Mr. Troy Boisjoli reports

MURCHISON MINERALS CLOSES FULLY SUBSCRIBED $1.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Murchison Minerals Ltd. has closed its $1.5-million non-brokered private placement as detailed below.

The Company issued 9,000,000 Hard Dollar units ("HD Units") at a price of $0.06 per HD Unit, 11,500,715 Quebec flow-through units ("QFT Units") at a price of $0.07 per QFT Unit and 2,383,850 National flow-through units ("NFT Units") at a price of $0.065 per NFT Unit, to raise aggregate gross proceeds of CAD $1,500,000.30.

Each Unit was comprised of one common share of the Company (a "Common Share") and one-half of a common share purchase warrant (each whole warrant, a "Warrant") and each QFT and NFT Units were comprised of one flow-through common share of the Company (a "FT Common Share") and one-half of a Warrant. Each whole Warrant shall be exercisable to acquire one additional Common Share at a price of $0.10 for a period of 24 months expiring July 26th, 2025.

All securities issued under the Private Placement are subject to a hold period expiring on November 27th, 2023, in accordance with applicable securities laws. Proceeds from the private placement will be directed towards exploration at the Company's 100%-owned BMK Zn-Cu-Ag-Pb-Au VMS Project in Saskatchewan, the 100%-owned HPM nickel-copper-cobalt Project in Quebec, working capital and administrative expenses.

2023 Exploration Program

Due to the high level of interest in the Company's high-grade Ni-Cu-Co HPM Project in Quebec and the decrease in the extreme wildfire situation in the Province, the Company has decided to reprioritize work at HPM over the previously announced diamond drill program at it's BMK project in Saskatchewan. The focus for the 2023 Summer Exploration Program will be on the continued de-risking of the HPM Project. The program will consist of ground geophysics and prospecting, developing a pipeline of future drill targets at the HPM Project.

Mr. Troy Boisjoli, Murchison Minerals President, CEO, and Director comments:

"The high degree of interest and support the Company received in this private placement speaks to the confidence our shareholders have in Murchison's projects and our ability to execute on objectives. With the closing the Company is well funded to drive both BMK and HPM projects forward - as demand for critical minerals increases. Our approach is to put the geoscience in front of the spend, creating shareholder value through the disciplined advancement of both projects. I would like to thank all our current shareholders, and new investors into Murchison for their support. We are excited to kickoff our 2023 summer exploration program."

Mr. John Shmyr, Murchison Minerals Vice-President of Exploration comments:

"Over the 2023 winter, Murchison's geological team with aid of our technical advisor Dr. Peter Lightfoot, focused on understanding and interpreting the data acquired during our successful 2022 exploration program at HPM. This was time well spent and led to the identification of a significant number of high priority Ni-Cu-Co targets for our prospecting crews to investigate. Furthermore, during the data review our geophysics experts were able to demonstrate that the BDF Zone is an example of a highly conductive sulphide body, which is less responsive to VTEM surveys. For us this is a great indicator of something substantial being hosted at BDF. Geologists at Voisey's Bay encountered a similar issue where the conductance of the sulphide mineralization was too high for typical geophysical systems such as VTEM to adequately detect. For that reason, Murchison will be using a tool called a SQUID (Super-conducting Quantum Interference Device), purpose built for highly conductive sulphide mineralization - allowing us to image key expansion areas at depth along the BDF Trend, de-risking future drill programs."

Insiders Participation:

Donald K. Johnson, OC, Murchison Minerals' Director, and Largest Shareholder

Mr. Johnson acquired an additional 7,000,000 Units for aggregate investment of $420,000 to maintain his current ownership in the Company at approximately 30%.

The Private Placement constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as an insider of the Company acquired an aggregate of 7,000,000 Units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Private Placement, which the Company deems reasonable in the circumstances to complete the Private Placement in an expeditious manner. The Private Placement was approved by all independent directors of the Company.

Finders Fee

The Private Placement is subject to final acceptance of the TSX Venture Exchange. Finder's fees of $57,004.82 were paid and 636,994 Finder's warrants were issued in relation to the Private Placement. Finder's warrants had same terms and conditions as the Warrants. All Finder's warrant issued are subject to a four-month hold period until November 27th, 2023, in accordance with applicable securities laws.

About Murchison Minerals Ltd. (TSXV: MUR, OTCQB: MURMF)

Murchison is a Canadian-based exploration company focused on nickel-copper-cobalt exploration at the 100% - owned HPM Project in Quebec and the exploration and development of the 100% - owned Brabant Lake zinc-copper-silver project in north-central Saskatchewan. Murchison currently has 241.1 million shares issued and outstanding.

We seek Safe Harbor.