Mr. Barry Brown reports

FORT ST. JAMES NICKEL CORP. CLOSES FINANCING

Fort St. James Nickel Corp. has closed the non-brokered private placement previously announced on Sept. 6, 2023, for gross proceeds of $120,000. A total of two million units were issued at a price of six cents per unit. Each unit consisted of one common share of the company and one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of eight cents per warrant share for a period of five years from the date of issuance.

The proceeds from the private placement will be used for general working capital purposes.

All securities issued in connection with the offering will be subject to a hold period expiring Feb. 5, 2024. The closing of the private placement is subject to final TSX Venture Exchange approval.

An insider of the company participated in the offering by subscribing for a total of one million units, constituting a related-party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.

We seek Safe Harbor.