Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORTS FOR PREVIOUSLY ANNOUNCED INITIAL RESOURCES, MIDLOTHIAN AND BANNOCKBURN PROJECTS

Canada Nickel Company Inc. has filed on SEDAR+ the independent technical reports prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, supporting the initial mineral resource estimates for its 100-per-cent-owned Midlothian nickel sulphide project and Bannockburn nickel sulphide project near Timmins, Ont. There are no material differences in the reports from those results disclosed in the company's news release dated Dec. 18, 2025. The mineral resource estimates, effective as of Dec. 15, 2025, were prepared following the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards for mineral resources and reserves (Nov. 29, 2019).

The two full technical reports, issued Feb. 2, 2026, and with mineral resource estimates having an effective date of Dec. 15, 2025, are titled "National Instrument 43-101 Initial Mineral Resource Estimate and Technical Report for the Midlothian Ni-Co-Pd-Pt Deposit, Midlothian Nickel Sulphide Project" and "National Instrument 43-101 Initial Mineral Resource Estimate and Technical Report for the Bannockburn Ni-Co-Pd-Pt Deposit, Bannockburn Nickel Sulphide Project." The reports were prepared for Canada Nickel by Caracle Creek International Consulting Inc. and can be found under the company's issuer profile at SEDAR+.

Issuance of shares

Additionally, Canada Nickel has entered into an amendment to its option agreement in respect of the Midlothian property, under which Canada Nickel has agreed to issue a total of 27,400 common shares to the optionors in consideration for deferring the time of payment of $200,000 from November, 2025, to January, 2026, for the final cash option payment, which has now been made.

Qualified person

Stephen J. Balch, PGeo (Ontario), vice-president, exploration, of Canada Nickel and a qualified person as defined in NI 43-101, has reviewed and approved the scientific and technical information in this news 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.

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