Mr. Brad Humphrey reports

NICAN RECEIVES $300,000 GRANT FROM MANITOBA MINERAL DEVELOPMENT FUND

Nican Ltd. has received approval for a $300,000 grant from the Manitoba Mineral Development Fund (MMDF) to support Nican's exploration activities at its Wine project, located in the Snow Lake/Flin Flon area in Manitoba, Canada. The company has received the first $150,000 of the grant, with the remainder expected in June, 2023.

"Nican greatly appreciates the support from the Manitoba Mineral Development Fund and the Manitoba Chambers of Commerce," commented Brad Humphrey, president and chief executive officer of Nican. "This funding is earmarked for continued exploration at the Wine project, which has returned truly impressive drill results to date. We look forward to announcing additional exploration results from the Wine Gabbro area in the coming weeks. The company also plans to complete geophysical and geochemical surveys that will drive the exploration program for our next phase of drilling in this area."

The MMDF is a $20-million provincial fund, launched in July, 2020, by the Manitoba government and administered by the Manitoba Chambers of Commerce. This fund is specifically dedicated to providing funding for and supporting economic development and mining projects in northern Manitoba.

About Nican Ltd.

Nican is a mineral exploration company, trading under the symbol NICN on the TSX Venture Exchange. The company is actively exploring two nickel projects, both located in the well-established mining jurisdiction of Manitoba, Canada.

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