Murchison Minerals Announces Assay Results from 2025 Diamond Drill Program at Bmk VMS Deposit, All Holes Intersecting Significant Near-Surface High-Grade VMS Mineralization Including Precious Metals, Grades up to 5.52% CuEq OR 21.97% Zneq Including, 208g/t AG, and 1.43g/t Au

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MURCHISON MINERALS LTD. NEWS RELEASE

News Release

MURCHISON MINERALS ANNOUNCES ASSAY RESULTS FROM 2025

DIAMOND DRILL PROGRAM AT BMK VMS DEPOSIT, ALL HOLES

INTERSECTING SIGNIFICANT NEAR-SURFACE HIGH-GRADE VMS

MINERALIZATION INCLUDING PRECIOUS METALS, GRADES UP TO

5.52% CuEq or 21.97% ZnEq INCLUDING, 208g/t Ag, and 1.43g/t Au

HIGHLIGHTS

• Diamond drilling was Phase II of III of the Company’s 2025 BMK Exploration Program

(the “Program”) (See October 2 nd, 2025, News Release) at its 100% -owned BMK VMS

Project in Saskatchewan, located approximately 175 km northwest of Foran Mining

Corporations’ Mcllvenna Bay VMS mine development (Figure 1);

• All holes were drilled at the BMK VMS Deposit (the “Deposit”) and intersected significant

zinc-copper-lead-silver-gold (Zn-Cu-Pb-Ag-Au) mineralization (within the upper 150 m),

testing 550 m of the total 1,100 m strike length of the Deposit (Figure 2);

• Diamond drilling highlights:

o BMK25-005 successfully targeted expansion of mineralization along strike to the

south of the indicated domain, within in the upper 150 m of the Deposit. The hole

intersected 14.23 m of total composite mineralization over five intervals from

113.34 m to 143.10 m (Table 2 & Figure 3), highlighted by:

▪ 5.75 m (from 113.34 m to 119.09 m) grading 3.17% ZnEq or 0.80% CuEq

(0.08g/t Au, 7.59g/t Ag, 0.39% Cu, 0.02% Pb, 0.86% Zn), including 0.52 m

grading 13.04% ZnEq or 3.28% CuEq (0.34g/t Au, 21.70g/t Ag, 1.35% Cu,

0.03% Pb, 5.13% Zn);

▪ 3.80 m (from 139.30 m to 143.10 m) grading 7.13% ZnEq or 1.79% CuEq

(0.07g/t Au, 4.83g/t Ag, 0.34% Cu, 0.05% Pb, 5.21% Zn), including 1.60 m

grading 11.52% ZnEq or 2.90% CuEq (0.14g/t Au, 3.80g/t Ag, 0.28% Cu,

0.05% Pb, 9.70% Zn);

o BMK25-004 successfully targeted expansion of mineralization along strike to the

north of the indicated domain, within in the upper 150 m of the Deposit. The hole

confirmed an upper Zn -rich interval and discovered a lower Au -Ag-Pb rich

interval, with 14 m of total composite mineralization over three intervals from

60.03 m to 82.00 m (Table 2 & Figure 4), highlighted by:

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▪ 5.68 m (from 68.0 m to 73.68 m) grading 3.98% ZnEq or 1.00% CuEq

(0.4g/t Au, 5.55g/t Ag, 0.60% Cu, 0.04% Pb, 1.12% Zn), including 0.50 m

grading 9.24% ZnEq or 2.32% CuEq (0. 19g/t Au, 2 0.01g/t Ag, 1. 74% Cu,

0.06% Pb, 0.5% Zn);

▪ 6.82 m (from 79.18 m to 86.00 m) grading 4.99% ZnEq or 1 .25% CuEq

(0.35g/t Au, 37.74g/t Ag, 0.14% Cu, 0.88% Pb, 0.04% Zn), including 0.66

m grading 21.97% ZnEq or 5.52% CuEq (1.43g/t Au, 208g/t Ag, 0.14% Cu,

2.19% Pb, 0.08% Zn);

• Phase II – Diamond Drilling: Comprised five holes totaling 853 m, targeting the Deposit

(Table 2) and successfully achieved all objectives:

o Objective I: Expansion of near-surface (<150 m depth) high-grade mineralization,

amenable for potential open-pit mining;

o Objective II: Testing for previously unidentified zones of cryptic precious metals

(Gold and Silver) within the footprint of mineralization at the Deposit;

o Objective III: Enhancing the understanding of the structural controls on

mineralization identified by an on-going SRK structural study – with the end goal

of de-risking future delineation and regional exploration drilling.

