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Murchison Minerals Closes First Tranche Financing

December 4th 2024 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”) (TSXV: MUR) is pleased to announce that further to its press release dated November 8, 2024, the Company has closed $687,500 of its non-brokered private placement (the “Private Placement”) as detailed below.

The Company issued 12,500,000 Hard Dollar units (“HD Units”) at a price of $0.015 per HD Unit, 20,000,000 National flow-through units (“NFT Units”) at a price of $0.02 per NFT Unit and 5,000,000 Quebec flow-through units (“QFT Units”) at a price of $0.02 per QFT Unit, to raise aggregate gross proceeds of $687,500.

Each Unit was comprised of one common share of the Company (a “Common Share”) and one-half of a common share purchase warrant (each whole warrant, a “Warrant”) and each NFT and QFT Units were comprised of one flow-through common share of the Company (a “FT Common Share”) and one-half of a Warrant.  Each whole Warrant shall be exercisable to acquire one additional Common Share at a price of $0.05 for a period of 24 months expiring December 3, 2026.

All securities issued under the Private Placement are subject to a hold period expiring on April 4, 2025, in accordance with applicable securities laws. Proceeds from the private placement will be directed towards exploration at the Company’s 100%-owned BMK Zn-Cu-Ag-Pb-Au VMS Project in Saskatchewan, the 100%-owned HPM nickel-copper-cobalt Project in Quebec, working capital and administrative expenses.

“Murchison is in a great position, having two key assets with BMK and HPM, located in Canada’s top mining jurisdictions, Saskatchewan, and Quebec, respectively. Today’s announcement is geared towards unlocking the potential of the BMK Project by exploring for the copper-rich zones.”

Mr. Troy BoisjoliMurchison Minerals President, CEO, and Director

Insiders Participation:

Donald K. Johnson, OC, Murchison Minerals’ Director, and Largest Shareholder

Mr. Johnson acquired an additional 12,500,000 Units for aggregate investment of $187,500 to maintain his current ownership in the Company at approximately 31%.

The Private Placement constituted a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”), as an insider of the Company acquired an aggregate of 8,500,000 Units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.  The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Private Placement, which the Company deems reasonable in the circumstances to complete the Private Placement in an expeditious manner. The Private Placement was approved by all independent directors of the Company.

Finders Fee

The Private Placement is subject to final acceptance of the TSX Venture Exchange. Finder’s fees of $40,625 were paid and 1,750,000 Finder’s warrants were issued in relation to the Private Placement. Finder’s warrants shall be exercisable to acquire one additional Common Share at a price of $0.05 for a period of 24 months expiring December 3, 2026. All Finder’s warrant issued are subject to a four-month hold period until April 4, 2025, in accordance with applicable securities laws.

About Murchison Minerals Ltd. (TSXV: MUR, OTCQB: MURMF)

Murchison is a Canadian‐based exploration company focused on nickel-copper-cobalt exploration at the 100% – owned HPM Project in Quebec and the exploration and development of the 100% – owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. Following the Private Placement, Murchison currently has 298.2 million shares issued and outstanding.

Murchison Minerals