Mr. Troy Boisjoli reports

MURCHISON MINERALS CONCLUDES WINTER DIAMOND DRILL PROGRAM, EXPANDS VMS MINERALIZATION (COPPER-ZINC-SILVER-LEAD-GOLD) AT BMK DEPOSIT

Murchison Minerals Ltd. has concluded the 2024 winter exploration program at its 100-per-cent-owned copper-zinc-silver-lead-gold (Cu-Zn-Ag-Pb-Au) volcanogenic massive sulphide (VMS) BMK project in Saskatchewan. The program was designed to provide a first-pass reconnaissance for the discovery of a potential copper stockwork zone associated with the formation of the BMK deposit. In total, 2,712 metres were completed, comprising four diamond drill holes, which tested four high-priority target areas (one hole at each target area). Three target areas: BMK Deep, North and South, followed up on previous drilling at the BMK deposit, where high-grade copper has been intersected. The fourth target, CST, tested a geophysical anomaly 400 m along strike to the southwest of the BMK deposit. The three drill holes at the BMK extension targets successfully expanded the footprint of VMS mineralization at the BMK deposit, demonstrating that the deposit remains open and prospective for further expansion and discovery of an associated copper stockwork zone. Significantly, at BMK North, drill hole BMK24-003 intersected a zone of VMS mineralization with a high copper-to-zinc ratio. Similar high copper-to-zinc ratios have been intersected during previous drill campaigns which targeted the northern extent of the BMK deposit. The company is encouraged by these intersections, indicating the potential for a nearby copper stockwork zone proximal to the northern extent of the BMK deposit. At the CST target area, drilling intersected a significant interval of VMS-type alteration which correlates with an off-hole borehole electromagnetic conductor, indicating the drill hole may have narrowly missed a zone of VMS mineralization. The 2024 program demonstrates the BMK deposit remains open for further expansion of VMS mineralization. Additionally, the results from this first-pass testing are encouraging for the discovery of an associated copper stockwork zone during future drill campaigns.

Two thousand twenty-four winter drilling:

• CST24-001 was drilled to test the CST geophysical target 400 metres southwest of the BMK deposit. Due to ground conditions, the drill hole shallowed out, deviating significantly from the targeted pierce point intersecting the geophysical anomaly approximately 150 m from its centre. A significant zone (over six m in length) of garnet-anthophyllite-cordierite-biotite gneiss consistent with alteration observed at the BMK deposit was intersected at 410 m depth. A subsequent borehole electromagnetic survey was completed on the hole and indicates an off-hole conductive anomaly appears to be associated with the alteration. Multiple graphitic conductors were intersected at depths of 438 m, 463 m and 733 m, which partially explain the HeliSAM geophysical response. Additionally, a 0.5-metre spot sample was submitted for REE (rare earth element) analysis associated with a pegmatite, which returned very significant grades of REEs yielding 7.76 per cent TREO (total rare earth oxides) (see the table entitled "2024 CST rare earth element highlight result"). The company considers the presence of such high-grade REEs encouraging, and will complete a property-wide review of previous drill, grab and outcrop samples for additional occurrences.
• BMK24-001 was drilled to test the BMK South extension, the hole intersected a narrow interval of mineralization (see the table entitled "2024 BMK program highlight results") confirming the presence of VMS mineralization south of the deposit.
• BMK24-002 was drilled to test the BMK North extension, the hole successfully intersected mineralization 100 m to the northwest of BMK's current footprint, intersecting grades of up to 1.96 per cent copper with mineralization having a high copper-to-zinc ratio, which is indicative of copper stockwork mineralization. These results are considered encouraging, and the company will focus additional exploration to the north of the deposit.
• BMK24-003 was drilled to test the extent of the BMK deposit and the potential for a copper stockwork zone. The hole successfully intersected mineralization 110 m down-dip from the current footprint of the BMK deposit (see the table entitled "2024 BMK program highlight results").

Murchison Minerals' vice-president of exploration comments:

"While we did not intersect the primary anomaly at CST, the presence of strong VMS alteration similar to what we observe at BMK is encouraging, and the association with an off-hole conductor suggests a near miss. We are also excited by the continued presence of high-copper-ratio mineralization north of the BMK deposit and it suggests we are continuing to vector into the copper stockwork. Immediately north of the deposit has seen very limited historic exploration as the area was previously unavailable for staking, those limitations are now removed so we plan to focus our exploration in this area."

Quality assurance/quality control (QA/QC)

Murchison has implemented and is adhering to a strict quality assurance/quality control program. NQ-size core was drilled and mineralized intervals were marked by geologists during core description. The marked intervals were sampled using a core saw; one-half is kept as a witness sample at core facility in Brabant Lake, Sask., and the other assigned a unique number and placed within a plastic bag. The specific gravity of every sample was measured using the mass-in-air/mass-in-water method. Samples were shipped directly to SRC Geoanalytical Labs in Saskatoon, Sask. The samples were ground and prepared for analysis by the lab using total digestion. Analyzes were performed using ICP-OES (inductively coupled plasma optical emission spectrometry) for copper, zinc, lead and silver. Gold was analyzed by fire assay. Every 25th sample sent to the lab was a field duplicate (quarter-core), blanks and certified reference material were also submitted approximately every 25th sample.

Qualifying statement

The foregoing scientific and technical disclosures on the BMK project have been reviewed by John Shmyr, PGeo, vice-president of exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a qualified person as defined by National Instrument 43-101. The qualified person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr. Shmyr consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Some data disclosed in this news release relating to sampling and drilling results are historical in nature. Neither the company nor a qualified person has yet verified these data and, therefore, investors should not place undue reliance on such data. In some cases, the data may be unverifiable due to lack of drill core. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company's properties.

About the BMK project

The BMK project is located 175 kilometres northeast of La Ronge, Sask., and approximately three kilometres from the community of Brabant Lake. The area is accessed year-round via provincial Highway 102 and is serviced by grid power. The project hosts the BMK VMS deposit, and the mineral claims total 664 square kilometres, that cover approximately 37 kilometres of strike length of the favourable BMK trend. The project contains multiple known mineralized showings such as the Main Lake and Betty showings, and with many identified geophysical conductors that have yet to be drill tested.

The mineral resource estimate for the Brabant-McKenzie VMS deposit was prepared by Finley Bakker, PGeo, an independent qualified person, and has an effective date of Sept. 4, 2018. The National Instrument 43-101 technical report titled "Technical Report on the resource estimate update for the Brabant-McKenzie property, Brabant Lake, Sask.," is available on the company's website and on SEDAR+. The mineral resource of the Brabant-McKenzie VMS deposit was estimated based on metal prices of $1.20 (U.S.)/pound (lb) Zn, $2.50/lb Cu, $1/lb Pb, $16/ounce (oz) Ag and $1,200/oz Au, and a United States dollar exchange rate of $1.25. A net smelter return (NSR) cut-off of $90/tonne and 3.5 per cent zinc equivalent is based on the above metal prices and an average recovery of 75 per cent for all metals.

About Murchison Minerals Ltd.

Murchison is a Canadian-based exploration company focused on development of the 100-per-cent-owned BMK zinc-copper-silver project in north-central Saskatchewan and the nickel-copper-cobalt exploration at the 100-per-cent-owned HPM project in Quebec.

We seek Safe Harbor.