12 Mar 2020

Dunnedin Closes C$2.8 Million Private Placement

NOT FOR DISTRIBUTION IN THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

March 12, 2020 – Vancouver, British Columbia – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) announces that it has closed its previously announced non-brokered private placement for gross proceeds of $2,800,000 (the “Offering”). The Company also anticipates changing its name to Kodiak Copper Corp and consolidating the Company’s common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidation common shares.

Claudia Tornquist, President and CEO of Dunnedin stated, “With the closing of this private placement in exceptionally difficult market conditions we are now fully funded for the upcoming drill program at our 100% owned MPD copper-gold porphyry project in South-Central BC. We will commence preparatory work immediately for what will be an exciting summer exploration program at our MPD copper-gold porphyry project. The recent discovery of the high-grade Gate Zone just below the shallow historic drilling horizon has kicked the door wide open for further discoveries and the potential expansion of this compelling new target. We are looking forward to creating value for our shareholders through discovery in 2020.”

The Company has issued 10,364,929 non flow-through units at a price of $0.07 per unit, 1,333,167 flow-through units at a price of $0.09 per unit and 18,614,000 charity flow-through units at a price of $0.105 per unit (each a “Unit”) through the Offering. Each Unit consists of one pre-consolidation common share and one-half-of-one common share purchase warrant entitling the holder to acquire an additional pre-consolidation common share at a price of $0.11 for a period of twenty-four months.  The common share purchase warrants issued as part of the Units are subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a closing price of $0.25 per pre-consolidation share or more for twenty consecutive trading days.

In connection with the closing of the placement the Company paid finders’ fees of $118,668 and issued 1,579,353 common share purchase warrants exercisable at the same price as the placement warrants to acquire common shares of the Company to eligible parties who introduced subscribers to the placement.  All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period from the date of issue, expiring on August 13, 2020.

Proceeds of the Offering will be used to fund the Company’s exploration programs on its wholly owned, advanced-stage copper porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes.

It is planned to change the Company’s name (the “Name Change”) to Kodiak Copper Corp (“Kodiak”) and to consolidate the Company’s common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidation common shares (the “Consolidation”). It is anticipated that Kodiak’s common shares will trade on the TSX Venture Exchange under the ticker symbol (“KDK”).

Dunnedin will hold a special and annual general meeting of the Company’s shareholders on March 25, 2020, at which the Company will seek shareholder approval to the Consolidation. Subject to receipt of TSX Venture Exchange approval it is then anticipated that the Consolidation and Name Change will become effective on or about April 1, 2020.

Common shares and warrants issued pursuant to the Private Placement will be issued on a pre-Consolidation basis and will be consolidated pursuant to the Consolidation.  The exercise price and number of common shares issuable upon the exercise of Dunnedin’s outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities. Where the Consolidation results in a fractional common share, the number of common shares will be rounded to the nearest whole common share.

Dunnedin has also granted an aggregate of 4,825,000 stock options to management, directors and consultants of the Company, exercisable at C$0.07 per pre-consolidation share for a period of five years.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or
khenderson@dunnedinventures.com.

On behalf of the Board of Directors
Dunnedin Ventures Inc.

Claudia Tornquist
President & CEO

About Dunnedin Ventures Inc.

Dunnedin is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA. The Company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, Canada, where the Company made a discovery of high-grade mineralization in 2020. Dunnedin also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. The Company’s Trapper copper-gold porphyry project is located in the northern Golden Triangle region of British Columbia.  All three of Dunnedin’s porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.

The Company also holds the advanced-stage Kahuna diamond project in Nunavut, Canada. Kahuna hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets.

Dunnedin’s founder and chairman is Chris Taylor who is well-known for his gold discovery success with Great Bear Resources.  Dunnedin is also part of the Discovery Group of Companies led by John Robins, one of the most successful mining entrepreneurs in Canada.

Neither 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.

