Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES EXERCISE OF MANN PROPERTY OPTION WITH NOBLE

Canada Nickel Company Inc. is exercising its option to acquire an 80-per-cent interest in the Mann Nickel property from Noble Mineral Exploration Inc., as Canada Nickel consolidates its interests in bulk-tonnage nickel projects east of Timmins, Ont.

Highlights:

• Canada Nickel acquiring an 80-per-cent interest in Mann property (acquiring 11,000 hectares);
• Includes Mann Northwest, Central and Southeast properties that cover a combined 25-kilometre strike length of nickel-bearing ultramafic rocks;
• Northwest and Central will advance to resource delineation programs while Southeast will be drilled for the first time, all during the 2024 exploration program.

The option terms include:

1. Exploration expenditures of $1.7-million on the property (completed);
2. Cash payment to Noble of $350,000 (completed);
3. Annual cash payments to Noble of $100,000 (current);
4. Underlying NSR (net smelter return royalty) rights to previous claim owners and to Noble (to be registered).

Mark Selby, chief executive officer of Canada Nickel, commenting on the exercise of the option, said: "We are pleased to complete the option agreement with Noble after our successful drill program in 2023, where all 15 holes intersected target mineralization. We are looking forward to further unlocking the potential of these three targets in 2024."

The option agreement was previously announced on Nov. 22, 2021.

Statement regarding TSX Venture Exchange

The completion of any transactions mentioned in this release is subject to customary closing conditions, including final TSX Venture Exchange approval. The common shares issued pursuant to the above-noted acquisitions will be subject to a four-month hold period under applicable Canadian securities laws. Some transactions may have been approved prior to this release.

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.

We seek Safe Harbor.