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MURCHISON MINERALS LTD. Enters Into Amended Option Agreement

Burlington, ON - May 21, 2021 - Murchison Minerals Ltd. (“Murchison” or the “Company”) (TSXV: MUR) announces that further to its press release on May 6, 2021 regarding the entering into of an option agreement (the “Original Option Agreement”) with Gestion Aline Leclerc Inc. (the “Optionor”) granting Murchison an option to earn 100% interest in 75 mineral claims covering 2,377 hectares (the “Property Package”), it has entered into an amended option agreement (the “Amended Option Agreement”) with the Optionor whereby the parties agreed to: (i) in the event the Company wishes to satisfy up to $400,000 in option payments in common shares, use a price equal to the greater of $0.07 or the 20 day volume weighted average price of the common shares prior to the day the Company elects to satisfy such option payment; and (ii) remove the ability of the Company to pay the $1,000,000 re-purchase price of the 1% NSR through the issuance of common shares of the Company. All other terms of the Original Option Agreement remain the same.

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About Murchison Minerals Ltd. (TSXV: MUR)

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. The Company also holds an option to earn 100% interest in the Barraute VMS exploration project also located in Quebec, north of Val d’Or. Murchison currently has 160.1 million shares issued and outstanding.

Murchison Minerals