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Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has agreed to issue approximately 12 million shares to certain cornerstone investors and insiders of the Company. The non-brokered private placement (the “Private Placement”) will be priced at $0.165 per common share raising gross proceeds of approximately $2 million.

The following cornerstone investors have confirmed their intention to participate in the Private Placement:

• Michael Gentile will participate on a pro-rata basis to maintain his current interest in the Company’s issued and outstanding common shares, and on a partially diluted basis (assuming full exercise of all his warrants and no other issuance of common shares by the Company), Mr. Gentile will own 9.99% of Northisle’s issued and outstanding common shares
• Donald K. Johnson will participate to increase his interest in the Company to 9.99%
• Dale Corman, Northisle’s Chairman, will participate on a pro-rata basis to maintain his current 11% position

In addition to the three shareholders listed above, Sam Lee, CEO, has confirmed his intention to participate in the Private Placement. Full particulars of insider participation will be included in the news release announcing the closing of the Private Placement.

Sam Lee, Northisle President and CEO commented, “We are very pleased to have our largest shareholders, Michael, Don and Dale, continue to endorse the significant strides made by Northisle as we advance the North Island Project. We are fully funded for our exploration plans in 2023 and well into 2024 for our general corporate expenses with more than $8 million in working capital as at the end of 2022, pro forma this financing. As we emerge into the super cycle for critical metals, it is this type of thought leadership and conviction that is valued. Having the cornerstone support of these highly successful individuals is a powerful advantage for Northisle going forward.”

Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant top five ownership stakes in over 20 small-cap mining companies.  Michael recently co-founded Bastion Asset Management a money management firm in Montreal and was previously a Vice President and Senior Portfolio Manager with Formula Growth Limited.

Mr. Johnson is currently a member of the Advisory Board of BMO Capital Markets and was previously Vice Chairman of Nesbitt Burns after a long career at Burns Bros. and Denton Limited. Don is currently Chairman Emeritus and Director of goeasy Ltd, Director of Murchison Minerals, and serves as a volunteer board member on various not-for-profit organizations. He was also former Director of the Toronto Stock Exchange and Chairman of the Investment Dealers Association of Canada. He is an Officer of the Order of Canada.

Proceeds from the Private Placement will be used for development and exploration expenditures for the North Island Copper Gold Project (the “North Island Project”) as well as general corporate purposes.

The Private Placement is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (“TSX-V”).

The Common Shares issued pursuant to this Private Placement will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

All dollars are Canadian unless otherwise noted.

Neither the 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.

This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Northisle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Northisle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Northisle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Northisle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.