Mr. Troy Boisjoli reports

MURCHISON MINERALS CLOSES FIRST TRANCHE FINANCING

Further to its press release dated Nov. 8, 2024, Murchison Minerals Ltd. has closed $687,500 of its non-brokered private placement, as detailed herein.

The company issued 12.5 million hard-dollar units at a price of 1.5 cents per HD unit, 20 million national flow-through units at a price of two cents per NFT unit and five million Quebec flow-through units at a price of two cents per QFT unit, to raise aggregate gross proceeds of $687,500.

Each unit comprises one common share of the company and one-half common share purchase warrant, and each NFT and QFT unit consisted of one flow-through common share of the company and one-half warrant. Each whole warrant shall be exercisable to acquire one additional common share at a price of five cents for a period of 24 months, expiring Dec. 3, 2026.

All securities issued under the private placement are subject to a hold period expiring on April 4, 2025, in accordance with applicable securities laws. Proceeds from the private placement will be directed toward exploration at the company's 100-per-cent-owned BMK zinc-copper-silver-lead-gold volcanogenic massive sulphide project in Saskatchewan, the 100-per-cent-owned HPM nickel-copper-cobalt project in Quebec, working capital and administrative expenses.

Insiders participation

Donald K. Johnson, OC, Murchison Minerals' director and largest shareholder, has acquired an additional 12.5 million units for aggregate investment of $187,500 to maintain his current ownership in the company at approximately 31 per cent.

The private placement constituted a related party transaction, as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, as an insider of the company acquired an aggregate of 8.5 million units. The company is relying on the exemptions from the formal 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 per cent 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.

Finder's fee

The private placement is subject to the final acceptance of the TSX Venture Exchange. Finders' fees of $40,625 were paid and 1.75 million finders' warrants were issued in relation to the private placement. Finders' warrants shall be exercisable to acquire one additional common share at a price of five cents for a period of 24 months, expiring Dec. 3, 2026. All finders' warrants issued are subject to a four-month hold period until April 4, 2025, in accordance with applicable securities laws.

About Murchison Minerals Ltd.

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

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