Mr. Sophy Cesar reports

CANADIAN NORTH RESOURCES RECEIVES TOTAL PROCEEDS OF $9,186,597 FROM EXERCISE OF WARRANTS

Canadian North Resources Inc. has completed the redemption of its outstanding purchase warrants (each a warrant to purchase one share at $1.50). The warrants were issued in connection with the company's offering of units completed prior to listing and expired on Dec. 29, 2023.

The company has received total proceeds of $9,186,597 from the exercise of 6,124,398 warrants between Jan. 1, 2023, and Dec. 29, 2023. With the exercise of these warrants, there are no remaining outstanding warrants.

Insiders exercised 2,874,394 share purchase warrants (each a warrant to purchase one share at $1.50) for aggregate proceeds of $4,311,591. Warrants were issued in connection with the company's offering of units completed prior to listing.

"We would like to thank our long-time shareholders for such a strong vote of confidence in Canadian North Resources," said Sophy Cesar, head of corporate development. "The results from the warrant exercises are a strong sign of support for CNRI's strategy to demonstrate that the Ferguson Lake project is a world-class deposit."

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 that 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; and 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 on 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.