Mr. Brad Humphrey reports

NICAN PROVIDES UPDATE ON DRILLING AT THE WINE NICKEL-COPPER PROJECT, MANITOBA, CANADA

Nican Ltd. has completed its late winter diamond drilling program on the Wine property, located in the Snow Lake area in Manitoba, Canada. Nican designed the program to expand the understanding of several mineralized zones at the Wine occurrence. Samples have been shipped to the lab for analysis.

Highlights:

• Preliminary observations within diamond drill hole Wine 24-1A (collared 45 metres to the north of Wine 22-5 and drilled to the southwest) indicate the hole has intersected multiple zones, including a previously unknown northern zone that subcrops over a core length of 3.7 metres. In the same hole, the Main zone was visually interpreted over approximately 33.4 metres.
• Initial interpretations suggest diamond drill hole Wine 24-2 (collared 60 metres to the east southeast of Wine 22-5 and drilled to the west-northwest) intersected two zones, one being the Main zone over a core length of approximately 16.0 metres and a second interval, farther up the hole, interpreted to be the downplunge extension of the Upper zone over a width of approximately 6.5 metres.

Brad Humphrey, president and chief executive officer, commented: "We are encouraged by the drilling completed so far in 2024 at the Wine occurrence, which continues to add to our understanding of the various zones. Preliminary observations suggest that Nican has expanded the known zones and intersected a new zone further to the north that subcrops. Modelling and interpretation work is under way, and samples have been sent to the lab for analysis."

Note these are preliminary observations of the drill core and assay results remain pending.

Analogies to historical Lynn Lake nickel deposits

Nican believes that the nickel-copper mineralization hosted by the Wine gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area, which is to the north of the Wine property. At Lynn Lake, approximately 22.2 million tonnes averaging 1.0 per cent nickel and 0.5 per cent copper were historically mined at the Farley mine. The Farley mine consisted of multiple lenses of mineralization contained within a 4.2-square-kilometre gabbro body and contains numerous similarities to the Wine gabbro area.

Option grant

Nican's board of directors has granted to certain directors, officers, employees and consultants an aggregate of 3.6 million options to acquire common shares of the company pursuant to the company's stock option plan. The options are exercisable at an exercise price of 11 cents per share for a period of five years from the date of grant.

The grant of options is subject to TSX Venture Exchange approval.

Quality assurance/quality control

All core samples are sent to ALS Global in Winnipeg (an accredited laboratory) by secure transport for base metal and precious metal assay. Base metals were assayed by ALS's ME ICP61 package, which includes a total of 34 analytes by ICP-AES (inductively coupled plasma -- atomic emission spectroscopy). Partial digestions were performed on a 0.25-gram aliquot of sample pulp, which was digested in a mixture of four acids in a hot water bath and then diluted to 15 millilitres using deionized water. Overlimits for copper, nickel and cobalt had an aliquot of 0.4-gram sample pulp digested in a concentration of four acids. The digested volume was then made up with deionized water for analysis by ICP-AES. Fire assay techniques involved a 30-gram aliquot of sample pulp, which was mixed with a standard fire assay flux in a clay crucible and a silver inquart added prior to fusion. After the mixture was fused, the melt was poured into a form that was cooled. The lead bead was then recovered and cupelled until only the precious metal bead remained. The bead was then parted in dilute HNO3 (nitric acid). The precious metals were then dissolved in aqua regia and then diluted for analysis by ICP-AES.

Laboratory quality control protocols were applied to the assay sample package by ALS Global. Nican submitted a regular schedule of standards, blanks and duplicates into the sample stream for quality control measures. Drill core samples are split in half using a diamond saw, with half saved for reference and the other half shipped for assay. In the case of duplicate samples, the half core is quarter split, with the two quarter splits sent for separate assay.

The nickel equivalent grade calculation incorporates nickel and copper values only and assumes recoveries of 85 per cent for nickel and 85 per cent for copper based on comparable deposits and a six-year trailing average nickel price of $8.10 (U.S.) per pound and copper price of $3.40 (U.S.) per pound.

Qualified person

Bill Nielsen, PGeo, a consultant to Nican, who is a qualified person under National Instrument 43-101, Standards of Disclosure of Mineral Projects, has reviewed and approved the scientific and technical information in this news release.

About Nican Ltd.

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

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