Mr. Rene Galipeau reports

VICTORY NICKEL GRANTED FURTHER EXTENSION FOR DELISTING REVIEW BY THE TSX

Victory Nickel Inc. has received a letter from the Toronto Stock Exchange advising that the continued listing committee of the TSX has determined to defer its delisting decision until no later than Jan. 6, 2016, following a meeting on Jan. 5, 2016, to consider whether the company has met the listing requirements of the exchange. A delisting decision was previously scheduled for no later than Dec. 4, 2015.

It is the intent of the company to maintain a public listing for the company's shares. In addition to working with the TSX during this period, management is evaluating alternative listing options. There can be no assurance that the company will be able to achieve compliance with the TSX's listing requirements within the required time frame or that it will secure an alternative listing.

The company recently announced a debt restructuring package (see news release dated Nov. 26, 2015). Completion of the restructuring with the secured lender, unsecured lenders and trade creditors is subject to normal regulatory approvals and final documentation. There can be no assurance that the company will complete its debt restructuring, and there is no certainty as to what steps creditors may take in light of current defaults.

We seek Safe Harbor.