Canadian North Resources Inc. Reports Operational and Financial
Canadian North Resources Inc. Reports Operational and Financial
Results for the First Quarter Ended March 31, 2025
Highlights:
• Continued e valuation of multiple metal processing technologies to produce market -ready
battery-grade nickel and cobalt compounds, copper and PGE metals from a low -cost, low -
carbon footprint mine for the Ferguson Lake Ni-Cu-Co PGE Project located in southeast Nunavut,
Canada.
• Commenced follow-up extensive bio-metallurgical programs from initial b io-leaching tests
indicating metal extraction of 97.86 -98.5% nickel and 96.9 -97.7% cobalt, with the goal of
achieving similarly high recoveries of copper and PGE metals.
• Enhanced engagement with local governments, Indigenous communities, investors, and
potential partners to support the future development of the Ferguson Lake Project
Toronto, May 27, 2025 – Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV:
CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the
first quarter ended March 31, 2025.
Dr. Kaihui Yang, President and CEO of the Company, commented: “In the first quarter, we commenced
more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the
exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the
massive sulphides and the rougher sulphide tail are amenable to bio -leaching with very high extraction
rates for nickel (97.8 -98.9%) and cobalt (96.0 -97.7%) plus encouraging initial extractions of Cu of 73.6 -
75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and
the PGE metals can be recovered with additional testing.”
“We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery
of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing
smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine
development, energy consumption, and operating cost for production. We believe that bio -leach
extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson
Lake Project.”
“Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the
communications with local communities, local governments and investors for the potential mine
development of the Ferguson Lake Project.”
Quarter 1 of 2025 Highlights:
• The Company engaged in the following activities in the first quarter:
• On February 20, 2025, the Company provided an update on its Normal Course Issuer Bid (“NCIB”)
that was announced on April 5, 2024. Since December 5, 2024, the Company has repurchased a
total of 162,500 Common Shares at an average price of $0.97 per share u nder the NCIB. The
Company believes that the current market price does not fully represent the intrinsic value of
CNRI’s Common Shares. The completion of this initial phase underscores the Management’s
commitment to returning value to shareholders while optimizing the Company’s capital structure.
• On March 3, 2025, the Company announced to start new metallurgical tests using the low-carbon
footprint bio-leaching technologies. Based on the exceptional initial results that indicated 96-98%
extraction rates of nickel and cobalt, the Company moved forward to expanding the bio-leaching
test program to recover copper and PGM in addition to nickel and cobalt.
• In early March, the Company participated in the PDAC 2025 Annual Conference with a booth to
display recent drill cores from the Ferguson Lake project and new metallurgical tests. The team
met with investors and potential partners with updated mineral resources and the results of new
metallurgical tests using the low-carbon footprint, bio-leaching technology for the Ferguson Lake
project.
Subsequent Events:
• In April and May , the Company’s team attended the Nunavut Mining Symposium and
communicated with local governments and communities for the potential development of the
Ferguson Lake Project. The Company also transported the exploration and construction materials
from Bake r Lake to the camp , in preparation for the upcoming summer work programs. The
Management has increased communications with shareholders, investors and potential strategic
partners for the further development of the Company and its Ferguson Lake Project.
• On April 15, 2025, the Company filed its operational and financial results for the fiscal year 2024.
During the year, it also publicly disclosed an updated NI 43-101 Mineral Resource Estimate for the
Ferguson Lake Project, confirming it as one of the largest and highest-grade copper-nickel-cobalt-
PGE deposits in North America. In addition, the Company initiated bio -leaching tests, which
achieved 96 –98% extraction rates for nickel and cobalt, supporting the potential use of this
technology in developing a lo w-carbon, environmentally sustainable mining operation at
Ferguson Lake.
• On April 16, 2025, the Company filed with the TSX Venture Exchange (“TSXV”) an update on its
Normal Course Issuer Bid (“NCIB”) that was announced on April 5, 2024. During the past year (from
April 5, 2024, to April 4, 2025), the Company has repurchased a total of 202,300 Common Shares
at an average price of $0.9 8 per share under the NCIB. The completion of this repurchase
underscores the Management’s commitment to returning value to shareholders while optimizing
the Company’s capital structure.
• On April 24, 2025, the Company announced that it has filed with the TSX Venture Exchange
(“TSXV”) a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to
commence on April 28, 2025 and terminate on April 27, 2026 or the earlier of the date all shares
which are subject to the Normal Course Issuer Bid are purchased. The Company believes that the
current market price does not fully represent the intrinsic value of CNRI’s Common Shares.
For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents
of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share.
For the quarter end Financial Statement and Management’s Discussion and Analysis, please see the
Company website at www.cnresources.com or on SEDAR.
Qualified Person:
Dr. Trevor Boyd, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined
by Canadian National Instrument 43 -101 standards , has reviewed the technical content of this news
release and has approved its dissemination.
About Canadian North Resources Inc.
Canadian North Resources Inc. is an exploration and development company focusing on the critical
metals for the clean -energy, electric vehicles, battery and high -tech industries. The company is
advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in
the Kivalliq Region of Nunavut, Canada.
The Ferguson Lake mining property contains a substantial National Instrument 43 -101 compliant
Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources
of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel
at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz
platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at
0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and
0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit
with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt
platinum, which provides a solid Mineral Resource base for the initial development of a potential
large mine. The Mineral Resource model indicates significant potential for resource expansion along
strike and at depth over the 15 km long mineralized belt and a numbe r of undefi ned mineralization
zones and prospective areas. (Refer to “Independent Technical Report on the Mineral Resource
Estimate for the Ferguson Lake Project, Nunavut, Canada (“the Technical Report”)”, prepared by SRK
Consulting and Ronacher McKenzie Geoscience I nc., effective March 19, 2024, filed by the Company
to SEDAR at https://www.sedarplus.ca on May 3, 2024. The Technical Report has also been posted
on the Company’s website at www.cnresources.com .)
Further information please visit the website at www.cnresources.com,
or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905 -696-8288 (Canada)
1-888-688-8809 (Toll -Free)
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and
statements related to matters which are not historica l facts, are forward-looking information within the
meaning of applicable securities laws. Such forward -looking statements, which reflect management’s
expectations regarding the Company’s future growth, results of operations, performance, business
prospects and opportunities, are based on certain factors and assumptions and involve known and
unknown risks and uncertainties which may cause the actual results, performance, or achievements to be
materially different from future results, performance, or achieve ments expressed or implied by such
forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the
Company’s forward -looking statements. The Company believes that the expectations reflected in the
forward-looking statements contained in this news release and the documents incorporated by reference
herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In
addition, although the Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward looking statements, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
The Company undertakes no obligation to release publ icly any future revisions to forward -looking
statements to reflect events or circumstances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law.