Ms. Misty Urbatsch reports

CORE NICKEL ANNOUNCES UP TO $1,500,000 FLOW-THROUGH PRIVATE PLACEMENT FINANCING

Core Nickel Corp. has proposed to undertake an up-to-$1.5-million non-brokered private placement of flow-through units to be sold to eligible purchasers at a price of 30 cents per flow-through unit. Each flow-through unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each warrant will entitle the holder to purchase one non-flow-through common share of the company at a price of 30 cents at any time on or before that date that is 36 months after the closing date of the offering.

The gross proceeds received from the sale of the flow-through units will be used to finance Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's properties in the Thompson nickel belt in Manitoba on or before Dec. 31, 2025, and the company will renounce all of the qualifying expenditures in favour of the subscribers of the flow-through shares effective Dec. 31, 2024.

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 one 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 kilometres 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 one-metre intersections grading over 1 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.

The company will pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and the policies of the Canadian Securities Exchange.

Certain directors of the company may acquire securities in connection with the offering. Such participation by insiders is considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company expects that it will be exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' acquisition of securities in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that the aggregate number of securities acquired by the insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance in accordance with the policies of the CSE and applicable securities laws.

About Core Nickel Corp.

Core Nickel is a junior nickel exploration company that controls 100 per cent of five properties in a 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 nor confirmed by a qualified person but form a basis for continuing work on the subject properties.

We seek Safe Harbor.