Mr. John Kerr reports

NICKELEX APPLIES TO EXTEND CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Nickelex Resource Corp. has requested a 30-day extension, subject to TSX Venture Exchange approval, to close the previously announced non-brokered private placement.

The company will issue up to 11 million units in a flow-through (FT) private placement at a price of five cents per unit to raise $550,000 and issue up to 20 million units in a non-flow-through (NFT) private placement at a price of 2.5 cents per unit to raise $500,000. Each FT unit will consist of one flow-through common share and one share purchase warrant. Each NFT unit will consist of one non-flow-through common share and one warrant. Each warrant in the offering will be exercisable to purchase one non-flow-through common share at an exercise price of five cents for a period of three years from the date of issue. Finders' fees and commissions may be paid by Nickelex in relation to this issuance.

Net proceeds from the offering will be used for working capital, and to finance costs associated with the initial phase of exploration consisting of detailed ground geophysics (magnetics/VTEM (versatile time domain electromagnetics)) to refine 10 to 12 drill targets on the Strong project. The Strong project consists of four mineral exploration licences (MEL): the Strong, Strong extension, Moak North and Wilson MELs. These MELs cover an area of 30,283 hectares, located at the north end of the Thompson nickel belt (TNB), Manitoba, and cover rock lithologies similar to host rocks of other major nickel deposits in the TNB. The company signed a property option agreement with CanAlaska Uranium Ltd. to earn up to an 80-per-cent interest in the Strong project (see news release dated Oct. 17, 2023). The property option agreement is subject to TSX Venture Exchange acceptance.

Based on successfully completing the offering, the company plans to spend approximately $550,000 in exploration expenditures on the Strong project and allocate $500,000 to general working capital; the allocation includes approximately $1,800 per month to non-arm's-length parties for provision of accounting and administrative services, and also includes amounts to Manex Resource Group Inc. for the provision of office space ($5,000 monthly), as well as corporate, geological, accounting and administrative services (approximately $7,750 monthly). Killian Ruby, director of the company, is the president of Manex. No amounts are proposed to be spent on investor relations activities.

The securities issued under this offering will be subject to a hold period of four months and one day from issuance. The offering and payment of finder's fees is subject to TSX Venture Exchange acceptance.

We seek Safe Harbor.