Mr. Andrew Ing reports

NORTHCLIFF ANNOUNCES FUNDING TO ACCELERATE DEVELOPMENT OF THE SISSON CRITICAL MINERALS PROJECT

The United States Department of Defense (DoD) has awarded Northcliff Resources Ltd. a $15-million (U.S.) (approximately $20.7-million (Canadian)) award under the Defense Production Act (DPA) Title III program to expand tungsten's domestic capacity, sustain its critical production, and address vulnerability in the critical-minerals supply chain in the United States and Canada. This important, non-share-dilutive funding will allow Northcliff to advance the Sisson tungsten-molybdenum project in Canada toward a project construction decision. The company has also obtained conditional funding from the government of Canada, pending due diligence, under Natural Resources Canada's Global Partnerships Initiative for up to $8.2-million (approximately $5.9-million (U.S.)) to support the project.

Located near tidewater on the southeastern coast of Canada in New Brunswick, the Sisson project hosts a deposit with the critical mineral tungsten and the strategic mineral molybdenum. Northcliff advanced resource, engineering, environmental and economic studies that culminated in a positive feasibility study in 2013, then progressed the project through provincial and federal environmental assessment and other processes to gain key approvals, expending roughly $70-million. The company developed a detailed work program and is currently focused on advancing the project through the preconstruction phase.

In that regard, the U.S. DoD funding from the DPA Title III program and the government of Canada's funding under the Global Partnerships Initiative, in total up to approximately $29-million ($20.9-million (U.S.)), will be used to update Northcliff's feasibility study as well as support related preconstruction work programs. This work would involve the completion of engineering activities and studies needed to satisfy the technical conditions associated with its in-hand environmental approvals and project development workstreams (project finance and offtake sounding), to provide the necessary economic and technical information to support a construction decision.

As a project at the preconstruction phase, the Sisson project is well positioned to help address the demand for tungsten and molybdenum. Tungsten is an essential ingredient in modern and emerging technologies, has few substitutes and could face high supply risks in Western economies. Tungsten carbides are an integral part of the tools that are used to shape metals, alloys, wood, composites, plastic and ceramics, and to power the oil and gas, mining and construction industries. A key alloying metal, molybdenum is an essential component in steel production. Both tungsten and molybdenum play a key role in many defence and aerospace applications and are growing in importance in the production and improved performance of batteries used in energy storage and other green-transition technologies.

According to a Geoscience Australia synthesis of individual country rankings, tungsten is among the minerals recognized as most critical by the United States, Japan, Korea, the European Union and the United Kingdom, ranking as the fourth-most-critical mineral. The United States and its allies currently rely on sources such as China for tungsten. China produces about 80 per cent of the world's tungsten, a supply that lacks pricing transparency causing market disruptions in the past.

If developed, the Sisson project would become an easily accessible and reliable supplier of tungsten and molybdenum, strengthening and diversifying the supply chain for these metals used in important industrial, electronic, aerospace and defence applications, and new technologies with the additional advantage of being produced under North American standards for transparency and environmental social governance.

Andrew Ing, Northcliff's chairman, president and chief executive officer, commented: "Northcliff's aim is to contribute to the efforts to build a resilient North American supply chain and support development of new technologies through becoming a reliable, easily accessible producer of tungsten and molybdenum. We greatly appreciate this strategic financial support by the U.S. Department of Defense and the Global Partnerships Initiative. These funds will be collectively used to update the project economics and finalize details of the mine development plan, secure the remaining permits and obtain the required authorizations to accelerate the Sisson project toward a construction decision."

The proposed operation in the 2013 feasibility study for the Sisson project is an open-pit mine with conventional processing facilities, supplemented by value-added downstream and on-site processing of tungsten concentrates in an ammonium paratungstate plant. The company plans to update the feasibility study as part of the focused work program described herein.

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Tanya Yang, PEng, a qualified person, who is not independent of the company.

The Canadian-to-United States-dollar exchange rate used in the conversions is $1.38/$1 (U.S.).

About Northcliff Resources Ltd.

Northcliff is a mineral resource company focused on advancing the Sisson tungsten-molybdenum project, located in New Brunswick, Canada, to production.

We seek Safe Harbor.