Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES UPSIZE OF THE BROKERED PRIVATE PLACEMENT TO UP TO C$11.0 MILLION IN GROSS PROCEEDS

Canada Nickel Company Inc., as a result of strong investor demand, has increased the size of its previously announced best efforts private placement from aggregate gross proceeds of up to $8,000,200 to aggregate gross proceeds of up to $11,000,700. The upsized offering comprises the sale of up to 12,942,000 units of the company at a price of 85 cents per unit.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of $1.20 at any time on or before that date that is 36 months after the closing date (as defined herein).

Red Cloud Securities Inc. and Bank of Nova Scotia are acting as co-lead agents and joint bookrunners, on behalf of a syndicate of agents. The company has granted to the agents an option, exercisable in full or in part up to 48 hours prior to the closing date, to sell up to an additional 2,353,000 units at the offering price for up to $2,000,050 in additional gross proceeds.

The company plans to use the net proceeds of the offering for the advancement of the company's wholly owned Crawford Nickel sulphide project, as well as for working capital and general corporate purposes.

The offering is scheduled to close on or around June 26, 2025, and is subject to certain conditions, including, but not limited to, the listing of the unit shares and warrant shares on the TSX Venture Exchange, and the receipt of all necessary approvals, including the approval of the TSX-V and the applicable securities regulatory authorities.

The company shall pay to the agents, on the closing date, a cash commission of 6.0 per cent of the gross proceeds raised in respect of the offering other than gross proceeds from sales to certain president's list purchasers, for which reduced agents' commissions of 3 per cent of such proceeds shall be payable. In addition, at the closing, the company shall issue to the agents warrants of the company, exercisable for a period of 36 months following the closing date, to acquire in aggregate that number of common shares of the company that is equal to 6.0 per cent of the number of units sold under the offering at an exercise price equal to the offering price, subject to a reduced number of broker warrants to be issued to the agents as is equal to 3 per cent of the number of units sold to president's list purchasers.

The units will be offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended; and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities to be issued pursuant to the offering to purchasers in Canada will be subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws. The units will be offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503, Distributions Outside Canada, and, accordingly, the securities to be issued pursuant to the offering to purchasers outside of Canada are not expected to be subject to a four-month hold period in Canada.

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 nickel district.

We seek Safe Harbor.