Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES NEW DISCOVERY AT MANN NORTHWEST PROPERTY, PROVIDES UPDATE ON REGIONAL DRILLING AT MIDLOTHIAN AND SOTHMAN

Canada Nickel Company Inc. has released assay results from its 100-per-cent-owned Sothman property located 70 kilometres south of Timmins, Ont., its optioned Midlothian property and initial drilling results from the first four holes at its optioned Mann Northwest property.

Mark Selby, chief executive officer of Canada Nickel, commented: "Our regional exploration program successfully continues to deliver positive results, as we add Mann Northwest to the string of successes at Reid, Deloro, Sothman, Texmont and Midlothian. We are very encouraged by the first assay results from Midlothian, which delivered above average nickel grades of 0.28 per cent across the entire core length and our drilling at Sothman has confirmed the historical higher-grade results within a much larger mineralized envelope in Sothman West and a large bulk tonnage target at Sothman East. We look forward to releasing our latest results from our Texmont property shortly."

Mann Northwest Property

The Mann property is located 22 kilometres east of Crawford and 45 kilometres northeast of Timmins. The property consists of at least three main ultramafic targets like that at Crawford -Mann Northwest with a target footprint of 6.0 km2, Mann Central with a target footprint of 3.1 km2, and Mann Southeast with a target footprint of 4.1 km2 - compared to Crawford target footprint of 1.6 km2 (see Figure 1).

Drilling started in the Northwest zone, with the first four drillholes intersecting very strongly serpentinized peridotite and minor dunite. These first four holes delineated mineralization along 800 metres of strike length and a width of at least 500 metres within a total target length of 10.4 kilometres. Mann Northwest remains open in all directions. Mineralogy and assays are pending. All four holes collared in dunite/peridotite with lesser intersections of pyroxenite and some minor dykes (Figure 1). All holes show strong serpentinization, and fine-grained mineralization throughout.

Midlothian Property

Canada Nickel has an option to acquire the Midlothian property from Canadian Gold Miner. The property is located 70 kilometres south-southeast of Timmins, 25 kilometres west of Matachewan and is directly accessible by road.

Four drillholes were completed during the winter of 2023. Hole MID23-01, which entered mineralized dunite after 2 metres of overburden, intersected 0.28 per cent nickel over 343 metres with the hole ending in mineralized dunite (see Table 1 and Figure 2). The first two holes (MID23-01 and MID23-02) were sent for QEMSCAN that showed awaruite to be the dominant nickel-bearing mineral (April 13, 2023, release). Assays for the remaining holes are pending.

Sothman Property

The Sothman property consists of 50 mining leases acquired from Glencore Canada Corporation ("Glencore") in 2021 and totaling 1,000 hectares. Canada Nickel has a 100 per cent interest in the patents subject to certain royalty and offtake provisions with Glencore. The property has a high-grade West Zone and a large tonnage, low-grade East Zone, both road-accessible by an all-year road (Figure 3). A power line corridor is located less than 6 kilometres east of the property.

Sothman West Zone

Drilling in the West Zone targeted high-grade nickel with ten of eleven holes intersecting mineralization. The best intersections (Table 2) occurred in SOT22-09 which encountered 1.28 per cent nickel over 5.3 metres within 192.3 metres of 0.31 per cent nickel and SOT22-08 which encountered 0.99 per cent nickel over 10.5 metres within 77.7 metres of 0.37 per cent nickel.

The West Zone is mineralized along a strike length of approximately 300 metres, a width of 100-120 metres and remains open at depth. There is a shallow historical resource of approximately 190,000 tons of 1.24 per cent nickel1).

Sothman East Zone

Seven drillholes were drilled within the East Zone, a large, highly serpentinized, ultramafic sill composed mostly of peridotite and dunite and delineated mineralization across 1.6 kilometres length and ranging in width between 160 and 300 metres open at depth. The magnetic anomaly measures 2.2 kilometres along strike.

All seven holes intersected mineralized peridotite and dunite (see Table 3). SOT23-18 intersected 319.3 metres of mineralized peridotite at 0.29 per cent nickel starting at 15 metres downhole. Six of the seven holes had mineralized intervals over 140 metres. SOT22-02 intersected 31.5 metres of 0.62 g/t Pt+Pd hosted in a Pyroxenite-Peridotite transitional contact.

Assays, Quality Assurance/Quality Control and Drilling and Assay

Edwin Escarraga, MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or SGS Callao (Peru). All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis. Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" as is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

The magnetic images shown in this press release were created from Canada Nickel's interpretation of datasets provided by the Ontario Geological Survey.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel(TM), NetZero Cobalt(TM), NetZero Iron(TM) and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100 per cent owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

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