Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES RECEIVES $2,155,797 FROM EARLY EXERCISE OF WARRANTS FROM MAJOR SHAREHOLDERS

KRE Development Co. Ltd., the biggest shareholder of Canadian North Resources Inc., has elected to exercise its warrants ahead of the scheduled expiration of Dec. 31, 2023. KRE is an investment company registered in Ontario, Canada, owned by two directors of the company.

KRE exercised 1,437,198 share purchase warrants (each a warrant to purchase one share at $1.50) for aggregate proceeds of $2,155,797 on June 30, 2023. Warrants were issued in connection with the company's offering of units completed prior to listing.

"We are delighted to announce the early exercise of warrants," said Dr. Kaihui Yang, president and chief executive officer of the company. "This demonstrates the continued confidence and support from the major shareholders. The company intends to use the proceeds from the warrant exercise for the exploration programs currently carried on at its 100-per-cent-owned Ferguson Lake project and for general working capital purposes."

About Canadian North Resources Inc.

Canadian North Resources is an exploration and development company focusing on the critical metals for the clean energy, electric vehicle, battery and high-technology industries. The company is advancing its 100-per-cent-owned Ferguson Lake nickel/copper/cobalt/palladium/platinum project, which covers an area of 253.8 square kilometres of mining leases (96.9 square kilometres) and surrounding exploration claims (156.9 square kilometres) in the Kivalliq region of Nunavut, Canada.

The Ferguson Lake mining property contains substantial resources in compliance with National Instrument 43-101 standards, which include indicated mineral resources of 24.3 million tonnes containing 455 million pounds copper at 0.85 per cent, 321 million pounds nickel at 0.60 per cent, 37.5 million pounds cobalt at 0.07 per cent, 1.08 million ounces palladium at 1.38 grams per tonne and 180,000 ounces platinum at 0.23 gram per tonne; inferred mineral resources of 47.2 million tonnes containing 947 million pounds copper at 0.91 per cent, 551.5 million pounds nickel at 0.53 per cent, 62.4 million pounds cobalt at 0.06 per cent, 2.12 million ounces palladium at 1.4 grams per tonne and 380,000 ounces platinum at 0.25 gram per tonne. The resource model indicates significant potential for resource expansion along strike and at depth over the 15-kilometre-long mineralized belt (refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd.," filed by the company to SEDAR on July 13, 2022). In addition, the company has identified the pegmatites with lithium potential at the Ferguson Lake project.

We seek Safe Harbor.