Mr. Stuart Harsha reports

NICKEL CREEK PLATINUM ANNOUNCES CLOSE OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Nickel Creek Platinum Corp. has closed the first tranche of its previously announced non-brokered private placement pursuant to which the company is issuing a total of 31,503,656 units for gross proceeds of approximately $1.4-million.

The units were priced at 4.5 cents with each unit consisting of one common share of the capital of the company and one-half of one common share purchase warrant, with each warrant exercisable for one common share at an exercise price of eight cents for a period of three years from the date of issuance, subject to adjustment upon certain customary events.

The net proceeds from the private placement will be used to finance the company's completion of the prefeasibility study (PFS), for continuing permitting activities and holding costs at its 100-per-cent-owned Nickel Shaw project, and for general corporate expenses and working capital purposes.

In connection with the private placement, the company's largest shareholder, Electrum Strategic Opportunities Fund LP, has acquired 27,777,778 units or approximately 88 per cent of tranche 1 of the private placement for a total investment of $1.25-million.

Stuart Harshaw, president and chief executive officer of Nickel Creek, commented, "The participation of Electrum demonstrates significant endorsement for our flagship Nickel Shaw project from the company's largest shareholder."

All common shares and warrants issued under the private placement are subject to a statutory hold period of four months and one day from the date of closing.

The second tranche of the private placement is expected to occur during the week of May 23, 2023, and remains subject to the approval of the Toronto Stock Exchange and other customary closing conditions for a transaction of this nature. The units will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws. The common shares and the warrants (and any warrant shares, as applicable) will be subject to a statutory hold period of four months and one day from the date of issuance of the units.

Pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), the private placement would constitute a related-party transaction as Electrum (and certain other insiders of the company) will subscribe for units. These transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of any units subscribed for by insiders pursuant to the private placement will not exceed 25 per cent of the company's market capitalization.

About Nickel Creek Platinum Corp.

Nickel Creek (Toronto Stock Exchange: NCP) (OTCQB: NCPCF) is a Canadian mining exploration and development company, and its flagship asset is its 100-per-cent-owned Nickel Shaw project. The Nickel Shaw project is a large undeveloped nickel sulphide project in one of the most favourable jurisdictions in the world, with a unique mix of metals, including copper, cobalt and platinum group metals. The Nickel Shaw project has exceptional access to infrastructure, located three hours west of Whitehorse through the paved Alaska Highway, which further offers year-round access to deep-sea shipping ports in southern Alaska.

The company is led by a management team with a proven record of successful discovery, development, financing and operation of large-scale projects. Its vision is to create value for its shareholders by becoming a leading North American nickel, copper, cobalt and platinum group metal producer.

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