Mr. Paul Sobie reports

CHURCHILL RESOURCES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT AND UPSIZE TO UP TO $2.6 MILLION

Further to its news release dated Oct. 11, 2023, Churchill Resources Inc. has closed tranche 1 of its previously announced non-brokered private placement, consisting of the sale of 12 million units of the company at a price of five cents per unit for gross proceeds of $600,000. Each Unit was comprised of one common share of Churchill (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share at a price of $0.15 at any time prior to the date which is two years following the completion of the Private Placement.

The Company also announces the upsize of the Private Placement by $100,000 to a total of up to $2,600,000. The second and final tranche of the Private Placement is expected to close in early November.

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 general corporate purposes. The securities issued pursuant to the closing of tranche one of the Private Placement are subject to a statutory hold period of four months and one day.

Mr. Paul Sobie, the Chief Executive Officer and a director of Company purchased 2,000,000 Units pursuant to the Private Placement. Participation by Mr. Sobie in the Private Placement was considered a "related party transaction" pursuant to Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Mr. Sobie's participation in the Private Placement in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report in connection with the participation of Mr. Sobie in the Offering will be filed less than 21 days in advance of the closing of the Private Placement, 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 Inc. 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 & Labrador. The Churchill management team, board and its advisors 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 4th in the world for investment attractiveness by the Fraser Institute in its 2022 annual survey of mining and exploration companies.

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