Mr. Scott Kelly reports

CANOE MINING VENTURES RECEIVES APPROVAL FOR OPTION ON BUTT PROPERTY

Further to Canoe Mining Ventures Corp.'s press release of Aug. 10, 2022, the TSX Venture Exchange has approved its option to acquire a 100-per-cent legal and beneficial interest in 87 mineral exploration claims in the province of Ontario pursuant to an arm's-length option agreement with Griftco Corp. dated Aug. 8, 2022.

The property consists of 87 mineral claims covering approximately 1,961 hectares in Butt township, district of Nipissing, Ont. 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 that 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.

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-V 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.

Pursuant to the option agreement, in the event that the company exercises the option in full and acquires the property, the company will grant a 3-per-cent net smelter return royalty to a third party.

Exploration update

The company has received the final data set from an airborne mobile magnetotelluric (MobileMT) electromagnetic survey conducted by Griftco prior to the option agreement. The survey conducted on the property included 348 line kilometres of geophysical data collection and was able to identify anomalies of high frequencies of apparent conductivity/very-low-frequency amplitude, showing conductive zones near surface. These conductive bodies are determined to be mostly structurally controlled and could correspond to pegmatite dikes or graphite mineralization.

Identified geophysical anomalies demonstrate zones of potential mineralization and have been prioritized as targets for follow-up exploration on the property. Canoe will initiate a prospecting and sampling program on the three identified areas, with a focus on graphite, rare earth element and graphite mineralization. This program is expected to be completed in the coming weeks.

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.