Churchill Resources Inc. announced that it has exercised an existing option to acquire a 100% interest in certain mineral properties with prospective nickel, copper and cobalt targets located approximately 150-180km north of the town of Happy Valley-Goose Bay in east-central Labrador. On July 22, 2021, the Company entered into an option agreement with Altius Resources Inc. to acquire a 100%. interest in the Properties, subject to a new 1.6% gross sales royalty on the Properties in favour of Altius.

The Florence Lake project consists of four map-staked licenses totaling 416 claims (104 km2) in east-central Labrador. Three of the licenses constitute the Altius Florence Lake property, to which Churchill added a license in 2022 to create a contiguous land package. Churchill is very pleased to now own 100% of the project, as an important conclusion to the recent technical reporting work has been the recognition of numerous Al2O3-undepleted ultramafic volcanic areas (i.e. more primitive lavas, associated with nickel mineralization) at Florence Lake.

These occur 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. Churchill is currently preparing to commence camp installation, soil sampling, prospecting and geological mapping in the next few weeks.

Since entering into the Option Agreement, the Company has issued an aggregate of 6,415,635 common shares in the capital of the Company ("Common Shares") to Altius under the terms of the Option (of which 5,041,689 Common Shares were issued on July 11, 2023) and incurred the required cumulative exploration expenditures in connection with the Properties. Churchill has carried out a great deal of exploration on the project since entering into the Option Agreement, and recently published a National Instrument 43- 101 – Standards of Disclosure for Mineral Projects technical report on the project that is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie Showing horizon concentrated on previously. Immediately prior to the exercise of the Option and the issuance of 5,041,689 Common Shares, Altius held 12,797,126 Common Shares representing approximately 15.1% of the issued and outstanding Common Shares.

Upon exercise of the Option, Altius owns 17,838,815 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares on a non-diluted basis. Altius acquired the Common Shares as part of the payment under the Option Agreement for the acquisition of 100% interest in the Properties. Altius may from time to time acquire additional Common Shares or other securities of Churchill or dispose of some or all of the Common Shares or other securities of Churchill that it owns at such time, depending on market and other conditions.