Mr. Paul Jones reports

NUINSCO REPORTS VERY POSITIVE METALLURGICAL RESULTS FROM PRAIRIE LAKE CRITICAL MINERALS PROJECT

Nuinsco Resources Ltd. has released very positive results from metallurgical studies conducted on mineralization from its Prairie Lake critical mineral and phosphate project located near Terrace Bay, Ont. The testwork has been conducted by SGS Canada Inc. (Lakefield) on bulk samples conservatively representative of the mineral resource estimate grade reported on July 18, 2022. The metallurgical program will be a continuing process to identify improved phosphate concentrate and recovery.

"The continuing Prairie Lake metallurgical program at SGS Lakefield is producing great results," said Paul Jones, Nuinsco's chief executive officer. "The test program has been conducted on composites separately representing both carbonatite and ijolite portions of the 2022 MRE. The laboratory-scale metallurgical tests have demonstrated that both major rock types at the project can produce marketable-grade phosphate (P2O5) and rare earth element concentrates at acceptable rates of P2O5 recovery, with negligible deleterious element content. With the positive metallurgical results, coupled with the sheer magnitude of the mineral endowment (871.8 million tonnes inferred grading 3.39 per cent P2O5 and 15.6 Mt indicated grading 3.71 per cent P2O5), and given the potential for selective mining of a large section of higher-grade mineralized domains -- for example, 53.45 Mt inferred grading 5.11 per cent P2O5 and 2,335 parts per million total rare earth oxides and 3.54 Mt indicated grading 4.59 per cent P2O5 and 2,204 ppm TREO), the potential for large-tonnage mining and processing at the project is substantial.

Additional testing has begun to investigate the potential for low-cost dense media separation to isolate a significant proportion of the low-density carbonate minerals, as well as adjustments in slurry handling and reagent application on a higher P2O5 grade feed. These approaches, and most significantly a higher-grade feed, are anticipated to demonstrate even better concentrate grades and recoveries. In addition, the potential to produce marketable grades of TREO along with and separately from the phosphate (apatite mineralization) is being evaluated.

Significant test results to date

Target concentrate grade was consistently achieved: Both carbonatite and ijolite composite feeds reliably achieved the target final concentrate grade exceeding 30 per cent P2O5, a major increase from the composite sample feed grades of less than or equal to 3.7 per cent P2O5 (carbonatite) and less than or equal to 3.0 per cent P2O5 (ijolite).

Ijolite test results were strong and repeatable: Stage recoveries of approximately 70 per cent P2O5 were consistently achieved for ijolite, with anticipated further increase by reagent dosage tuning.

Best single result (was from SGS Lakefield test No. F23, on carbonatite): achieved 77.5-per-cent overall recovery, and a final concentrate grade of 32.8 per cent P2O5 -- the strongest result in the test program to date.

Reduced biotite collector dosage was beneficial: Cutting biotite collector strength/dosage in SGS Lakefield tests F22 (ijolite) and F23 (carbonatite) substantially increased P2O5 reporting to the phosphate circuit while holding the concentrate grade in excess of 30 per cent.

WHIMS (high-intensity magnetic separation) processing improved concentrate grade by removing magnetic and paramagnetic minerals: Applying WHIMS at 8,000 Gauss improved final concentrate P2O5 grade from the ijolite composite.

Rare earth element grades increased alongside P2O5: All rare earth elements tracked (cerium, yttrium, neodymium, praseodymium, lanthanum, samarium and gadolinium) showed grade increases in the final concentrate roughly in step with P2O5 upgrading, for both composite types -- a favourable byproduct signal.

Low deleterious-element concern: Thorium, uranium, cadmium and chloride levels are low/negligible in the concentrate, which are favourable from concentrate processing/regulatory standpoints.

Prairie Lake is a significant critical mineral asset located in the heart of North America. It is a very substantial mineral resource of igneous mineral phosphate and has amongst the world's highest known light rare earth element concentration in apatite. The MRE contains several other REE-bearing minerals, as well as niobium-bearing pyrochlore. The next phase of the metallurgical studies is expected to demonstrate that a clean phosphate concentrate, grading much higher than 30 per cent P2O5, at higher-than-80-per-cent process recovery and with a valuable rare earth element co-concentrate, can be reliably produced from Prairie Lake feed.

The elements found at Prairie Lake are essential for applications in transportation, agriculture, power distribution, battery and other green technologies, to name a few. The project is of immense value to a secure critical mineral supply chain and presents substantial regional and national Canadian benefits. The MRE location is advantaged by its proximity to:

• The towns of Marathon, Terrace Bay and local first nations -- all able to supply a local, skilled work force and services;
• All-weather forest access road crossing the project location and deposit;
• Provincial TransCanada highways 17 and 11 to the south and north, respectively;
• Nearby Canadian Pacific Kansas City and Canadian National Railway networks;
• High-capacity (230-kilovolt) electrical power transmission line;
• 50 kilometres from the Marathon deepwater port project; deepwater ports are also located at Thunder Bay and Sault Ste. Marie, able to handle ocean-going ships;
• The Marathon airport.

Laura Giroux, PGeo, chief geologist of Nuinsco, and Grant Feasby, PEng, metallurgical consultant with P&E Mining Consultants Inc., are qualified persons as defined under National Instrument 43-101. Mr. Feasby is independent. Ms. Giroux and Mr. Feasby have reviewed and approved the technical content of this news release.

About Nuinsco Resources Ltd.

Nuinsco Resources has more than 50 years of exploration success and is a growth-oriented, multicommodity mineral exploration and development company focused on prospective opportunities in Canada and internationally. Currently, the company has the large multicommodity (phosphate, rare earth element, niobium and tantalum) Prairie Lake project near Marathon-Terrace Bay, the Zig Zag Lake property (lithium and tantalum) near Armstrong currently operated as a joint venture with First Class Metals PLC and the Paradise Lake gold project in central Newfoundland, and retains a net smelter return royalty on the Sunbeam gold property near Atikokan.

We seek Safe Harbor.