Mr. Ian Berzins reports

CANADIAN CRITICAL MINERALS MODIFIES FACILITIES AGREEMENT WITH BC HYDRO FOR BULL RIVER MINE

Canadian Critical Minerals Inc. has modified a facilities agreement (FA) with British Columbia Hydro and Power Authority (BCH) for its Bull River mine (BRM) project near Cranbrook, B.C. The FA was completed following a facilities study (FS) by BCH to define interconnection requirements and establish a timetable for BCH's ability to meet the company's proposed service date (see press release dated Jan. 25, 2023, on SEDAR+). The reconnection was originally scheduled to be completed on or before June 30, 2023. Prior to this date, the company learned that should the reconnection be completed but the company is not able to accept at least 50 per cent of the new 5,000 kVA (kilovolt-amperes) service, it would be subject to significant demand penalties. Accordingly, the company has decided to postpone the reconnection until such time as the company has received its permit to restart the Bull River mine and completed capital upgrades to begin the restart.

The BRM project is currently connected to BCH through a 12.47 kV service line which provides up to 2,000 kVA in contract demand. Typically, in an average month, the company utilizes approximately 400 kVA in demand, which is sufficient to continue with care and maintenance activities, including dewatering of the underground mining infrastructure. Under the new FA, BCH will reconnect the company to an existing 66 kV transmission line which will provide up to 5,000 kVA in contract demand to the property. The increased demand will be required for the company to restart the mill and resume underground mining operations. The new transmission interconnection provides for reductions in energy and demand charges relative to the current unit rates.

BCH's estimate for system reinforcements and revenue metering associated with the reconnection is $150,000. The cost estimate has an accuracy range of plus-35 per cent/minus-15 per cent. To date, the company has paid $75,000 toward the costs of the reconnection.

Ian Berzins, president and chief executive officer, commented: "A number of our shareholders have inquired as to why we have not implemented the new FA. Although we have acquired all the key electrical components for the reconnection, including a 10 MVA (megavolt-ampere) transformer valued at approximately $700,000, it did not make sense to complete the reconnection and thereby be exposed to increased demand charges because of our inability to utilize the increased supply. We look forward to working with BCH to complete the reconnection once we have better certainty on receipt of the permit to restart the Bull River mine."

About Canadian Critical Minerals Inc.

Canadian Critical Minerals is a mining company primarily focused on two near-term copper production assets in Canada. Canadian Critical Minerals' main asset is the 100-per-cent-owned Bull River mine project (greater than 135 million pounds of copper) near Cranbrook, B.C., which has a mineral resource containing copper, gold and silver. Canadian Critical Minerals' latest acquisition is the 100-per-cent-owned Thierry mine project (greater than 1.3 billion pounds of copper) near Pickle Lake, Ont., which has a mineral resource containing copper, nickel, silver, palladium, platinum and gold.

We seek Safe Harbor.