Churchill Consolidates High-Grade GOLD-Antimony Footprint IN Central Newfoundland; Enters Option FOR 100% of Golden Baie
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CHURCHILL CONSOLIDATES HIGH-GRADE GOLD-ANTIMONY FOOTPRINT IN CENTRAL
NEWFOUNDLAND; ENTERS OPTION FOR 100% OF GOLDEN BAIE
FOR IMMEDIATE RELEASE
TORONTO, March 23, 2026 Further to its news release dated February 17, 2026, Churchill
Resources Inc. ("Churchill" or the “ Company”) (TSXV:CRI) is pleased to announce that it has
entered into a definitive option agreement dated March 20, 2026 (the “ Option Agreement ”)
with Canstar Resources Inc. (“Canstar”) to acquire a 100% undivided interest in certain mining
claims comprising the Golden Baie antimony-gold property located in central Newfoundland (the
“Golden Baie Property”). By adding the Golden Baie Project to its existing Blac k Raven Gold-
Silver-Antimony Project, host to the historic Frost Cove Antimony Mine, Churchill has successfully
consolidated two of the most significant gold -antimony assets in Newfoundland and Labrador,
both strategically located in Central Newfoundland a nd within 100km of the Beaver Brook
Antimony Mine.
Figure 1 – Geological Map of the Island of Newfoundland with Churchill Properties
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For a detailed overview of the Golden Baie project, please refer to Churchill’s news release dated
February 17, 2026.
Option Agreement Terms
Under the terms of the Option Agreement, the Company shall have the exclusive option for a
period of 24 months to acquire an undivided 100% ownership interest in the Golden Baie Property
by:
i. issuing 15,834,097 common shares in the capital of the Company (“ Common Shares”)
to Canstar, making a cash payment of approximately $208,167 in respect of the option to
cover existing cash bonds on the Golden Baie Property, which may be reimbursed to
Churchill if the option is not exercised, and incurring $600,000 in assessment credits due
in respect of the project by August, 2026;
ii. issuing additional Common Shares every six months to be sequenced in tranches of
approximately 1.25% (subject to a maximum 7,520,000 Common Shares per tranche) up
to a maximum holding of 9.99% of the total issued and outstanding Common Shares over
the 24 month term of the option, with the maximum number of Common Shares that may
be issuable under the term of the Option Agreement not exceeding 45,914,097 Common
Shares; and
iii. incurring a minimum of $5,000,000 in exploration expenditures within 24 months following
receipt of approval of the TSX Venture Exchange (the “TSXV”) of the Option Agreement,
subject to a minimum of $1,000,000 within the first 12 months.
Following the date that the option is deemed to have been exercised in accordance with its terms,
Churchill will issue and grant to Canstar a 0.5% net smelter returns royalty on any minerals
produced from the claims comprising the Golden Baie Property.
The transaction, including the issuance of the Common Shares to Canstar, remains subject to the
approval of the TSXV.
The Golden Baie Project
The Golden Baie project is composed of 29 map-staked licences constituting 1,597 claims that in
total cover 39,925 hectares or 399.25 square kilometres. The property has good access through
its western and central portions with provincial highways 360 and 361 crossing the claim blocks,
conveniently within a kilometre of the Swanger's Cove and Le Pouvoir high-grade antimony
prospects. The area is serviced by the communities of St. Albans, Milltown and Conne River.
Canstar's work to date has outlined numerous gold -antimony occurrences along a 30 -kilometre
trend on the main licence block, along with the high-grade Swangers Cove prospect. Gold results
from soils, prospecting, trenching and drilling are equally compelling, suggesting the presence of
a very large, outcropping gold-antimony system. Churchill intends to immediately conduct a data
deep-dive with the Canstar technical team and advisers to prioritize Golden Baie prospects for
2026 fieldwork plans. The Company' s successful approach at Black Raven with systematic
trenching and channel sampling work, followed by drilling, will be planned for Golden Baie with
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initiation this coming spring. Additionally, the Company plans to launch airborne geophysical
surveys at the earliest possible date to augment the existing geophysical database across the
entire property.
