AMI Athabasca Minerals Inc

Jon McCreary (“McCreary”) announces that he has acquired beneficial ownership of, or control or direction over, common shares (“Common Shares”) in the capital of Athabasca Minerals Inc. (TSX-V:AMI) (the “Corporation”) which constitute 10% or more of the outstanding securities of that class.

The requirement to file this press release and corresponding early warning report (the “Report”) was triggered on October 26, 2020 as a result of a purchase of 6,666,667 Common Shares at a price of CAD $0.15 per Common Share, for aggregate gross proceeds to the Corporation of CAD $1,000,000, by JMAC Resources Ltd. (“JMAC”), an entity controlled by McCreary, in connection with the Corporation’s non-brokered private placement announced and closed on October 26, 2020 (the “Transaction”). The Common Shares issued in connection with the Transaction have received final approved for listing on the TSX Venture Exchange.

JMAC is incorporated under the laws of the Province of British Columbia. The principal business of JMAC is an investment arm of JMAC Resources Inc.

Prior to the Transaction, McCreary had beneficial ownership of, or control or direction over, 1,258,950 Common Shares, representing approximately 2.6% of the issued and outstanding AMI Common Shares. Following the Transaction, McCreary has beneficial ownership of, or control or direction over, 7,925,617 Common Shares, representing approximately 13.5% of the issued and outstanding AMI Common Shares.

McCreary acquired the Common Shares for investment purposes. McCreary expects to monitor the business, prospects, financial condition and potential capital requirements of the Corporation and, depending on evaluation of these and other factors, McCreary may from time to time in the future increase or decrease his direct or indirect ownership, control or direction over Common Shares or other securities of the Corporation through market transactions, private agreements, subscriptions from treasury or otherwise. In connection with the Transaction, McCreary has been appointed to the Corporation’s board of directors, effective November 1, 2020.

The Corporation’s head office address is:

Suite 620, 407 – 2nd Street SWCalgary, Alberta T2P 2Y3

JMAC’s head office address is:

JMAC Resources Inc.1505 North Miller StreetWenatchee, WA 98801.

For further information, including a copy of the corresponding report to be filed with Canadian securities regulators, please visit the Corporation’s profile at www.sedar.com.

For further information, please contact:Tanya Finney, Director, Investor and Stakeholder RelationsTel: 587-391-0548 / Email: tanya.finney@athabascaminerals.com