• Phase III (November 2025 – Q1 2026): 3D Geological Modeling and data compilation –

supporting target development and de -risking, in advance of the Company’s 2026

exploration campaign;

• The BMK Project comprises 859 km 2 mineral claims, situated along the underexplored

MacLean Lake Prospective VMS Belt, hosting the high -grade Deposit (Table 1) and

numerous additional VMS showings along the 37 km long BMK Trend.

Table 1: BMK VMS Deposit – 2018 Mineral Resource Summary

Indicated Resources

Tonnes Cu (%) Zn (%) Ag (g/t) Pb (%) Au (g/t) Cu Eq. (%) Zn Eq. (%)

Lower Zone 1,200,000 0.75 8.13 48 0.67 0.28 4.19 14.6

Upper Zone 900,000 0.6 5.7 28.52 0.24 0.17 2.87 9.98

Total 2,100,000 0.69 7.08 39.6 0.49 0.23 3.62 12.62

Inferred Resources

Tonnes Cu (%) Zn (%) Ag (g/t) Pb (%) Au (g/t) Cu Eq. (%) Zn Eq. (%)

Lower Zone 2,700,000 0.55 4.88 29.02 0.42 0.14 2.59 9.02

Upper Zone 4,900,000 0.57 4.22 12.46 0.06 0.08 2.05 7.16

Total 7,600,000 0.57 4.46 18.42 0.19 0.1 2.25 7.85

The above mineral resource estimate for the Brabant -McKenzie VMS Deposit was prepared by an independent qualified person (“QP”)

Finley Bakker, P. Geo., and has an effective date of September 4, 2018. The NI 43-101 Technical Report named Technical Report on the

Resource Estimate Update for the Brabant-McKenzie Property, Brabant Lake, Saskatchewan is available on the Company’s website and

on SEDAR. The Mineral Resource of the Brabant -McKenzie VMS Deposit was estimated based on metal prices of USD $1.20/lb Zn,

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$2.50/lb Cu, $1.00/lb Pb, $16.00/Oz. Ag, and $1,200/Oz. Au, and a USD exchange rate of $1.25. A Net Smelter Return (NSR) cut -off of

$90/tonne and a 3.5% zinc equivalent based on above metal prices and an average recovery of 75% for all metals. C opper equivalent is

in substitution for zinc equivalent and not in addition to. Equivalent Values in the table are calculated utilizing the following USD metal

prices from Sept 19, 2025; $4.59/lb Cu, $1.31/lb Zn, $0.91/lb Pb, $42.24/Oz. Ag, and $3657.85/Oz. Au.

Table 2 – 2025 BMK Exploration Program Assay Results Diamond Drillholes

Hole ID Includes From (m) To (m) Length (m) Au g/t Ag g/t Cu % Pb % Zn % Zn Eq% Cu Eq%

