Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES FURTHER SUCCESSFUL EXPLORATION RESULTS FROM THE "THREE GIANTS" INCLUDING HIGHEST GRADE TO DATE AT MANN WEST

Canada Nickel Company Inc. has released additional exploration drilling results from the Reid, Mann West and Midlothian properties.

Chief executive officer Mark Selby said: "Our regional exploration program is consistently yielding excellent outcomes with each of the Three Giants delivering strong drilling results. These targets each have a target footprint larger than our flagship Crawford nickel sulphide project, underscoring the large-scale potential of the Timmins nickel district. We are excited to publish the remaining six resources by mid-2025, bringing the total to eight regional resources and showcasing the vast scale of nickel resources within the district."

Highlights:

• The Three Giants -- Reid, Mann West and Midlothian -- continue to deliver strong results:
  • Mann West: highest-grade interval to date with 0.63 per cent nickel over 4.5 metres within 18 metres of 0.40 per cent nickel within an entire mineralized core length of 452 metres of 0.27 per cent nickel, in hole MAN24-79;
  • Midlothian: consistently higher grades across entire core lengths: 0.32 per cent nickel over 49 metres within an entire hole length of 441.5 metres at 0.29 per cent nickel, in hole MID24-13;
  • Reid: infill and extension drilling continues in line with expectations, including targeted higher-grade nickel intersected in two new holes:
    • 0.48 per cent nickel over 12.0 metres and 0.41 per cent nickel over 37.5 metres within 73.5 metres of 0.34 per cent, in REI24-52, all within an entire core length of 722.7 metres at 0.24 per cent nickel;
    • 0.47 per cent nickel over 9.4 metres within 171.5 metres averaging 0.27 per cent nickel, in REI24-51.

Reid project

Canada Nickel recently published its initial mineral resource for Reid (see news release dated Dec. 23, 2024).

Following the initial resource estimate, the company continued with an infill drilling campaign in order to upgrade resources to measured, indicated and inferred categories. Assays from nine additional holes are presented in this news release (table 1).

Drilling continues this winter at Reid, where there are now 18 new completed holes with assays pending. These holes continued to intersect long mineralized intervals mainly comprising dunite and minor peridotite. REI24-52 was drilled near the centre of the core anomaly, where it intersected targeted higher-grade nickel mineralization, confirming the continuity on strike of at least one higher-grade horizon that is oriented west-northwest to east-southeast.

The Reid project is located just 16 kilometres southwest of Crawford and contains a geophysical target of 3.9 square kilometres, which is nearly 2.4 times larger than Crawford.

Midlothian property

The Midlothian property is located 70 kilometres south-southeast of Timmins, 25 kilometres west of Matachewan, and is directly accessible by road. A total of 16 drill holes have been completed at this property. All 16 holes intersected long intervals of dunite at shallow depths. These holes were drilled on a target measuring 2.7 kilometres long and 0.4 to 0.9 kilometre wide with a target footprint of 1.7 square kilometres (compared with Crawford resource of 1.5 square kilometres). This news release contains assay information on the last two completed holes, each of which intersected long intervals of consistently higher-grade mineralization (see news releases dated April 13, 2023, May 24, 2023, and Jan. 23, 2025).

Mann property

The Mann property is located 22 kilometres east of Crawford between Timmins and Cochrane, and is 80 per cent owned by Canada Nickel and 20 per cent by Noble Mineral Exploration. The target consists of four separate targets, Mann North, Mann West (together formerly Mann Northwest), Mann Central and Mann South. This news release provides an assay update from six holes, three holes at Mann West and three holes at Mann South.

Mann West

Mann West is approximately 3.5 kilometres long by up to 1.1 kilometres wide (covering 3.4 square kilometres). The drill program completed focused on the southern half of the target with drilling completed over a strike length of 1.7 kilometres and a width of at least 600 metres. All drill holes intersected long sections of well-serpentinized peridotite and minor dunite with disseminated and visible nickel sulphide mineralization consisting primarily of pentlandite and heazlewoodite. The company has drilled a total of 40 holes to date at Mann West, with 31 holes drilled during the 2024 program. The company is currently working on an initial resource estimate expected by April, 2025. Assays from three holes are presented in this news release and a final two holes are awaiting assays.

Mann South

This target is approximately 5.9 kilometres long by up to 1.2 kilometres wide, having an arcuate and irregular shape, with an overall area of 4.1 square kilometres. The company drilled 20 holes in 2024 and successfully intersected varying degrees of serpentinized peridotite and minor pyroxenite. Peridotite shows anomalous values of PGE (platinum group elements) in hole MAN24-96. Assays from three holes are presented in this news release.

Quality assurance and quality control (QA/QC) -- drilling and assaying

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 and quality control. 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. All are ISO/IEC 17025-accredited labs. Analysis for precious metals (gold, platinum and palladium) is completed by fire assay while analysis for nickel, cobalt, sulphur and other elements is performed using a peroxide fusion and ICP-OES (inductively coupled plasma optical emission spectroscopy) 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 of Canada Nickel and a qualified person as such term 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.

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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