Canadian North Resources Inc. announced an updated Mineral Resource estimate for its 100% owned Ferguson Lake base metal (copper, nickel, cobalt) and platinum group metal (?PGM?, mainly palladium and platinum) project in Nunavut, Canada. The Mineral Resource estimation work including construction of geological solids, grade estimation, associated sensitivity analyses, and Mineral Resource classification was completed by Joycelyn Smith, P.Geo. (PGO#2963), under supervision of Mr. Glen Cole, P.Geo.

(PGO#1416), an appropriate independent Qualified Person as this term is defined in National Instrument 43-101. The Mineral Resources have been estimated in conformity with generally accepted Canadian Institute of Mining (CIM) Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November 2019) and are reported in accordance with the Canadian Securities Administrators? National Instrument (NI) 43-101.

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. A total of 18 massive sulphide and two low-sulphide platinum group element (LSPGE) domains were modeled within an overall host gabbroic intrusion to constrain the mineralization.

The Mineral Resources for the Ferguson Lake Project are estimated based 756 boreholes (approximately 226,167 metres) as of November 2, 2023, including 129 boreholes (approximately 35,775 meters) added to the deposit model out of the 39,270 metres completed since the previous Mineral Resource update as on June 13, 2022. All composites have been capped where appropriate. The Mineral Resources for the Ferguson Lake Project were estimated using Leapfrog Edge software.

The estimation parameters consider 3 passes estimated by Ordinary Kriging with progressively relaxed criteria, including a requirement of 3-4 boreholes in the first pass, 2-3 boreholes in the second pass and at least 4 composites in the third pass. Massive sulphide domains were estimated with hard boundaries, and LSPGE domains were estimated with limited (10m) soft boundaries. The block classification strategy considers drillhole spacing, geologic confidence and continuity of category.

Indicated Mineral Resources were defined for blocks inside geological resource solids estimated within the first two passes and having a nominal drillholes spacing less than 150 metres. Classification results were smoothed to improve continuity. Mineral Resources are reported in relation to a conceptual pit shell and underground mining shapes.

Open pit Mineral Resources include all blocks inside the conceptual shell. Underground mineral resources include blocks not meeting open pit reporting requirements contained within conceptual mining shapes. Open pit Mineral Resources are reported at a NSR cut-off value of USD 33.00 and underground mineral resources are reported at a NSR cut-off value of USD 96.00.

Cut-off values are based on a price of USD 4.00 per pound of copper, USD 9.00 per pound of nickel, USD 22.00 per pound of cobalt, USD 1,250 per ounce of palladium, and USD 1,150 per ounce of platinum, and recoveries of 95% for copper, 51% for nickel, 89% for cobalt, 76% for palladium and 60% for platinum for massive sulphide material, and 78% for copper, 29% for nickel, 48% for cobalt, 60% for palladium and 70% for platinum for LSPGE material, for open pit and underground resources. The reported Mineral Resource is inclusive of East, Central and West zones along the 15km-long main mineralized horizon. This updated Mineral Resources Estimation reports a 172% increase from 24.3 million tonnes to 66.1 million tonnes in the Indicated Mineral Resources, in comparison to the 2022 Mineral Resources NI43-101 Technical Report.

The results also demonstrate the continued overall expansion of the Mineral Resources particularly within the Central and West Zones along strike and up and down dip. The 2022 Mineral Resource Estimate considered recoveries derived from hydrometallurgical testworks to produce the metal products of copper, nickel, cobalt, palladium and platinum. The revised 2024 Mineral Resource Estimate outlined here considers an independent review of recoveries and mineral deportment studies by SRK derived from flotation metallurgical testworks, completed by the Company since 2013, to produce potentially saleable copper, nickel and PGM concentrates.

The effective date of the current Mineral Resource Statement is March 19, 2024.