Mr. Brad Humphrey reports

NICAN HAS FULLY ALLOCATED A NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $4,000,000

Nican Ltd. intends to complete a fully allocated non-brokered private placement for aggregate gross proceeds of approximately $4-million, pursuant to which 22,857,143 CFT shares (as defined below) may be sold at a price of 17.5 cents per CFT share. In addition, Michael Gentile has indicated his intention to exercise existing warrants to purchase common shares of the company for aggregate proceeds of approximately $560,000, subsequent to and conditional upon the closing of the offering to maintain his approximately 19.9-per-cent ownership interest in the company.

The offering will consist of the sale of common shares of the company issued as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The company will use an amount equal to the gross proceeds from the sale of the CFT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, as both terms are defined in the Income Tax Act (Canada), and as flow-through mining expenditures within the meaning of Subsection 11.7(1) of the Income Tax Act (Manitoba) related to the company's mineral projects located in Manitoba, on or before Dec. 31, 2027, and to renounce all the qualifying expenditures in favour of the purchasers of the CFT shares with an effective date not later than Dec. 31, 2026. Such proceeds are expected to be used to advance the company's exploration projects in Manitoba.

The offering is expected to close on or about Nov. 10, 2026, 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. The company may pay finders' fees to eligible finders in connection with the offering in accordance with the policies of the exchange. The CFT shares will be offered by way of private placement in all the provinces and territories of Canada pursuant to applicable exemptions from prospectus requirements therein, and will be subject to a hold period of four months and one day from the date of issuance, all in accordance with applicable Canadian securities laws.

About Nican Ltd.

Nican is a mineral exploration company, trading under the symbols NICN on the TSX Venture Exchange, NILTF on the OTCQB and W8Y on the Frankfurt Stock Exchange. The company is actively exploring two projects, the highly prospective gold and nickel Pipy project, and the high-grade nickel-copper Wine project, both located in well-established mining jurisdictions in Manitoba, Canada.

We seek Safe Harbor.