Ms. Misty Urbatsch reports

CORE NICKEL COMPLETES PRIVATE PLACEMENT FINANCING

Core Nickel Corp. has closed its non-brokered private placement previously announced on Oct. 21, 2024, and increased on Oct. 22, 2024. Under the offering, the company has issued 3,313,572 units at a price of 17.5 cents per unit for gross proceeds of $579,875.10. Please see the Oct. 21, 2024, news release for further information on the offering.

All securities issued under this private placement are subject to a hold period expiring March 1, 2025, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

The net proceeds received from the sale of the non-flow-through units will be used for general working capital.

Misty Urbatsch, the company's chief executive officer and president, stated: "With nearly $3.5-million in funding secured over the last month and a half, Core Nickel is primed to advance exploration on our Tier 1 assets in the world-class Thompson nickel belt. We're equipped with the right assets in the right jurisdiction, and now we have the cash to move our portfolio forward. With 100-per-cent ownership of the Mel deposit and a strategic position supported by existing mills with capacity, highways, railways and nearly 100-per-cent renewable hydroelectric power, our mission to unlock the full potential of this prolific nickel district is well under way."

Core Nickel enters into marketing service agreements

The company announces that it has entered into a marketing agreement with Junior Mining Network LLC (JMN), under which JMN will provide services to the company on the Junior Mining Network platform, which services included, priority placement of material news releases in JMN Morning Newsletter and JMN Newsroom, rotation of the company's profile, banner and video capsule throughout the JMN platform, custom branding, and other related services. The term of the agreement is for one year. In connection with this engagement, the company will pay JMN $19,000, half of which is payable on execution of the agreement, and the remainder of which will be due six months thereafter. JMN can be reached by e-mail or phone through support@juniorminingnetwork.com and 1-763-200-1386.

The company also entered into an Internet services agreement dated Oct. 30, 2024, with an arm's-length company, Chinese Investment Club Inc. (CICI), under which CICI will translate the company's profile and other public disclosure documents into Chinese and will upload the company's Chinese and English profiles and documents on CICI's website, together with providing other related services. The term of the agreement is 13 months. In connection with this engagement, the company will pay the consultant $3,955 (including harmonized sales tax). CICI can be reached by e-mail or phone through Cic@nafinance.com and 1-416-756-9328.

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 are 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 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.

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.