Mr. David O'Brien reports

STUHINI TO ATTEND PDAC AND METALS INVESTOR FORUM AND PROVIDES CORPORATE UPDATE

Stuhini Exploration Ltd. will be attending both the Prospectors and Developers Conference (PDAC) and Metals Investor Forum (MIF) in Toronto in early March, and has provided a corporate update on its Ruby Creek project and explorations plans for 2024.

Exploration

The company plans to conduct geophysical work to help delineate drill targets on the Volcanic Creek molybdenum porphyry target located four kilometres north of its flagship Ruby Creek molybdenum deposit (see news release dated Nov. 28, 2023).

Exploring opportunities within the sector

Given Stuhini's present cash balance and the current challenging environment in the mineral exploration sector, the company is reviewing and considering other opportunities within the sector.

Successful Ruby Creek permit change of ownership

Stuhini also wishes to announce that it has received notification from the British Columbia (B.C.) Ministry of Energy, Mines and Low Carbon Emission (EMLI) of the Ruby Creek permit No. M-231 amendment, approving change of ownership from the previous operator, Global Drilling Solutions, to Stuhini. This successful permit transfer permit pertains to Stuhini's early completion of the Ruby Creek option agreement whereby the company now owns 100 per cent of the project (see news release dated June 6, 2023).

Environmental baseline review

The company recently completed a desk-based review of existing environmental and heritage resource information and data to inform the potential initiation of select field studies for the project. The environmental assessment certificate (EAC) that was granted to the previous operator for the Ruby Creek molybdenum project in 2006 has lapsed and since that time, federal and provincial legislation, regulations, policies, and guidance have undergone significant changes. The company engaged Environmental Dynamics Inc. (EDI) to outline these changes and how they affect the project's permitting, including baseline environmental programs, development and operations. The company will use this information to guide future work on the project.

Critical minerals discussion paper

The company applauds the EMLI keynote AMEBC Roundup speech, specifically mentioning molybdenum (Mo) and its importance as a critical metal in the green economy of B.C. Prior to the announcement, Stuhini made a submission to the B.C. government reminding EMLI that B.C. was the only producer of Mo within Canada and requesting that Mo be considered as a green energy constituent that is eligible for enhanced tax credits provincially and for the assistance of EMLI in getting Mo eligible for enhanced federal tax credits as well.

PDAC and Metals Investor Forum in Toronto

Stuhini also advises that it will be attending both PDAC and MIF in Toronto, Ont., in early March. Dave O'Brien (chief executive officer), Ehsan Salmabadi (vice-president of exploration and development) and Charles Kamimura (corporate secretary) will be attending both events and be available to meet with investors and potential partners. The company cordially invites you to visit with company representatives Sunday, March 3, through Wednesday, March 6, 2024, at booth No. IE 3018 at PDAC at the Metro Toronto Convention Centre. Stuhini will also be presenting and will have a display booth at the pre PDAC MIF, taking place March 1 to March 2, 2023, at the Delta Hotel located on 75 Lower Simcoe St., Toronto.

Dave O'Brien, Stuhini's president and chief executive officer, commented, "Given current market conditions and our $1.4-million cash balance, we are taking a measured approach to exploration while at the same time investigating new opportunities to leverage our share structure and cash on hand."

About Volcanic Creek molybdenum target

The company acquired the Volcanic Creek molybdenum target by staking 848.1 hectares (ha) in one new claim block contiguous to the north of its existing Ruby Creek tenures in February, 2023 (see Feb. 17, 2023, new release). The new claim, which was consolidated into the company's Ruby Creek project, is situated in the headwaters of Volcanic Creek and is referred to as the Volcanic Creek moly showing in B.C. Minfiles. Previous historic exploration work reported mineralization at surface and includes two drill holes drilled by Placer Development Ltd. in 1981. Hole DDH 81-1 intersected 24.38 metres of 0.066 per cent molybdenum disulphide (MoS2) (0.040 per cent Mo) starting at a depth of 33.53 m, including 6.10 m of 0.14 MoS2 (0.082 per cent Mo). A follow-up program of prospecting in the summer of 2023 reported nine rock grab samples taken with grades ranging from 0.017 per cent Mo to 1.01 per cent Mo, and mineralized outcrops with up to 900 metres distance between them.

Ruby Creek project

The 31,126-hectare Ruby Creek project is road accessible and located 14 kilometres (km) east of Atlin, B.C. There are 48 different documented mineral occurrences on the property, of which 16 are gold related, with seven significant gold placer creeks. The property also hosts the Ruby Creek molybdenum deposit, which hosts a measured and indicated pit-constrained resource of 433 million pounds Mo using $15.00 (U.S.) per pound Mo price and a 0.02 per cent cut-off grade.

Stuhini owns 100 per cent of the project subject to a 1-per-cent NSR.

About Stuhini Exploration Ltd.

Stuhini, a mineral exploration company, is focused on exploration and development of precious and base metal properties in Western Canada and southwestern United States. The company's portfolio of exploration properties includes the flagship Ruby Creek property, 14 kilometres east of Atlin, B.C.; the Que project, 70 km north of Johnson's Crossing, Yukon; the South Thompson nickel project, 35 km northwest of Grand Rapids, Man.; the Big Ledge property, 57 km south of Revelstoke, B.C.; and the Lindsay project in southeastern Arizona.

The geological content of this news release has been reviewed and approved by Ehsan Salmabadi, PGeo, and vice-president of exploration and project development of Stuhini, a qualified person as defined under the terms of National Instrument 43-101.

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