Figure 1: Close-up of massive sulphide mineralization in BDF22-010 displaying pentlandite and chalcopyrite mineralization.

Figure 2: Location map of Barre de Fer looking down, showing drill holes BDF22-001 to BDF22-010 with the updated preliminary 2022 mineralized Ni model.

Figure 3: Long Section View of the Barre de Fer Zone mineral zone looking South-west showing the previous model (left) and updated model (right) of the nickel mineralization domains and pXRF results from BDF22-008, and BDF22-010, 2022 drill holes highlighted in black on the right.

Table 1: * Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Oct 7, 2022: $10.145/lb Nickel, $3.4067/lb Copper, and $23.566/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price) *Cu %)+((Co Price/Ni Price) *Co %). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)* Ni %)+((Co Price/Cu Price)*Co %).

The mineralization observed at BDF occurs predominantly as two different types: i) Meter to multi-metre intervals of massive and brecciated sulphide within zones of stringer and disseminated sulphide mineralization, hosted in gabbronorite and peridotite, ii) Disseminated sulphide with lesser stringer to net sulphide, over broad intervals, hosted within an olivine gabbronorite. The sulphide mineralization consists of pyrrhotite with granular pentlandite and stringer chalcopyrite, or as chalcopyrite loops with pentlandite within massive pyrrhotite.

Hole BDF22-008 was drilled to a depth of 350 m and was designed to test for sulphide mineralization along strike to the North of the modelled zone of mineralization at BDF. The hole intersected a significant 33.5 m interval of mineralization, extending the zone 75 m to the north.

BDF22-010 was drilled to a depth of 280 m and was designed to test for sulphide mineralization along strike to the south of preliminary model at BDF. The drillhole was oriented at an oblique azimuth to avoid a shallow pond. BDF22-010 intersected significant massive and semi-massive mineralization at a shallow depth, and extended mineralization intersected in HPM-08-003, 45 m along strike to the south.

Hole BDF22-009 was drilled to a depth of 221 m and was designed to test an adjacent airborne EM anomaly south of BDF. The drillhole did not intersect the geophysical anomaly. It is inferred that the geophysical target is either beneath the shallow drilled hole or immediately east behind the hole and remains prospective.

Figure 4: Massive sulphide mineralization in BDF22-010 at 56.41 m to 60.44 m.

Table 2: *UTM Projected Coordinate System: NAD83 UTM Zone 19N

During the 2022 summer exploration program, a total of 13 diamond drill holes were completed, comprising 4,316 metres. This includes ten drillholes at BDF, and an additional three holes at Syrah. The drill core processing has now concluded, and all pXRF analyzed samples have also been submitted to the Saskatchewan Research Council’s Geoanalytical Laboratory for commercial certified assaying, results are pending. The Company is expecting final lab assay results in the coming weeks and will release final assay results once the data becomes available.

The three remaining holes from the drilling Phase of the 2022 Summer Exploration Program were drilled at the Syrah Target. The Company reserved DRS sampling for BDF, prioritizing the development of a mineralized model. For this reason, no DRS samples were taken at Syrah, however, samples were submitted for assay analysis at SRC, and the Company expects to receive results in the coming weeks.

Table 3:* Reported as core length, true thickness is not known. **Nickel Equivalent (NiEq) & Copper Equivalent (CuEq) values were calculated using the following USD metal prices from Oct 7, 2022: $10.145/lb Nickel, $3.4067/lb Copper, and $23.566/lb Cobalt. Holes BDF22-001 and BDF22-002 used prices from the following USD metal prices from Sept 12, 2022: $10.84/lb Nickel, $3.63/lb Copper, and $23.56/lb Cobalt. NiEq.% was calculated using Ni%+((Cu Price/Ni Price) *Cu %)+((Co Price/Ni Price) *Co %). CuEq.% was calculated using Cu%+((Ni Price/Cu Price)* Ni %)+((Co Price/Cu Price)*Co %)

Murchison has implemented a rigorous pXRF sampling and analysis procedure to support the estimation of Ni, Cu and Co concentrations.

In order to collect a homogenous sample, a direct rock sampler (DRS) was utilized for all samples (Figure 5). The DRS consists of a modified angler grinder utilizing a diamond blade in which the rock cuttings are collected within a plastic vial. DRS sampling was undertaken from each core interval that is to be submitted to a commercial laboratory for analyses by total digestion ICP-OES and gold platinum palladium by fire assay. The DRS was used to channel the entire length of each sample with a single pass at a uniform depth of 3 mm and was cut without water. Each channel was cut parallel to core axis; adjacent DRS samples were cut along a uniform plane with consistent relative beta rotation angles to the orientation line, irrespective of the minerals to be intersected. The collected powder is pressed into a small puck with a very thin plastic film overtop and labelled with its unique identifying number. Between each sample all equipment was thoroughly cleaned to prevent cross-contamination. The sample pucks represent a continuous sample across the length of the mineralized intervals. The DRS channel sample collects a limited amount of material for analysis through typically course-grained assemblages of sulphide that can create nugget effects. Where coarse grained material is present, individual pXRF results may be different from the total digestion ICP-OES results. The nugget effect however is buffered by the significant quantity of samples that compose each composite interval since some samples will report low and others high as compared to lab assays.

Each sample puck was analyzed using a Niton XL5 XRF analyzer mounted in a test stand. The samples were analyzed for 90 seconds utilizing 3 element filters, each filter configured for a 30 second analysis. For every 10 samples analyzed, a standard was analyzed consisting of certified reference material that was pressed into a sample puck. Five standards were utilized, and the analyzed standard was selected based on the relative nickel grade of the previous samples in order to analyze a standard with comparable metal grade to the unknown. Multiple blank samples were also prepared by sampling barren quartz hand samples and pressing the material into sample pucks. Regular analysis of the blank material indicates minimal issues regarding sample contamination caused by the diamond blade. Each sample is thus assigned a pXRF Ni, Cu, and Co value which will then be superseded by lab quality assay results when they are received.

Figure 5: Direct rock sampler, sampled core and example sample puck from BDF22-001.

The foregoing scientific and technical disclosures on the HPM Project have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr. Shmyr consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Some data disclosed in this News Release relating to sampling and drilling results is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. In some cases, the data may be unverifiable due to lack of drill core. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company’s properties.