QC Copper & Gold Closes $5 Million Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, Nov. 30, 2020 - QC Copper and Gold Inc. ("QC Copper" or the "Company") (TSXV: QCCU), is pleased to announce that it has closed its previously announced non-brokered private placement for aggregate proceeds of $5,000,260 (the "Offering"). Upon closing of the offering, the Company issued:

• 22,667,066 Units ("Hard Dollar Units") at a price of $0.15 per unit for gross proceeds of $3,400,059.95, where each Hard Dollar Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.20 for a period of 24 months from the date of issuance.
  
  
• 8,890,001 Flow-Through Units ("FT Units") at a price of $0.18 per unit for gross proceeds of $1,600,200.16, where each FT Unit consists of one flow through common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.22 for a period of 24 months from the date of issuance.

The Company intends to use the net proceeds from the sale of Units towards its exploration and development work on the Opemiska Copper Project in Chapais, Quebec, and for general corporate and working capital purposes. The Company intends to use the net proceeds from the sale of FT Units towards its exploration work on the Opemiska Copper Project in Chapais, Quebec.

The Common Shares and Warrants underlying the Hard Dollar Units and the FT Common Shares and FT Warrants underlying the FT Units issued under the Offering will have a hold period of four months and one day closing of the Offering.

In consideration for introducing certain subscribers to the Offering, the Company has paid certain arm's length finders an aggregate of 1,837,266 Hard Dollar Units.

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, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

About the Opemiska Copper Complex

The Opemiska Copper Complex is located adjacent to Chapais, Quebec, within the Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource projects. The Opemiska property covers 12,782 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines, owned and operated by Falconbridge. The project has the ideal in-place infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway.

For information and updates on QC Copper and Gold, please visit: www.qccopper.com

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Forward Looking Statements

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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. QC Copper and Gold Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained in filings by QC Copper and Gold Inc. with Canadian securities regulators, which filings are available under QC Copper and Gold Inc. profile at www.sedar.com.

SOURCE QC Copper and Gold Inc.