55 North Mining Inc. — Capital/Financing Update 2022

Nov 3, 2022

MATERIAL CHANGE REPORT

Form 51-102F3

Section 7.1 of National Instrument 51-102

Item 1. Name and Address of Company

55 North Mining Inc. (“ 55 North ” or the “ Company ”) 401 Bay Street, Suite 2702 Toronto, Ontario M5H 2Y4

Item 2. Date of Material Change

November 2, 2022

Item 3. News Release

A news release was issued through Accesswire on November 3, 2022.

Item 4. Summary of Material Change

On November 3, 2022, the Company announced the closing of a third tranche of the non-brokered private placement unit financing announced on August 29, 2022, for gross proceeds of $42,174.68.

Item 5. Full Description of Material Change

The Company announced the closing of the non-brokered private placement of units (the “ Units ”) for gross proceeds of $42,174.68. The Company issued 2,108,734 Units at a price of $0.02 per Unit. Each Unit consists of one common share (a “ Share ”) and one common share purchase warrant (a “ Warrant ”), exercisable at $0.05 for a period of forty-eight (48) months.

All securities issued will be subject to a four month hold period, which will expire on the date that is four months and one day from the date of issue. The gross proceeds from the sale of the Units will be used for general corporate purposes.

The Company has now closed the third and final tranche of the non-brokered private placement.

Item 6. Reliance on Section 7.1(2) or (3) of National Instrument 51-102

This Report is not being filed on a confidential basis in reliance on subsection 7.1(2) of National Instrument 51-102.

Item 7. Omitted Information

No information has been omitted on the basis that it is confidential information.

Item 8. Executive Officer

Inquiries in respect of the material change referred to herein may be made to:

Bruce Reid, Chief Executive Officer Tel: (647) 500-4495

Item 9. Date of Report

November 3, 2022

(2)