Murchison Minerals Announces Closing of $5.35 Million Non-Brokered Private Placement with Continued Support of Strategic Investor Michael Gentile and Largest Shareholder Donald K. Johnson

BURLINGTON, ON / ACCESSWIRE / July 4, 2022 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR)(OTCQB:MURMF) is pleased to announce that further to its press release dated June 2^nd, 2022, the Company has closed the CAD $5.35 million non-brokered private placement (the "Private Placement") as detailed below.

The Company issued 10,166,666 Hard Dollar units ("HD Units") at a price of $0.09 per HD Unit, 20,195,002 Quebec flow-through units ("QFT Units") at a price of $0.105 per QFT Unit and 16,557,954 Quebec Charity flow-through units ("QCFT Units") at a price of $0.14 per QCFT Unit, to raise aggregate gross proceeds of CAD $5,353,589.

Each Unit was comprised of one common share of the Company (a "Common Share") and one-half of a common share purchase warrant (each whole warrant, a "Warrant") and each FT and QCFT Units were comprised of one flow-through common share of the Company (a "FT Common Share") and one-half of a Warrant. Each whole Warrant shall be exercisable to acquire one additional Common Share at a price of $0.18 for a period of 18 months expiring December 30, 2023. In the event that, the 20-day volume weighted average price of the Common Shares on the TSX Venture Exchange ("Exchange") is greater than $0.225 ($0.24 for the HD Unit), the Company may give notice to the holders of the Warrants that the Expiry Time of the Warrants has been accelerated and the Warrants will expire on the 30^th business day following the date of such notice to subscribe for and purchase the number Common Shares of the Company set forth above on the basis of one Common Share at a price of $0.18 for each Warrant exercised. All securities issued under the Private Placement are subject to a four-month hold period until October 31, 2022, in accordance with applicable securities laws. Proceeds from the private placement will be directed towards exploration at the Company's 100%-owned HPM nickel-copper-cobalt property in Eastern Quebec, working capital and administrative expenses.

Mr. Troy Boisjoli, Murchison Minerals President, CEO, and Director comments:

"Murchison is very pleased to have the continued support of strategic investor, Mr. Michael Gentile, and Murchison's largest shareholder and Director Mr. Donald K Johnson. This is truly an exciting time for the Company as we are preparing to move forward with our summer drill program at our HPM nickel-copper-cobalt project in Quebec - where our focus will be on developing the Barre de Fer Zone towards a maiden resource and developing a robust portfolio of high-priority, de-risked targets for future drilling."