Ms. Misty Urbatsch reports

CORE NICKEL COMPLETES $400,000 FLOW-THROUGH FINANCING

Core Nickel Corp. has closed its non-brokered private placement previously announced on Sept. 13, 2024. Under the offering, the company has issued eight million flow-through units at a price of five cents per FT unit for gross proceeds of $400,000. Please see the Sept. 13, 2024, news release for further information on the offering.

All securities issued under this private placement are subject to a hold period expiring Jan. 21, 2025, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

The gross proceeds received from the sale of the FT units will be used for exploration programs on the company's projects in the Thompson nickel belt, Manitoba.

The company's 100-per-cent-owned Mel deposit project is located only 25 kilometres from Vale's operating Thompson mill complex. The Mel deposit hosts a historic estimate with an indicated resource of 4.3 million tonnes grading 0.88 per cent nickel and a historic inferred estimate of 1.0 million tonnes grading 0.84 per cent nickel. The Mel deposit has not been drilled since 2011, but is open for expansion both at depth and along strike.

The company also owns 100 per cent of the Halfway Lake project, located only 15 km from the Bucko mill. A preliminary three-hole drill program completed by the company in early 2024 intersected 91 metres grading 0.37 per cent nickel with localized 1.0-metre intersections grading over 1.0 per cent nickel in drill hole HFW-002 from a vertical depth of approximately 120 metres. The company believes this wide zone of shallow, ultramafic-hosted, disseminated nickel-sulphide mineralization indicates potential proximity to a higher-grade massive sulphide zone, which is the typical host of the numerous past-producing and operating mines in the Thompson district.

Paul Reid purchased four million FT units under the offering. Prior to the closing of this offering, Mr. Reid owned or controlled 3,881,500 common shares of the company, representing approximately 12.8 per cent of the outstanding Core Nickel shares. Upon acquisition of the four million FT units, Mr. Reid now owns or controls 7,881,500 common shares of the company, representing approximately 20.6 per cent of the outstanding Core Nickel shares on a non-diluted basis. On a partially diluted basis (assuming the exercise of all three million common share purchase warrants held by Mr. Reid), Mr. Reid would have ownership and control over approximately 26.3 per cent of the then issued Core Nickel shares. The shares recently acquired by Mr. Reid are held for investment purposes only. Mr. Reid may acquire additional shares of Core Nickel or dispose of Core Nickel shares (through market or private transaction) from time to time. A copy of the related early warning report may be obtained under Core Nickel's profile on the SEDAR+ website or from Mr. Reid at Suite 204, 75 24th St. East, Saskatoon, Sask., S7K 0K3.

Marc Pais purchased four million FT units under the offering. Prior to the closing of this offering, Mr. Pais held 229,000 common shares of the company, representing approximately 0.8 per cent of the outstanding Core Nickel shares. Upon closing of the offering, Mr. Pais now owns or controls 4,299,000 common shares of the company, representing approximately 11.2 per cent of the outstanding Core Nickel shares on a non-diluted basis. On a partially diluted basis (assuming the exercise of all two million common share purchase warrants held by Mr. Pais), Mr. Pais would have ownership and control over approximately 15.6 per cent of the then issued Core Nickel shares. The shares recently acquired by Mr. Pais are held for investment purposes only. Mr. Pais may acquire additional shares of Core Nickel or dispose of Core Nickel shares (through market or private transaction) from time to time. A copy of the related early warning report may be obtained under Core Nickel's profile on the SEDAR+ website or from Mr. Pais at Suite 204, 75 24th St. East, Saskatoon, Sask., S7K 0K3.

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 to 20 km 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 1.0 million tonnes at 0.839 per cent nickel, equating to 18.7 million pounds of contained nickel (1). 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 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 National Instrument 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.

Reference

(1) "Technical Report on the Mel Deposit, Northern Manitoba," prepared for Victory Nickel Inc., Shane Naccashian (PGeo) of Wardrop Engineering Inc., March 9, 2007.

Technical disclosure

The historical results contained within this news release have been captured from the Manitoba integrated mining and quarrying system 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 nor confirmed by a qualified person but form a basis for continuing work on the subject properties.

We seek Safe Harbor.