Mr. Peter Damouni of Mason reports

MASON RESOURCES ACQUIRES ADDITIONAL SECURITIES OF NORTHX NICKEL CORP.

In connection with a financing announced by Northx Nickel Corp. on Jan. 31, 2025, Mason Resources Inc. has acquired ownership and control over 1.2 million subscription receipts of Northx, each subscription receipt entitling the holder thereof to receive, subject to the fulfilment of the escrow release condition (as defined below) and without payment of any additional consideration, one unit composed of one common share of Northx and one common share purchase warrant of Northx exercisable into one additional share at any time until Feb. 10, 2028, at a price of 7.5 cents.

Each subscription receipt shall entitle Mason to receive one unit upon the satisfaction, amongst other things, of all conditions to the completion of Northx's proposed asset acquisition transaction with Magna Mining Inc., pursuant to which Magna will acquire all of Northx's property, assets, rights and obligations related to its portfolio of nickel and base metal assets located in the Sudbury basin, Ontario. In the event that the escrow release condition is not satisfied on or before 5 p.m. Vancouver time on June 30, 2025, subject to a possible extension of such deadline, the subscription receipts will be cancelled and of no further force and effect, and Mason will receive the purchase price paid therefor plus any accrued interest earned thereon (less applicable withholding tax).

Assuming the escrow release condition is satisfied in a timely manner and all of the subscription receipts (including those held by the other holders thereof) are exchanged for units, Mason would acquire ownership and control over 1.2 million shares and 1.2 million warrants, representing a decrease in its ownership and control of approximately 4.73 per cent calculated on a non-diluted basis and 6.18 per cent on a partially diluted basis.

Immediately prior to the acquisition of the subscription receipts, Mason held: (i) 4,166,667 shares; and (ii) 4,166,667 warrants, representing approximately 14.55 per cent of the shares outstanding calculated on a non-diluted basis and 25.41 per cent on a partially diluted basis.

Immediately after the acquisition of the subscription receipts, Mason has ownership and control over: (i) 4,166,667 shares; (ii) 4,166,667 warrants; (iii) the right to receive, subject to the fulfilment of the escrow release condition and without payment of any additional consideration, 1.2 million shares through the subscription receipts; and (iv) the right to receive, subject to the fulfilment of the escrow release condition and without payment of any additional consideration, 1.2 million warrants through the subscription receipts. In the event that the escrow release condition is satisfied in a timely manner and all of the subscription receipts (including those held by the other holders thereof) are exchanged for units, Mason would have ownership and control over an aggregate of 5,366,667 shares and 5,366,667 warrants. These combined holdings would represent approximately 9.82 per cent of the shares outstanding calculated on a non-diluted basis and 17.89 per cent on a partially diluted basis.

Mason acquired the subscription receipts for investment purposes only and not with a view to materially affecting control of Northx. Depending upon market conditions and other factors, Mason may, from time to time, acquire or dispose of additional securities of Northx, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Northx.

An early warning report has been filed by Mason under applicable securities laws and will be available on Northx's SEDAR+ profile. A copy of the early warning report may also be obtained by contacting Paul Hardy, vice-president, corporate development, at phardy@masonresourcesinc.com, or at 1-416-844-7365.

About Mason Resources Inc.

Mason is a Canadian corporation focused on seeking investment opportunities. Mason is the largest shareholder of Black Swan Graphene Inc., which is focusing on the large-scale production of patented high performance and low-cost graphene products aimed at several industrial sectors, including concrete and polymers, which are expected to require large volumes of graphene and, in turn, large volumes of graphite. Mason is also one of the largest shareholders of Nouveau Monde Graphite Inc., an integrated company developing responsible mining and advanced manufacturing operations to supply the global economy with carbon-neutral active anode material to power electric vehicle and renewable energy storage systems. The company is developing a fully integrated ore-to-battery-material source of graphite-based active anode material in Quebec, Canada. With enviable environmental, social and governance standards and structuring partnerships with anchor customers, Nouveau Monde is set to become a strategic supplier to the world's leading lithium-ion-battery and EV manufacturers, providing high performing and reliable advanced materials while promoting sustainability and supply chain traceability. Lastly, Mason is the largest shareholder of Northx Nickel, a Canadian nickel-copper-cobalt-platinum-group-element-focused exploration and development company with an extensive portfolio of assets in Quebec and Ontario, Canada. The company's flagship asset is the Grasset project, located within the Abitibi greenstone belt, with an indicated mineral resource of 5.5 million tonnes of 1.53 per cent nickel equivalent (such NiEq grade being established based on: 1.22 per cent Ni, 0.13 per cent Cu, 0.03 per cent Co, 0.26 gram per tonne platinum and 0.64 g/t palladium). In addition, the company holds a portfolio of 37 properties and over 300 square kilometres in the world-class mining district of Sudbury, Ont.