Forward-Looking Statement (Safe Harbor Statement): This press release contains forward looking statements within the meaning of applicable securities laws.  The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements.  In particular, this press release contains forward looking statements concerning the planned completion of the Private Placement, the Consolidation, and the change of the Company’s name.  Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct.  Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks.  These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations.  The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them.  These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

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13 Feb 2020

Dunnedin Announces Private Placement of $3,000,000 and Planned Name Change to Kodiak Copper Corp.

NOT FOR DISTRIBUTION IN THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

February 13, 2020 – Vancouver, British Columbia – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) announces a non-brokered private placement financing (the “Private Placement”) to raise aggregate gross proceeds of up to $3,000,000 through the issuance of a combination of non-flow-through units and flow-through units (each, a “Unit“). In conjunction with the Private Placement, the Company’s name will be changed to Kodiak Copper Corp. In addition, Dunnedin plans to consolidate the Company’s common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidation common shares (the “Consolidation”).

Claudia Tornquist, President and CEO of Dunnedin stated, “2019 was a transitional year for Dunnedin as we refocused the Company from diamond to copper exploration. We acquired two porphyry projects, MPD and Mohave, and together with our Trapper project now have a portfolio of three 100%-owned copper porphyry projects, all large scale and with immediate exploration upside. Our first drill program at MPD yielded excellent results and we recently announced the best drill hole in the 50-year history of the project and the discovery of the high-grade Gate Zone. Over spring and summer of 2020 we are planning a bigger drill program at MPD to follow up on this initial success and we will also start exploring our Mohave project. The name change to Kodiak Copper Corp. marks the final step of our company’s transition to copper exploration and the start of what will be a very active year as we continue to work to unlock the discovery potential of our porphyry projects for our shareholders.”

Financing

On a post-Consolidation basis non-flow-through units will be priced at $0.35 ($0.07 pre-Consolidation), flow-through units at $0.45 ($0.09 pre-Consolidation) and charity-flow-through units at $0.525 ($0.105 pre-Consolidation) (each, a “Unit“). Each Unit to be issued in the Private Placement will consist of one common share in the capital of the Company and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant”). The Warrants will entitle the holder to acquire an additional post-Consolidation common share at an exercise price of $0.55 for a period of twenty-four months. The Warrants will be subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a post-Consolidation closing price of $1.25 or more for twenty consecutive trading days.

Proceeds of the Private Placement will be used to fund the Company’s exploration programs on its wholly owned, advanced-stage copper porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes.

The Company may pay finders’ fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued in the Private Placement will be subject to a statutory four month hold period. Closing of the Private Placement is subject to receipt of all regulatory approvals, including approval of the TSX Venture Exchange.

The Private Placement is expected to close on or about February 28, 2020.  Common shares issued pursuant to the Private Placement will be issued on a pre-Consolidation basis, and will be consolidated pursuant to the Consolidation.  The Warrants issued in the Consolidation will be issued on a pre-Consolidation basis, and upon the completion of the Consolidation will automatically be adjusted to the post-Consolidation terms disclosed above. 

Name Change

Upon closing of the Private Placement, the Company’s name will be officially changed to Kodiak Copper Corp. (“Kodiak”) and it is anticipated that Kodiak’s common shares will trade on the TSX Venture Exchange under the ticker symbol (“KDK”).

Consolidation

Subject to receipt of TSX Venture Exchange approval and shareholder approval, the Company intends to complete the Consolidation as soon as possible following the closing of the Private Placement.  The Company plans to hold a special and annual general meeting of the Company’s shareholders on or about March 25, 2020, at which the Company will seek shareholder approval to the Consolidation.  It is anticipated that subject to receipt of the foregoing approvals, the Consolidation will become effective on or about April 1, 2020.  Dunnedin currently has 153,361,236 common shares issued and outstanding and, after giving effect to the Consolidation, the Company expects to have approximately 30,672,247 common shares issued and outstanding on an undiluted basis, excluding any securities to be issued pursuant to the Private Placement.

