Mr. Jack Stoch reports

WORK ADVANCING ON CHIBOUGAMAU'S MONT SORCIER IRON/VANADIUM ROYALTY PROPERTY

Chibougamau Independent Mines Inc. has highlighted to shareholders an update from Cerrado Gold Inc. as regard continuing work at the Mont Sorcier iron/vanadium project located in proximity of the town of Chibougamau, Que. In a press release of today's date, Cerrado published the following.

Mont Sorcier project update

At the Mont Sorcier high-purity iron project, detailed metallurgical testwork and flow sheet design continued during the quarter. All key workstreams are now engaged and the company has commenced an infill drill program to update sufficient resources to the proven and probable categories as required to support the continuing feasibility. Assay results remain pending at this time.

The bankable feasibility study will look to provide greater detail of the potential for the project that was highlighted in the previous 2022 National Instrument 43-101 preliminary economic assessment (PEA) that delivered a project NPV 8 per cent (net present value, 8-per-cent discount rate) of $1.6-billion (U.S.) based upon iron concentrates grading 65 per cent iron. With the improved metallurgical results received to date the company is confident it can deliver a high-purity DRI grade iron ore concentrate product of over 67 per cent iron, enhancing the project value and delivering a highly desired product to support the green steel transition.

Chibougamau Independent Mines holds a 2-per-cent gross metal royalty on iron and vanadium production from the Mont Sorcier property.

This press release was written by Jack Stoch, PGeo, president and chief executive officer of Chibougamau Independent Mines, in his capacity as a qualified person (QP) under National Instrument 43-101 and has been approved by Cerrado Gold.

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