Mr. Bruce Reid reports

55 NORTH MINING INC. ANNOUNCES COMMENCEMENT OF TRAIL CONSTRUCTION, AND ISSUANCE OF SHARES AND OPTIONS

55 North Mining Inc. has started to construct a trail which will allow drill rigs to be moved to the project for the phase 3 drill program.

The phase 3 drill program comprising 3,000 metres of drilling in 10 holes will follow up on the 2020/2021 drill program. The phase 3 program will test the possible strike extension of the gold mineralization to the southeast of the mineral resource. In addition, drill metreage will target the possible down-dip extensions of the mineralization in select areas of the mineral resource.

As part of the company's agreement with the Marcel Colomb Band, the company has issued two million common shares and the board of directors has approved the grant to the Marcel Colomb Band of two million stock options exercisable for a total of two million common shares at an exercise price of five cents for a period of 60 months.

The company is also pleased to announce that it granted an aggregate of six million options exercisable for a total of six million common shares at an exercise price of five cents for a period of 60 months to officers and directors of the company.

All options were granted pursuant to the company's stock option plan and are subject to the terms of the applicable grant agreements and the requirements of the Canadian Securities Exchange.

55 North Mining also announces that it has accepted the resignation of William Ferreira from the board of directors of the company. Board chairman Bruce Reid stated: "Bill has been a valuable contributor to the 55 North board and we have benefited greatly from his knowledge and decades of experience. On behalf of the board of directors, management and the company's shareholders, I wish Bill and his family all the best in the future."

Qualified person

The technical content disclosed in this press release was reviewed and approved by Peter Karelse, vice-president, exploration, and a qualified person as defined under National Instrument 43-101. Mr. Karelse consents to the publication of this announcement by 55 North Mining. Mr. Karelse certifies that this announcement fairly and accurately represents the information for which he is responsible.

About the Last Hope gold project

Since 2017, 55 North Mining has spent over $5-million on exploration and community relations at its Last Hope property. A previous diamond drill program consisting of 11,653 m in 29 holes was conducted in 2020/2021. Stepout drilling extended the strike length of the gold mineralization to approximately 1.2 kilometres.

The phase 2 drill program was completed in 2021. Drill results from that program included LH-20-08 which returned 19.25 grams per tonne Au over 15.7 m. Currently, the Last Hope gold project hosts an indicated mineral resource of 408,300 tonnes grading 5.41 g/t Au for 71,100 ounces of gold, andan inferred resource of 1,553,000 tonnes grading 5.48 g/t Au for 273,800 ounces of gold.

The Last Hope property has the potential to define additional mineral resources and expand the mineral resource area. The company has planned a phase 3 drill program. The phase 3 drill program comprising 3,000 metres of drilling in 10 holes will follow up on the 2020/2021 drill program. The phase 3 program will test the possible strike extension of the gold mineralization to the southeast of the mineral resource. In addition, drill metreage will target the possible down-dip extensions of the mineralization in select areas of the mineral resource.

About 55 North Mining Inc.

55 North Mining is an exploration and development company advancing its high-grade Last Hope gold project located in Manitoba, Canada.

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