Ongoing Drilling Continues to Expand & De-risk Advanced-Stage Canadian PGM & Base Metal Resource

Canadian North Resources Inc. ("CNRI") is a Canadian-based mineral exploration and development company that explores for minerals in Nunavut, Canada. The Company has acquired a 100% interest in the Ferguson Lake Project, which comprises an area of 253.8 km2 (over 62,715 acres). The project hosts a recently updated NI 43-101 mineral resource containing an Indicated Mineral Resource of 455 million pounds (Mlb) copper (Cu) at 0.85%, 321 Mlb nickel (Ni) at 0.60%, 37.5 Mlb cobalt (Co) at 0.07%, 1.08 million ounces (Moz) palladium (Pd) at 1.38 grams per tonne (g/t), and 0.18 Moz platinum (Pt) at 0.23 g/t; and an Inferred Mineral Resource containing 947 Mlb Cu at 0.91%, 551.5 Mlb Ni at 0.53%, 62.4 Mlb Co at 0.06%, 2.12 Moz Pd at 1.4 g/t, and 0.38 Moz Pt at 0.25 g/t. (1.0) INVESTMENT THESIS AND UPCOMING CATALYSTS: (1.1) District-scale Exploration Opportunity: The Ferguson Lake Project is 253.8 km2 (over 62,715 acres) and rich in Platinum Group Metals (PGMs), including Pd, Pt, and rhodium (Rh); Base Metals, including Cu, Ni, and Co; and occurrences of gold (Au) and silver (Ag). (1.2) Expecting Updated NI 43-101 Resource by Year-end: We expect an updated NI 43-101 mineral resource estimate in 2023, which should show a significant positive increase from the 2021 to 2023 drilling. (1.3) Resource Potential Upside: Only 5 of 10 mineralized zones were part of the 2022 mineral resource, with the potential to grow the resource at Ferguson Lake as well as from new discoveries at the regional prospects. (1.4) Lithium Potential: In March 2023, CNRI announced the discovery of granitic pegmatites that potentially contain lithium-bearing minerals. The Company is planning to explore the lithium potential this summer. (1.5) Fully Funded for the Short Term and Government Support: As of March 31, 2023, CNRI had $9.35 million in cash on its Balance Sheet, excluding a recent $250,000 grant from the Government of Nunavut. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We are basing our one-year target price on 5% of the value of an adjusted resource using CNRI's NI 43-101 mineral resource (June 13, 2022) for the Ferguson Lake Project and 2025 commodity prices. (2.2) Our adjusted resource for the valuation is based on the following formula: 75% of the Measured & Indicated (M&I) and 50% of the Inferred resource. (2.3) We are maintaining a Speculative Buy Rating on CNRI and increasing our one-year Price Target to $5.25 from $5.00.