Mr. Paul Jones reports

NUINSCO TEAMS WITH MCGILL UNIVERSITY RESEARCHERS TO EVALUATE POTENTIAL ECONOMIC SIGNIFICANCE OF NIOBIUM MINERALIZATION AT PRAIRIE LAKE

Nuinsco Resources Ltd.'s continuing study of the niobium mineralization in collaboration with McGill University researchers led by Prof. Anthony Williams-Jones has confirmed the economic potential of Nb2O5 as a significant co-product at the Prairie Lake critical minerals project.

Highlights:

• Extensive domains of strong niobium (Nb) mineralization exposed at surface;
• Closely associated with phosphate and rare-earth element (REE) mineralization;
• The domains are tens to hundreds of metres wide with grades up to 0.198 per cent Nb;
• Such extensive mineralization has implications for the economics of project development.

Nuinsco's exploration at Prairie Lake has identified widespread niobium endowment, both at surface and underground in drill holes, of sufficiently high grade to warrant its economic evaluation as a co-product. A re-evaluation of the geology of the Prairie Lake complex by Prof. Williams-Jones and his team is documenting the occurrence of large volumes of previously unrecognized biotite-rich rocks (pyroxenitic glimmerite), which they have shown controlled the occurrence of the niobium ore mineral, pyrochlore, at St. Honore (Quebec), one of only three operating niobium mines in the world; glimmerite is also a major rock unit at the Araxa and Catalao mines (Brazil) which produce over 90 per cent of the world's niobium.

"The trenching and drilling at the project contemplated for delineating the predicted pyroxenitic glimmerite-pyrochlore association, could potentially lead to the Prairie Lake complex becoming Canada's economically most important REE-niobium deposit after St. Honore and the first major producer of phosphate in the country, rivaling the giant Kovdor and Phalaborwa phosphate deposits in Russia and South Africa, respectively," said Prof. Williams-Jones.

"The continuing evaluation of Prairie Lake continues to provide increasing indications of economic potential. It is a source of a suite of vitally important critical minerals located in the heart of North America capable of providing a secure supply chain to these minerals. In addition to the enormous significance of the phosphate and rare-earth mineralization, niobium is a component of such importance to a myriad of applications in today's high-tech economy that it cannot be ignored when evaluating the economic potential of the project," said Paul Jones, Nuinsco's chief executive officer.

Extensive trenching conducted by the company has identified domains of surface niobium mineralization across the exposed Prairie Lake complex rocks. In the little explored northeast quadrant of the complex niobium mineralized domains occur in adjacent trenches 200 metres apart (the Grouse trench and Raspberry Hill trench), that are up to tens to hundreds of metres thick and grade up to 0.198 per cent Nb2O5 (see attached table). Such mineralization, occurring at surface as it does, can be exploited using low-cost methods and has great economic significance as a potential co-product to the phosphate-REE mineralization that also occurs throughout the complex and has been extensively reported on by the company. By incorporating multiple commodities into the project's resource modelling, the company expects to substantially improve the outlook for eventual development.

All samples were analyzed by Activation Laboratories. Activation Laboratories is accredited under the Canadian Association For Laboratory Accreditation (CALA), ISO 9001:2015 and ISO 17025:2017. Samples were analyzed for a whole rock and trace element ICP analytical package. An internal program of QA/QC (quality assurance/quality control) was followed including the inclusion of blank material and standard reference materials into the sampling sequence.

Niobium is a vital alloying agent in steel production. The biggest application of this element is in the production of structural steel and the automotive and aerospace industries. Other applications affecting niobium demand include the niobium-bearing magnets that will be employed in very high-speed mag-lev trains, currently beginning to enter service; a potential replacement for air travel with substantial CO2 (carbon dioxide) reduction benefits. Current global demand of 107 kilotons per annum is expected to grow at a rate of 10 per cent per annum to 2030 when the market is estimated to be $3-billion (U.S.). The Prairie Lake project hosts a significant endowment of niobium (and phosphate and rare-earth elements) in a logistically ideal location in central North America.

Prairie Lake is a major critical minerals asset located close to the major urban centres of North America. It hosts a very substantial mineral resource of phosphate mineralization, has amongst the world's highest known light rare-earth element content in apatite and contains a host of other REE bearing minerals, as well as the niobium mineral, pyrochlore. Metallurgical studies demonstrate that a clean phosphate concentrate, grading 26 per cent P2O5 at 76-per-cent process recovery with ample room for improvement, and with valuable rare-earth element co-concentrate, can be reliably produced from the Prairie Lake feed.

The elements found at Prairie Lake are essential for applications in transportation, power distribution and storage, green technologies and agriculture, to name a few. The project is of immense value to a secure critical minerals supply chain, and presents substantial logistical benefits, including easy access to:

• The towns of Marathon, Terrace Bay and other affected communities -- all able to supply a local, skilled work force;
• An all-weather forest access road crossing the project and deposit;
• Paved highways 17 and 11 to the south and north;
• Canadian Pacific Railway and Canadian National Railway networks;
• A high capacity (230-kilovolt) electrical power transmission line;
• The Marathon deep water port project (50 km away). Deepwater ports able to handle ocean-going ships are also located at Thunder Bay and Sault Ste. Marie;
• The Marathon airport.

Laura Giroux, PGeo, chief geologist, acts as Nuinsco's qualified person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical content of this news release

About Nuinsco Resources Ltd.

Nuinsco Resources has over 50 years of exploration suc cess and is a growth-oriented, multicommodity mineral exploration and development company focused on prospective opportunities in Canada and internationally. Currently the company has the large multicommodity (phosphate, rare-earth element, niobium, tantalum) Prairie Lake project near Marathon-Terrace Bay, the Zig Zag Lake property (lithium, tantalum) near Armstrong optioned to First Class Metals PLC and retains a NSR (net smelter return) royalty on the Sunbeam gold property near Atikokan.

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