Mr. Binyomin Posen reports

CUMBERLAND RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Cumberland Resources Nickel Corp. has arranged a non-brokered private placement of a minimum of 15 million units of the company and a maximum of 25 million units at a price of three cents per unit for aggregate gross proceeds of a minimum of $450,000 and a maximum of $750,000, which will be offered for sale to purchasers resident in Ontario, British Columbia and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106, Prospectus Exemptions.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of five cents for a period of 12 months following the closing of the LIFE offering.

The company intends to use the net proceeds from the LIFE offering for property development and general working capital purposes, subject to compliance with the polices of the Canadian Securities Exchange.

The company may compensate certain eligible finders, and pay cash commissions of up to 7 per cent of the gross proceeds raised in respect of the LIFE offering from subscribers introduced by the eligible finders and issue such number of finders' warrants equal to 7 per cent of the total number of units sold under the LIFE offering to subscribers introduced by the eligible.

The LIFE offering may be completed in multiple closings, with the final closing to occur no later than Dec. 20, 2024. The securities issued pursuant to the LIFE offering will not be subject to any statutory hold period in accordance with applicable Canadian securities laws.

There is an offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+. Prospective investors should read this offering document before making an investment decision.

About Cumberland Resources Nickel Corp.

Cumberland holds a 100-per-cent interest in the St. Anthony property, a prospective mineral asset located in Newfoundland, Canada. The St. Anthony property is strategically positioned in a region known for its rich mineral potential, with favourable geological formations that suggest potential for valuable resources. Cumberland is focused on acquiring, exploring and advancing mineral properties like St. Anthony to build a portfolio that supports critical resource needs in North America.

We seek Safe Harbor.