Planned Port Facility Improvements at Marathon to Enhance Logistics of 890Mt Prairie Lake Critical Minerals & Phosphate Project

Recently the Peninsula Harbour Port Authority, responsible for oversight and development of the Marathon port project, announced that it is advancing the Marathon project - the aim of which is to see the re-opening of deep-water port facilities at Marathon. A concept study has been completed that included a site assessment, marine terminal conditions, site access, on-site infrastructure, environmental conditions, dock configuration, and cost estimates. The Board of Directors of the Port Authority will now review the recommendations from the study to inform a corporate business plan which will make the Port operational. This work is expected to be completed by the end of Q3 2023.

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"The significance of additional infrastructure development within the region surrounding the Prairie Lake project, particularly with regard to movement and supply of critical minerals, is of course a significant bonus for the Project," said Paul Jones, Nuinsco's CEO. "The port development at Marathon would see deep-water port facilities available to the project six times closer than they currently are. The project is already exceptionally well located with respect to logistical attributes, such as roads, rail and power, and the recent report from the Peninsula Harbour Port Authority is more good news."

The Prairie Lake project is a large, well located resource of critical minerals in North America. It is a potential source of elements needed for applications in transportation, power distribution, green technologies and a host of others including agriculture. It is of immense value to a secure critical minerals supply chain; an issue identified by numerous governments in the recent past and addressed with incentives and programs to encourage development of the critical minerals sector. The Project is located near the north shore of Lake Superior, putting it in close or easily accessible reach of:

• The towns of Marathon and Terrace Bay and other smaller villages, able to supply a local workforce.

• Paved Highways 17 and 11.

• Canadian Pacific Railway and Canadian National Railway networks.

• High capacity (230kV) electrical power transmission line.

• Only 50km from the Marathon deep water port project. Deep-water ports are also located at Thunder Bay and Sault Ste. Marie, able to handle ocean going ships.

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical contents of this news release.

About Nuinsco Resources Limited

Nuinsco Resources has over 50 years of exploration suc­cess and is a growth-oriented, multi-commodity mineral explora­tion company focused on prospective oppor­tunities in Canada and internationally. Currently the Company has four properties in Ontario - the high-grade Sunbeam gold property near Atikokan currently optioned by First Class Metals PLC, the Dash Lake gold property near Terrace Bay, the large multi-commodity (rare-earths, niobi­um, tantalum, phosphate) Prairie Lake project near Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near Armstrong. In addition, Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.

Prairie Lake Project Pit Constrained Mineral Resource Estimate(1-6)

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