Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “North Island Copper and Gold Project NI 43-101 Technical Report Preliminary Economic Assessment” supporting the results of a Preliminary Economic Assessment (the “2021 PEA”) on the Company’s North Island Project. The results of the 2021 PEA were previously reported in the Company’s news release dated February 4, 2021 and there are no material differences in the Report from those results.  The effective date of the Report is March 18, 2021.

2021 PEA Highlights

• The 2021 PEA confirms that the North Island Project is one of the most attractive copper-gold porphyry projects in Canada:
  • Long mine life of 22 years with average annual production of 177 mm lbs Cu Eq. over the first 6 years, including 112 mm lbs of copper, 112 koz of gold and 2.7mm lbs of molybdenum
  • Average annual after tax free cash flow of $321 million during the first 6 years and $224 million over the life of the operation
  • First quartile AISC of $0.77/lb Cu (net of by-products) and $2.01/lb Cu Eq. over first 6 years
  • Attractive economics with $1.1 billion After-tax NPV (8%) and 19% After-tax IRR
  • Attractive payback of 3.9 years driven by modest capex of $1.4 billion due to excellent infrastructure from historical mining and other industrial activity
• Northisle is committed to sustainable mine development:
  • Northisle will pursue a collaborative, inclusive approach to consultation in order to develop a project which creates benefits for First Nations, local communities, shareholders and project stakeholders
  • The Project benefits from renewable BC power and the Company will investigate multiple opportunities to reduce overall impact including electrified mining operations as part of trade-off studies
• Multiple opportunities to further improve the Project through optimization and exploration with prospective targets at Pemberton Hills, Red Dog and Hushamu; 2021 drilling program has commenced

The 2021 PEA is preliminary in nature and 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.  There is no certainty that the project described in the 2021 PEA will be realized.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Key performance indicators are summarized in Table 1 below.

Table 1: Summary Project Metrics

Note: Cu Eq. based on Base Case metal prices and includes molybdenum and rhenium.

The full Report can be found on SEDAR at www.sedar.com under the Company’s profile, or on the Company’s website at https://www.northisle.ca/north-island-project/technical-reports/.

The following Qualified Persons have reviewed and approved the scientific, technical and economic information contained in the Report:

• Laurie Tahija, MMSA – M3 Engineering – Recovery Methods and Process Operating Costs
• Daniel Roth, P.Eng. – M3 Engineering – Project Plant and Infrastructure Costs, Economic Analysis
• Brian Game, P. Geo. – Principal of GeoMinEx Consultants – Geology, Exploration and Environmental
• Phil Burt, P. Geo. – CEO of Burt Consulting Services – Mineral Resource Estimates
• John Nilsson, P. Eng. – Mining Methods
• Ben Wickland, P.Eng. of Golder Associates Ltd. – Mine Waste Facility

Qualified Person

Cameron M. Brown, P.Eng, as a technical consultant to Northisle and as a Qualified Person, defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release.

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.