The exercise price and number of common shares issuable upon the exercise of Dunnedin’s outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities. Where the Consolidation results in a fractional common share, the number of common shares will be rounded to the nearest whole common share.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or
khenderson@dunnedinventures.com.

On behalf of the Board of Directors
Dunnedin Ventures Inc.

Claudia Tornquist
President & CEO

About Dunnedin Ventures Inc.

Dunnedin is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA. The Company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, Canada, where the Company made a discovery of high-grade mineralization in 2020. Dunnedin also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. The Company’s Trapper copper-gold porphyry project is located in the northern Golden Triangle region of British Columbia.  All three of Dunnedin’s porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.

The Company also holds the advanced-stage Kahuna diamond project in Nunavut, Canada. Kahuna hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets.

Based in Vancouver, Dunnedin is backed by a successful team of exploration experts with decades of combined exploration experience and significant capital market strength.  Dunnedin is part of the Discovery Group of Companies led by John Robins, one of the most successful mining entrepreneurs in Canada.

Neither 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.

Forward-Looking Statement (Safe Harbor Statement): This press release contains forward looking statements within the meaning of applicable securities laws.  The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements.  In particular, this press release contains forward looking statements concerning the planned completion of the Private Placement, the Consolidation, and the change of the Company’s name.  Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct.  Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks.  These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations.  The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them.  These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

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16 Jan 2020

Dunnedin Drills New Copper-Gold Porphyry Discovery in “Gate Zone”: Results Include 102 m of 0.68% CuEq (0.53% Copper & 0.16 g/t Gold) at MPD Project, Southern British Columbia

Dunnedin to Host a Webinar on Friday, January 17th @ 8:00am PST/11:00am EST

January 16, 2020 – Vancouver, British Columbia – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) today  reports results from the Company’s first drill program at its 100% owned MPD copper-gold porphyry project in southern British Columbia.  The MPD project is accessible year-round from paved highways 5A and 97C. 

Highlights Include:

  • Discovery drill hole MPD-19-003 has intersected the new “Gate Zone” containing the highest grade porphyry copper-gold mineralization reported in drill core at the MPD property to-date (figure 1)
  • The new discovery underlies a large copper-in-soil anomaly with over one kilometre of strike at the “Prime” area of the project. Over 100 historical drill holes containing copper and gold mineralization define a large, likely multi-centre porphyry system across 10 square kilometres of the MPD project
  • The Gate Zone includes intervals of higher grade copper-gold within a broad lower grade interval, with mineralization present from near surface to a vertical depth of 800 metres, and remains open at depth
  • Higher grade intervals include:
    • 74.9 metres of 0.54% CuEq (0.43% copper and 0.11 g/t gold) from 297.0 metres to 371.9 metres
    • 102.0 metres of 0.68% CuEq (0.53% copper and 0.16 g/t gold) from 404.9 metres to 507.0 metres
  • Broad moderate grade intervals include:
    • 763.6 metres of 0.28% CuEq (0.21% copper and 0.07 g/t gold) from 52.3 metres to 816.0 metres (entire bedrock drill hole length)
    • 340.7 metres of 0.42% CuEq (0.33% copper and 0.09 g/t gold) from 219.0 metres to 559.7 metres
  • Higher temperature porphyry signatures including bornite and potassic felspar alteration are generally stronger at depth, suggesting an upright and intact porphyry system with copper-gold mineralization potential increasing at depth (figure 2)

Figure 1: Cross-section of drill holes MPD 19-003 (Gate Zone) and MPD-19-002.  The upper panel is a map view representation of drill hole collars and drill traces showing background soil-in-copper geochemistry

Chris Taylor, Chairman of the Board of Dunnedin said, “Our original geological thesis has proven to be correct: We have confirmed significant zones of higher grade copper-gold mineralization at MPD, with mineralization present right from bedrock surface.  This is not a remote project, as the property is located immediately beside the highway, near active copper mines, and is accessible year-round, which significantly lowers exploration costs.”

