Mr. Brad Humphrey reports

NICAN PROVIDES A REVIEW OF ITS MARCH 2024 DRILLING PROGRAM AND NEXT STEPS AT THE WINE PROJECT, MANITOBA

Nican Ltd. has provided a review of the Wine phase III-B drilling program completed in March of 2024, including the final set of assays. Since acquiring the original claims in 2021, Nican has drilled a total of 7,686 metres on the Wine property, with 2,074 metres focused on the Wine occurrence.

Highlights:

• Diamond drill hole (DDH) Wine 24-3 intersected 5.5 metres averaging 1.10 per cent copper and 1.27 per cent nickel (1.47 per cent nickel equivalent) starting from 5.9 m core depth.
• DDH Wine 24-7 intersected multiple zones of narrow nickel-copper mineralization from eight metres core depth to 84 metres core depth. This hole was planned to establish the plunge of the upper zone. The upper zone was intersected along with three additional zones, initially interpreted to be the eastern margin of the main zone.

The objective of this drilling program was to better understand the dip and plunge of the main and upper zones at the Wine occurrence, in order to design future drill targets; to extend the mineralization to the south and at depth. Both zones appear to be more steeply dipping than originally modelled. The company is currently incorporating the new drilling data and recently acquired geophysics to design programs to extend the mineralization in the Wine occurrence area, including the new zone to the north, and to continue to test the broader Wine gabbro.

Highlights from the phase III-B drill program:

• DDH Wine 24-1A, designed to test down plunge of the main zone, intersected several zones of mineralization including:
  • 45.5 metres averaging 1.20 per cent Cu and 1.32 per cent Ni (1.55 per cent NiEq);
  • A new, near-surface, zone located immediately to the north averaging 1.40 per cent Cu and 1.63 per cent Ni (1.89 per cent NiEq) over 3.7 metres.
• DDH Wine 24-2 intersected 28 metres averaging 1.25 per cent Cu and 0.59 per cent Ni (0.95 per cent NiEq), the deepest and most southern intersection at the Wine occurrence to date.
• DDH Wine 24-4 intersected 20.3 metres averaging 2.88 per cent Cu and 2.14 per cent Ni (2.85 per cent NiEq).

Brad Humphrey, president and chief executive officer of Nican, commented: "We are happy to provide a summary of the full results from our March drilling program at the Wine project. At the outset, I want to thank the members of our team, which were able to quickly remobilize to site and complete the extended program over a very short time frame.

"With less than 30 per cent (2,074 m) of our drilling focused on the Wine occurrence since acquiring the original claims, we are encouraged by the results which returned strong nickel and copper grades over meaningful widths, all near surface. This program discovered a new near-surface zone to the north, and also provided us with a better understanding of the dip and plunge of both the main and upper zones. Both zones appear to be more steeply dipping than previously understood, which allows us to better target and extend the mineralization to the south and at depth in future drill programs. We also plan to test the extent of the new northern zone along with the previously announced eastern zone in future drilling.

"We also continue to focus more broadly across the prospective Wine gabbro. The recently completed deep penetrating TDEM survey, combined with the historical drilling as well as geophysical and geochemical surveys, will assist in designing further drill programs. An initial interpretation of the TDEM data indicates a 400-metre-long, untested, conductive source, located 150 metres to the west of the Central mineralized horizon. In the Central mineralized horizon, past drilling intersected anomalous nickel and copper, including 0.33 per cent NiEq over 16 metres and 0.48 per cent NiEq over 13.5 metres.

"Stay tuned for updates as the company works through all of the recently acquired data and lays out new exploration plans and drill targets."

The results from the phase III-B exploration program, completed in March, 2024, indicates that the upper and main zones are more steeply dipping than originally believed and additional drilling can now focus on extending these two zones both to the south and at depth. The company is undertaking an extensive review of all historical and recently completed geophysical work, and once it completes the review, it will design a follow-up drill program.

Nican is also tracing the surface extent of the newly discovered northern zone as well as the upper zone. It is planning a shallow penetrating electromagnetic survey of the area around the Wine occurrence to determine the surface extent of known zones and to ascertain if there are any further, undiscovered subcropping mineralized zones.

Beyond the Wine occurrence, the company continues to review the potential of other areas within the broader Wine gabbro. In particular, Nican is looking at the Central mineralized horizon, which is located 600 metres east of the Wine occurrence. At the Central mineralized horizon, past drilling returned anomalous copper-nickel values intermittently over more than 900 metres. Untested conductors have been identified along this horizon and a detailed study of past drilling and geophysical and geochemical surveys is under way to assist in planning further drilling in this area.

Phase III-B exploration program -- Wine property

The phase III-B Wine exploration program consisted of eight diamond drill holes for a total of 942 metres and 25 kilometres of deep-penetrating TDEM (time-domain EM) survey. Nican designed this program to follow up on the significant results returned from the phase III drill program, which was completed in the fourth quarter of 2023 (see Nican press release of Jan. 31, 2024). During the phase III-B program, diamond drill hole Wine 22-29 intersected an upper, subcropping zone, which assayed 2.20 per cent Cu and 1.56 per cent Ni (2.11 per cent NiEq) over 9.6 metres followed by three middle zones that returned lower-grade mineralization and the main zone returning 31.5 metres at 1.90 per cent Cu and 1.92 per cent Ni (2.31 per cent NiEq). True widths are interpreted to be approximately 80 per cent of intersected widths.

