Canadian North Resources Inc. Announces Financial Results for the First Quarter Ended March 31, 2022

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Strong points:

Ended the quarter with cash and cash equivalents of $17,517,909;

Confirmation of high-grade nickel, copper, palladium and platinum mineralized zones at the Ferguson Lake project;

Perform resource estimation in accordance with NI43-101 standards;

Start of drilling to expand mineral resources;

Reinforcement of the technical team

TORONTO, May 30, 2022 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to report financial results for the first quarter ended March 31, 2022.

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“During the last quarter, we reinforced the technical team and launched the exploration programs of more than $11 million on our 100% owned Ferguson Lake project,” said Dr. Kaihui Yang, President and Chief Executive Officer. The direction. “We are making our first resource estimate in accordance with NI43-101 standards as well as drilling to expand the mineral resources. We have confirmed high grade nickel, copper, palladium and platinum mineralized zones at the Ferguson Lake project.

Q1 2022 Highlights:

  • The Company ended the quarter with cash and cash equivalents of $17,517,909
    • The Company engaged in the following activities during the first quarter:
    • The company opened the field camp at the Ferguson Lake project and moved in supplies and fuel to prepare for the winter drilling programs.
    • The Company has planned exploration programs of $11 million and has retained the services of independent consultants to begin resource estimation at the Ferguson Lake project.
    • On March 31, 2022, the Company successfully completed the filing of its prospectus with the securities regulatory authorities of the provinces of Ontario, Alberta, British Columbia and New Brunswick in order to allow the Company to become a reporting issuer under applicable securities legislation and to qualify for distribution 2,223,698 common shares issuable for no additional consideration upon the exercise or deemed exercise of 2,223,698 special warrants of the Company (the “Special mandates”) issued at a price of $1.00 per special warrant. The prospectus also qualified for distribution stock options to be granted to directors, executive officers and consultants to purchase 771,698 common shares at an exercise price of $1.00 per share, which options must be granted within 90 days of March 28, 2022.
    • On January 20, the Company filed the preliminary long form prospectus with the securities authorities of the provinces of Ontario, Alberta, British Columbia and New Brunswick.
  • For the quarter ended March 31, 2021, the Company reported a net loss of $295,418 or $0.00 per share.

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After the first quarter, the Company achieved the following:

  • On April 5, 2022, the common shares of the Company were listed and admitted to trading on the TSX Venture Exchange and trading commenced on April 7, 2022. The Company’s 2,223,698 special warrants were automatically converted in ordinary shares. On April 5, 2022, the Company entered into option agreements with its directors and officers to purchase an aggregate of 771,698 common shares, at an exercise price of $1.00 per share. These options expire on April 4, 2027.
  • On April 11, 2022, the Company announced that it had commissioned the new NI 43-101 resource estimate for its Ferguson Lake property. The new estimate will include previously excluded PGE mineralization as well as diamond drilling and assaying performed after the previous resource calculation.
  • On April 19, 2022, the Company announced that two drill rigs have started diamond drilling on its Ferguson Lake property in Nunavut, Canada.
  • On May 16, the Company announced that resampling and reassay programs have confirmed zones of massive high-grade nickel-copper and high-palladium- and low-sulphide-grade platinum mineralization at its Ferguson Lake mining property.
  • On May 19, the company named Dr. Trevor Body as vice president for exploration.

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For quarter-end financial statements and MD&A, please see the Company’s website at www.cnresources.com or on SEDAR.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focused on metals for the clean energy, electric vehicle, battery and high technology industries. The company is advancing its 100% owned nickel, copper, cobalt, palladium and platinum project at Ferguson Lake in Nunavut, Canada.

For more information, please visit the website at www.cnresources.com or contact:

or contact:

Dr. Kaihui Yang, President and CEO

Telephone: 905-696-8288 (Canada) 1-888-688-8809 (toll-free)

Email: [email protected]

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

Certain statements in this press release, including statements that may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “believes” or similar expressions, and statements relating to matters that are not historical facts, are forward-looking information within the meaning of applicable securities laws. These forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, prospects and business opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties. that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.

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These factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this press release and the documents incorporated by reference herein are reasonable, but no assurance can be given that such expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that that actions, events or results do not turn out as planned, estimated or intended. The Company undertakes no obligation to publicly release any future revisions to any forward-looking statements to reflect events or circumstances after the date of such news or to reflect the occurrence of unforeseen events, except as expressly required by law.

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