. critical minerals list, we look forward to conducting a preliminary economic assessment to evaluate the viability of a mining operation that includes our three deposits with NI 43-101 resources as well as the oxide caps at both our Moonlight and Engels deposits," commented Stephen Dunn, President and CEO of US Copper.

"Results from our exploration drill programs at Moonlight and Engels last year confirmed a near-surface copper oxide cap sits above the larger copper sulfide deposits below. These types of copper oxide deposits are found in the major copper mining districts of the world and can typically be economically extracted, usually through low-impact surface mining, and processed at lower cost than copper sulfide ores. Furthermore, acid leaching of oxide copper produces high grade copper cathodes, with grade A cathode typically selling for a premium," added Mr. Dunn.

Stephen Dunn also commented: "The Company is working hard to advance its Project back into production and is excited about the opportunity to be an integral supplier of the copper metal required by the U.S. domestic market for its energy transition. We are looking forward to working with GRE, and drawing upon the extensive knowledge of their team."

Qualified Person

The scientific and technical content of this press release has been reviewed and approved by George Cole, M.Sc., Director of US Copper who is a "Qualified Person" as defined in NI 43-101 Standards of Disclosure for Mineral Projects. George Cole is a Registered Professional Geologist through AIPG (CPG-11687).

About US Copper Corp

US Copper controls approximately 10 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits - Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.

The Superior and Engels Mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.

The Moonlight deposit was discovered and drilled by Placer Amex during the 1960s. Details of the resources on US Copper's property and the parameters used to calculate them can be found in the "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" dated April 12, 2018 (the "2018 PEA") on both the Company's website at and SEDAR+ at sedarplus.ca under the US Copper Corp profile.

The 2018 PEA, prepared by Tetra Tech Inc., had the following highlights:

• After-tax NPV: US$179M at an 8% discount rate and a US$3.15 copper price
• After-tax IRR: 14.6%
• Initial Capital Cost: US$513M, including a contingency provision in the amount of US$71M
• Plant Processing Rate: 60,000 tons per day (STPD)
• Average Copper Recovery: 86.0%
• Mine Life: 17 years, based on the existing Mineral Resource estimate at Moonlight
• Life of Mine Copper Production: 1.5 billion pounds

The Moonlight sulfide deposit hosts a current NI 43-101 indicated resource of approximately 252 million tons (154 million tonnes) averaging 0.25% copper and 0.07 oz/silver per ton, and an inferred resource of 109 million tons (62 million tonnes) averaging 0.24% copper and 0.08 oz/silver per ton, both above a US$6.25 net smelter return cut-off. Contained indicated resources are 1.272 billion pounds of copper and 18 million ounces of silver, and inferred resources of 534 million pounds of copper and 9 million ounces of silver. The Moonlight sulfide deposit remains open to the south and at depth. This resource estimate is contained in the 2018 PEA.

The Superior deposit is not included in the 2018 PEA and it hosts a current NI 43-101 inferred mineral resource of 57 million metric tonnes at an average copper grade of 0.41%. Note no silver or gold were included as part of this resource.

A PEA, as defined under the terms of NI 43-101, is an economic analysis intended to comment on the potential viability of a mineral project. A PEA analyzes and assesses geological, engineering, and economic factors to reach its conclusions. Please note the 2018 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the 2018 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are encouraged to read the technical report of the 2018 PEA.

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 press release.

This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned", "intends" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at . Investors are cautioned not to place undue reliance upon forward-looking statements.