Announcement • Sep 13

Visionary Copper and Gold Mines Announces 20,000-Metre Phase 2 Diamond Drilling Program At Pt. Leamington Project

Visionary Copper and Gold Mines Inc. announced plans for a 20,000-metre Phase 2 diamond drilling program at its 100%-owned Pt. Leamington Project in central Newfoundland at the Gold/Copper/Zinc/Silver Pt. Leamington Volcanogenic Massive Sulphide deposit. The program is designed to grow the 2021 Mineral Resource Estimate, convert resource tonnage from inferred to indicated and further define the recently discovered Kraken copper-rich footwall stringer zone. Visionary continues to prioritize locating regional exploration targets in the Pt. Leamington VMS camp and this work will be ongoing throughout the upcoming Phase 2 drilling program. Phase 1 drilling extended the strike of the Pt. Leamington massive sulphide mineralized system to over 1km and discovered Kraken, a broad copper-rich stringer system in the deposit footwall. The program consisted of 10 holes totalling 3,556 metres and was the first systematic drilling at the Deposit in more than two decades. Phase 1 Drill hole highlights include: PL-111: Extended the Pt. Leamington massive sulphide mineralized system to more than 1km of strike, intersecting 2.8m grading 1.20 g/t Au, 9.96 g/t Ag, 0.62% Cu and 1.87% Zn. PL-112: Discovered Kraken footwall copper stringer zone with 75.8m grading 0.45% Cu, including 12.0m grading 1.09% Cu, followed by an additional 23.5m grading 0.43% Cu. PL-115: Returned 52.7m grading 0.30% Cu, including 12.0m grading 0.61% Cu, at Kraken. PL-118: Follow-up drilling of Kraken returned 22.5m grading 0.53% Cu and 41.5m grading 0.39% Cu, including 7.5m grading 0.89% Cu. Phase 2 Objectives Include: Resource Growth and Kraken Definition Drilling. Resource Growth: Expand the massive sulphide resources and also define the new Kraken copper footwall stringer zone and include both in the next Pt. Leamington Mineral Resource Estimate. Resource Conversion: Target the conversion of approximately 50% of the 13.7 million tonnes of pit-constrained Inferred Mineral Resources to the Indicated category through infill drilling. Resource Definition and Pit Evaluation: Phase 2 drilling will improve the geological understanding of the Pt. Leamington massive sulphide deposit and Kraken footwall copper stringer zone and provide additional data for future resource modelling and evaluation within an appropriately constrained pit shell. Regional Exploration: Visionary will continue to outline compelling near-surface opportunities for new volcanogenic massive sulphide deposits that will be tested during the upcoming Phase 2 drilling program. Phase 2 drill holes will infill and expand the existing Pt. Leamington massive sulphide deposit before continuing into the Kraken copper footwall stringer zone. This approach maximizes the value of each meter drilled by using each hole to contribute to resource conversion, resource growth and continued definition and extension of the Kraken discovery. The program will target moving 50% of the 13.7 million tonnes in the 2021 pit-constrained inferred Mineral Resource Estimate, of the massive sulphide, to the indicated resource category. It will also test for extensions of the massive sulphides and progressively explore for extensions of the Kraken zone up-dip and along strike. Selected historical holes terminating above Kraken may also be deepened to efficiently provide additional pierce points. The Kraken zone was discovered after the Pt. Leamington 2021 Mineral Resource Estimate was published and Phase 2 drilling is expected to allow the Kraken zone to be included in the next Mineral Resource Estimate and to establish how it may be mined in an economic pit together with the massive sulphides. Identifying new volcanogenic massive sulphide deposits along trend in the Pt. Leamington VMS camp continues as an exploration priority for Visionary. Soil sampling and other exploration techniques are being used to identify drilling targets, in addition to the planned Phase 2 drilling program at the Deposit. The Pt. Leamington Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. for Callinex Mines Inc. The NI 43-101 Technical Report had an effective date of August 20, 2021, signing date of December 5, 2023 and was filed on December 18, 2023 and the table below states the mineral resources from the P&E 2021 Technical Report. Pit Indicated: 5.0 million tonnes grading 1.42% CuEq for 156.8 million pounds CuEq (145.7 thousand ounces gold, 60.0 million pounds copper, 153.5 million pounds zinc, 2.0 million ounces silver, 1.5 million pounds lead). Pit Inferred: 13.7 million tonnes grading 1.27% CuEq for 384.8 million pounds CuEq (354.8 thousand ounces gold, 110.2 million pounds copper, 527.3 million pounds zinc, 6.2 million ounces silver, 7.0 million pounds lead). Out-of-Pit Inferred: 1.7 million tonnes grading 1.74% CuEq for 65.7 million pounds CuEq (65.4 thousand ounces gold, 13.3 million pounds copper, 102.9 million pounds zinc, 1.4 million ounces silver, 2.6 million pounds lead). Total Indicated: 5.0 million tonnes grading 1.42% CuEq for 156.8 million pounds CuEq (145.7 thousand ounces gold, 60.0 million pounds copper, 153.5 million pounds zinc, 2.0 million ounces silver, 1.5 million pounds lead). Total Inferred: 15.4 million tonnes grading 1.32% CuEq for 450.5 million pounds CuEq (420.2 thousand ounces gold, 123.5 million pounds copper, 630.1 million pounds zinc, 7.6 million ounces silver, 9.6 million pounds lead). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. The Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. Mineral Resources were classified in accordance with CIM Definition Standards (2014) and CIM Best Practices Guidelines (2019). The 2021 Mineral Resource Estimate used CAD 25 million per tonne NSR cut-offs for pit-constrained Indicated and Inferred Mineral Resources and CAD 75 million per tonne for out-of-pit Inferred Mineral Resources. Copper-equivalent values were calculated using the following metal prices: Au at USD 1,625 per ounce, Cu at USD 3.50 per pound, Zn USD 1.20 per pound, Ag at USD 22 per ounce. Foreign exchange rate of CAD 1.00 = USD 0.77. Metallurgical recoveries have been estimated to be 75% gold, 80% copper, 85% zinc and 25% silver. Smelter payables have been estimated to be 85% gold, 90% copper, 85% zinc and 90% silver.

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