TORONTO, ON / ACCESS Newswire / March 23, 2026 / Further to its news release dated February 17, 2026, Churchill Resources Inc. ("Churchill" or the "Company") (TSXV:CRI) is pleased to announce that it has entered into a definitive option agreement dated March 20, 2026 (the "Option Agreement") with Canstar Resources Inc. ("Canstar") to acquire a 100% undivided interest in certain mining claims comprising the Golden Baie antimony-gold property located in central Newfoundland (the "Golden Baie Property"). By adding the Golden Baie Project to its existing Black Raven Gold-Silver-Antimony Project, host to the historic Frost Cove Antimony Mine, Churchill has successfully consolidated two of the most significant gold-antimony assets in Newfoundland and Labrador, both strategically located in Central Newfoundland and within 100km of the Beaver Brook Antimony Mine.

For a detailed overview of the Golden Baie project, please refer to Churchill's news release dated February 17, 2026.

Option Agreement Terms

Under the terms of the Option Agreement, the Company shall have the exclusive option for a period of 24 months to acquire an undivided 100% ownership interest in the Golden Baie Property by:

1. issuing 15,834,097 common shares in the capital of the Company ("Common Shares") to Canstar, making a cash payment of approximately $208,167 in respect of the option to cover existing cash bonds on the Golden Baie Property, which may be reimbursed to Churchill if the option is not exercised, and incurring $600,000 in assessment credits due in respect of the project by August, 2026;

2. issuing additional Common Shares every six months to be sequenced in tranches of approximately 1.25% (subject to a maximum 7,520,000 Common Shares per tranche) up to a maximum holding of 9.99% of the total issued and outstanding Common Shares over the 24 month term of the option, with the maximum number of Common Shares that may be issuable under the term of the Option Agreement not exceeding 45,914,097 Common Shares; and

3. incurring a minimum of $5,000,000 in exploration expenditures within 24 months following receipt of approval of the TSX Venture Exchange (the "TSXV") of the Option Agreement, subject to a minimum of $1,000,000 within the first 12 months.

Following the date that the option is deemed to have been exercised in accordance with its terms, Churchill will issue and grant to Canstar a 0.5% net smelter returns royalty on any minerals produced from the claims comprising the Golden Baie Property.

The transaction, including the issuance of the Common Shares to Canstar, remains subject to the approval of the TSXV.

The Golden Baie Project

The Golden Baie project is composed of 29 map-staked licences constituting 1,597 claims that in total cover 39,925 hectares or 399.25 square kilometres. The property has good access through its western and central portions with provincial highways 360 and 361 crossing the claim blocks, conveniently within a kilometre of the Swanger's Cove and Le Pouvoir high-grade antimony prospects. The area is serviced by the communities of St. Albans, Milltown and Conne River.

Canstar's work to date has outlined numerous gold-antimony occurrences along a 30-kilometre trend on the main licence block, along with the high-grade Swangers Cove prospect. Gold results from soils, prospecting, trenching and drilling are equally compelling, suggesting the presence of a very large, outcropping gold-antimony system. Churchill intends to immediately conduct a data deep-dive with the Canstar technical team and advisers to prioritize Golden Baie prospects for 2026 fieldwork plans. The Company's successful approach at Black Raven with systematic trenching and channel sampling work, followed by drilling, will be planned for Golden Baie with initiation this coming spring. Additionally, the Company plans to launch airborne geophysical surveys at the earliest possible date to augment the existing geophysical database across the entire property.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Paul Sobie, P.Geo, president of Churchill, who is a qualified person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The data reported in this news release is historic in nature and has not yet been verified by a qualified person. Certain technical information is derived from historical work completed by Canstar and publicly available sources and, has not yet been independently verified by Churchill. Churchill has relied on information supplied by Canstar, government of Newfoundland and Labrador filed assessment reports, and information found in the mineral occurrence data system published by the Newfoundland and Labrador Department of Natural Resources. Canstar does not assume responsibility for Churchill's technical interpretations of historic data. To view Canstar's disclosure record, please see its public filings available on its issuer profile on SEDAR+.

About Churchill Resources

Churchill Resources Inc. is a Canadian exploration company focused on exploration and evaluation of strategic and critical metals (including gold, silver, antimony and nickel) in Canada, principally at its prospective Black Raven, Taylor Brook and Florence Lake properties in the Province of Newfoundland and Labrador. The Churchill management team, board, and advisors have decades of combined experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill's projects have the potential to benefit from Newfoundland and Labrador's large and diversified minerals industry, which includes world class mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

Antimony is designated as a critical mineral by the Government of Canada and its G7 allies, and it is an indispensable input for national defence, energy security, and various industrial applications including fire safety. Global antimony supply chains are concentrated among non-market actors and subject to export controls creating unacceptable vulnerability. Immediate and decisive action is needed to repatriate production to Canadian and allied soil.

Further Information

For further information regarding Churchill, please contact:

Conan McIntyre, CEO
cmcintyre@churchillresources.com
Tel. 416.272.4738 (m)

Paul Sobie, President
psobie@churchillresources.com
Tel. 647.988.0930 (m)

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about Churchill's objectives, goals and exploration activities proposed to be conducted on its properties; future growth potential of Churchill, including whether any proposed exploration programs at any of its properties will be successful; exploration results; and future exploration plans and costs. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. In particular, this release contains forward-looking information relating to, among other things, the exercise of the Golden Baie option; the number of Common Shares that may be issued in connection with the transactions discussed herein, closing conditions and receive necessary regulatory approvals These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Such factors, among other things, include: exploration results on the Golden Baie Antimony-Gold Property; the expected benefits to Churchill relating to the exploration proposed to be conducted on its properties; receipt of all regulatory approvals in connection with the transaction contemplated herein; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Churchill's properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; and title to properties. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Churchill cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Churchill assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Churchill Resources Inc.