NASCENT EXPLORATION PTY LTD. ANNOUNCES INCREASED INVESTMENT IN CANDENTE COPPER CORP.

PERTH, Australia, March 7, 2023 /CNW/ - Nascent Exploration Pty Ltd. ("Nascent"), a wholly owned subsidiary of Fortescue Metals Group Ltd. (Fortescue) has completed a private placement investment (the "Private Placement") into Candente Copper Corp. (TSX: DNT) (BVL: DNT) (US: CCOUF) ("Candente") on February 2, 2023.

Pursuant to the Private Placement, Candente issued to Nascent an aggregate of 22,222,222 common shares ("Shares") at a price of $0.18 per Share for a total purchase price of $4,000,000.

Prior to the completion of the Private Placement, Nascent owned 52,900,000 Shares, representing 19.4% of the outstanding Shares on a non-diluted basis, and 18.2% on a fully diluted basis. Upon completion of the Private Placement, Nascent now holds 75,122,222 Shares, representing 25.4% (an increase of 6.0%) of the outstanding Shares on a non-diluted basis and 23.4% (an increase of 5.2%) on a fully diluted basis. 

Nascent's acquisition was made for investment purposes. In accordance with applicable Canadian securities laws, Nascent may, from time to time and at any time, evaluate its investment in Candente and acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Candente in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Candente and other relevant factors.

The head office of Candente is located at Suite 801, 1112 Pender Street, Vancouver, BC, Canada V6E 2S1. The head office of Nascent is located at Level 2, 87 Adelaide Terrace, East Perth, WA, Australia 6004.

A copy of the Early Warning Report filed on Form 62-103F1 in connection with the Private Placement can be requested from Cameron Wilson, Corporate Secretary of Nascent, at [email protected].

About Fortescue

Established in 2003, Fortescue is a global leader in the resources and renewable energy industry, recognised for its culture, innovation and industry-leading development of infrastructure and mining assets.

Underpinned by operational excellence and balance sheet strength, we are committed to our strategic goals of building thriving communities, optimising returns from our operations through disciplined capital management, diversifying to commodities that support decarbonisation and pursuing green energy opportunities through Fortescue Future Industries (FFI).

SOURCE Nascent Exploration Pty Ltd.

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