Ms. Misty Urbatsch reports

CORE NICKEL COMMENCES PROPERTY-WIDE AIRBORNE ELECTROMAGNETIC SURVEYS ON ITS 100%-OWNED MEL AND ODEI RIVER PROJECTS AND GRANTS STOCK OPTIONS

Geotech Ltd. has commenced helicopter-borne geophysical surveys, including time-domain electromagnetics (versatile time-domain electromagnetic) and a horizontal magnetic gradiometer using the VTEM Plus geophysical system, on Core Nickel Corp.'s 100-per-cent-owned Mel and Odei River projects, as stated in the company's news release on Jan. 27, 2025. The projects are situated approximately 20 kilometres to the northwest of Thompson, Man., in the northern region of the Thompson nickel belt. The projects are strategically located in proximity to infrastructure, including Provincial Highway 6, the HBR (Omnitrax) rail line and a major hydroelectric transmission line, offering excellent access for future development.

The geophysical surveys will cover approximately 379 line kilometres on the Mel project and approximately 1,520 line kilometres on the Odei River project, with 100-metre line spacing on both projects. The geophysical surveys will obtain both new coverage and refine historical EM survey results. Upon completion of the VTEM survey on the Mel and Odei River projects, the company will have modern VTEM coverage across its entire project portfolio, enabling a more comprehensive and strategic approach to target prioritization and exploration planning. The helicopter-borne VTEM Plus system, which is known for its high-resolution imaging capabilities, is a versatile time-domain electromagnetic system that is particularly useful for locating discrete conductive anomalies. Additionally, the system also contains a high-sensitivity cesium magnetometer-gradiometer for mapping geologic structure and lithology. The survey is being conducted by Geotech Ltd. of Aurora, Ont., and under the guidance of Stephen Balch, of Balch Exploration Consulting Inc. of Rockwood, Ont.

Misty Urbatsch, chief executive officer, president and director of Core Nickel, commented: "Core Nickel is making exciting strides in advancing our exploration efforts on our Mel and Odei River projects with the VTEM survey. Historical drilling at the Mel and Odei River projects over the past 50 years has focused on depths averaging only 200 metres, while the VTEM survey will test depths of up to 400 metres. The near-surface Mel deposit was discovered in the 1960s at approximately 50 metres. Therefore, the new VTEM survey will provide us with a better understanding of the geology and new opportunities for discovery. While previous exploration has primarily targeted shallow mineralization, we see potential below 200 metres, as the neighbouring Thompson mine operates at a depth greater than 1,000 metres in a similar geological setting. This deeper exploration could unlock significant value on our Mel and Odei River projects. A VTEM survey completed on our 100-per-cent-owned Halfway Lake project in 2024 identified 14 high-priority targets. These targets will be drill tested in a 4,000-to-5,000-metre diamond drill program set to commence in the coming weeks. The VTEM survey on the Mel and Odei River projects and our diamond drill program on our Halfway Lake project are exciting steps forward as we continue to explore the full potential of our assets in the Thompson nickel belt."

The Mel project hosts the Mel deposit, which is characterized by a historical mineral resource consisting of an indicated resource of 4.28 million tonnes grading 0.875 per cent nickel plus an inferred resource of 1.01 million tonnes grading 0.839 per cent nickel at a cut-off of 0.5 per cent nickel. The deposit offers significant potential for expansion at depth through continuing exploration efforts. The Mel project has not had an electromagnetic survey completed since 2004, and the new VTEM Plus survey will be crucial to better understand the geology of the Mel deposit and the Mel project. The VTEM Plus survey will guide future drill programs to expand the known resource, improve the overall understanding of the deposit's structure and highlight additional exploration targets on the project.

The Odei River project, located to the southwest of the Mel project, presents additional exploration potential. This project is underexplored and has not had a geophysical survey conducted on it since 2003. The VTEM survey will assist in identifying new conductors, which could be indicative of nickel sulphide mineralization and will help to refine the geological model of the project. This survey represents an important step in unlocking the potential of the Odei River project, guiding future exploration efforts and drill programs in an area that has seen limited exploration to date.

Stock option grant

The company also announces that it has granted incentive stock options to certain directors and officers to purchase up to an aggregate of 1.9 million common shares of Core Nickel pursuant to the company's share option plan. The options are exercisable for a period of three years at a price of 17.5 cents. The options and any underlying common shares issued on exercise thereof, will have a hold period expiring May 31, 2025, in accordance with the policies of the Canadian Securities Exchange and applicable securities laws.

Other business

The company has received the final tranche of $69,100 as non-repayable funding from the Manitoba Mineral Development Fund (MMDF) in November, 2024. The total grant awarded to the company from the MMDF is $207,000. The MMDF is a $20-million provincial fund administered by the Manitoba Chambers of Commerce that provides funding to strategic economic development projects in Northern Manitoba.

About Core Nickel Corp.

Core Nickel is a junior nickel exploration company that controls 100 per cent of five projects in the Thompson nickel belt (TNB), a prolific nickel district in Northern Manitoba, Canada. The five projects consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, including 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 15 kilometres to 20 kilometres from the city of Thompson. Core Nickel's northern TNB land package consists of three projects: Mel, Hunter and Odei River. The Mel project encompasses the Mel deposit, which is characterized by a historical mineral resource consisting of an indicated resource of 4,279,000 tonnes grading 0.875 per cent nickel plus an inferred resource of 1.01 million tonnes grading 0.839 per cent nickel at a cut-off of 0.5 per cent 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 projects and drill hole intersections into the target stratigraphy on the Hunter project have successfully intersected anomalous nickel.

The company also holds two projects in the central TNB near Wabowden: Halfway Lake and Resting Lake. Both projects 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.

Mel historical mineral resource

Core Nickel is treating the 2007 mineral resource estimate (MRE) prepared for Victory Nickel Inc. by Shane Naccashian, PGeo, of Wardrop Engineering Inc. as a historical mineral resource under NI 43-101 and the reader is cautioned not to treat it, or any part of it, as a current mineral resource. Core Nickel has not done sufficient work to classify the historical estimate as a current mineral resource.

The historical MRE summarized above has been included simply to demonstrate the mineral potential of the Mel deposit and the Mel project. Core Nickel considers the 2007 MRE to be relevant to the further development of the project; however, is not treating the historical estimate as a current mineral resource. The historical MRE was calculated in accordance with NI 43-101 and CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November, 2019).

To upgrade or verify the 2007 historical estimate as current, Core Nickel will need to complete a thorough review of all the 2007 historical MRE information and drill data, along with the incorporation of subsequent exploration work and results, which include some drilling around the edges of the historical MRE subsequent to the publication of the resource. Additionally, a full review of the economic parameters utilized to determine current reasonable prospectus for eventual economic extraction (RPEEE) would be required in order to produce a current MRE for the property. Any future mineral resource will need to evaluate the open-pit and/or underground potential taking into consideration the current cost and pricing conditions or constraints, along with continuity of the resource blocks.

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 projects.

We seek Safe Harbor.