Mr. Troy Boisjoli reports

MURCHISON MINERALS CLOSES FULLY SUBSCRIBED PRIVATE PLACEMENT AND WELCOMES HCC GROUP AS STRATEGIC INVESTOR

Further to its press release dated May 30 and July 21, 2025, Murchison Minerals Ltd. has closed its fully subscribed non-brokered private placement as detailed below. The company is also pleased to announce the participation of HCC Holding Ltd. -- a subsidiary of Misty Ventures Inc., the economic development entity of Mistawasis Nehiyawak First Nation -- as a new, cornerstone investor in Murchison.

HCC is a Saskatchewan-based mining contractor and service provider headquartered in Saskatoon. HCC's mining division was originally incorporated in 2000 and is celebrating its 25th year of operations. The company has grown substantially in the past five years, becoming a staple in Saskatchewan's mining industry, safely executing many complex projects at various mining sites throughout the province.

The company issued 1,833,333 hard-dollar common shares at a price of 30 cents per hard-dollar common share and 4,027,778 flow-through common shares at a price of 36 cents per flow-through common shares to raise aggregate gross proceeds of $2-million.

Pursuant to the offering, HCC acquired an aggregate of 4,027,778 common shares. Prior to the completion of the offering, HCC did not own or control any common shares. Following the completion of the offering, HCC beneficially owns and controls, directly or indirectly, an aggregate of 4,027,778 common shares, representing approximately 19.39 per cent of the company's issued and outstanding common shares on an undiluted basis. Depending on market and other conditions, as future circumstances may dictate, HCC may from time to time increase or decrease holdings of common shares or other securities of the company. A copy of the early warning report will be available on the company's issuer profile on SEDAR+.

All securities issued under the private placement are subject to a hold period expiring on Dec. 9, 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.

Troy Boisjoli, chief executive officer, commented: "On behalf of management and the board, I would like to welcome the investment by HCC -- Misty Ventures -- to Murchison. HCC brings years of experience as a leader in Saskatchewan mining, executing complex projects throughout the province. Furthermore, HCC shares Murchison's commitment to working with first nations communities to advance projects together. Today's announcement is just the start of Murchison Minerals' rejuvenation, and we are extremely excited to have HCC's backing. The company will be announcing its 2025 exploration programs in the very near term."

Chief Daryl Watson, Mistawasis Nehiyawak First Nation, commented: "We fully support our development corporation Misty Ventures and all their entities to the best of our abilities. With the recent transaction of HCC acquiring an equity stake in Murchison Minerals, we can now declare that we are truly in the mining exploration business in various capacities. We wish all the success to all parties involved in this transaction. As a progressive nation in Saskatchewan, we look forward to the further growth of our new partners and relationships."

Insider participation

Donald K. Johnson, OC, Murchison Minerals' director and largest shareholder

Mr. Johnson acquired an additional 1,833,333 common shares for aggregate investment of $549,999.90 to maintain his current ownership in the company at approximately 31.4 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 1,833,333 common shares. 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 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.

Finders' fees

The private placement is subject to final acceptance of the TSX Venture Exchange. Finders' fees of $16,500 were paid in relation to the private placement.

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. Following the private placement, Murchison currently has 20.77 million shares issued and outstanding.

We seek Safe Harbor.