Idaho Champion Enters into Definitive Agreement with Respect to Acquisition of Prospective Lithium Projects in Pegmatite-Rich James Bay District, Quebec

Idaho Champion Enters into Definitive Agreement with Respect to

Acquisition of Prospective Lithium Projects in Pegmatite-Rich James

Bay District, Quebec

Toronto, ON – November 3, 2022 - Idaho Champion (CSE: ITKO; OTCQB: GLDRF; FSE: 1QB1)

(“Idaho Champion” or the “Company”) is pleased to announce that it has entered into a

definitive purchase and sale agreement (the “Agreement”) with Quebec Precious Metals

Corporation (“QPM”) with respect to the Blanche and Charles lithium pegmatite projects (the

“Projects”) in the Eeyou Istchee James Bay territory of Quebec.

Terms of the Agreement

On September 19, 2022, Idaho Champion announced entering into a binding memorandum of

understanding (“MOU”) with respect to the acquisition of the Projects and the terms thereof. The

Agreement replaces the MOU and reflects the terms described therein, including that Idaho

Champion will acquire 100% of the Projects from QPM in return for $100,000 in cash and

12,000,000 common shares of the Company, of which 50% will be subject to escrow for 18

months. QPM will retain a 2% net smelter return royalty (“NSR”) on the claims constituting the

Projects. The Company will have the option to repurchase 1% of the NSR from QPM for $1

million.

Closing of the acquisition remains subject to customary conditions for a transaction of the type

contemplated by the Agreement. The parties are diligently engaged in satisfying in any remaining

conditions with closing expected to occur as soon as possible, but in no case later than an

agreed outside date of November 30, 2022.

The Company will provide additional information on the completion of the acquisition.

About Idaho Champion Gold Mines Inc.

Idaho Champion is a discovery-focused exploration company that is committed to advancing its

highly prospective cobalt properties located in Idaho, United States and lithium properties in

Quebec, Canada. In addition, the Company owns the Baner gold project in Idaho County and

the Champagne polymetallic project in Butte County near Arco.

The Company’s shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under

the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”.

Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing

citizen to the local communities where it operates, taking its social license seriously, employing

local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD OF IDAHO CHAMPION

“Jonathan Buick”

Jonathan Buick, President and CEO

For further information, please visit the Company’s SEDAR profile at www.sedar.com or the

Company’s corporate website at www.idahochamp.com.

For further information, please contact:

Nicholas Konkin, Marketing and Communications

Phone: (416) 567- 9087

Email: [email protected]

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY

SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY

STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements for Idaho Champion

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the

adequacy or accuracy of this press release. This press release may include forward-looking information concerning the business of

the Company within the meaning of Canadian securities legislation, including with respect to the completion of the transactions

contemplated by the Agreement, the prospectivity of the Projects for lithium, and the ability of the Company to successfully shift

focus to exploration for battery-related metals. Forward-looking information is based on certain key expectations and assumptions

made by the management of the Company, including being able to satisfy any conditions related to the acquisition, sufficient investor

interest to complete the private placement financing necessary to fund the cash portion of the acquisition of the Project, having the

necessary technical expertise to explore for lithium in pegmatite, and that reported lithium resources in the district of the Projects is

indicative of mineralized pegmatite prospectivity on the Projects. Although the Company believes that the expectations and

assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the

forward-looking information and the Company can give no assurance that they will prove to be correct. Forward-looking statements

contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update

publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as

required by applicable securities laws.