BMK25-001

60.50 62.75 2.25 0.06 7.12 0.21 0.01 0.08 1.63 0.41

67.43 73.20 5.77 0.04 9.53 0.44 0.04 1.83 4.34 1.09

Includes 69.50 70.50 1.00 0.05 7.64 0.58 0.08 4.31 7.27 1.83

Includes 71.70 72.70 1.00 0.06 28.10 0.81 0.02 5.02 10.31 2.59

BMK25-002

47.27 54.00 6.73 0.02 4.13 0.30 0.04 2.81 4.31 1.08

Includes 52.53 53.00 0.47 0.10 15.80 1.57 0.03 6.58 14.03 3.52

63.75 66.50 2.75 0.11 20.25 0.02 0.47 0.04 2.23 0.56

BMK25-003

115.87 120.25 4.38 0.03 8.40 0.45 0.02 0.77 3.18 0.80

Includes 115.87 116.37 0.50 0.20 30.30 1.52 0.06 1.03 9.72 2.44

Includes 119.75 120.25 0.50 0.04 27.70 1.64 0.02 4.43 12.79 3.21

123.25 127.50 4.25 0.06 8.92 0.49 0.03 2.28 5.00 1.26

Includes 124.80 126.47 1.67 0.13 17.46 0.90 0.03 5.64 10.78 2.71

BMK25-004

60.03 61.53 1.50 0.01 2.27 0.08 0.00 5.18 5.70 1.43

68.00 73.68 5.68 0.04 5.55 0.60 0.04 1.12 3.98 1.00

Includes 72.68 73.18 0.50 0.19 20.10 1.74 0.06 0.50 9.24 2.32

79.18 86.00 6.82 0.35 37.74 0.14 0.88 0.04 4.99 1.25

Includes 81.34 82.00 0.66 1.43 208.00 0.14 2.19 0.08 21.97 5.52

BMK25-005

113.34 119.09 5.75 0.08 7.59 0.39 0.02 0.86 3.17 0.80

Includes 114.04 114.56 0.52 0.34 21.70 1.35 0.03 5.13 13.04 3.28

123.66 124.54 0.88 0.01 2.40 0.15 0.03 0.86 1.65 0.41

130.83 133.63 2.80 0.05 7.41 0.60 0.03 6.29 9.27 2.33

Includes 132.23 133.13 0.90 0.10 12.10 1.25 0.02 7.44 13.40 3.37

135.75 136.75 1.00 0.03 4.90 0.23 0.03 0.12 1.47 0.37

139.30 143.10 3.80 0.07 4.83 0.34 0.05 5.21 7.13 1.79

Includes 141.00 142.60 1.60 0.14 3.80 0.28 0.05 9.70 11.52 2.90

* Reported as core length, intervals 90 to 100% true thickness. **Copper Equivalent (Cu Eq.) & Zinc Equivalent (Zn Eq.) values were

calculated using the following USD metal prices from Jan 23, 2026: $5.9245/lb Copper, $1.4874/lb Zinc, $0.9227/lb Lead, $4966.35/Oz

Gold, and $100.90/Oz Silver. The following recovery factors were applied to the equivalent values based on preliminary metallurgical

work completed in 2021 factoring in optimization: 95% Zn, 90% Cu, 75% Pb, 70% Au, 70% Ag. Please note that copper equivalent is in

substitution for zinc equivalent and not in addition to.

Murchison Minerals’ CEO Troy Boisjoli comments:

“Today’s results illustrate that the BMK high -grade VMS Deposit, located in Canada’s best mining

and exploration juri sdiction – Saskatchewan – is one of the country’s top post discovery, growth

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stage, critical minerals projects. The diamond drilling component of the 2025 Program was hugely

successfully, demonstrating four critical attributes: First, the BMK VMS Deposit remains open and

unconstrained. Second, with all holes hitting shallow (<150 m depth) high-grade VMS mineralization,

BMK has the potential to be open pit amenable. Third, there are tremendous precious metals – gold

& silver –potential at the Deposit, which until now, have been unrecognized. Fourth, with the latest

results and detailed work from external experts such as SRK, the Company has unlocked the

geological controls hosting mineralization at BMK. With this knowledge, Murchison now has a

roadmap for discovering additional VMS deposits along the 37-km long BMK VMS Trend, which

already has numerous VMS showings. At a time when critical minerals are at the forefront of national

and global impor tance, Murchison Minerals is ready to push the BMK Project into acceleration

mode.”

Murchison Minerals’ Vice-President of Exploration John Shmyr comments:

“Phase II drilling was a success, with every hole intersecting significant near-surface mineralization

at BMK. Results from hole BMK25 -005 clearly demonstrate that high-grade mineralization extends

beyond the 2018 resource model. Additionally, the identification of a lower precious metal zone in

BMK25-004 is very encouraging. These outcomes upgrade the growth potential of the deposit and

set the stage for 3D modelling and an aggressive, expansion -focused exploration campaign in

2026.”

Burlington, Ontario, February 4th, 2026: Murchison Minerals Ltd. (TSX.V: MUR) (OTC: MURMF)

(“Murchison” or the “Company”) is pleased to announce assay results from its 2025 BMK

diamond drilling exploration program at its 100% -owned BMK VMS Project, located in

Saskatchewan, Canada (Figure 1). The Program comprised five diamond drillholes totaling 853

m, successfully targeting the BMK VMS Deposit (Table 2) and achieved all three objectives:

Objective I; all drillholes intersect ed shallow (<150 m depth) high-grade VMS mineralization

(Table 2 & Figure 2), demonstrating that the BMK VMS Deposit is amenable to potential open pit

mining. Objective II; 2025 drillholes successfully intersected intervals of previously unidentified

zones of cryptic precious metals (Gold and Silver). Drillhole BMK25-004 (Figure 4), drilled outside

of the northern extent of the indicated resource model, intersected 6.82 m (from 79.18 m to 86.00

m) grading 4.99% ZnEq or 1.25% CuEq, including 0.66 m grading 21.97% ZnEq or 5.52% CuEq

(1.43g/t Au, 208g/t Ag, 0.14% Cu, 2.19% Pb, 0.08% Zn) . Objective III ; further u nderstanding

structural controls on mineralization identified by an on-going SRK structural study – with the end

goal of de-risking future delineation and regional exploration drilling.

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Figure 1: Location map of BMK Project.

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Figure 2: Long-section view displaying fall 2025 drillholes and 2018 indicated and inferred

resource shells.

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Figure 3: BMK25-005 Striplog displaying lithology, and assay intervals

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Figure 4: BMK25-004 Striplog displaying lithology, and assay intervals