Mr. Brad Humphrey reports

NICAN ANNOUNCES CLOSING OF BOUGHT DEAL PRIVATE PLACEMENT

Nican Ltd. has closed its previously announced (Feb. 2, 2024) bought-deal private placement underwritten by Stifel Nicolaus Canada Inc., as lead underwriter and sole book runner. Stifel exercised its overallotment option in whole under the offering, and, accordingly, the offering consisted of the sale of: (i) 3.6 million common shares of the company at a price of 10 cents per common share; and (ii) 8.4 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 $1.83-million.

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.

In consideration for its services in connection with the offering, the company paid to Stifel a cash commission of $128,100 and issued to Stifel 840,000 compensation warrants of the company, with each compensation warrant entitling the holder to purchase one common share of the company at a price of 10 cents per compensation share at any time on or before Feb. 23, 2026.

All securities issued and issuable in connection with the offering are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws. The offering remains subject to the final approval of 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.