Blackwolf Closes Oversubscribed Upsized Private Placement With Lead Order From Frank Giustra - Seite 2

Mr. Giustra and his related entities acquired these securities for investment purposes effective October 17, 2023 and as disclosed in the Early Warning Report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

In connection with the closing of the Offering, the Company paid $65,484.72 and issued 272,853 Finder's Warrants to PI Financial Corp., Haywood Securities Inc., Research Capital Corp., and Red Cloud Securities Inc. in consideration for introducing subscribers to the Offering. Finder Warrants entitle the holder thereof to purchase one common share of the Company (a "Finder's Warrant Share") at a price of $0.35 per Finder's Warrant Share until October 17, 2025.

The Offering remains subject to final approval of the TSXV. All securities issued under the Offering are subject to a standard four (4) month hold period expiring February 18, 2024. The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

The Company further announces the resignation of Ms. Sheryl Dhillon and the appointment of Mrs. Lindsey Le Ho as Corporate Secretary effective October 15, 2023. The Company would like to thank Ms. Dhillon for her services and wish her success in future endeavours.

About Blackwolf Copper and Gold Ltd.
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. In addition, the Company holds 100% interest in five Hyder Area gold-silver and base metal properties located in southeast Alaska and an option to acquire an 80% interest on the Harry gold-silver property located northwest British Columbia in the Golden Triangle. For more information on Blackwolf, please visit the Company's website at www.blackwolfcopperandgold.com.