Mr. Sylvain Laberge reports

1844 ENTERS INTO OPTION AGREEMENT TO ACQUIRE UP TO A 100 per cent INTEREST IN THE HIGH-GRADE HAWK RIDGE NICKEL/COPPER PROJECT IN QUEBEC

1844 Resources Inc. has signed an option agreement to acquire up to a 100-per-cent undivided interest in the Hawk Ridge nickel/copper project located in northeastern Quebec from Nickel North Exploration Corp. in exchange for a series of cash payments, share issuances and financing of exploration expenditures, separated into five phases.

Sylvain Laberge, president and chief executive officer of 1844, states: "We are exceptionally pleased to enter into this agreement to acquire up to a 100-per-cent interest in Hawk Ridge. We have been reviewing the market for projects that can move 1844 into a position to be a leader in exploration in the region and the addition of Hawk Ridge certainly meets this goal. This is a transformational option agreement for 1844. We look forward to rapidly advancing this project, along with our existing projects in the Gaspe."

The Hawk Ridge property

Hawk Ridge comprises of 411 claims covering 179 square kilometres over a 50-kilometre belt located on the Ungava Bay, located North of Kuujjuaq, with direct access to tidewater on the east coast of Quebec. The project is known for its nickel and copper content, specifically:

• Nickel North Exploration completed mineral resource estimates for the Falco 7, Gamma, Hopes Advance Main and Hopes Advance North deposits. Metals included in the mineral resource estimate are copper, nickel, cobalt, platinum, palladium and gold. The aggregate pit constrained inferred mineral resource for all four deposits, as reported by Nickel North Exploration using a $35/t cut-off, was 29.44 Mt (million tonnes) grading 0.2 per cent Ni, 0.52 per cent Cu, 0.012 per cent cobalt, 0.19 g/t (gram per tonne) lead, 0.04 g/t platinum and 0.021 g/t gold, corresponding to 0.56 per cent NiEq (nickel equivalent). 1844 is treating the historical resource as a historical estimate and not a current mineral resource. Please see "Historical resource estimate notes" below for further information.
• The deposit contains an additional exploration target which was defined by Nickel North Exploration in its technical report titled "Technical Report and Updated Mineral Resource Estimate of the Hawk Ridge Nickel-Copper (PGE) Property, Northern Quebec," effective July 5, 2022, with a potential range of 35 Mt to 60 Mt and grades ranging from 0.35 per cent to 0.4 per cent Cu, 0.1 per cent to 0.2 per cent Ni, 0.01 per cent to 0.02 per cent Co, 0.03 g/t to 0.05 g/t Pt, 0.15 g/t to 0.2 g/t Pd and 0.03 g/t to 0.05 g/t Au. Exploration targets are based on estimated strike length, depth and width of known mineralization supported by intermittent drill holes, geophysical data and mineralized surface exposure observations. The potential tonnage and grade of this exploration target are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain whether further exploration will result in the target being delineated as a mineral resource.
• The Hawk Ridge property hosts disseminated mineralization and subordinate lenses of massive sulphide that are hosted in porphyritic gabbro and olivine-rich gabbro. The sulphide minerals are mainly pyrrhotite, chalcopyrite and pentlandite, with minor violarite and cobaltite.
• Localized concentrations of massive sulphides in gabbro and in remobilized sulphide mineralization in footwall metasedimentary rock found on Hawk Ridge, are associated with the presence of copper.

The majority of the Hawk Ridge property is subject to a 3-per-cent net smelter return royalty (NSR), of which one third (that is, 1 per cent) may be repurchased at any time for $1-million. Another 1 per cent of the NSR is subject to a right of first refusal.

Terms of the option agreement

Phase 1

The company is entitled to acquire a 10-per-cent undivided interest in Hawk Ridge on the date that is two business days following the approval of the option agreement by the TSX Venture Exchange (TSX-V) by paying $1-million and issuing one million common shares in the capital of the company to Nickel North Exploration.

Phase 2

If the company exercises the first option, it can acquire an additional 10-per-cent undivided interest in Hawk Ridge by paying $1-million and issuing one million common shares to Nickel North Exploration on the first anniversary of the effective date, and incurring $500,000 of exploration expenditures before the first anniversary of the effective date.

Phase 3

If the company exercises the second option, it can acquire an additional 20-per-cent undivided interest in Hawk Ridge by paying $1-million and issuing two million common shares to Nickel North Exploration on the second anniversary of the effective date, and incurring $500,000 of exploration expenditures before the second anniversary of the effective date.

Phase 4

If the company exercises the third option, it can acquire an additional 40-per-cent undivided interest in Hawk Ridge by paying $2-million and issuing three million common shares to Nickel North Exploration on the third anniversary of the effective date, and incurring $1-million of exploration expenditures before the third anniversary of the effective date.

Phase 5

If the company exercises the fourth option, it can acquire an additional 20-per-cent undivided interest in Hawk Ridge by paying $1-million and issuing three million common shares to Nickel North Exploration on the fourth anniversary of the effective date, and incurring $1-million of exploration expenditures before the fourth anniversary of the effective date.

Any exploration expenditure relating to an option incurred by the optionee following the effective date but prior to the deemed date of grant of such option will constitute a valid exploration expenditure for the purposes of the applicable exploration expenditure requirement of such option. Any excess exploration expenditure incurred by the optionee in connection with the second option, third option or fourth option will be carried forward and credited to the exploration expenditure requirements of subsequent options.

The completion of the transaction is subject to several conditions, including, but not limited to, the approval of the exchange and all other necessary approvals, including shareholder approval by Nickel North Exploration shareholders for the fourth and fifth options. Pursuant to the terms of the option agreement, Nickel North Exploration is required to receive lock-up and support agreements from shareholders holding not less than 60 per cent of Nickel North Exploration's common shares.

Additional information on the transaction will be provided in a subsequent news release.

Historical resource estimate notes: The historical resource was reported by Nickel North Exploration in a technical report entitled "Technical Report and Updated Mineral Resource Estimate of the Hawk Ridge Nickel-Copper (PGE) Property, Northern Quebec" dated effective July 5, 2022. The company views the Nickel North Exploration report as relevant and reliable, as it was prepared to currently accepted standards. A thorough review of all historical data performed by a qualified person, along with possible additional exploration work to confirm results, would be required in order to produce a current mineral resource estimate for all deposits. A qualified person has not done sufficient work to classify the historical estimate as current mineral resource at this time.

Qualified person

Bernard-Olivier Martel, PGeo, the company's director of exploration, is a qualified person (as such term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects); he has reviewed and approved the technical disclosure contained in this news release.

About 1844 Resources Inc.

1844 is an exploration company with a focus in strategic and energetic metals and underexplored regions of Quebec. With a dedicated management team, the company's goal is to create shareholder value through the discovery of new deposits.

We seek Safe Harbor.