Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES LATEST DRILL RESULTS AT MIDLOTHIAN PROPERTY CONFIRMING SIGNIFICANT DISCOVERY

Canada Nickel Company Inc. has released assay results from the final three of four holes drilled on its Midlothian property. Canada Nickel can earn a 100-per-cent interest in the property through a combination of cash payments, share issuances, exploration expenditure requirements and a net smelter returns royalty as part of an option agreement with Canadian Gold Miner Corp. and Laurion Mineral Exploration Inc.

Mark Selby, chief executive officer of Canada Nickel, commented: "These outstanding Midlothian results, with all holes showing good nickel grades across long mineralized intervals of multihundred metres that start less than 10 metres from surface, confirm Midlothian as a significant discovery. Midlothian is one of our 10 properties with a target geophysical footprint larger than Crawford, and these latest results further confirm the success of our geophysical targeting approach. As well, these latest samples with high brucite content also demonstrate the potential for substantial carbon storage at Midlothian utilizing the in-process tailings (IPT) carbonation process the company is developing."

Midlothian property

The Midlothian property is located 70 kilometres south-southeast of Timmins, 25 kilometres west of Matachewan and is directly accessible by road. Four drill holes were completed during the winter of 2023. All four holes intersected mineralized dunite at shallow depths. These holes were drilled on a target measuring 2.7 kilometres long and 0.4 km to 0.9 km wide, with a target footprint of 1.7 square km (compared with Crawford resource of 1.5 square km). This release contains assay information on the last three holes (see MID23-01 assay results from May 24, 2023, release, and nickel-bearing mineralogy from April 13, 2023, release for earlier results).

Holes MID23-02 and MID23-03 intercepted long, uninterrupted lengths of strongly serpentinized dunite, starting close to surface at approximately six metres and still open at depth.

Hole MID23-04 collared on a serpentinized peridotite, followed by pyroxenite and a long intersection of mineralized dunite, remaining open at depth.

Mineralogy results

Mineralogical analysis of samples from hole MID23-04 indicate awaruite and heazlewoodite being the dominant nickel minerals, with awaruite representing approximately 70 per cent of the recoverable nickel minerals. Brucite, the most reactive carbon storage mineral, averaged 7.2 per cent, nearly four times the amounts seen at Crawford, which averages 1.9 per cent brucite, with several individual samples over 11 per cent. See the table entitled "QEMSCAN [quantitative evaluation of materials by scanning electron microscopy] mineralogy results."

Assays, quality assurance/quality control and drilling

Edwin Escarraga, MSc, PGeo, a qualified person as defined by National Instrument 43-101, is responsible for the continuing 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 (inductively coupled plasma optical emission spectrometry) analysis. Certified standards and blanks are inserted at a rate of three 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 PGeo (Ontario), vice-president of exploration for Canada Nickel, and a qualified person as 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.

About Canada Nickel Company Inc.

Canada Nickel 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 has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt and NetZero Iron, 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.

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