Mr. Binyomin Posen reports

CUMBERLAND RESOURCES ANNOUNCES CLOSING OF $749,919.45 LIFE OFFERING

Further to its news release dated Nov. 12, 2024, Cumberland Resources Nickel Corp. has closed its non-brokered private placement financing pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, for gross proceeds of $749,919.45. Pursuant to the LIFE offering, the company issued an aggregate of 24,997,315 units at a price of three cents per unit.

Each unit consisted 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 policies of the Canadian Securities Exchange.

In connection the LIFE offering, the company: (i) paid an aggregate of $40,944.36; and (ii) issued an aggregate of 1,364,812 non-transferable finder units to eligible finders. Each finder unit entitles the holder to acquire on unit at an exercise price of three cents for a period of 12 months.

In accordance with Part 5A of NI 45-106 and applicable Canadian securities laws, the securities issued pursuant to the LIFE offering are not subject to any statutory hold period.

About Cumberland Resources Nickel Corp.

Cumberland Resources is committed to acquiring, exploring and advancing mineral properties that address critical resource needs in North America. The company holds a 100-per-cent interest in the St. Anthony property, a prospective mineral asset located in Newfoundland, Canada, strategically positioned in a region known for its rich mineral potential. Recently, Cumberland expanded its portfolio by staking land in Darling township in Southeastern Ontario, approximately 300 kilometres east-northeast of Toronto. This new property is focused on critical mineral exploration, with an emphasis on antimony. The area boasts excellent infrastructure, including hydroelectric power, well-developed road networks and access to a highly skilled work force, creating an optimal environment for exploration and development.

We seek Safe Harbor.