Diamond Drilling at the HPM Project

The Company anticipates drilling a minimum of 7,500 m over the course of the program. The majority of the metres will be allocated towards expansion and delineation at BDF. The remaining drilling will be focused on the Syrah Target - a 600 m long EM anomaly located approximately 240 m from BDF. The Company's current interpretation shows the possibility that Syrah and BDF are part of the same magmatic sulphide mineralizing system. As a result of the recently closed private placement (July 4th, 2022 news release) the Company is well funded to complete its objectives during the 2022 exploration program.

1. Expand the currently defined high-grade BDF Zone
2. Test the extent of subsurface mineralization at the Syrah Target
3. Define a near surface, high-grade nickel-copper-cobalt resource at BDF

• The BDF Zone (the "Zone") is currently defined by 25 diamond drill holes, with 5,564 m of drilling completed between 2001 and 2008
• Based on the preliminary modelling, the Zone outcrops on surface, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum 150 m width. Individual lenses have a maximum thickness of 28 m. The modelled mineralization extends to a vertical depth of 295 m. Extensive mineralization has also been intersected outside the current model, up to a vertical depth of 440 m. The Zone remains unconstrained along strike and at depth.
• The best intersection to date is in hole HPM-08-03, drilled to a depth of 345 m, which intersected five zones of Ni-bearing sulphide mineralization totalling 60.07 m of composite mineralization, including:
  • 52.15 m grading 2.04% NiEq (74.45 m to 126.60 m) including 12.04 m at 3.00% NiEq (100.71 m to 112.75 m) and 10.56 m at 2.92% NiEq (85.16 m to 95.72 m) (Table 1)

The Company has also recently compiled the drill core from the 2008 exploration program - at the BDF Zone - to a core storage facility in Saguenay, QC. The 2008 exploration program was operated by Murchison Minerals' predecessor company, Manicouagan Minerals, that completed 13 of the 25 drill holes that currently make up the BDF Zone. The mineralized portions of the drill core were stored indoors and remain in great condition (Figure 2). Additionally, the 2008 drill core is now undergoing relogging and geochemical sampling, which will be used to update the current geological interpretation. Those results will also assist in targeting expansion areas at BDF during the summer drill program.

Table 1: * Reported as core length, true thickness is not known.
**Nickel Equivalent (NiEq) values were calculated using the following USD metal prices from Mar 23, 2022: $12.76/lb Nickel, $4.76/lb Copper and $37.20/lb Cobalt.

• Syrah is located just 240 m from BDF Zone, displaying a similar geophysical and geochemical signatures
• Nickel-bearing sulphide mineralization outcrops and sub-crops over an ~375 m strike length, within the footprint of an ~600-metre-long conductive geophysical anomaly
• Grab samples from the spring 2021 prospecting program returned grades as high as 0.83% Ni Equivalent* (0.58% Ni, 0.24% Cu, 0.05% Co) (Sept 1st, 2021 news release)
• The Company's current interpretation, based on the similarity in geochemical and geophysical signatures, indicates that BDF and Syrah may belong to the same mineralizing system and have similar economic prospectivity.

During Phase III - diamond drilling - the Company intends to drill approximately 6,000 m at BDF, comprising 15-20 drill holes. The focus of this portion of the program will be expansion of the current mineralized domains (Figure 1), followed by delineation - or in-fill drilling - designed to produce a maiden resource estimate.

Exploration at the adjacent Syrah Target, will amount to approximately 1,500 m, comprising drill holes which are designed for optionality and flexibility based on results. Maxwell plate modelling from the recently completed 2022 VTEM and downhole borehole EM surveys, indicates drill hole HPM-08-14 was drilled parallel or oblique to the newly interpreted plates, missing the prospective electromagnetic target. Consequently, drilling at Syrah will focus on following up on mineralization intersected in this hole and nickel-bearing sulphide mineralization outcropping on surface. Furthermore, the Company will be testing the recently interpreted Maxwell plates, derived from the 2022 VTEM and borehole EM surveys.

