Doré Copper Announces Positive Preliminary Economic Assessment for Restarting Chibougamau Mining Camp

Toronto, Ontario – May 10, 2022 – Doré Copper Mining Corp. (the "Corporation" or "Doré Copper") (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to report positive results from its Preliminary Economic Assessment (“PEA“) for the restart of the Chibougamau mining camp. The PEA supports a hub-and-spoke operation with the high-grade Corner Bay copper-gold deposit as its main underground mine along with the Devlin copper deposit and the former Joe Mann gold mine providing feed to its Copper Rand mill (collectively, the ”Project”). The PEA demonstrates attractive project economics with optionality for expansion into a significantly larger operation, re-establishing the Chibougamau mining camp as a long-life copper and gold producer.

All values in this news release are reported in Canadian dollars (C$) unless otherwise noted.

Doré Copper will be hosting a webinar to review the PEA results on Tuesday, May 10 at 10:00AM EST:

https://us06web.zoom.us/webinar/register/WN_yaoTJLNPTcGccp-PlAceIA

PEA Highlights

• Base case metal prices of US$3.75/lb Cu and US$1,820/oz Au:
• Pre-tax NPV8% of C$367 million and 30.7% IRR
• After-tax NPV8% of C$193 million and 22.1% IRR
• Spot metal prices of US$4.20/lb Cu and US$1,854/oz Au:
• Pre-tax NPV8% of C$555 million and 40.1% IRR
• After-tax NPV8% of C$303 million and 29.4% IRR

Ernest Mast, President and CEO commented, “The completion of the PEA is a major accomplishment from our team and gets us closer to our near-term objective of restarting the Chibougamau mining camp. This achievement has come with the excellent exploration results from Corner Bay over the last few years where we have been able to significantly grow the mineral resources. The PEA represents today’s status of the projects but we envision scaled expansions and future growth at both Corner Bay and Joe Mann while eventually sequencing in other deposits across our large land package in the Chibougamau mining camp.  With three projects in the PEA, the average annual production over the mine life is approximately 50 Mlbs of copper equivalent, with a high of 90 Mlbs of copper equivalent. Our vision is to operate a viable sustainable hub-and-spoke operation over multi-decades to become a significant copper producer in Québec.”

“Our next steps include commencing a feasibility study and submitting permit application with the provincial government. We look forward to working with Ouje-Bougoumou Cree Nation and the towns of Chibougamau and Chapais with the support of the government to advance the restart of the Chibougamau mining camp.”  

PEA Study Approach

The PEA envisions a hub-and-spoke model operation starting first with the underground development of the Devlin deposit via a ramp and secondly with the underground development of the Corner Bay deposit (main asset) via a ramp. Once the Devlin deposit is mined out (approximately 4 years), production at the Joe Mann mine would start and be funded out of cash flow from operations. Joe Mann benefits from an existing headframe and shaft, including all surface infrastructures.

A fixed crushing circuit and ore sorter plant (XRT) would be installed at Corner Bay and would reject the low-grade and dilution material from the Devlin and Corner Bay mines. The high-grade material would be transported by trucks to the refurbished and optimized Copper Rand mill. The filtered tailings would be transported to a dry stack tailings facility, which uses part of the footprint at the existing TMF.

The copper and gold concentrate produced would be transported to the port of Québec City for onward shipping to international smelters, or to a local smelter. Ocean Partners Ltd. has the off-take agreement (treatment and refining charges terms are within standard market rates).

Table 1: PEA Summary of Key Metrics

1. Base case metal prices based on 24-month trailing average from March 31, 2022.
2. Total operating costs include mining, processing, tailings, surface infrastructures, transport, and G&A costs. See Table 3.
3. AISC includes cash operating costs, sustaining capital expenses to support the on-going operations, concentrate transport and treatment charges, royalties and closure and rehabilitation costs divided by copper equivalent pounds produced. See Table 3.
4. AISC is a non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this news release.
5. See Table 2.

Please click on the following link for the complete English-language press release:

https://www.globenewswire.com/news-release/2022/05/10/2439421/0/en/Dor%C3%A9-Copper-Announces-Positive-Preliminary-Economic-Assessment-for-Restarting-Chibougamau-Mining-Camp.html

Town Hall Webinar

Ernest Mast, President and CEO of Doré Copper will discuss the results of the PEA at a webinar on Tuesday, May 10, 10:00 AM EST.

To participate in the Town Hall Webinar, please register here with your full name:

https://us06web.zoom.us/webinar/register/WN_yaoTJLNPTcGccp-PlAceIA

About Doré Copper Mining Corp.

Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit permit applications by mid-year.

The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.

For further information, please contact:

Ernest Mast

President and Chief Executive Officer

Phone: (416) 792-2229

Email: [email protected]

Laurie Gaborit

Vice President, Investor Relations

Phone: (416) 219-2049

Email: [email protected]

Visit: www.dorecopper.com

Facebook: Doré Copper Mining

LinkedIn: Doré Copper Mining Corp.

Twitter: @DoreCopper

Instagram: @DoreCopperMining

1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 - Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).

Information Concerning Estimates of Mineral Resources

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an inferred mineral resource could ever be mined economically. It cannot be assumed that all or any part of “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” will ever be upgraded to a higher category. The mineral resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

Non-IFRS Financial Measures

Doré Copper has included certain non-IFRS financial measures in this news release, such as capital intensity index, initial capital cost, cash operating cost and AISC per pound of copper equivalent produced, unit operating costs, and EBITDA which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

A description of the significant cost components that make-up the forward-looking non-IFRS financial measures cash operating cost and AISC per pound of copper equivalent produced is shown in the table below.

Cautionary Note to United States Investors

Doré Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Doré Copper may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Doré Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to the results of the PEA, including the projected production,  operating costs, capital costs, sustaining costs, metal price assumptions, cash flow projections, processing mineralized material, metal recoveries and grades, concentrate grade, mine life projections, production rates at each project, process capacity, mining and processing methods, changes to the existing TMF, proposed PEA production schedule and metal production profile, estimation of mineral resources, estimated NPV and IRR, payback period, sensitivities, opportunities outlined in the PEA, potential to further enhance the economics of the Project, securing the required permits and licenses for further studies to consider operation, PEA demonstrating attractive project economics with optionality for expansion into a significantly larger operation, re-establishing the Chibougamau mining camp as a long-life copper and gold producer, existing mill having 25% excess capacity, PEA study modernizing the existing Copper Rand mill and TMF so that they are productive and cost efficient and minimizing impact on the environment, potential for additional mill feed during mine life with the advancement of the Corporation’s exploration projects in Chibougamau mining camp, operating a viable hub-and spoke operation over multi-decades to become a significant copper producer in Quebec, commencing a feasibility study in Q3, submitting permit application with the provincial government later this year, potential labour cost savings by self-performance for various mill rehabilitation activities, potential for a carbon neutral operation,  Corporation attempting in the feasibility study to be carbon neutral by the end of Devlin’s mine life (approximately 4 years), aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; and initiating a feasibility study and permit applications after the PEA.

All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither 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 news release.