NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES

Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V:NCX)(“Northisle” or the “Company”) is pleased to announce that it has closed the Company’s previously announced (see Company News Releases dated October 13, 2020 and October 14, 2020) oversubscribed non-brokered private placement of common shares (the “Placement”).

Pursuant to the Placement, Northisle issued 24,607,678 common shares of the Company (the “Common Shares”) at a price of C$0.13 per Common Share for gross proceeds to the Company of approximately C$3,200,000. The Common Shares issued pursuant to the Placement are subject to a four month hold period in accordance with applicable Canadian securities laws.

The proceeds will be used by the Company to complete the updated Preliminary Economic Assessment as described in the October 5th, 2020 press release, advance exploration activities, and for general working capital purposes.

Dale Corman, a director of the Company, and Sam Lee, President and CEO of the Company, participated in the Placement by purchasing an aggregate of 1,530,000 Common Shares. Accordingly, the Placement constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by Dale Corman and Sam Lee would exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Placement as the details of the Placement and the participation therein by related parties of the Company were not settled prior to the closing of the Placement and the Company wished to close on an expedited basis for sound business reasons.

In connection with the Placement and in accordance with the policies of the TSX Venture Exchange, finder’s fees totaling approximately C$110,040 in cash were paid to Agentis Capital Markets Canada Limited Partnership.

About Northisle

Northisle Copper and Gold Inc. is a Vancouver based company whose mission is to become a leading and sustainable mineral resource company for the future.  Northisle owns the North Island Project (“the Project”), which is one of the most promising copper and gold porphyry deposits in Canada. The Project is located near Port Hardy, British Columbia on a 33,149-hectare block of mineral titles 100% owned by NorthIsle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. The Project boasts a large resource base that serves as the basis for the Preliminary Economic Study issued in 2017.

For more information on Northisle please visit the Company’s website at www.Northisle.ca.On behalf of Northisle Copper and Gold Inc.

Sam Lee
President and CEO
www.northisle.ca

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.