Mr. Paul Sobie reports

CHURCHILL RESOURCES ANNOUNCES PRIVATE PLACEMENT OF UP TO $2,500,000; INTENDS HIGH GRADE NI-CU-CO DISCOVERY EXPLORATION DRILL PROGRAM AT TAYLOR BROOK

Churchill Resources Inc. has arranged a non-brokered private placement consisting of the sale of up to 50 million units of the company at a price of five cents per unit for gross proceeds of up $2.5-million. Each unit will consist of one common share of Churchill and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of 15 cents at any time prior to the date which is two years following the completion of the private placement.

Participants in the private placement are expected to include a consortium of high-net-worth individuals, with closing expected to occur in two tranches: a first tranche of $500,000 of units to close on or about Oct. 17, 2023, with the balance of the private placement expected to close on or about Nov. 10, 2023.

The company intends to use the proceeds from the private placement for exploration activities on the company's key projects located in Newfoundland and Labrador and for general corporate purposes. Included is an intended approximately 5,000-metre drill program at its Taylor Brook property in western Newfoundland, where targets have recently been identified below the mineralization drilled in 2022. The drill program is designed to test Churchill's exploration model at Taylor Brook, which has advanced significantly over the course of the past quarter:

• District-scale, high-grade potential. Taylor Brook hosts the previously unknown district-scale Layden magmatic intrusive sulphide system with high-grade intercepts including 2.79 per cent nickel over 4.44 m (see Churchill's National Instrument 43-101 technical report published Aug. 1, 2023).
• Substantial conductor targets proximate to high-grade, high-tenor mineralization. A recent hybrid CSMAT (controlled-source audio-frequency magnetotellurics) study identified substantial conductor targets beneath the known high-grade nickel sulphide mineralization at the Layden showing, and hosted by similar and related magmatic rocks (see announcement Sept. 7, 2023).
• Additional and refined target search. Given the success of the CSMAT study, Churchill is planning additional geophysical work including: expanded CSMAT at Layden, an airborne mobile MT program along the entire Layden intrusive trend and CSMAT at previously identified high nickel-copper-cobalt soil anomalies on the margin of the Taylor Brook gabbro complex (announced Aug. 16, 2023). As well the soil sampling work will continue including follow-up grids over newly generated anomalies in the southern property area adjacent to and on the South Lobe of the Taylor Brook gabbro complex.

Paul Sobie, chief executive officer of Churchill, stated: "We are searching for district-scale, high-grade (and high-tenor) Ni-Co-Cu sulphide systems, and our exploration results continue to reinforce our view that Taylor Brook has enormous potential. We've identified compelling drill targets beneath known Ni-Co-Cu mineralization at Layden, and in a manner consistent with our discovery model, by undertaking thorough geophysics, geochemistry, fieldwork and analysis. It is now time to test that thesis with our planned 5,000 m drilling program (and with further refined airborne MT and other ancillary geophysical work). Timely completion of this private placement will give us the means to undertake that program this year given Taylor Brook has the capacity to host year-round exploration and in fact there are potential operational advantages of fall/winter work at this location."

The private placement is subject to the receipt of certain documentation and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C. Wilton, PGeo, FGC, who is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and independent of the company.

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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