Copper Lake raises C$1.0 million secured debenture financing

Toronto, Ontario--(Newsfile Corp. - July 16, 2026) - Copper Lake Resources Ltd. (TSXV: CPL) (FSE: W0I) (" Copper Lake " or the " Company ") is pleased to announce a non-brokered private placement (the " Offering ") of units of the Company for aggregate gross proceeds of up to $1,000,000, with each unit (a " Unit ") having a price of $1,000 per Unit and consisting of: (i) one secured, non-convertible debenture in the principal amount of $1,000 (a summary of the terms and conditions described below, each a " Debenture ") and (ii) such number of common share purchase warrants (the " Warrants ") as is equal to the aggregate principal amount of such purchaser's Debentures divided by $0.19, being the Market Price (as defined in the policies of the TSXV) of the Common Shares immediately prior to the announcement of the Offering. As an illustrative example, if a purchaser acquires Debentures having an aggregate principal amount of C$100,000, such purchaser shall acquire 526,315 Warrants. Each Warrant will be non-transferable and entitle the holder thereof to purchase one (1) common share of the Company (each, a "Common Share" ) at an exercise price of $0.19 per Common Share for a period of 12 months from the date of issuance, subject to customary adjustment provisions and the policies of the TSX Venture Exchange (the " TSXV ").

The Debentures will bear interest at 15% per annum and mature twelve (12) months from the date of issuance. The Debentures are non-convertible and will constitute direct secured obligations of the Company, ranking pari passu with all the Debentures issued pursuant to the Offering and will be secured by a general security interest over substantially all of the assets of the Company, subject to applicable law and regulatory approvals. The Warrants associated with each Unit are deemed to be bonus warrants under TSXV Policy 5.1.

The Company intends to use the net proceeds to advance exploration at its Marshall Lake project, strengthen working capital, satisfy certain outstanding obligations and for general corporate purposes. The Debentures and the Warrants (and the Common Shares issuable upon the exercise of the Warrants (if any)) will be subject to a four month and one day resale restriction from the date of issuance of the Debentures pursuant to applicable Canadian securities laws and the policies of the TSXV. Subject to the satisfaction of customary conditions, including receipt of approval of the TSXV as well as finalization and execution of definitive documentation, the Offering is expected to close on or about the week of July 20, 2026 and may close in one or more tranches.

ON BEHALF OF THE BOARD OF COPPER LAKE RESOURCES LTD. Terry MacDonald, Chief Executive Officer Phone: 416-561-3626 https://www.copperlakeresources.com ABOUT COPPER LAKE RESOURCES Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario. The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north of the main CNR rail line. Copper Lake has an 82.97% interest in the joint ventured property, which consists of 233 claims and 52 mining leases.