The objective of the phase III-B drill program was to further drill test the Wine occurrence, gaining a better understanding of the orientation of the various zones and test one greenfield geophysical target to the north. Diamond drill holes Wine 24-1, Wine 24-1A, Wine 24-2, Wine 24-4, Wine 24-5 and Wine 24-6 were previously released (see Nican press releases dated May 6, 2024, and May 22, 2024).

Phase III-B drill program review and summary -- Wine occurrence

The Wine occurrence follow-up drilling program was completed in March, 2024, with the objective of further defining the company's understanding of the configuration of both the main and upper zones.

Note: Not all holes plotted for clarity.

Diamond drill hole Wine 24-1 was designed to define the down-plunge extent of the main zone; the azimuth was estimated to be too far to the east. The hole did intersect the eastern extensions of the main zone and intersected a new northern zone over 5.4 metres averaging 1.40 per cent NiEq. Further work is required to determine the extent of this new near-surface mineralization.

The collar for diamond drill hole Wine 24-1A was from the same drill pad as Wine 24-1 but with an azimuth more to the west. The hole was designed to test down plunge of the main zone to determine its northern extent and verify its strike. The new northern zone was intersected over a length of 3.7 metres averaging 1.89 per cent NiEq. This was followed by a 1.6-metre-zone at 24.8 metres averaging 0.71 per cent NiEq. The main zone mineralization consisting of massive, semi-massive and network sulphides was intersected at a core depth of 29.7 metres to a core depth of 75.1 metres, averaging 1.55 per cent NiEq over 45.5 metres. The strike of the main zone appears to be more northernly than previously interpreted.

Diamond drill hole Wine 24-2 was collared to determine if there was a plunge extent to the upper zone previously defined in drilling, including by drill hole Wine 23-29. While more interpretive work is required, there is an indication that the initial zone intersected at a down-hole depth of 76.5 metres, returning 1.77 per cent NiEq over 6.5 metres, is potentially the down-plunge extension of the upper zone. The lower mineralized intersection (0.82 per cent NiEq over 17.5 metres) at 87 metres down hole is interpreted to be the main zone. This is the deepest and most southernly intersection of the main zone to date.

Note: Only Nican drill holes are displayed. Two thousand twenty-four drill holes are highlighted.

Diamond drill hole Wine 24-3 was designed to determine if the upper zone was plunging steeply to the southeast. While the hole's azimuth appears to have been too far to the east to confirm the plunge direction, it intersected the upper zone near surface returning 1.47 per cent NiEq over 5.5 metres. A second zone of mineralization (0.41 per cent NiEq over three metres) farther down the hole appears to correspond with mineralization intersected in hole Wine 22-9 (0.74 per cent NiEq over 11.6 metres), which we interpret to be a more eastern zone within the Wine occurrence area.

Diamond drill hole Wine 24-4 was collared to determine if there was a down dip extension to the upper zone. While the hole did not intersect the upper zone, indicating the mineralization is close to vertical, it did intersect the main zone, returning 2.85 per cent NiEq over 20.3 metres. We are particularly interested by the elevated platinum group metal values of 1.19 g/t over this intersection.

Diamond drill hole Wine 24-6 targeted a conceptual down-dip extension to the mineralization intersected in hole Wine 22-9 (0.74 per cent NiEq over 11.6 metres). It is interpreted that this hole was stopped short of intersecting the down plunge extension of the upper zone seen in hole Wine 24-2 (1.77 per cent NiEq over 6.5 metres). Additional work is required, including potentially extending this hole in a future program.

Diamond drill hole Wine 24-7 was collared from the same pad as hole Wine 24-3 with an azimuth farther to the west. The objective was to establish if the upper zone was plunging to the southeast at a steep angle, similar to the main zone. The upper zone was intersected along with three additional lower-grade zones initially interpreted to be associated with the eastern margin of the main zone.

Greenfields exploration program summary -- Wine gabbro

One diamond drill hole (Wine 24-5) tested a geophysical target located 550 metres to the northeast of the Wine occurrence. The hole intersected semi-massive sulphide mineralization over approximately 14 metres, which explained the airborne VTEM (versatile time-domain EM) conductor. Elevated copper values were returned.

Analogies to historical Lynn Lake nickel deposits

Nican believes that the nickel 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 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. The Wine gabbro area contains numerous similarities and has seen very little exploration for nickel-copper deposits.

Quality assurance/quality control

All core samples are sent to the ALS Canada Ltd. laboratory Winnipeg-Vancouver (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by its ICP61 package, which includes a total of 34 analytes by four-acid digestion and ICP-AES (inductively coupled plasma atomic emission spectroscopy) overlimits for copper and nickel were analyzed by ALS's four-acid digestion ICP OG62 package. Fire assay techniques (ICP23 package) involved a 30-gram aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible. After the mixture was fused, the melt was poured into a form which was cooled. The lead bead was then recovered and cupelled until only the precious metal bead remained. The bead was analyzed by ICP-AES

Laboratory quality control protocols were applied to the assay sample package by ALS. 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.

A review of the company's QA/QC program indicate that all results were returned within acceptable limits.

The nickel equivalent grade calculation incorporates:

• Nickel and copper values only;
• Assume recoveries of 85 per cent for nickel and 85 per cent for copper based on comparable deposits;
• A six-year trailing average nickel price: $8.10 (U.S.)/pound; copper price $3.40 (U.S.)/lb.

Qualified person

Bill Nielsen, PGeo, a consultant to Nican, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for 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 Venture Exchange. The company is actively exploring two nickel projects, both located in well-established mining jurisdictions in Manitoba, Canada.

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