File: '\\swfile\EmailIn\20241107 125639 Attachment News Release - Cumberland Resources CEO Binyomin Posen Resigns.docx'

Toronto, Ontario-November 7th - Cumberland Resources Nickel Corp. (CSE: LAND) (the "Company" or "Cumberland") announces the voluntary resignation of Binyomin Posen as Chief Executive Officer of the Company. Mr. Posen will remain a director of the company. Effective immediately, the Company has appointed Kelly Abbott as the new Chief Executive Officer of the Company.

Mr. Abbott has over 15 years of experience in entrepreneurship and has founded multiple companies ranging in size and industry. Mr. Abbott has extensive experience in public markets and has helped secure millions of dollars in capital in private and public ventures. Mr. Abbott's expertise is in marketing, corporate strategy, venture capital and business development.

For additional information, please contact:

Binyomin Posen

Chief Executive Officer and Director

416 481-2222

b@posen.ca

About Cumberland Resources Nickel Corp.

Cumberland holds 100% interest in the St. Anthony Property located in Newfoundland, Canada. The Company is focused on acquiring, exploring and developing its mineral properties.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the anticipated demand, supply, uses, and price for graphite; the exploration and development of the Company's claims and properties, including the Company's St. Anthony Property and its Indigo Graphite claims; the potential mineralization of the Indigo Graphite Property and any inferences drawn due to its proximity with Nouveau Monde's Matawinie graphite deposit; and the potential value of the Indigo Graphite Property to the Company and its shareholders.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to accurately forecast anticipated demand, supply, uses, and price for graphite; the Company's ability to carry out exploration and development of the Company's claims and properties, including the Company's St. Anthony Property and its Indigo Graphite claims; the Company's ability to realize the potential mineralization of the Indigo Graphite Property and that inferences drawn due to its proximity with Nouveau Monde's Matawinie graphite deposit are correct and become realized upon; and the Company's ability to realize on the potential value of the Indigo Graphite Property for the Company and its shareholders.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to accurately forecast anticipated demand, supply, uses, and price for graphite; the Company's inability to carry out exploration and development of the Company's claims and properties, including the Company's St. Anthony Property and its Indigo Graphite claims; the Company's inability to realize the potential mineralization of the Indigo Graphite Property and that inferences drawn due to its proximity with Nouveau Monde's Matawinie graphite deposit are incorrect; and the Company's inability to realize on the potential value of the Indigo Graphite Property for the Company and its shareholders.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.