Figure 1: Barre de Fer Zone & Syrah Target, zones of expansion, Oblique view with VTEM overlay

Murchison has undertaken several initiatives that will provide real-time results and control expenditures. These initiatives include:

1. Acquiring a helicopter portable track-mounted diamond drill, allowing for quicker drill moves which are not dependent on helicopter support
2. All samples collected at the core facilities will undergo portable x-ray fluorescence analysis (XRF) to provide accurate, real-time assays results prior to being shipped to the lab. A Thermo Scientific direct rock sampler (DRS) will be used to provide representative samples for XRF analysis. XRF analysis will be completed on all drill core undergoing standard assay analysis at a geoanalytical lab. This will provide Murchison with the flexibility to target the most prospective areas at BDF and Syrah in real time.
3. A resource development team, from Understood Mineral Resources Ltd., has been integrated into the exploration process

""Murchison is extremely to excited to initiate the drilling phase for the 2022 summer exploration program at HPM, and unlock the potential at the high-grade nickel, copper, cobalt at the BDF Zone and Syrah Target. The team is eager to drill test numerous prospective areas for expansion of the BDF Zone in anticipation of producing a near surface high-grade nickel mineral resource estimate later this year. With a minimum of 7,500 m of drilling planned, Murchison is well positioned to achieve this goal and truly unlock the potential of BDF and Syrah."

""Extensive data compilation and prospecting at BDF and Syrah over the last year have led to this exciting phase of the 2022 summer exploration program at HPM. The exploration methods applied to date including geological mapping, Beep Mat surveying, and backpack drilling have identified exciting prospective target areas at BDF and Syrah that Murchison is keen to drill test this summer."

The Company recently completed a comprehensive data compilation, verification and modelling program, comprising all drill hole data from the BDF Zone. The modelling program consisted of developing a preliminary 3D interpretation of nickel mineralization at BDF (Figure 5). Based on the modelling, the Zone outcrops on surface, extends to a vertical depth of 295 m, has a strike length of 315 m, and is composed of multiple stacked lenses over a maximum footprint width of 150 m. Individual lenses have a maximum thickness of 28 m. However, extensive mineralization has been intersected to a vertical depth of 440 m, and the Zone remains undrilled and unconstrained along strike and at depth. No resource estimates have been completed on the Zone to date.

Figure 3: Barre de Fer Zone Preliminary Nickel Mineralization Model, isometric view looking Northeast.

((Nickel Equivalent (NiEq) values were calculated using the following USD metal prices from Mar 23, 2022: $12.76/lb Nickel, $4.76/lb Copper and $37.20/lb Cobalt.)

After Murchison acquired 100% ownership of the property in 2019, the Company focused exploration work on the camp-scale potential of the region. Aerial EM surveys completed in the spring of 2021 identified more than 50 anomalous conductors. Prospecting crews were able to traverse three (3) of the more than 50 anomalies, and discovered new outcrops of nickel-bearing sulphide mineralization in the process. The prospecting program was followed by an inaugural drill program at the PYC Target area - an EM anomaly with a 1.95-km strike length. Subsequent to the completion of the drill program at PYC, the Company increased its dominant land position in the Haut-Plateau region from 139 km2 to 576 km². Finally, as a result of the spring 2022 VTEM survey, completed over the remaining 85% of the HPM property area, the Company further increase its land holdings at HPM to 648 km².

The foregoing scientific and technical disclosures on the HPM Project have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.

Murchison is a Canadian‐based exploration company focused on nickel-copper-cobalt exploration at the 100% - owned HPM Project in Quebec and the exploration and development of the 100% - owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. The Company also holds an option to earn 100% interest in the Barraute VMS exploration project also located in Quebec, north of Val d'Or. Murchison currently has 218.2 million shares issued and outstanding.