Canadian North Resources Inc. Reports Operational and Financial Results for the Second Quarter Ended June 30, 2025

Executive Summary

• Canadian North Resources reported Q2 2025 cash of $143,233 and a net loss of $292,890 ($0.00 per share).
• Expanded bio‑leaching tests now target high‑grade recovery of nickel (97.86‑98.5%), cobalt (96.9‑97.7%) and initial copper recoveries of 73.6‑75.4%, with work underway to add copper and PGE to the flowsheet.
• Ongoing engagement with Nunavut governments, Indigenous communities, investors and potential strategic partners to secure permits for environmental baseline studies and advance the Ferguson Lake Ni‑Cu‑Co‑PGE project.

Key Details

• Bio‑metallurgical progress:
• Initial bio‑leaching tests (2024) showed nickel extraction of 97.8‑98.9% and cobalt extraction of 96.0‑97.7%.
• New Q2 tests added copper, achieving 73.6‑75.4% extraction; PGE results pending.
• Project development:
• Continued communication with local governments and Indigenous groups to obtain permissions, permits and licenses for baseline environmental studies.
• Field work programs prepared pending receipt of required approvals.
• Financial snapshot (Q2 2025):
• Cash & cash equivalents: $143,233.
• Net loss / comprehensive loss: $292,890 (≈ $0.00 per share).
• Shareholder actions:
• NCIB repurchase of 202,300 common shares at an average price of $0.98 per share (April 5 2024 – April 4 2025).
• Notice of Intention to make a Normal Course Issuer Bid filed (effective April 28 2025 – April 27 2026).
• Corporate governance:
• Voting results for Board of Directors election disclosed (June 19 2025 meeting, announced June 21 2025).
• Resource context:
• Updated NI 43‑101 Mineral Resource Estimate (March 19 2024) confirms one of the largest high‑grade Cu‑Ni‑Co‑PGE deposits in North America (Indicated: 66.1 Mt; Inferred: 25.9 Mt).

Notable Quotes

• Dr. Kaihui Yang, President & CEO:

  “In the second quarter, we have expanded the bio‑leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE… Bio‑leach extraction is a promising technology for developing a low‑cost, low‑carbon footprint mine at the Ferguson Lake Project.”

Materiality Assessment: Non-Material – Neutral (the release provides operational updates and modest financial loss without indicating a material change to the company’s outlook).