Qualified person
The technical and scientific information in this news release has been reviewed and approved by
Paul Sobie, P.Geo, president of Churchill, who is a qualified person as defined under National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data reported in this news release is historic in nature and has not yet been verified by a
qualified person. Certain technical information is derived from historical work completed by
Canstar and publicly available sources and, has not yet been independently verified by Churchill.
Churchill has relied on information supplied by Canstar, government of Newfoundland and
Labrador filed assessment reports, and information found in the mineral occurrence data system
published by the Newfoundland and Labrador Department of Natural Resources. Canstar does
not assume responsibility for Churchill's technical interpretations of historic data. To view
Canstar's disclosure record, please see its public filings available on its issuer profile on SEDAR+.
About Churchill Resources
Churchill Resources Inc. is a Canadian exploration company focused on exploration and
evaluation of strategic and critical metals (including gold, silver, antimony and nickel) in Canada,
principally at its prospective Black Raven, Taylor Brook and Florence Lake properties in the
Province of Newfoundland and Labrador. The Churchill management team, board, and advisors
have decades of combined experience in mineral exploration and in the establishment of
successful publicly listed mining companies, both in C anada and around the world. Churchill’s
projects have the potential to benefit from Newfoundland and Labrador’s large and diversified
minerals industry, which includes world class mines and processing facilities, and a well -
developed mineral exploration sector with locally based drilling and geological expertise.
Antimony is designated as a critical mineral by the Government of Canada and its G7 allies, and
it is an indispensable input for national defence, energy security, and various industrial
applications including fire safety. Global antimony supply chains are concentrated among non -
market actors and subject to export controls creating unacceptable vulnerability . Immediate and
decisive action is needed to repatriate production to Canadian and allied soil.
Further Information
For further information regarding Churchill, please contact:
Conan McIntyre, CEO
Tel. 416.272.4738 (m)
Paul Sobie, President
Tel. 647.988.0930 (m)
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FORWARD-LOOKING STATEMENTS
This news release contains certain forward -looking statements, including, but not limited to, statements
about Churchill’s objectives, goals and exploration activities proposed to be conducted on its properties;
future growth potential of Churchill, including whether any proposed exploration programs at any of its
properties will be successful; exploration results; and future exploration plans and costs. Wherever possible,
words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”,
“predict” or “potential” or the negative or other variations of these words, or similar words o r phrases, have
been used to identify these forward-looking statements. In particular, this release contains forward-looking
information relating to, among other things, the exercise of the Golden Baie option; the number of Common
Shares that may be issued in connection with the transactions discussed herein, closing conditions and
receive necessary regulatory approvals These statements reflect management’s current beliefs and are
based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could
cause actual results, performance or achievements to differ materially from the results discussed or implied
in the forward -looking statements. These fac tors should be considered carefully and readers should not
place undue reliance on the forward -looking statements. Such factors, among other things, include:
exploration results on the Golden Baie Antimony-Gold Property; the expected benefits to Churchill relating
to the exploration proposed to be conducted on its properties ; receipt of all regulatory approvals in
connection with the transaction contemplated herein; failure to identify any additional mineral resources or
significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the
availability and costs of financing needed in the future, including to fund any exploration programs on the
Churchill’s properties, if required ; fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other
commodities; change in national and local government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave -ins and flooding); inability to obtain adequate insurance to cover risks and
hazards; the presence of laws and regulations that may impose restrictions on mining and mineral
exploration; employee relations; relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with mining inputs and labour; the speculative nature
of mineral exploration and development (including the risks of obtaining necessary licenses, permits and
approvals from government authorities); the unlikelihood that properties that are explored are ultimately
developed into producing mines; geological factors; actual results of current and future exploration; changes
in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature
and are not conclusive evidence of the likelihood of a mineral deposit; and title to properties. Although the
forward-looking statements contained in this news release are based upon what management believes to
be reasonable assumptions, Churchill cannot assure readers that actual results will be consistent with these
forward-looking st atements. These forward -looking statements are made as of the date of this news
release, and the Churchill assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility for the ad equacy or accuracy of this
release.