Ms. Misty Urbatsch reports

CORE NICKEL ANNOUNCES UP TO $252,000 NON-BROKERED PRIVATE PLACEMENT FINANCING

Core Nickel Corp. proposes to undertake an up-to-$252,000 non-brokered private placement of units to be sold to eligible purchasers at a price of 17.5 cents per unit. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 30 cents at any time on or before that date which is 36 months after the closing date of the offering.

The proceeds received from the sale of the units will be used to finance general working capital expenses. The company may 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.

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.

The company anticipates that it will close this offering concurrent with the closing of its flow-through unit offering, which was previously disclosed in its Sept. 23, 2024, news releases.

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 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 of 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 extend 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 National Instrument 43-101, Standards of Disclosure for Mineral Projects, for this news release is Caitlin Glew, PGeo, vice-president of exploration for Core Nickel, who has reviewed and approved its contents.

(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.