Mr. Mark Selby reports

CANADA NICKEL PROVIDES CORPORATE UPDATE

Canada Nickel Company Inc. has extended the repayment date of its loan facility originally announced Feb. 6, 2026, with Auramet International Inc. from Nov. 9, 2026, to Feb. 9, 2027. The loan amount has been reduced from the originally announced $32-million (U.S.) to $27,777,299 (U.S.) as a portion of the principal has been repaid.

Mark Selby, chief executive officer and director of Canada Nickel Company, said: "I am pleased with this continued support from Auramet extending the facility, in line with our current expectations on completion of various financing initiatives. Despite a challenging nickel price environment, we continue to advance meaningful discussions with offtake and joint venture partners and several federal and provincial level government funding programs as we work towards a construction decision in 2027."

Loan extension

In connection with the extension of the repayment date of the loan, the company will pay an extension fee of $694,432 (U.S.) and will grant 7.5 million common share purchase warrants to Auramet, each exercisable for a one-year period to acquire one common share of the company at an exercise price equal to $1.10, a 10-per-cent premium to the five-day VWAP (volume-weighted average price) nding on Nov. 6, 2026. The loan extension and extension warrants are subject to the approval of the TSX Venture Exchange.

In connection with the extension of the repayment date of the loan, the 5.5 million common share purchase warrants with an exercise price of $1.52 per share that were previously issued by the company to Auramet in August, 2026 in connection with the second extension of the initial loan advance will be cancelled and rendered ineffective pursuant to the requirements of the TSX-V.

Other update

Further to the company's news releases dated Oct. 31, 2024, and Nov. 27, 2024, the company has terminated its engagement agreement with a third party service provider following the issuance of 73,529 common shares at a deemed price of $1.02 per share for services provided during the three-month period ended Oct. 31, 2024. No further common shares will be issued under the services agreement.

About Canada Nickel Company Inc.

Canada Nickel 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 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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