Mr. Paul Sobie reports

CHURCHILL ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

Churchill Resources Inc. has completed a non-brokered private placement which consisted of the sale of 10,604,546 common shares in the capital of the company, issued on a flow-through (FT) basis within the meaning of the Income Tax Act (Canada) at a price of 11 cents per FT share, for aggregate gross proceeds of approximately $1,166,500.

The company intends to use the gross proceeds from sale of the FT shares for exploration activities on the company's key projects located in Newfoundland and Labrador, and to incur eligible Canadian exploration expenses (within the meaning of the tax act) that will qualify for the federal 30-per-cent critical mineral exploration tax credit.

Paul Sobie, Churchill chief executive officer, remarked: "We are very pleased to announce the completion of this financing, which is appropriately sized to enable Churchill to meaningfully advance our near-term exploration objectives for this coming field season, all while protecting our capital structure in the context of the current market environment. In particular, field crews are expected to mobilize to our Taylor Brook project next week, and commence working towards our previously announced target generation, BHEM [borehole electromagnetic] and drilling program. Our field crews will also be mobilizing to the Florence Lake project later this month."

The company paid a cash fee to a certain eligible finder of 5 per cent of the aggregate gross proceeds of subscriptions facilitated by such finder pursuant to the offering. The FT shares issued pursuant to the offering are subject to a statutory hold period of four months and one day.

Mr. Sobie, president and chief executive officer of the company, acquired 90,910 FT shares in connection with the offering. Following the completion of the offering, Mr. Sobie owns, directly or indirectly, approximately 3.8 per cent of the issued and outstanding common shares of the company on a non-diluted basis. Participation by Mr. Sobie in the offering was considered a related-party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation of Mr. Sobie in the offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Mr. Sobie in the offering less than 21 days in advance of the closing of the offering, which the company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the offering in an expeditious manner.

About Churchill Resources Inc.

Churchill Resources is a Canadian exploration company focused on high-grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland and Labrador. The Churchill management team, board and its advisers have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill's Taylor Brook and Florence Lake projects have the potential to benefit from the province's large and diversified minerals industry, which includes world-class nickel mines and processing facilities and a well-developed mineral exploration sector with locally based drilling and geological expertise. The province was recently ranked fourth in the world for investment attractiveness by the Fraser Institute in its 2022 annual survey of mining and exploration companies.

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