Claudia Tornquist, President and CEO of Dunnedin said, “With our first drill program at MPD we have drilled the best hole on the property to date and discovered the higher grade Gate Zone where we intercepted 102 metres of 0.68% copper equivalent. This is an impressive intercept, keeping in mind that neighbouring producers mine ore with grades between 0.25-0.30% copper. Drilling at MPD so far has only scratched the surface, and many of the project’s copper-in-soil anomalies remain untested. The large porphyry system at MPD is wide open and we are excited about the great potential for more exploration successes and significant value creation for our shareholders. We will now focus on our exploration plans in 2020 and are defining a large number of drill targets.”

Complete assay results and drill collar/orientation information for holes MPD 19-001, MPD 19-002 and discovery hole MPD 19-003 (Gate Zone) are presented in table 1 and table 2 below.

Table 1: 2019 MPD Drilling Assay Results*

Hole IDFrom (m)To (m)Interval (m)% CuAu g/tAg g/t% CuEq**
Man Area
MPD-19-001153.83303.00149.170.040.070.310.11
Includes153.83225.0071.170.070.080.380.14
Prime Area
MPD-19-002246.00549.00303.000.130.090.810.22
Includes246.00330.0084.000.110.191.090.27
and Includes378.00531.00153.000.170.060.670.23
MPD-19-003
(Gate Zone)
52.35816.00763.650.210.070.770.28
Includes219.00559.74340.740.330.091.140.42
Includes297.00507.00210.000.410.120.810.52
Includes297.00371.9174.910.430.111.550.54
and Includes404.93507.00102.070.530.161.710.68

*Assay results are uncut weighted averages sampled continuously over mostly 3 metre widths. Interval widths represent drilled core length and true width is unknown at this time
** Metal prices used to calculate Cu Equivalent (% CuEq) are: Au $1500/oz, Ag $16.00/oz and Cu $2.60/lb.All values report in USD and do not consider metal recoveries

Table 2: 2019 MPD Drill Collar Information

Hole IDEasting (UTM Z10)Northing (UTM Z10)Elevation (m)Azimuth (Deg)DipEOH (m)
Man Area
MPD-19-0016812105513785128088-66303.00
Prime Area
MPD-19-00268195555157461285Na-90646.69
MPD-19-00368155555157531240180-80816.00
Total     1765.69

*Also refer to accompanying figures 1 and 3 for drill cross section and plan

Figure 2: Selected intervals of drill core showing a brief description of geology, a selected image of drill core from each described interval, and assay results for copper and gold values for the described interval

2019 drilling consisted of a total of 1,766 meters within three holes: two holes at the historic Prime area and one hole at the Man area. The holes drilled at Prime were designed to test the horizontal and vertical continuity of higher grade copper-gold mineralization below approximately 300 metres depth, which was encountered in two historic holes drilled in 2013. Prior to this, most historic drill holes rarely tested below 200 metres. Holes MPD-19-002 and MPD-19-003 were drilled to depths of 646.7 metres and 816.0 metres respectively. Both holes intersected significant copper (plus gold and silver) values over substantial widths and 395 metres apart. Mineralisation occurs in altered porphyritic andesite, diorite and/or monzonite, containing pyrite and chalcopyrite (with associated bornite below 500 metres).  Hole MPD-19-003 is the most successful hole drilled on the MPD property to date and is now referred to as the “Gate Zone”.

Hole MPD-19-001 at the Man Zone also intersected porphyry-style mineralization comprised of pyrite and minor chalcopyrite (+/- bornite). This new drill core from Man will be valuable when evaluating property-scale zonation of the larger porphyry system at MPD. 

The porphyry mineralization drilled at Prime and the new Gate Zone is located on the northeast flank of a broad 600 x 1,100 metre historic copper-in-soil anomaly at surface (see figure 3). The Company now has core from the three known copper porphyry zones on the MPD Project (when combined with historic core from Dillard).

