Mr. Michael Carr reports

BITTERROOT RESOURCES AND ALTIUS MINERALS OPTION THE VOYAGEUR NICKEL-COPPER-PGM PROJECT TO PERSEVERANCE METALS INC.

Bitterroot Resources Ltd. and Altius Minerals Corp. have entered into an option agreement with Perseverance Metals Inc., whereby Perseverance can acquire a 100-per-cent interest in the 680-square-kilometre (262 square miles) Voyageur nickel-copper-PGM (platinum group metals) project. Voyageur is located approximately 65 kilometres west of Lundin Mining's Eagle nickel-copper-PGM mine in the Upper Peninsula of Michigan. The Eagle mine is the only active primary nickel mine in the United States.

The option agreement gives Perseverance the exclusive option until Dec. 31, 2025, to earn a 100-per-cent interest in the Voyageur project from Altius Resources Michigan Inc., a wholly owned subsidiary of Altius Minerals, and from Trans Superior Resources Inc. and Voyageur Lands Corp., each a wholly owned subsidiary of Bitterroot Resources by:

• Initial equity: issuing to Bitterroot and Altius a total of 20-per-cent ownership in the equity of Perseverance, to be distributed based on their pr rata ownership of the Voyageur project;
• Exploration commitment: incurring $2-million in exploration expenditures on the Voyageur project before Dec. 31, 2025, including $250,000 within the first 12 months of the option;
• Financing commitment: raising aggregate gross proceeds of $5-million within 18 months, with Bitterroot and Altius retaining a combined 20-per-cent free-carry interest on any common shares issued pursuant to the equity financings;
• Go-public commitment: Perseverance becoming a reporting issuer in Canada within 18 months, subject to a conditional six-month extension.

Michael Carr, chief executive officer of Bitterroot, commented: "I am looking forward to supporting the team at Perseverance. They are a highly motivated and experienced group, with the technical and financial expertise to rapidly advance the Voyageur project. As a significant shareholder of Perseverance, Bitterroot's shareholders will benefit from Perseverance's management, capital markets and exploration skills, in addition to gaining exposure to two other high-quality magmatic nickel projects: Lac Gayot in Quebec and Armit Lake in NW Ontario, plus any of their future property acquisitions. I fully endorse Perseverance's strategy of exploring for high-grade magmatic sulphide ore deposits in leading North American mining jurisdictions."

About the Voyageur project

The Voyageur project comprises 668 square kilometres (258 square miles) of privately owned mineral rights, plus 12 square kilometres (4.8 square miles) of State of Michigan metallic minerals leases in the Upper Peninsula of Michigan (UP), located 65 kilometres west of the Eagle nickel-copper-PGM mine. Eagle is the only active primary nickel mine in the United States and has been in production since 2014, with a premining resource of approximately 6.6 million tonnes at 3.7 per cent nickel 3.1 per cent copper, 0.10 per cent cobalt and 1.5 grams per tonne combined platinum, palladium and gold.

The Voyageur project is situated on the south flank of the Mid-Continent Rift (MCR) large igneous province. The MCR hosts several high-grade, conduit-hosted Ni-Cu-PGM deposits in the Lake Superior region, such as the Eagle mine in the UP and the growing Tamarack deposit in Minnesota. Layered mafic-ultramafic intrusions and mafic dikes on the Voyageur property were emplaced during early MCR rifting and magmatism. Mesoproterozoic (about 1.11 Ga) mafic-ultramafic rocks seen at Voyageur intrude sulphur-bearing Early Proterozoic metasedimentary rocks and Archean basement granite and gneiss, as occurs at the Eagle mine.

A 4,562 line km VTEM Plus survey flown in 2015 by Altius and Bitterroot defined nine high-priority nickel sulphide targets, several of which have since been validated by ground-based time-domain electromagnetic (TDEM) surveys, but none have been drill tested. Prospecting around the targets has identified outcropping ultramafic olivine pyroxenite, which is a favourable host rock for conduit-hosted nickel-copper-cobalt-PGM deposits. As part of the earn-in process, Perseverance's team plans to further evaluate, refine and drill-test these VTEM targets.

The Voyageur project is accessible via an extensive network of paved and gravel access roads. The UP region contains significant infrastructure to support mining and boasts an effective mining and exploration permitting process.

Michael Tucker, PGeo, is the qualified person responsible for the technical content of this disclosure.

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