Mr. Ford Nicholson, a shareholder, reports

FORD NICHOLSON ANNOUNCES FILING OF EARLY WARNING REPORT RELATED TO EARL RESOURCES LIMITED

On Dec. 22, 2021, Ford Nicholson acquired, directly or indirectly, beneficial ownership, control or direction over 4,927,592 common shares of Earl Resources Ltd. Mr. Nicholson acquired the purchased shares on Dec. 22, 2021, through share purchase transactions between Mr. Nicholson and various private sellers at a price of 3.5 cents for an aggregate purchase price of $17,246.58. A total of 1,122,543 purchased shares were acquired directly by Mr. Nicholson, and a total of 3,805,049 shares were acquired through Kepis & Pobe Financial Group Inc. and Kepis & Pobe Investments Inc., entities wholly owned by Mr. Nicholson. The purchased shares represent 14.64 per cent of the current number of issued and outstanding common shares of the company. Mr. Nicholson now beneficially owns or controls, directly or indirectly, an aggregate of 5,635,092 common shares, representing 14.64 per cent of the company's issued and outstanding common shares.

As a result of an inadvertence on the part of Mr. Nicholson, an early warning report and new release required by applicable securities for the acquisition were not filed. Until all compliance issues related to Mr. Nicholson's failure to file early warning and insider reports have been resolved, Mr. Nicholson will not acquire and/or dispose of any securities of the company.

Mr. Nicholson acquired the purchased shares for private investment purposes, and may, in the future and subject to applicable law, increase or decrease his beneficial ownership or control over securities of the company, depending upon a number of factors, including, but not limited to, general market and economic conditions and other available investment opportunities.

An early warning report reflecting the above noted is now available under the company's SEDAR profile. For further information or to request a copy of the early warning report, please contact Mr. Nicholson by telephone at 604-417-8032.