Mr. Paul Sobie reports

CHURCHILL RESOURCES COMMENCES 5,000M DRILLING AT TAYLOR BROOK; COMPLETES $2,600,000 PRIVATE PLACEMENT

Drilling has commenced on the planned 5,000-metre program at Churchill Resources Inc.'s Taylor Brook nickel-cobalt-copper project in western Newfoundland, Canada. The company has also completed the second and final tranche of its previously announced, upsized non-brokered private placement of units of the company, raising gross proceeds of $2.6-million.

Drilling is under way at Taylor Brook

Churchill's previously announced 5,000 m drilling program has commenced at Taylor Brook. MCL Drilling of Deer Lake, Nfld., is currently at site with one rig and drilling has started with hole TB23-06E, one of five holes planned thus far targeting resistivity low features at depths of between 175 m and 625 m below surface. Please refer to Churchill's Oct. 26, 2023, press release for more details.

Geophysical surveying and other fieldwork continue

Targeting for Churchill's drill program is expected to be further refined by continuing CSAMT (controlled-source audio-frequency magnetotelluric) surveys and other fieldwork running in parallel as drilling proceeds:

• The previously announced expanded CSAMT survey at Layden is now complete, with results and analysis (when available) expected to better delineate peripheral anomalies defined in the initial, smaller CSAMT survey.
• The geophysics crew has moved south to undertake CSAMT surveys over the location of highly anomalous Ni-Co-Cu soils:
  • Surveying of the LIT-1 Ni anomaly grid is complete;
  • Surveying of TBSL-1 Ni-Cu-Co anomaly grid on the margin of the south lobe of the Taylor Brook gabbro complex is under way.
• Soil collection work is continuing and will continue until impeded by winter weather.
• A mobile MT commissioned for the entire Layden intrusive trend Taylor Brook gabbro south lobe corridor is now under way.

Paul Sobie, chief executive officer of Churchill, said: "We are searching for district-scale, high-grade (and high-tenor) Ni-Co-Cu sulphide systems; our results to date reinforce that Taylor Brook is a target-rich environment with enormous potential. For the first time at Layden, drilling at depth will test substantial conductor targets beneath known high-grade nickel sulphide mineralization, hosted by similar and related magmatic rock. Across the Taylor Brook property, our geophysical surveying and other fieldwork will continue in parallel as drilling proceeds, including advancing the LIT-1 and TBSL-1 anomalies to drill targets, as well as identifying new targets for follow-up along the entire prospective corridor."

The private placement

The Private Placement consisted of the sale of 52 million units at a price of five cents per unit for gross proceeds of $2.6-million, of which 40 million units were offered and sold pursuant to tranche two of the private placement, each unit comprising one common share of Churchill and one-half of one common share purchase warrant. Each warrant entitles 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.

The company intends to use the proceeds of the private placement for exploration activities on the company's key projects located in Newfoundland and Labrador and for general corporate purposes. The securities issued pursuant to the private placement are subject to a statutory holder period of four months and one day.

Early warning disclosure

An early warning report will be filed in connection with the private placement by Malik Easah, who acquired 20 million units in the second tranche for investment purposes. Prior to the completion of the private placement, Mr. Easah held, directly or indirectly, and/or had control or direction over an aggregate of 3,791,000 common shares, representing 3.72 per cent on a non-diluted basis and partially diluted basis. Upon completion of the private placement, Mr. Easah holds directly or indirectly, and/or has control and direction over 23,791,000 common shares and 10 million common share purchase warrants, representing 16.76 per cent of the outstanding common shares of the company on a non-diluted basis. Mr. Easah has also entered into a contractual lock-up with the company which would prevent the exercise of any of the warrants acquired pursuant to the private placement if such exercise would result in Mr. Easah owning, or exercising control or direction over, at least 20 per cent of the issued and outstanding common shares on a non-diluted basis. Depending on market conditions, general economic and industry conditions, the company's business and financial condition, and/or other relevant factors, Mr. Easah may increase or decrease his beneficial ownership of securities of the company through market transactions, private agreements or otherwise. A copy of the early warning report filed will be available under the company's profile on SEDAR+.

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.

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.

We seek Safe Harbor.