American Copper Development : • Q1 2023 Interim Financial Statements – FS

About this update from American Copper Development Corporation

AMERICAN COPPER DEVELOPMENT CORPORATION CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2023 (Unaudited) (Expressed in Canadian Dollars) NOTICE TO READER Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor. The condensed interim consolidated financial statements of the Company for the quarter ended March 31, 2023, have been prepared by and are the responsibility of the Company's management. The Company's independent auditors have not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim financial statements by an entity's auditor. AMERICAN COPPER DEVELOPMENT CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Expressed in Canadian Dollars) March 31, 2023 December 31, 2022 ASSETS Current Cash $ 6,126,864 $ 7,248,150 Prepaids and exploration advance (Note 4) 358,832 378,060 GST receivable 49,018 41,787 6,534,714 7,667,997 Reclamation bond (Note 5) 106,249 - Exploration and evaluation assets (Note 3) 9,806,589 9,072,851 $ 16,447,552 $ 16,740,848 LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities (Note 6) $ 591,266 $ 575,914 591,266 575,914 Shareholders' equity Share capital (Note 8) 17,320,300 17,320,300 Contributed surplus (Note 8) 701,584 701,584 Deficit (2,165,598) (1,856,950) 15,856,286 16,164,934 $ 16,447,552 $ 16,740,848 Nature and Continuance of Operations ( Note 1) Subsequent events (Note 12) On behalf of the Board: "Daniel Schieber" Director "Stuart Ross" Director The accompanying notes are an integral part of these condensed interim consolidated financial statements. AMERICAN COPPER DEVELOPMENT CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF STATEMENT OF LOSS AND COMPREHENSIVE LOSS (Unaudited) (Expressed in Canadian Dollars) Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 EXPENSES Consulting $ 139,624 $ 9,000 Foreign exchange 15,708 - Shareholder relations 132,100 6,265 Office 12,345 336 Professional fees 22,839 28,242 Property investigation - 85,410 Regulatory fees 24,759 2,840 Rent 11,375 4,988 (358,750) (137,081) OTHER Interest income 50,102 - Loss and comprehensive loss for the period $ (308,648) $ (137,081) Loss per common share -Basic and diluted $ (0.00) $ (0.01) Weighted average number of common shares outstanding -Basic and diluted 84,487,431 14,483,889 The accompanying notes are an integral part of these condensed interim consolidated financial statements. AMERICAN COPPER DEVELOPMENT CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Expressed in Canadian Dollars) Three Months Three Months Ended March Ended March 31, 2023 31, 2022 CASH FLOWS TO OPERATING ACTIVITIES Loss for the period $ (308,648) $ (137,081) Changes in non-cash working capital items: Increase in accounts receivable (7,231) (1,259) Increase in prepaids 19,228 (1,499) Increase (Decrease) in accounts payable and accrued liabilities (3,392) 26,332 Net cash used in operating activities (300,043) (113,507) CASH FLOWS TO INVESTING ACTIVITY Exploration and evaluation assets (714,994) (30,394) Reclamation bond (106,249) - Net cash used in investing activity (821,243) (30,394) Net decrease in cash during the period (1,121,286) (143,901) Cash, beginning of the period 7,248,150 194,657 Cash, end of the period $ 6,126,864 $ 50,756 Supplemental disclosure with respect to cash flows (Note 9) The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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