Dunnedin will use core from all three zones to conduct petrographic and geochemical studies. Together with further geophysics, this work will be used to characterize the porphyry system at MPD and define additional prospective areas and targets for a larger drill program in 2020. Dunnedin is fully permitted and has a multi-year, area-based exploration permit for the MPD Project.

Figure 3: 2019 Prime area drill holes showing historical copper-in-soil results draped on three dimensional topography. Gate Zone discovery hole MPD-19-003 is located on the northern portion of a one kilometre long copper-in-soil target

Webinar
Dunnedin will host a webinar to discuss the Company’s recent results and future exploration plans. The webinar will take place on Friday, January 17th at 8:00am PST/11:00am EST. Management will be available to answer questions following the presentation.

To join webinar by computer, register from this link:
https://zoom.us/webinar/register/WN_trbawMjLSYaEtkzqWHb81w

Meeting ID: 251 346 108 #

Or to dial-in only use:
Canada           +1 647 558 0588
USA               +1 929 205 6099
UK                 +44 203 481 5240
Germany         +49 69 7104 9922
Switzerland     +41 43 210 71 08

QA/QC Procedures
All core samples were sent to ALS Canada Ltd. (ALS) in North Vancouver, BC for preparation and analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using ALS’s Fire Assay Fusion method (Au-AA24) with an AA finish for gold; and by a 33-element four acid digest ICP-AES analysis (ME-ICP61) with additional analysis for Ore Grade Elements (ME-OG62) and Ore Grade Cu (Cu-OG62). In addition to ALS Laboratory quality assurance / quality control (QA/QC) protocols, Dunnedin implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards in the field.

Jeff Ward, P.Geo, Vice President Exploration and the Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Dunnedin believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the Company has not independently verified, or cannot guarantee, the accuracy of this historic information.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or
khenderson@dunnedinventures.com.

On behalf of the Board of Directors
Dunnedin Ventures Inc.

Claudia Tornquist
President & CEO

About Dunnedin Ventures Inc.
Dunnedin Ventures is advancing a portfolio of copper porphyry projects in Canada and the USA, including the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, the Mohave copper-molybdenum-silver porphyry project near the world-class Bagdad mine in Arizona and the Trapper copper-gold porphyry project in the northern Golden Triangle region of British Columbia. Dunnedin’s porphyry assets all present known mineral discoveries with the potential to hold large-scale deposits. The Company also owns the advanced-stage Kahuna diamond project in Nunavut which hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets and is located 26 kilometres from Rankin Inlet and adjacent to Agnico Eagle’s Meliadine gold mine.

Based in Vancouver, Dunnedin is backed by a world-renowned team of exploration experts with decades of combined exploration experience and significant capital market strength. Dunnedin is part of the Discovery Group of companies led by John Robins, one of the most successful mining entrepreneurs in Canada.

Neither 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.

Forward-Looking Statement (Safe Harbor Statement): This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange. We do not assume any obligation to update forward-looking statements, except as required by securities laws.

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06 Jan 2020

Dunnedin Ventures – Annual Investor Letter

January 6, 2020 – Vancouver, British Columbia

Dear Investor:

From all of us at Dunnedin Ventures, our best wishes for a successful and prosperous New Year. We are grateful for your continued interest and support, and look forward to delivering exploration success in 2020. 2019 was a transitional year for Dunnedin as we saw an opportunity to capitalize on an overall market sentiment shifting in favor of copper porphyry assets over diamond exploration.

To that end, we added to our project portfolio with the acquisition of two promising porphyry projects, the MPD copper-gold project in southern British Columbia and the Mohave copper-molybdenum-silver project in Arizona. Together with our Trapper copper-gold project in the northern Golden Triangle we now own 100% of three advanced-stage copper porphyry exploration projects in North America, all of which have large footprints and the potential to yield major deposits.

