* 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 Jan 31, 2023: $13.677/lb Nickel, $4.2176/lb Copper, and $22.226/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 %).

Figure 1: Location map of Syrah with 2022 Drillholes and prospective target area highlighted.

During the Summer 2022 Exploration Program a fence of three diamond drillholes were completed at the Syrah Target. The drillholes were spaced approximately 75 to 125 m apart, testing an area proximal to mineralization intersected in hole HPM-08-14 –completed in 2008, returning grades of 0.18% Ni Eq. (0.12% Ni, 0.09% Cu, 0.02% Co) over 15.62 m. To date, sulphide mineralization at Syrah has consisted of broad disseminated zones of pyrrhotite and chalcopyrite, with lessor amounts of pentlandite, hosted within a gabbronorite. Half-metre intervals of semi-massive sulphide mineralization were intersected in SYR22-001 and SYR22-002. These broad zones of nickel-bearing sulphide mineralization confirm the presence of a magmatic sulphide system, which may have the same source as the high-grade BDF Zone. Future exploration work will be focused on the southern extents of the anomaly. Surface mineralization at Syrah was mapped using a beep mat, with the best prospecting results discovered in the southern most extents of the Syrah target –the best grab sample results returned grades of 0.74% NiEq. (0.58% Ni, 0.24% Cu, 0.05% Co).

*UTM Projected Coordinate System: NAD83 UTM Zone 19N

Murchison conducted an extensive prospecting program on the HPM project during the 2022 summer exploration program. As part of this program, the technical team completed reconnaissance prospecting at its Lac Paradis Prospect, at a previously identified showing. The Lac Paradis Prospect is located at the south end of Lac Manicouagan, approximately 17 km north of the Manic-5 Hydroelectric Dam, and 120 km southwest of the HPM property. The Lac Paradis Prospect was staked by Murchison in January of 2022. Nickel mineralization was discovered by prospecting in 2003 along a forestry road, the mineralization contains grades of 2.9% Cu and 5.26% Ni in grab samples in disseminated to semi-massive sulphide patches in meta-pyroxenite associated with leucogabbro and olivine-bearing ultramafic dyke. Four shallow BQ holes were drilled in 2006 totaling 217.34 m, with no samples collected and no notable mineralization intersected. The lack of exploration paired with the high-grade nature and presence of ultramafic magmatism (Figure 3) make the Lac Paradis highly prospective. Murchison will complete more extensive prospecting in future programs utilizing a beep mat to attempt to locate additional mineralization associated with the ultramafic intrusions.

* 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 Jan 31, 2023: $13.677/lb Nickel, $4.2176/lb Copper, and $22.226/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 %).

*UTM Projected Coordinate System: NAD83 UTM Zone 19N

Figure 2: Sulphide mineralization in backpack drill core from Lac Paradis displaying pyrrhotite and pentlandite mineralization (DG07191921).

Figure 3: Location Map of Lac Paradis Property with beep mat and backpack drillhole results plotted.

Murchison has implemented and is adhering to a strict Quality Assurance/Quality Control program. NQ-size core was drilled and mineralized intervals were marked by geologists during core description. The marked intervals were sampled using a core saw, one-half is kept as a witness sample at core facility in Saguenay, Quebec and the other assigned a unique number and placed within a plastic bag. The specific gravity of every 10th sample was measured using the mass-in-air / mass-in-water method. Samples were shipped directly to SRC Geoanalytical Labs in Saskatoon, Saskatchewan. The samples were ground and prepared for analysis by the lab using total digestion. Analyzes were performed using ICP-OES for nickel, copper, and cobalt. Every 25th sample sent to the lab was a field duplicate (quarter core), blanks and certified reference material were also submitted approximately every 25th sample.

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.