Copper Lake Announces Share Consolidation

Rhea-AI Summary

Copper Lake Resources (OTC:WTCZF) announced a 20-for-1 share consolidation effective May 8, 2026. The company will reduce issued common shares from 271,003,770 to approximately 13,550,188 post-consolidation, prior to fractional rounding.

Outstanding options (19,500,000) and warrants (15,896,000) will be adjusted on the same 20:1 basis with proportionate exercise price changes. The consolidation was shareholder-approved June 12, 2025, remains subject to TSX Venture Exchange approval, and the new CUSIP will be 21750Y202.

Positive

• Share consolidation set at 20-for-1
• Issued share count reduced to ~13,550,188
• Options and warrants adjusted on a 20:1 basis
• New post-consolidation CUSIP 21750Y202

Negative

• Consolidation still requires TSXV approval before taking effect
• Shareholder approval expires June 12, 2026
• No fractional shares issued; holdings will be rounded down

Toronto, Ontario--(Newsfile Corp. - May 6, 2026) - Copper Lake Resources Ltd. (TSXV: CPL) (FSE: W0I) ("Copper Lake" or the "Company") announces that the Company intends to consolidate the common shares in the capital of the Company (the "Common Shares") on the basis of twenty (20) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the "Consolidation") effective as of Friday May 8, 2026 (the "Effective Date").

The Company currently has 271,003,770 Common Shares issued and outstanding, and following the Consolidation, the Company will have approximately 13,550,188 Common Shares issued and outstanding, prior to rounding for fractional shares. The Company's outstanding options (19,500,000) and warrants (15,896,000) will also be adjusted on the same basis as the common shares with proportionate adjustments being made to exercise prices.

The Consolidation was approved by the shareholders on June 12, 2025 and the Board of Directors of the Company (the "Board") in accordance with the Articles of the Company, but remains subject to the approval of the TSX Venture Exchange (the "Exchange"). The shareholder approval expires on June 12, 2026. The Company name and stock symbol remain unchanged. The new CUSIP number for the post-consolidation shares will be 21750Y202.

Upon completion of the consolidation and Exchange approval, a "Letter of Transmittal" will be mailed by the Company's transfer agent (Odyssey Trust Company) to shareholders holding physical share certificates, advising that the consolidation has taken effect and shareholders should surrender their existing (pre-consolidation) common share certificates, for new (post-consolidation) common share certificates. No fractional common shares of the Company shall be issued in connection with the consolidation and the number of common shares to be received by a Shareholder shall be rounded down to the nearest whole number.

ON BEHALF OF THE BOARD OF COPPER LAKE RESOURCES LTD.
Terry MacDonald, Chief Executive Officer
Phone: 416-561-3626

ABOUT COPPER LAKE RESOURCES

Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario. www.copperlakeresources.com

The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north of the main CNR rail line. Copper Lake has an 82.97% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties. These newer claims add approximately 30 square km to the property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of Aroland and Animbiigoo Zaagi'igan Anishinaabek ("AZA") First Nations.

Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Company filed an updated NI 43-101 in October 2023 with a mineral resource of open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper. The Norton Lake property is located in the traditional territories of Eabametoong ("Fort Hope") and Neskantaga First Nations.

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 release.

Cautionary Statement on Forward-Looking Information

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296185

FAQ

What is Copper Lake's (WTCZF) share consolidation ratio and effective date?

The consolidation is a 20-for-1 reverse split effective May 8, 2026. According to the company, the exchange ratio converts twenty pre-consolidation common shares into one post-consolidation common share.

How many Copper Lake (WTCZF) shares will be outstanding after the consolidation?

Post-consolidation outstanding shares will be approximately 13,550,188. According to the company, this number is prior to rounding for fractional shares and based on current issued share count.

Will Copper Lake (WTCZF) options and warrants change after the 20-for-1 consolidation?

Yes. Outstanding options and warrants will be adjusted on the same 20:1 basis. According to the company, exercise prices will be proportionately adjusted to reflect the consolidation.

What happens to fractional Copper Lake (WTCZF) shares after the consolidation?

No fractional shares will be issued; holdings are rounded down to whole shares. According to the company, shareholders with physical certificates will receive a Letter of Transmittal from the transfer agent.

Is the Copper Lake (WTCZF) consolidation final and what approvals are required?

The consolidation was shareholder-approved but remains subject to TSXV approval. According to the company, shareholder approval expires June 12, 2026, so Exchange approval is required to complete the process.