Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES REPORTS SUBSTANTIAL INCREASE OF COPPER, NICKEL, COBALT, PALLADIUM AND PLATINUM NI 43-101 COMPLIANT MINERAL RESOURCES FOR ITS 100 per cent OWNED FERGUSON LAKE PROJECT IN CANADA

Canadian North Resources Inc. has provided an updated mineral resource estimate (see attached table) for its 100-per-cent-owned Ferguson Lake base metal (copper, nickel and cobalt) and platinum group metal (PGM; mainly palladium and platinum) project in Nunavut, Canada.

Highlights:

• A 172-per-cent increase of indicated mineral resources to 66.1 million tonnes containing 1,093 million pounds copper at 0.75 per cent, 678 million pounds nickel at 0.47 per cent, 79 million pounds cobalt at 0.05 per cent, 2.34 million ounces palladium at 1.10 grams per tonne and 420,000 ounces platinum at 0.19 gram per tonne;
• 80 per cent of the indicated mineral resources is open pit with 52.7 million tonnes at 0.65 per cent Cu, 0.43 per cent nickel, 0.05 per cent cobalt, 0.97 gram per tonne palladium and 0.17 per cent platinum;
• Inferred mineral resources of 25.9 million tonnes containing 558 million pounds copper at 0.98 per cent, 333 million pounds nickel at 0.58 per cent, 40 million pounds cobalt at 0.07 per cent, 1.12 million ounces palladium at 1.43 grams per tonne and 21,000 ounces platinum at 0.25 gram per tonne;
• Successful major upgrade of mineral resource tonnages from inferred to indicated category, combined with continued expansion of overall mineral resource size along strike and down/up dip;
• Potential for continued mineral resource expansion along strike and at depth over the 15-kilometre-long main mineralized horizon and within the open satellite mineralized zones.

Dr. Kaihui Yang, president and chief executive officer of Canadian North, commented: "We are excited at the substantial increase of the independent National Instrument 43-101 (NI 43-101) mineral resource estimate from that reported in 2022 (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), completed by SRK Consulting (Canada) Inc. (SRK) for the Ferguson Lake project. This new mineral resource estimate has demonstrated the project is one of the largest and highest-grade undeveloped critical mineral projects in North America. In particular, Canadian North believes the large and high-grade open-pit indicated mineral resource provides a solid base for the first development phase for building a potential producing mine. The company is moving forward with further exploration and expansion of mineral resources, follow-up metallurgical testing and commencing economic evaluation and infrastructure and environmental studies for a low-carbon footprint mine development plan at the Ferguson Lake project."

Dr. Trevor Boyd, the company's technical adviser, commented: "This revised mineral resource estimate is based on the updated exploration drill hole database, including results from the company's drilling programs in [2022 to 2023]. This mineral resource estimate incorporates parts of the known 15-kilometre-long main mineralized belt, excluding the outside satellite mineralized zones -- M zone, A51 zone, West zone South and the South Discovery zone. Although the project contains measurable rhodium, gold and silver values in multiple mineralized zones, these commodities are not included in the mineral resource modelling primarily due to the lack of systematic assay results. The mineral resource model and updated exploration database indicate significant potential for mineral resource expansion along strike and at depth over the 15-kilometre-long mineralized belt and its satellite zones."

Mineral resource estimation notes

The mineral resource estimation work, including construction of geological solids, grade estimation, associated sensitivity analyses and mineral resource classification, was completed by Joycelyn Smith, PGeo (PGO No. 2963), under the supervision of Glen Cole, PGeo (PGO No. 1416), an appropriate independent qualified person as this term is defined in NI 43-101.

The mineral resources have been estimated in conformity with generally accepted Canadian Institute of Mining (CIM) Estimation of

Mineral Resource and Mineral Reserves Best Practices Guidelines (November, 2019) and are reported in accordance with the Canadian Securities Administrators' NI 43-101.

Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.

A total of 18 massive sulphide and two low-sulphide platinum group element (LSPGE) domains were modelled within an overall host gabbroic intrusion to constrain the mineralization.

The mineral resources for the Ferguson Lake project are estimated based 756 boreholes (approximately 226,167 metres) as of Nov. 2, 2023, including 129 boreholes (approximately 35,775 metres) added to the deposit model out of the 39,270 metres completed since the previous mineral resource update as on June 13, 2022 (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).

All composites have been capped where appropriate.

The mineral resources for the Ferguson Lake project were estimated using Leapfrog Edge software. The estimation parameters consider three passes estimated by ordinary kriging with progressively relaxed criteria, including a requirement of three to four boreholes in the first pass, two to three boreholes in the second pass and at least four composites in the third pass. Massive sulphide domains were estimated with hard boundaries, and LSPGE domains were estimated with limited (10 metres) soft boundaries.

The block classification strategy considers drill hole spacing, geologic confidence and continuity of category. Indicated mineral resources were defined for blocks inside geological resource solids estimated within the first two passes and having a nominal drill hole spacing of less than 150 metres. Classification results were smoothed to improve continuity.

Mineral resources are reported in relation to a conceptual pit shell and underground mining shapes. Open-pit mineral resources include all blocks inside the conceptual shell. Underground mineral resources include blocks not meeting open-pit reporting requirements contained within conceptual mining shapes.

Open-pit mineral resources are reported at a net smelter return cut-off value of $33 (U.S.) and underground mineral resources are reported at a net smelter return cut-off value of $96 (U.S.). Cut-off values are based on a price of $4 (U.S.) per pound of copper, $9 (U.S.) per pound of nickel, $22 (U.S.) per pound of cobalt, $1,250 (U.S.) per ounce of palladium and $1,150 (U.S.) per ounce of platinum and recoveries of 95 per cent for copper, 51 per cent for nickel, 89 per cent for cobalt, 76 per cent for palladium and 60 per cent for platinum for massive sulphide material and 78 per cent for copper, 29 per cent for nickel, 48 per cent for cobalt, 60 per cent for palladium and 70 per cent for platinum for LSPGE material, open-pit and underground resources.

The reported mineral resource is inclusive of the East, Central and West zones along the 15-kilometre-long main mineralized horizon.

This updated mineral resources estimation reports a 172-per-cent increase from 24.3 million tonnes to 66.1 million tonnes in the indicated mineral resources, in comparison with the 2022 mineral resources NI 43-101 technical report (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). The results also demonstrate the continued overall expansion of the mineral resources, particularly within the Central and West zones along strike and up and down dip.

The 2022 mineral resource estimate considered recoveries derived from hydrometallurgical test work to produce the metal products of copper, nickel, cobalt, palladium and platinum. The revised 2024 mineral resource estimate outlined herein considers an independent review of recoveries and mineral deportment studies by SRK derived from flotation metallurgical test work, completed by the company since 2013, to produce potentially saleable copper, nickel and PGM concentrates.

NI 43-101 technical report

A technical report on the resource estimates, which is being prepared in accordance with NI 43-101, will be available on SEDAR+ under the company's issuer profile within 45 days. The effective date of the current mineral resource statement is March 19, 2024.

Qualified person

The technical contents of this news release have been reviewed 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 vehicle, battery and high-technology industries. The company is advancing its 100-per-cent-owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project in Nunavut, Canada.

We seek Safe Harbor.