Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES INC. UNDERTAKES UPDATING NI43-101 MINERAL RESOURCES REPORT FOR THE FERGUSON LAKE NICKEL, COPPER, COBALT, PALLADIUM AND PLATINUM PROJECT

Canadian North Resources Inc. has commissioned a new mineral resource estimation in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) for its Ferguson Lake nickel, copper, cobalt, palladium and platinum project in Nunavut, Canada.

Highlights:

• Adding results of 39,270 metres in 145 holes of new diamond drilling to the project database for the completion of an updated mineral resources estimation.
• New mineral resource model to include both mineralization types and significant extensions of mineralized zones defined by the company drilling to September, 2023.
• SRK Consulting (Canada) Inc. and Ronacher McKenzie Geosciences Inc. have been engaged for an independent technical review of the project, an update of the 2022 resource estimate and preparation of the new NI 43-101 mineral resource Report.

The new mineral resource estimation will incorporate the results of 39,270 metres of new diamond drilling in 145 holes completed by the company, which has significantly expanded the mineralized zones at the Ferguson Lake project. The results will be added to the mineral deposit database applied for the previous released mineral resource estimate (refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geosciences Inc. and Francis Minerals Ltd." filed by the company to SEDAR on July 13, 2022).

"The update resource modelling will include significant extensions of the mineralized zones as defined by the new 145 drill holes," said Kaihui Yang, president and chief executive officer of the company. "We expect the results of the remodelling will continue to demonstrate the Ferguson Lake project has tremendous potential for containing a significant nickel, copper, cobalt, palladium and platinum mineral deposit in North America."

The company has engaged with the independent geological and mining consultants, SRK Consulting (Canada) Inc. and Ronacher McKenzie Geosciences Inc., to independently re-evaluate and remodel the Ferguson Lake project with the addition of the company's new exploration data and at updated metal prices and economic conditions.

As part of the independent mineral resource estimation in compliance with Canadian NI 43-101 standards, both SRK and Ronacher McKenzie geologists have conducted a project site visit, field and data QA/QC (quality assurance/quality control) review, and independent due diligence sampling and analyses of the company's drill core stored at the site. The remodelling of the mineral resource will include the assessment and incorporation of both the semi-massive to massive nickel-copper-cobalt-palladium-platinum sulphide and the disseminated, low-sulphide platinum group element (PGE) bearing types of mineralization. Updated and recently completed geophysical surveys and metallurgical testing results will also be included in the technical review. Lithology, structure, mineralization and hydrothermal alteration recorded in drill logs will be implicitly modelled considering both historic and updated assays as part of an overall assessment of the project's geological exploration model.

Qualified person

The technical contents of this news release have been reviewed and approved by Dr. Trevor Boyd, PGeo, a qualified person as defined by NI 43-101 standards.

About Canadian North Resources Inc.

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

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