Kodiak Copper Corp. announced that it has entered into a purchase agreement with Donald Rippon of Mineworks Ventures Inc.to acquire a 100% interest in eleven claims (the Property) contiguous with Kodiak's 100% owned MPD copper-gold porphyry project (MPD) in Southern British Columbia. The Property comprises 7,800 hectares (78 square kilometres) and will expand Kodiak's MPD project to 22,642 hectares (226 square kilometres).

The new claims are adjacent to the southeast (see) and host prospective geology and structural trends important to known mineralization at MPD. Claudia Tornquist, President and CEO of Kodiak, said, Right from the start Kodiak has interpreted MPD as a large, multi-centred copper-gold porphyry system with district-scale potential and every step of their exploration work to date has confirmed this thesis. The addition of this claim package adds further strategic ground that complements their land holdings.

The preparations for their 2023 exploration program at MPD are well advanced and they are looking forward to updating their shareholders soon with their plans for a large drill campaign on multiple targets. Transaction Details Kodiak has entered into a purchase agreement to acquire a 100% interest in the Property, subject to the approval of the TSX-Venture Exchange and other customary conditions. The consideration consists of: 150,000 Kodiak shares upon closing of the transaction; A 2% net smelter returns royalty on the Property of which 1% may be purchased by Kodiak for CAD 3,000,000 at any time; and A cash payment of CAD 5,000.

MPD is a large land package located near several operating mines in the southern Quesnel Terrane, British Columbia's primary copper-gold producing belt. It is situated between the communities of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby. Following Kodiak's Gate Zone discovery in 2020, ongoing drill programs in 2021 and 2022 have significantly expanded the size and depth of known mineralization at the Gate Zone to one kilometre of strike length, 350 metres width and 900 metres depth.

Most of the copper-gold porphyry targets on the MPD property have yet to be drilled by Kodiak. The 2023 exploration program will prioritize drilling of these additional high-priority copper-gold porphyry targets across the property. Kodiak granted 1,379,000 stock options (the Options) to Directors, Officers and Consultants of the Company.

The Options are exercisable at CAD 0.96 per share for a period of five years from the date of grant with 1/3 vesting immediately and 1/3 every year thereafter. Additional 20,000 Options exercisable at CAD 0.96 per share were granted to a consultant of the Company for a period of one year which will vest in four equal instalments over 12 months. The Options were granted pursuant to the Company's shareholder approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.