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 - Seite 2

Notable Investment and Involvement:

Strategic Investor Michael Gentile, CFA

Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies. Mr. Gentile is currently a strategic advisor to Arizona Metals (AMC-V) and Geomega Resources (GMA-V) as well as being a director of Northern Superior Resources (SUP-V), Roscan Gold (ROS-V), Radisson Mining Resources (RDS-V) and Solstice Gold (SGC-V). Mr. Gentile recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited.

Following closing of the Private Placement, Mr. Gentile owns 6.85% (14,947,268 common shares) of the Company's issued and outstanding common shares, and on a partially-diluted basis (including 7,473,634 warrants), Mr. Gentile will own 9.93% of the Company's issued and outstanding common shares.

SIDEX

The Company is also pleased that SIDEX, that became shareholder in March 2021, has increased its holding in the Company by acquiring an additional 2,222,222 Units in the Private Placement. SIDEX is an initiative of the Québec government and the Fonds de Solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec to diversify the province's mineral base, promote innovation and new entrepreneurs.

GloRes Securities Inc

Murchison was also pleased to have the assistance of Ritu Gupte, CEO & President of GloRes Securities Inc. as lead finder for the Quebec Flow-Through portion of the Private Placement. Ms. Gupte has a tremendous network and was able to attract the involvement of high-value funds.

Insiders Participation:

Donald K. Johnson, OC, Murchison Minerals Director, and Largest Shareholder

Mr. Johnson acquired an additional 7,944,444 Units for aggregate investment of $715,000 to maintain his current ownership in the Company at approximately 30%. A director of Murchison also acquired 142,857 FT Units in the Private Placement.

The Private Placement constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as insiders of the Company acquired an aggregate of 7,944,444 Units and 142,857 FT Units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Private Placement, which the Company deems reasonable in the circumstances to complete the Private Placement in an expeditious manner. The Private Placement was approved by all independent directors of the Company.