Our strategic priority is to drill MPD and Mohave as both projects have significant discovery potential, are accessible year-round and are blessed with great infrastructure, including paved highways within a kilometre of the drill targets. In November, we achieved an important milestone and completed our maiden drill program at MPD. We are optimistic about this early round of drilling and much anticipating the drill results which are expected this month. Mohave is slated for drilling in 2020 so look out for more results and news flow throughout the year.

Why Copper?

It’s no secret that tomorrow’s sustainably-oriented world will require an abundance of copper.  Battery powered electrical cars will use up to 10 times more copper than today’s conventional cars and clean energy from solar and wind will need 4-6 times more copper than energy generation from fossil fuels.  According to Rio Tinto, more copper will be required in the next 25 years than was consumed in the last 500 years. The recent China-USA trade deal was a catalyst that pushed the copper price to a 7-month high in December, up 8% over 7 straight sessions of gains. The global commodities market is getting more bullish on copper and as shown by the short selling position of the metal which has been decreasing dramatically over recent months while the long position is gaining. Meanwhile, the pipeline of copper development projects is sparse and most analysts forecast a supply gap opening up that will need significantly higher copper prices in the coming years to be filled (see figure 1 below).


Figure 1: Copper Supply/Demand (Source: Wood Mackenzie, Rio Tinto)

Our Team

Dunnedin’s recently acquired porphyry assets were evaluated and selected by Dunnedin’s founder and Chairman, Chris Taylor who you may also know as the founder, President and CEO of our sister company, Great Bear Resources which made a significant gold discovery and was one of the best performing stocks on the TSX Venture Exchange in 2019. You may not be aware, however, that Chris is a structural geologist with significant porphyry experience who ‘cut his teeth’ drilling copper assets in North America for Imperial Metals for many years. My own background also includes significant experience in the copper space and during my years as general manager at Rio Tinto I was involved in feasibility studies at some of the world’s largest copper mines such as Escondida and Oyu Tolgoi.

Vice President Exploration, Jeff Ward and Andrew Berry, VP Operations, have co-managed highly successful exploration and drilling campaigns, with annual budgets exceeding C$20M in very challenging locations – they are certainly up to this task. We are also fortunate to be supported by great advisors, including Tom McCandless, a well-recognized porphyry expert. In addition, Dunnedin is able to access a wealth of expertise as a member of Discovery Group, which is led by successful mining entrepreneur John Robins and includes companies such as Great Bear Resources Ltd., Bluestone Resources Inc. and Fireweed Zinc Ltd. We are proud to be part of such a respected group, off the back of our exciting exploration potential.

MDP Copper-Gold Porphyry Project

MPD is a large, 78.5 km2 land package in south-central British Columbia, owned 100% by Dunnedin that we believe overlies a gold-rich porphyry system of significant size.  It is located just east of Highway 5A, between Princeton and Merritt in a prolific mining district with great infrastructure. Nearby mines with similar host rocks and mineralization styles include Highland Valley, Copper Mountain and New Afton.  From 1966-2014, previous operators including Rio Tinto and Newmont Mining completed 129 drill-holes for 25,780 metres at MPD.

We acquired MPD in November 2018 and in the summer announced results of our initial ground work at the project which consisted of mapping, prospecting, soil sampling and resampling of historic trenches.  Trenching results announced on August 22 included: 0.89% copper and 0.04 g/t gold over 46.0 metres, including 1.83% copper and 0.08 g/t gold over 12.0 metres. On August 29 we released further results, including grab samples with 0.89% copper and 0.32 g/t gold, and 0.76% copper and 0.24 g/t gold.

November 2019 marked an exciting milestone for Dunnedin as we successfully completed our maiden drill program at MPD. We drilled 1,766 metres in three drill holes and all holes intersected prospective sulphide-bearing, altered porphyritic host rocks. Two of the holes were designed to follow up on drilling in 2013 which for the first time tested deeper than previous historic holes which rarely exceeded 200m vertical depth. The 2013 holes yielded promising results as they both encountered porphyry mineralization with grades increasing with depth, approximately 450 metres apart (see figure 2). The samples from Dunnedin’s drill program are currently in the lab and assay results are expected this month.


