Mr. Brad Humphrey reports

NICAN ANNOUNCES BOUGHT DEAL FINANCING

Nican Ltd. has entered into an agreement with Stifel Nicolaus Canada Inc. in connection with a bought deal private placement offering consisting of (i) three million common shares of the company at a price of 10 cents per common share; and (ii) seven million common shares that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of 17.5 cents per flow-through share for aggregate gross proceeds of $1,525,000.

The underwriters also have an option to purchase that number of additional common shares and flow-through shares equal to 20 per cent of the number of common shares and flow-through shares sold pursuant to the offering at the common share offering price and flow-through share offering price, as the case may be, to cover overallotments, exercisable in whole or in part, up to 48 hours prior to the closing date.

The company will use an amount equal to the gross proceeds from the sale of the flow-through shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's mineral projects located in Manitoba, on or before Dec. 31, 2025, and to renounce all the qualifying expenditures in favour of the subscribers of the flow-through shares with an effective date not later than Dec. 31, 2024. The company intends to use the proceeds raised from the common share offering for general working capital purposes.

The offering is scheduled to close on or about Feb. 23, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

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 well-established mining jurisdictions in Manitoba, Canada.

We seek Safe Harbor.