Mr. Mark Selby reports

CANADA NICKEL PROVIDES FINANCING UPDATE

Canada Nickel Company Inc. has extended the repayment date of the $12-million (U.S.) loan facility announced Sept. 18, 2023, with Auramet International Inc. to Jan. 18, 2024, by agreeing to issue 350,000 one-year common share purchase warrants with a strike price of $1.19 per share and pay an extension fee of 1.5 per cent of the repayment amount of $185,519 (U.S.). The loan will carry an interest rate of 1.25 per cent per month for the extension period. The warrants and the underlying shares will be subject to a four-month hold period under applicable Canadian securities laws. The extension is also subject to TSX-V approval.

Mark Selby, chief executive officer of Canada Nickel, said, "I am pleased that we are extending repayment of our loan with Auramet to Jan. 18, 2024, utilizing 30 days of the 90-day extension right that we had negotiated as part of the original loan agreement which allows us to advance various financing and offtake initiatives, which we expect to complete during this time frame."

About Auramet International Inc.

Auramet is one of the largest physical precious metals merchants in the world with over $20-billion (U.S.) in annual revenues and which provides a full range of services to all participants in the precious metals supply chain. Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest-quality service to participants in the sector. In fiscal year 2022 it purchased over five million ounces of gold, 78 million ounces of silver and 3.9 million ounces of platinum group metals, and has provided term financing facilities in excess of $1-billion (U.S.) to date. Auramet is looking to grow its capital investment business in equity, royalties and streams in the precious metals and battery-related metals mining space. Auramet is proud to have been awarded a gold medal for its ESG commitment by EcoVadis, the most trusted provider of ESG ratings with a network of more than 90,000 rated companies.

About Canada Nickel Company Inc.

Canada Nickel Company 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, 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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