Mr. Scott Kelly reports

CANOE MINING VENTURES ENTERS INTO OPTION AGREEMENT

Canoe Mining Ventures Corp. has entered into an arm's-length option agreement with Griftco Corp. dated Aug. 8, 2022, pursuant to which the company was granted an option to acquire a 100-per-cent legal and beneficial interest in certain mineral claims in the province of Ontario.

The property consists of 87 mineral claims covering approximately 1,961 hectares in Butt township, district of Nipissing, Ontario. It is accessible by year-round roads and logging trails. Uranium-bearing and rare-earth-bearing pitchblende was discovered on the property in the early 1900s. The property lies within the Kiosk geological domain and is underlain by mafic, quartzo-feldspathic and metapelitic geological units. These various geological units host radioactive granitic pegmatite dikes which contain minerals such as allanite, uraninite, pyrochlore, columbite, and other rare-earth-bearing and uranium-bearing minerals. The property also has potential to host graphite mineralization, with a large past-producing graphite deposit directly to the north of the claim package.

Significant recent target generation exploration work has been completed on the property, including electromagnetic, magnetometer and induced polarization geophysical surveys, geological mapping, and prospecting. The property has never been drilled, but numerous historical trenching and very small-scale mining operations have occurred on the property. Significant prospects on the property include: the William Elliot and Mica Lake prospects, discovered in 1919, from which highly selective grab samples returned up to 79.5 per cent U3O8 (triuranium octoxide), along with high-grade rare earth elements; the Ryan, Mann and Sheehan prospects, discovered in 1921, from which selective grab samples returned up to 0.45 per cent U3O8 over a three-foot chip sample; the E.J Rivers prospect, discovered in 1953, from which selective grab samples returned values of up to 9.75 per cent U3O8, along with high-grade rare earth elements. In addition, the property is contiguous with G6 Energy Corp.'s Kearney mine property.

Under the terms of the option agreement, the company may exercise the option upon: (i) the issuance of an aggregate of 1.9 million common shares in the capital of the company; and (ii) incurring an aggregate of $250,000 in expenditures on the property as follows:

• The issuance of 300,000 common shares to Griftco on the 10th business day following the receipt by the company from the TSX Venture Exchange of conditional approval for the transaction contemplated by the option agreement;
• The issuance of 300,000 common shares and incurring $50,000 in expenditures on or before the first anniversary of the closing date;
• The issuance of 300,000 common shares and incurring an addition $100,000 in expenditures on or before the second anniversary of the closing date;
• The issuance of one million common shares and incurring and additional $100,000 in expenditures on or before the third anniversary of the closing date.

The completion of the transactions contemplated by the option agreement remains subject to the approval of all regulatory and other approvals, including the approval of the TSX Venture Exchange.

Qualified person review

Kelly Malcolm, PGeo, an independent qualified person as such term is defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The qualified person has not completed sufficient work to verify the historic information on the property, particularly with regard to historical sampling and regional government-mapped geology. However, the qualified person assumes that sampling and analytical results were completed to industry-standard practices. The information provides an indication of the exploration potential of the property but may not be representative of expected results.

We seek Safe Harbor.