Mr. Brad Humphrey reports

NICAN IDENTIFIES GOLD TARGET AT PIPY SOUTH PROJECT, THOMPSON, MANITOBA

Nican Ltd. has identified a high-priority gold target on its recently acquired claim located adjacent to the Pipy South property. A historical diamond drill hole returned 6.63 grams per tonne Au (gold) and 10.13 g/t Ag (silver) over 5.6 metres (m) within a wider, near-surface zone of mineralization that averages 1.20 g/t Au and 5.90 g/t Ag over 47.0 m. The orientation and true width of the gold-bearing intersection are currently unknown and will be determined by future drilling.

The historical diamond drill intercept was compiled from an unpublished 2017 report which includes assay results with accredited laboratory certification as well as reliable QA/QC (quality assurance/quality control) data. Nican has not yet been able to locate the core from this drill hole.

Nican has subsequently drilled four diamond drill holes in the immediate area of the gold intercept as part of its recent reconnaissance diamond drilling program on the Pipy South property (see news release dated Jan. 19, 2026). Drilling suggests the gold mineralization is hosted by a silicate facies iron formation which visually contains, and was subsequently verified by XRF, between 1 per cent and 5 per cent disseminated pyrrhotite as well as up to 1 per cent galena and chalcopyrite. Detailed logging has noted an extensive alteration halo around the mineralization described as silicified biotite gneiss. The alteration halo was not completely defined by the limited 2025 drilling and hole PIPY25-07 displayed alteration along its entire length of over 80 metres. The presence of gold mineralization in iron formation and associated alteration is analogous to other iron formation hosted gold camps including Homestake, Musselwhite, Geraldton and many others around the world. Assays are pending.

In the historical drill hole, what was described as a biotite amphibolite gneiss with 0.5 per cent to 2.0 per cent disseminated pyrrhotite was intersected at 55.4 m and the fire assays indicated this was gold bearing. Subsequent sampling revealed that the gold-bearing zone was significantly more extensive than initial assaying had indicated. Downhole magnetic susceptibility readings indicate a correlation between the gold and positive magnetic readings. Of further interest was the interval from 31.0 m to 42.0 m, which returned 0.92 g/t Au, 14.38 g/t Ag and 0.56 per cent Pb (lead).

The 2017 diamond drill hole was targeting an extensive north-south-trending magnetic anomaly interpreted to be a nickel target. A garnet-bearing amphibolite was encountered at a depth of 153.4 to 160.2 m that contained sufficient disseminated pyrrhotite to explain the magnetic signature. Assaying did not indicate any appreciable nickel-copper concentrations or notable amounts of gold associated with this deeper mineralization, although one 2.0 m interval returned 0.39 g/t Au at 157.4 m.

Brad Humphrey, president and chief executive officer of Nican, commented: "Nican is very intrigued by this new gold target in an area historically considered to host only nickel mineralization. This style of gold mineralization is relatively unique within the Thompson nickel belt, and Nican intends to re-examine historical data with a fresh perspective to identify additional opportunities along the belt. The company plans to commence geophysical surveys, followed by diamond drilling, to further examine the gold-bearing horizon. "

Pipy project overview

The Pipy South project is included in an exploration agreement with Nisichawayasihk Cree Nation (NCN).

The Pipy properties consist of three project areas in the world-class Thompson nickel belt. Initial exploration activities focus on the Pipy South project, which is adjacent to the Mystery Lake South area, located approximately 20 km northeast of the city of Thompson and Vale's Thompson nickel mine, with excellent road access and local infrastructure.

Qualified person

Stanley Clemmer, PGeo, an independent 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 press 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 projects, the high-grade nickel-copper Wine project and highly prospective Pipy project, both located in well-established mining jurisdictions in Manitoba, Canada.

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