VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results from a Preliminary Economic Assessment ("PEA") and an updated Mineral Resource Estimate ("MRE") for its Copper Creek Project, located in Arizona, U.S. ("Copper Creek"). The PEA provides an economically viable base case for the development of Copper Creek.

All financial results are in U.S. dollars unless otherwise stated. The Company will hold a conference call and webcast on May 4, 2023 at 4:30pm ET to discuss the results of the PEA and MRE. Details are provided below.

Paul Harbidge, President and CEO, commented, "In the twenty months since restarting technical activities at Copper Creek, we have delivered an MRE with 4.2 billion pounds of copper in the Measured and Indicated category, an economically robust PEA and a pipeline of exploration targets. The PEA provides an excellent basis for the future development of Copper Creek and is the beginning of the Faraday story. The projected low initial capital and upfront open pit mine unlocks a large underground operation, for a combined mine life of more than 30 years. The project is expected to grow over time as the property is endowed with numerous untested exploration targets. Importantly, the results from our ongoing 10,000-metre drill program, which are not incorporated in the current studies, are anticipated to contribute to this growth in the future. We are planning a further 20,000-metre drill program to commence in the fourth quarter of this year as we continue to advance the project and unlock value for our stakeholders."

Highlights of the Copper Creek PEA*

Attractive economics: Post-tax Net Present Value ("NPV") (7%) of $713 million and Internal Rate of Return ("IRR") of 16% (Table 1) and significant upside to higher metal prices (Table 4).
Strong standalone open pit economics: Standalone open pit operation supports a pre-tax NPV (7%) of $337 million (Table 2).
Robust project: Open pit mining provides a rapid payback on initial capital of four years and fully funds development of a bulk underground mine for a combined total mine life of 32 years (Table 1).
Long life production profile: Average anticipated payable production during active miningi of 51,100 copper equivalent ("CuEq")ii tonnes per year ("tpa"), with peak production of 82,100 tonnes CuEqii in Year 2. Generating 3.4 billion pounds ("lbs") payable CuEqii metal over the anticipated life of mine (3.2 billion lbs copper, 45.1 million lbs molybdenum, and 9.7 million troy ounces ("oz") silver) (Table 3, Figure 2).
Low initial capital investment: $798 million, with a construction period of two years (Table 1).
Competitive operating cost profile: Average life-of-mine ("LOM") production cash costsiii of $1.67/lb copper and all-in sustaining costsiii ("AISC") of $1.85/lb copper (Table 3).
Favourable strip ratio: Average open pit strip ratio of 1:1.2 due to the nature of the near-surface breccia mineralization that allows sequencing of high-grade production.
High metallurgical recoveries: Over 94% average copper recovery from sulphide material, producing high-quality clean concentrates.
Enhanced environmental, social, and governance ("ESG") practices: Dry stack tailings to reduce water requirements and environmental footprint as well as utilization of renewable solar power to reduce emissions.
Updated Mineral Resource Estimate: An updated MRE is the basis for the PEA. Measured and Indicated resources are 421.9 million tonnes ("Mt") at an average grade of 0.45% copper for a contained 4.2 billion pounds of copper.
Exploration upside: The mineral resource remains open at depth and laterally, as highlighted by the intersection of massive sulphides beneath the Copper Prince breccia (see news release dated January 17, 2023). In addition, there are over 400 breccia occurrences mapped at surface, 35 drill-tested and 17 included in this MRE, as well as additional porphyry potential.
Zach Allwright, VP Projects and Evaluations, stated, "The outcome of the PEA demonstrates the potential for Copper Creek to become a significant source of U.S. domestic copper production. The study is underpinned by empirical data, acquired through extensive geological and geotechnical assessments, comprehensive metallurgical test work, first principles costing and diligent schedule optimization. This base case forms a foundation on which the Company can continue to add value through resource expansion, new discoveries on the property, the potential to add a gold by-product and various opportunities to increase the production capacity."

* The metrics presented in this news release are based on a PEA that includes an economic analysis of the potential viability of Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This PEA is preliminary in nature, 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, and there is no certainty the PEA will be realized. See "Qualified Person and NI 43-101" below. For reference i, ii, and iii, please refer to endnotes at the end of the document.

Conference Call and Webcast

Investors, media and the public are invited to join the conference call and webcast, during which management will discuss the result of the Copper Creek PEA.

Thursday, May 4, 2023, at 1:30pm PT (4:30pm ET)
Toll-free in U.S. and Canada: +1 (800) 319-4610
All other callers: +1 (604) 638-5340
Webcast: https://services.choruscall.ca/links/faradaycopper202305.html