Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025

Core Viewpoint - Canadian North Resources Inc. reported positive operational and financial results for Q1 2025, highlighting advancements in bio-leaching technology for the Ferguson Lake Project, which could lead to lower costs and a reduced carbon footprint in mining operations [2][3][6]. Financial Performance - For the quarter ended March 31, 2025, the company reported cash and cash equivalents of $771,839 and a net profit of $46,394, equating to $0.00 per share [9]. Project Development - The company commenced extensive bio-leaching tests for the Ferguson Lake Project, achieving nickel extraction rates of 97.8-98.9% and cobalt extraction rates of 96.0-97.7%, with initial copper extractions of 73.6-75.4% [3][6]. - The bio-leaching tests aim to develop a mineral processing flowsheet that simplifies processing and reduces capital expenditures, energy consumption, and operating costs [3][6]. Community Engagement - The company has increased communications with local communities, governments, and investors regarding the potential development of the Ferguson Lake Project following community engagement programs in 2024 [3][5][6]. Shareholder Value Initiatives - The company repurchased 162,500 common shares at an average price of $0.97 per share under its Normal Course Issuer Bid (NCIB), reflecting management's commitment to returning value to shareholders [7][13]. - The company believes the current market price does not fully represent the intrinsic value of its common shares [7][13]. Industry Context - Canadian North Resources focuses on critical metals for clean energy, electric vehicles, and battery industries, advancing its 100% owned Ferguson Lake project, which is one of the largest and highest-grade deposits in North America [11][12].