Mr. Paul Sobie reports

CHURCHILL RESOURCES ANNOUNCES EXERCISE OF OPTION AND ACQUISITION OF 100% INTEREST IN FLORENCE LAKE MINERAL PROPERTIES IN EASTERN-CENTRAL LABRADOR

Churchill Resources Inc. has exercised an existing option to acquire a 100-per-cent interest in certain mineral properties with prospective nickel, copper and cobalt targets located approximately 150 to 180 kilometres north of the town of Happy Valley-Goose Bay in east-central Labrador. On July 22, 2021, the company entered into an option agreement with Altius Resources Inc. to acquire a 100-per-cent interest in the properties, subject to a new 1.6-per-cent gross sales royalty on the properties in favour of Altius.

The Florence Lake project consists of four map-staked licences totalling 416 claims (104 square km) in east-central Labrador. Three of the licences constitute the Altius Florence Lake property, to which Churchill added a licence in 2022 to create a contiguous land package. Churchill is very pleased to now own 100 per cent of the project, as an important conclusion to the recent technical reporting work has been the recognition of numerous aluminum oxide-undepleted ultramafic volcanic areas (that is, more primitive lavas, associated with nickel mineralization) at Florence Lake. These occur as stacked targets located throughout the upper eastern volcanic areas of the greenstone belt, and importantly also within the more basal western volcanics. Kambalda-style nickel sulphide deposits are generally at the base of ultramafic volcanic sequences. Churchill is currently preparing to commence camp installation, soil sampling, prospecting and geological mapping in the next few weeks.

Paul Sobie, chief executive officer of Churchill, stated: "We are very pleased to execute this option at Florence Lake and to have Altius as our largest shareholder. We're looking forward to this field season and to continuing the partnership with Altius both here, and at the magmatic nickel project at Taylor Brook."

Since entering into the option agreement, the company has issued an aggregate of 6,415,635 common shares in the capital of the company to Altius under the terms of the option (of which 5,041,689 common shares were issued today) and incurred the required cumulative exploration expenditures in connection with the properties. Churchill has carried out a great deal of exploration on the project since entering into the option agreement, and recently published a National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report on the project that is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie showing horizon concentrated on previously.

Immediately prior to the exercise of the option and the issuance of 5,041,689 common shares, Altius held 12,797,126 common shares representing approximately 15.1 per cent of the issued and outstanding common shares. Upon exercise of the option, Altius owns 17,838,815 common shares, representing approximately 19.9 per cent of the issued and outstanding common shares on a non-diluted basis. Altius acquired the common shares as part of the payment under the option agreement for the acquisition of 100-per-cent interest in the properties. Altius may from time to time acquire additional common shares or other securities of Churchill or dispose of some or all of the common shares or other securities of Churchill that it owns at such time, depending on market and other conditions. Further information concerning the exercise of the option is contained in the early warning report filed by Altius on SEDAR. A copy of the early warning report may also be obtained by contacting Chad Wells, vice-president, business development, Altius Minerals Corp., telephone: 1-877-576-2206.

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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