Ms. Misty Urbatsch reports

CORE NICKEL FULLY SUBSCRIBES ITS PREVIOUSLY ANNOUNCED $400,000 FINANCING AND APPOINTS PAUL REID AND MARC PAIS AS STRATEGIC ADVISORS

Core Nickel Corp.'s previously announced non-brokered private placement of up to eight million flow-through units of the company at a price of five cents per flow-through unit for gross proceeds of up to $400,000 has been fully subscribed. Details of the offering are contained in the company's Sept. 13, 2024, news release. Pursuant to Canadian Securities Exchange policies, the company must wait five business days from initial announcement to close a private placement, and, consequently, the company expects to close this offering on Sept. 20, 2024. Closing of this offering is subject to certain customary conditions.

The gross proceeds received from the sale of the flow-through units will be used for helicopter-borne versatile time-domain electromagnetic (VTEM) and horizontal magnetic gradiometer geophysical surveys across its 100-per-cent-owned Mel and Odei River exploration properties. Additionally, the funds will support part of the winter drilling program, which will focus on high-priority targets identified from the VTEM surveys conducted in 2024.

Paul Reid and Marc Pais are each subscribing for $200,000 under the offering. The company welcomes both Mr. Reid and Mr. Pais as strategic advisers to Core Nickel, leveraging their extensive public market, exploration and development expertise to assist Core Nickel's continued growth and exploration efforts.

Mr. Reid is the co-founder and past executive chairman of Arizona Metals Corp. He previously co-founded and served as executive chairman of Telegraph Gold Inc. (listed as Castle Mountain Mining Company Ltd. before changing its name to NewCastle Gold Ltd.), which ultimately combined with two other companies to form Equinox Gold Corp., a Toronto Stock Exchange listed mining company. Mr. Reid worked for 15 years in investment banking and has extensive experience in raising capital, going-public transactions and corporate advisory services.

Mr. Pais is the co-founder and former chief executive officer of Arizona Metals. He previously co-founded and served as chief executive officer of Telegraph Gold (listed as Castle Mountain Mining Company before changing its name to NewCastle Gold), which ultimately combined with two other companies to form Equinox Gold, a TSX-listed mining company. Mr. Pais worked for seven years as a mining research analyst, with a focus on exploration and development companies. Mr. Pais holds a BSc in geological engineering (mineral exploration) from Queen's University (Kingston, Ont.).

Misty Urbatsch, chief executive officer, commented: "Core Nickel is thrilled to have the support of Paul Reid and Marc Pais in this private placement, and we are excited to welcome them as strategic advisers. They both bring a wealth of knowledge and a proven track record of success. Their support and belief in our vision will be invaluable as we continue to drive progress on our Tier 1 assets in the Thompson nickel belt, Manitoba."

"Paul and I are very pleased to be joining as strategic advisers of recently listed Core Nickel. We believe the company has all the elements for exploration success -- a very strong geological team with a large land package in an operating mining camp. We see the potential to significantly expand the historic Mel deposit, located only 20 kilometres from Vale's Thompson mill. Recent drilling at the Halfway Lake project, located 15 kilometres from the Bucko mill, has also defined an exciting exploration target with follow-up drilling currently being planned," commented Mr. Pais.

About Core Nickel Corp.

Core Nickel is a junior nickel exploration company that controls 100 per cent of five properties in the prolific nickel district -- the Thompson nickel belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways, railways, major hydroelectric transmission lines and operating mills.

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16 kilometres to 20 kilometres from the city of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical National Instrument 43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875 per cent nickel, equating to 82.5 million pounds contained nickel, and a historical inferred resource estimate of one million tonnes at 0.839 per cent nickel, equating to 18.7 million pounds of contained nickel. The target stratigraphy (Pipe formation) that hosts the Mel deposit and other deposits in the Thompson nickel belt extends onto the Hunter and Odei River properties and drill hole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.

The company also holds two properties in the central TNB near Wabowden: Halfway Lake and Resting Lake. Both properties host the target Pipe formation associated with known elevated nickel mineralization and are proximal to existing nickel deposits, mills and other infrastructure.

The qualified person under NI 43-101, Standards of Disclosure for Mineral Projects, for this news release is Caitlin Glew, PGeo, vice-president, exploration, for Core Nickel, who has reviewed and approved its contents.

Technical disclosure

The historical results contained within this news release have been captured from Manitoba Integrated Mining and Quarrying System (iMaQs) as available and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results were collected and reported by past operators and have not been verified or confirmed by a qualified person but form a basis for continuing work on the subject properties.

We seek Safe Harbor.