Canoe Announces Changes to its Board of Directors and Management

Canoe Mining Ventures Corp. (TSXV:CLV) ("

Canoe

" or the “

Company

”) announces the resignations and retirements of co-founder Duane Parnham and Dr. Roger Laine from its board of directors (the “

Board

”). Mr. Parnham has retired as Director, President and CEO of Canoe and Dr. Laine has retired as an independent director, effective December 21, 2021. Director and co-founder Scott Kelly has been appointed to succeed Mr. Parnham as Chief Executive Officer.

The Board thanks Mr. Parnham and Dr. Laine for their valuable contributions to Canoe and impact on the mining industry.

“We appreciate the guidance and leadership Mr. Parnham has provided the Company since its inception and celebrate his thirty plus year career as a geological and environmental consultant, dealmaker, philanthropist, director and executive to the mining and oil/gas industries,” said Director and CEO, Scott Kelly. “Mr. Parnham remains a supportive shareholder of the Company and we wish him well in his new private equity endeavours.”

On Behalf of the Board of Directors

Scott Kelly Director and CEO+1 416 998 4714

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events (such as the retirement of Directors and appointment of the CEO) may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. See "Forward-Looking Information" and "Risk Factors" in filings of the Company with Canadian securities regulatory authorities available at www.sedar.com for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.