NWI.CN · 2022-01-24 12:00:00

Nuinsco Announces Closing of Private Placement

Financings

Toronto, January 24, 2022 – Nuinsco Resources Limited (“ Nuinsco” or the “ Company”) (CSE: NWI) today

announced that it has closed a non‐brokered private placement o ffering in two tranches, issuing 14,125,000 flow‐

through units (each, a “ Unit”) at a subscription price of $0.016 per Unit for aggregate pro ceeds of $226,000 (the

“Offering”).

Each Unit consisted of one common share of the Company (“ Common Share”) issued on a “flow‐through” basis

pursuant to the Income Tax Act (Canada) and one‐half of one warrant (each whole warrant a “ Warrant”). Each

Warrant entitles the holder thereof to purchase one common share of the Company (non‐flow‐through) at an

exercise price of $0.05 per share for a period of 24 months from the Issue Date.

Proceeds of the Offering will qualify as Canadian Exploration Expenses as defined in subsection 127(9) of the Income

Tax Act (Canada). The flow‐through proceeds will be used to conduct exploration on the Company’s Canadian

assets.

“This offering was principally designed to generate sufficient near‐term funds to advance Nuinsco’s Prairie Lake

critical metals project to the mineral resource stage,” said Pa ul Jones, CEO of Nuinsco. “During 2021 the Company

conducted a comprehensive drill core sampling program resulting in a succession of drill hole intersections greater

than 100m in length of continuous rare earth elements, niobium, tantalum and phosphate mineralization. The sheer

size of the target containing an abundant of critical minerals endowment (the Exploration Target, see table below,

for the project totals 515‐630 million tonnes of mineralized rock) combined with a superb location relative to road,

rail and maritime transportation links and other essential infr astructure (a mere 28 km north of the Trans‐Canada

Highway and just 45 km northwest of town of Marathon, Ontario) make Prairie Lake one of Canada’s most attractive

critical metals projects.”

About Nuinsco Resources Limited

Nuinsco Resources has over 50 years of exploration success and is a growth‐oriented, multi‐commodity mineral

exploration and development company focused on prospective oppo rtunities in Canada and internationally.

Currently the Company has four properties in Ontario – the high ‐grade Sunbeam gold property near Atikokan, 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 Exploration Target2:

SW Jim's Showing East NE Total

REEs

La (ppm) Lanthanum 275 ‐ 340 295 ‐ 360 305 ‐ 370 200 ‐ 250 280 ‐ 340

Ce (ppm) Cerium 650 ‐ 790 670 ‐ 820 670 ‐ 820 450 ‐ 550 650 ‐ 790

Sm (ppm) Samarium 55 ‐ 70 55 ‐ 70 55 ‐ 70 50 ‐ 60 55 ‐ 70

Nd (ppm) Neodymium 295 ‐ 360 290 ‐ 360 320 ‐ 390 235 ‐ 290 300 ‐ 360

Y (ppm) Yttrium 85 ‐ 100 90 ‐ 110 80 ‐ 100 135 ‐ 170 85 ‐ 100

La+Ce+Sm+Nd+Y (ppm) 1360 ‐ 1660 1400 ‐ 1720 1430 ‐ 1750 1070 ‐ 1320 1370 ‐ 1660

Additional Elements (as oxides)

P2O5 (%) Phosphate 3.0 ‐ 4.0 3.5 ‐ 4.5 2.5 ‐ 3.0 2.5 ‐ 3.5 3.0 ‐ 4.0

Nb2O5 (%) Niobium 0.095 ‐ 0.115 0.100 ‐ 0.120 0.040 ‐ 0.050 0.085 ‐ 0.105 0.090 ‐ 0.110

Ta2O5 (ppm) Tantalum 18 ‐ 25 25 ‐ 30 5 ‐ 7 10 ‐ 12 18 ‐ 21

Volume ‐ m3 (million) 140 ‐ 175 12 ‐ 14 13 ‐ 16 2 ‐ 3 170 ‐ 210

Tonnes (million) 435 ‐ 530 35 ‐ 45 40 ‐ 50 7 ‐ 8 515 ‐ 630

2 A full description of methodology used to estimate the Prairie Lake project Exploration Target is contained in the Technical Report dated 30

November 2018 prepared by P&E Mining Consultants Inc. that is filed on SEDAR. The potential quantity and grade of the ET is conceptual in

nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery

o f a m i n e r a l r e s o u r c e . T h e r e i s n o N a t i o n a l I n s t r u m e n t 4 3 ‐ 1 0 1 – Standards of Disclosure for Mineral Projects preliminary economic

assessment in respect of the Prairie Lake ET.

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualifi ed Person under National Instrument 43‐101. Ms.

Giroux has reviewed and approved the technical contents of this news release.

Forward‐Looking Statements

This news release contains certain "forward‐looking statements." All statements, other than statements of historic

fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur

in the future are forward‐looking statements. Forward‐looking s tatements are often, but not always, identified by

the use of words such as "seek," "anticipate," "believe," "plan ," "estimate, “expect," and "intend" and statements

that an event or result "may," " will," "can," "should," "could, " or "might" occur or be achieved and other similar

expressions. These forward‐looking statements reflect the curren t e x p e c t a t i o n s o r b e l i e f s o f N u i n s c o b a s e d o n

information currently available to Nuinsco. Forward‐looking statements are subject to a number of risks and

uncertainties that may cause the actual results of Nuinsco to d iffer materially from those discussed in the forward‐

looking statements, and even if such actual results are realized or substantially realized, there can be no assurance

that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or

events to differ materially from current expectations include, among other things, failure to successfully complete

financings, capital and other costs varying significantly from estimates, production rate s varying from estimates,

changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability

and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in

resource estimates, success of future development initiatives, competition, operating performance of facilities,

environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits

and approvals, and other development and operating risks. Any f orward‐looking statement speaks only as of the

date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent

or obligation to update any forward‐looking statement, whether as a result of new information, future events or

results or otherwise. Although Nuinsco believes that the assump tions inherent in the forward‐looking statements

are reasonable, forward‐looking statements are not guarantees of future performance and accordingly undue

reliance should not be put on such statements due to the inherent uncertainty therein.

To learn more, please visit www.nuinsco.ca or contact:

Paul Jones, CEO Sean Stokes, Executive VP Cathy Hume, Consultant Instagram:

@nuinscoresources

[email protected] [email protected] [email protected]

Twitter:

@NWIResources

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