Churchill Resources Inc. announced that it has completed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) compliant technical report on the Florence Lake Project (the Report) that is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie Showing horizon concentrated on previously. This is the first independent technical report ever prepared on the project and includes compiled and reinterpreted historical work by Falconbridge from 1992 to 96, as well as Churchill's 2022 soil sampling and VTEM airborne survey. An important conclusion to the work has been the recognition of numerous Al2O3-undepleted ultramafic volcanic areas (i.e. more primitive lavas, associated with nickel mineralization) at Florence Lake, as stacked targets located throughout the upper Eastern Volcanic areas of the greenstone belt, and importantly also within the more basal Western Volcanics.

Kambalda-style nickel sulphide deposits are generally at the base of ultramafic volcanic sequences. The Report recommends a 2023 field program that includes a Phase 1 of summer camp establishment, lithogeochemical sampling, mapping, prospecting, ground, and airborne geophysical surveys, all preparatory for a 5,000m Phase 2 drill program in early Fall. The Company is receiving quotes for the recommended work and is submitting all permit applications required to complete the program.

At Taylor Brook, the Company is preparing for late Spring drilling, soil sampling, prospecting and ground geophysical work along the Layden magmatic intrusive trend, where shallow high-grade intersections to 4.44m of 2.79% Ni, 0.54% Cu, 0.05% Co were drilled in 2022. The Report was authored by Dr. Derek Wilton, P.Geo., of Terra Rosetta Inc., St. John's, NL, Mr. Jeremy S. Brett, M.Sc., P.Geo., of Jeremy S. Brett International Consulting Ltd., Toronto, ON, and assisted by Mr. Paul Sobie P.Geo., Chief Executive Officer & Director of Churchill.

Key conclusions from the Report include: Falconbridge's historical rock and core geochemical sampling data has proven beneficial to Dr. Wilton in characterizing certain ultramafic volcanic units or areas as having potential for Kambalda-style high grade nickel mineralization. Importantly these potentially mineralized ultramafic samples (Aluminum-undepleted komatiites, or AUK) are found throughout the Florence Lake stratigraphy, and are not limited to the Baikie Showing horizon focused on by past workers. This opens the entire belt as being prospective for Kambalda-style nickel deposits.

Churchill's VTEM survey is an excellent first pass system with the magnetic data assisting with mapping the ultramafic volcanics and structures, and the VTEM helping to identify stringer to net textured sulfide conductors, and for interpretation and planning of Surface TDEM surveys which can identify massive sulfides. Churchill's detailed soil sampling approach has proven effective at mapping the ultramafic horizons and demonstrating high-grade nickel mineralization can be detected, as at the Baikie Showing where a nearby soil sample assayed 1.0% Ni. A total of 113 targets have been selected, of which most are VTEM conductors, with some more highly ranked based on correlative Ni assays in soil, or AUK komatiitic geochemistry being present.

Forty-three (43) of the targets are ranked as high priority, where Al2O3-undepleted (AUK) rocks are designated as KA targets, and conductors with AUK rocks present (either at surface or in core) are designated as AUK targets. Stacked AUK/KA targets are located throughout the stratigraphy in the DCP NE, Baikie and Boomerang areas of the greenstone belt, and importantly within basal Western Volcanics. The presence of AUK rocks at the base of the Western Volcanics is potentially very important to understanding the emplacement history of the Baikie Sub-belt komatiites, and therefore where the best mineralization may be localized.

The western portion of the Eastern Volcanics is much less explored than the Baikie horizon, and the Western Volcanics have seen little to no exploration other than Churchill's VTEM survey. Churchill's soil sampling in 2022 did not reach the conductors present in the Western Volcanics in the Boomerang SE2 area where the volcanic pile seems thickest based on the magnetic data, and numerous conductors in this area need follow-up. Similarly, the 2022 soil work did not follow-up on target LN-22 in the DCP Area.

With these results in mind the authors recommend comprehensive geological, soil sampling and ground geophysical follow-up to further prioritize targets and allow for the design of appropriate drilling tests. It is also important that the 2022 soil sampling program be completed through the Baikie SE2 Area of the North Block, and the large grid on the South Block. The authors of the Report recommended a 2023 exploration program including: Phase1: Lithiogeochemical analyses of ultramafic samples from legacy drill core and rock samples to generate full trace and major element data.

Complete the establishment of the 16-person field camp on Florence Lake as early as possible in late Spring. Winterize the tents in late Summer. Refurbish the Falconbridge grids at Baikie, Boomerang and Knee Lake to assist with access for field crews.

Expand these to the edges of the greenstone belts in areas of interest. Complete on-going compilations of all past exploration work coupled with new VTEM Magnetic and EM interpretations. Detailed airborne radiometrics - gradiometer magnetic surveying is recommended for the North Block encompassing the greenstone belt as well as VTEM conductor targets within the granitic terrain.

Airborne TDEM surveying at 100m line spacing over the South Block of the property, where both VMS and magmatic nickel mineralization models apply. A LiDAR survey is recommended to provide an accurate surface dataset and aid in structural interpretations. Early summer prospecting and mapping to follow-up the anomalous target areas Expansion of, as well as completion of the 2022 planned soil sampling coverage.

Induced Polarization, TDEM and CSAMT ground surveys over the highest ranked targets and areas. An initial drilling program should be conducted from the results of the summer fieldwork with the aims of: a) deeper/along strike drilling at the Baikie Showing horizon if compilations suggest larger size possibilities, and b) evaluation of other priority targets. This program should consist of ~5,000 m of cumulative drilling to allow for reasonable unit costs.

Drilling equipment may need to be winterized and stored on-site for the winter. All boreholes should receive Televiewer and BHEM surveys to better identify oriented structural and geological features drilled, and detect off-hole conductors.