Kodiak Copper Updates on Progress of Previously Announced Transaction to Create New US-Focused Copper Exploration Company

About this update from Kodiak Copper Corp.

Vancouver, British Columbia--(Newsfile Corp. - June 22, 2026) - Kodiak Copper Corp. (TSXV: KDK) (OTCQX: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") is pleased to provide an update on the proposed transaction announced on April 29, 2026 (the "Transaction", see news release here) with Teck Resources Limited (collectively with its subsidiary Teck American Incorporated, "Teck") and Kay Copper Corp. ("Kay Copper", formerly Railtown II Capital Corporation), currently an unlisted reporting issuer. Under the Transaction Kodiak would vend its 100% owned Mohave project ("Mohave") and Teck would vend its 100% owned Copper Hill project ("Copper Hill"), both located in Arizona, into a subsidiary of Kay Copper to create a new US-focused copper exploration company that would apply to list its shares on the TSX Venture Exchange ("TSXV"). The Transaction is subject to ongoing negotiations, the execution of definitive agreements, due diligence, consents and regulatory approval, approval of the TSXV and the completion of the NewCo Concurrent Financing (as defined below). There is no guarantee that the Transaction will be completed. Transaction Progress Claudia Tornquist, President and CEO of Kodiak said, "I am pleased to report that the previously announced transaction to create Kay Copper, a US-focused copper exploration company, is progressing well and important milestones have been achieved, particularly the closing of the NewCo Initial Financing. Mark Osterberg, an accomplished geologist with extensive copper porphyry experience, has agreed to join Kay Copper as VP Exploration, based in Arizona, and lead the Company's exploration programs at the Mohave and Copper Hill projects. This is a key appointment for the Company, and we are glad to have found such an excellent candidate to strengthen our technical leadership team. I have no doubt that this transaction represents the best path to unlock the value of Kodiak's non-core Mohave project and will generate compelling returns for our shareholders." Management Appointment – VP Exploration Further to the previously announced management and board appointments (see news release of April 29, 2026), Mark Osterberg has been named VP Exploration of Kay Copper. Mark is an exploration geologist with decades of base and pre...

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