Copper Lake raises C$1.0 million secured debenture financing

Toronto, Ontario--(Newsfile Corp. - August 17, 2026) - Copper Lake Resources Ltd. (TSXV: CPL) (FSE: W0I0) (" Copper Lake " or the " Company ") is pleased to announce the closing of an offering (the " Offering ") of units of the Company for aggregate gross proceeds of $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. A total of 5,263,156 warrants will be issued in connection with the Debenture. 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.

An Insider of the Company has purchased a $250,000 principal amount of Debentures under the Offering. Participation by the insider constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by this insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

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)) are 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.

The Offering is subject to receipt of final approval by the TSXV.

Automated Market Making Services

On June 18, 2026 the Company announced the engagement of ICP Securities Inc. to provide automated market making services, including use of its proprietary algorithm, ICP Premium® in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.