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Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2024

15.04.2025  |  GlobeNewswire

2024 Operational and Project Highlights:

TORONTO, April 15, 2025 -- Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2024.

Dr. Kaihui Yang, President and CEO of Canadian North, commented: "During 2024, we have made major technical achievements for the 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and PGM (palladium and platinum) Project ("the Ferguson Lake Project")," said Dr. Kaihui Yang, the President & CEO. "The Company completed the new Mineral Resources estimation and filed the National Instrument 43-101 compliant Technical Report. (Refer to "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at http://www.sedarplus.com on May 3, 2024. The Technical Report has also been posted on the Company's website at www.cnresources.com.)."

"The new NI 43-101 Technical Report has demonstrated the project is one of the largest and highest-grade undeveloped critical mineral projects in North America with a strong potential for Mineral Resource expansion. We believe this filed Mineral Resource provide a solid bases for the potential development of a producing mine."

"For the first time in the history of the Ferguson Lake Project, we have evaluated the application of the low-carbon footprint bioleaching technology. We are extremely encouraged by the initial bioleaching tests results, which indicate highly efficient metal extraction and suggest the potential to produce nickel/cobalt sulphates on the project site for battery manufacturing. When proven, the bioleaching technology will significantly simplify mineral processing, bypass smelting and refining, and substantially reduce the capital expenses for mine development, energy consumption, and operating costs for production. We believe that bioleaching is a promising technology for developing a low-cost, low-carbon footprint mine, reinforcing our commitment to sustainable practices at the Ferguson Lake project."

"Additionally, the consistent and high extraction rates of 96 - 98% for nickel and cobalt will significantly increase the value of the current Mineral Resources, which were estimated using the flotation process with lower and more variable recoveries of nickel (29-51%) and cobalt (39-48%). Moreover, bioleaching, with its much higher metal extraction capabilities, will substantially increase the value of the current mineral resources and potentially allow the Company to add substantial lower-grade mineralized materials as economic mineral resources."

Figure 1, Geological map showing mineralization zones. The Mineral Resources incorporate West, Central and East Zones:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6d4075c-64b8-4f73-9e53-197350795d80

Figure 2, The 3D model of the mineral resources for the West and Central Zones of the Ferguson Lake Project:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8efe51c-b839-4a48-bfd7-683d18b4c287


Table 1: Mineral Resource Statement*, Ferguson Lake Project, Nunavut, SRK Consulting (Canada) Inc., March 19, 2024

Mineral Resource Statement, Ferguson Lake Project, Canada. SRK Consulting (Canada)., March 19, 2024
Mining Method
Category
Tonnes
(Mt)
Grade Material Content
NSR Cu Ni Co Pd Pt Cu Ni Co Pd Pt
(US$/t) (%) (%) (%) g/t g/t (Mlbs) (Mlbs) (Mlbs) ('000oz) ('000oz)
Open Pit

Indicated 52.7 149 0.65 0.43 0.05 0.97 0.17 755.7 497.2 57.7 1,647 295
Inferred 4.0 159 0.65 0.50 0.06 0.88 0.17 56.7 43.4 5.3 111 21
Underground

Indicated 13.5 243 1.13 0.61 0.07 1.60 0.29 336.8 181.0 21.6 692 124
Inferred 21.9 231 1.04 0.60 0.07 1.53 0.26 501.0 289.7 34.4 1,081 184
Total

Indicated 66.1 168 0.75 0.47 0.05 1.10 0.19 1,092.5 678.2 79.3 2,340 419
Inferred 25.9 220 0.98 0.58 0.07 1.43 0.25 557.8 333.1 39.6 1,192 205


Mineral Resource Estimation Notes

• The Company also engaged in the following activities in 2024:

Subsequent Events:

For the year ended December 31, 2024, the Company reported cash and cash-equivalent of $1,646,226, a net loss of $1,900,677 or $ 0.02 per share.

For the Year End 2024 financial statements and Management's Discussion and Analysis, please see the Company website at www.cnresources.com or on SEDAR.

Qualified Person:

Dr. Trevor Boyd, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards has reviewed the technical content of this news release and has approved its dissemination.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada.

The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at http://www.sedarplus.com on May 3, 2024. The Technical Report has also been posted on the Company's website at www.cnresources.com.)

Further information please visit the website at www.cnresources.com,

or contact:

Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada)
1-888-688-8809 (Toll-Free)
Email: info@cnresources.com

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

Cautionary Note Regarding Forward-Looking Statements

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

These factors should be considered carefully, 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 news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these 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 forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.