BWR Exploration Inc. Provides Update on Little Stull Lake Gold Project NE Manitoba - Seite 2

The sampling program was completed between October 22 and October 26, 2023, as witnessed by a representative of MSCN. Samples were systematically selected by Pinchin and submitted to Bureau Veritas Laboratories (BV Labs) in Winnipeg, Manitoba for analysis. BV Labs is an independent laboratory accredited by the Standards Council of Canada and the Canadian Association for Laboratory Accreditation. Pinchin further agreed to propose (if engaged to do so) a go-forward environmental monitoring program for the early-stage exploration program that BWR is proposing on its Little Stull Lake project. The results of the Pinchin site visit were reviewed and incorporated into a project conclusion report that was submitted to MMDF, thus completing the file as outlined in the Contribution Agreement as well as the environmental site visit clearance permission by MSCN Chief and Council in their letter of support dated September 14, 2023. BWR has agreed to share this final MMDF funded report with MSCN in due course.

Work Permit update: BWR’s 2024 early-stage exploration proposal involves diamond drilling several exploratory holes; the start-up of this early-stage exploration program has been contingent upon following the Consultation Protocol Roadmap as agreed to between MSCN and the Crown, back in November 2022.

BWR anticipates receiving a conditional work permit from the Crown once consultation with the leadership of MSCN and the MSCN community has concluded. The issuance of a work permit would be contingent on MSCN voting in support of BWR’s proposal during its community referendum, with voting scheduled to end on March 14, 2024. If the referendum vote is “yes”, then the parties will have a mandate to move expeditiously to negotiate a Memorandum of Understanding (“MOU”). The MOU would lay out the basis for BWR entering into an early-stage exploration agreement with MSCN.

The Consultation Protocol Roadmap involved BWR meeting with leadership of MSCN as well as a series of “in-community meetings” that concluded in early August 2023. BWR received notice in late August that the community leadership had decided to hold a referendum on BWR’s proposal, to determine whether the majority of MSCN citizens are supportive of Chief and Council entering into a Memorandum of Understanding / Exploration Agreement with BWR as it pertains to the Little Stull Lake Gold Project going forward with the proposed exploration program. In a late August email, Chief and Council encouraged BWR to complete the aforementioned environmental site visit and offered to have representatives of the community observe or participate in the environmental work program. This prompted the mid-October site visit, after which the community leadership further advised that they would hold an internal meeting to review and discuss the project going forward with BWR. BWR has recently been advised that the community held an internal meeting on February 8, 2024 during which they set an original target date for the referendum at February 29, 2024. BWR was informed on February 28^th that the on-line voting portal was opened on February 26^th and will continue until March 14.