Figure 2: MPD Project Prime Zone Cross Section

Mohave Copper-Molybdenum-Silver Porphyry Project

Announced on March 4, we acquired the Mohave copper-molybdenum-silver porphyry project in Arizona on favorable terms from fellow Discovery Group company, Bluestone Resources Inc.. The project was last drilled in 2011 with 11 holes for 3,500 metres. Anomalous mineralization over significant intervals was reported in all holes, with the first higher-grade intercepts also being drilled at that time, including 0.49% Cu over 59.4 m, and 0.30% Cu, 0.01% Mo, and 2.54 g/mt Ag over 70.7 m. Work to date strongly indicates that a large system of porphyry style mineralization underlies the project.

Mohave is road-accessible and adjacent to Highway 93 which links Las Vegas and Phoenix. The project is geologically and structurally analogous to the neighbouring Bagdad mine which is owned and operated by Freeport-McMoRan and has one of North America’s largest copper reserves.

Over the course of 2019 Dunnedin’s technical team reviewed the historic work on the project and we are ready to start exploration on the ground in 2020, starting with a geophysical modelling and infill, and followed by drilling.

Trapper Copper-Gold Porphyry Project

The third project in Dunnedin’s porphyry portfolio is the 100% owned Trapper project, located at the northern tip of the BC’s prolific Golden Triangle, adjacent to Brixton Metals’ Thorn project which was drilled in 2019 with excellent results. Trapper is a textbook copper-gold porphyry complex with an alteration signature of over 15 km2. It was drilled in 2011 and returned encouraging gold values including 34.11m @ 1.71 g/t gold, which propelled the valuation of the company to almost $80 million at the time. Trapper is an exciting project that provides Dunnedin with additional optionality for value creation.

Looking Forward to 2020

Our aim is to create material shareholder returns through exploration discoveries, in a global copper and gold market that is gaining positive momentum. We look forward to release the results from our first drill campaign at MPD soon and are planning to follow up with further drilling in the months ahead. In addition, our Mohave project offers further low-cost/high-impact exploration opportunity. As our porphyry assets can be drilled year-round you can look for a steady stream of exploration news from Dunnedin in 2020.

As we have witnessed in 2019, exploration companies have been rewarded handsomely in the capital markets for copper-gold discoveries. Other copper exploration companies in British Columbia such as GT Gold have generated significant increases in shareholder value through deeper drill testing of porphyry targets.  Having acquired MPD and Mohave because of their large porphyry footprints and encouraging shallow drill results, Dunnedin is now advancing these projects with a similar ambitious goal – the discovery of a large copper porphyry system that was hiding in plain sight, right beside the highway and surrounded by producing mines.

Sincerely,
Claudia Tornquist
President & CEO

Jeff Ward, P.Geo, Vice President Exploration and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this release.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or khenderson@dunnedinventures.com.

About Dunnedin Ventures Inc.
Dunnedin Ventures is advancing a portfolio of copper porphyry projects in Canada and the USA, including the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, the Mohave copper-molybdenum-silver porphyry project near the world-class Bagdad mine in Arizona and the Trapper copper-gold porphyry project in the northern Golden Triangle region of British Columbia. Dunnedin’s porphyry assets all present known mineral discoveries with the potential to hold large-scale deposits. The Company also owns the advanced-stage Kahuna diamond project in Nunavut which hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets and is located 26 kilometres from Rankin Inlet and adjacent to Agnico Eagle’s Meliadine gold mine.

Based in Vancouver, Dunnedin is backed by a world-renowned team of exploration experts with decades of combined exploration experience and significant capital market strength. Dunnedin is part of the Discovery Group of companies led by John Robins, one of the most successful mining entrepreneurs in Canada.

Neither 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.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward- looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.  Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.

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