Mr. David Fitch reports

CLASS 1 NICKEL PROVIDES OPERATIONS AND EXPLORATION UPDATE ON ITS ADVANCED NICKEL PROJECT, TIMMINS, CANADA

Class 1 Nickel and Technologies Ltd. consultant Caracle Creek Chile SpA and its strategic partner, Atticus Geoscience Consulting Ltd. (together the consultants), have completed the first stage of a comprehensive independent review of both the Alexo-Dundonald and Somanike nickel projects. Work is near complete on the delivery of an updated mineral resource estimate (MRE) for the Alexo South nickel deposit, one of four nickel deposits on the Alexo-Dundonald project, located about 45 kilometres (km) northeast of the city of Timmins, Ont., and covering approximately 1,895 hectares (18.95 square km). Updates to the other three nickel mineral resources contained within the project will be completed over the coming months.

To date, the consultants have made significant progress with the Alexo-Dundonald project:

• Geological database compilation (more than 120,000 metres (m) of drilling), review and validation program;
• Completion of the company's first comprehensive 3-D geological model (lithology, mineralization, structure, alteration and metal domains) and detailed interpretation at Alexo South;
• Targeting for resource expansion at Alexo South as part of the updated MRE;
• Targeting for resource expansion at Alexo North initiated;
• Updated mineral resource estimate for Alexo South, inclusive of results from the 2021 diamond drilling program, pending release;
• Design and optimization of a new pit shell at Alexo South, forming part of the updated MRE;
• Environmental and permitting requirements, initially focusing on Alexo South and Alexo North, are being reviewed with an aim toward evaluating the return to small-scale nickel production;
• Updated mineral resource estimates for Alexo North, Dundonald South and Dundonald North are under way;
• Targeting and planning for next drilling programs at Alexo South, Alexo North, Dundonald South and Dundonald North;
• Property-wide target generation and drill hole planning outside of the four known deposit areas;
• Drill hole planning to target and develop large-tonnage, low-grade nickel deposits (Crawford-type deposits) on the project.

A summary of the work completed on the Class 1 nickel sulphide projects can be found in the Dec. 13, 2023, news release.

David Fitch, chief executive officer of Class 1 Nickel, commented: "We are very pleased to now have a completely updated and third party verified database of our existing resources. The company now looks forward to publishing the new mineral resource estimates for each of the four deposits from the Alexo-Dundonald project, starting with Alexo South."

The primary objectives of the company are to expand known mineralization and resources at its four existing magmatic nickel sulphide deposits within the Alexo-Dundonald nickel project. Furthermore, the company will be launching an exploration program to examine the as yet underexplored areas of the project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by recently completed airborne geophysics and historical drilling, with new ground geophysics and remote sensing surveys being planned.

In addition to the high-grade nickel sulphide (more than 1.0 per cent nickel (Ni)) potential the company sees at Alexo-Dundonald, immense potential exists to target and develop large-tonnage, low-grade komatiite-hosted deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford project), EV Nickel Inc. (CarLang A deposit) and Aston Minerals Ltd. (Boomerang project). The company is currently planning a targeted diamond drilling program to outline this deposit type within the Alexo-Dundonald project.

This two-pronged approach -- develop traditional high-grade nickel sulphide resources and in parallel large-tonnage, low-grade nickel deposits -- brings together the best of both nickel deposit types, which are actively and aggressively being explored for and developed within the Timmins mining camp.

Alexo-Dundonald nickel project

The Alexo-Dundonald nickel project (A-D project) is located about 45 km northeast of the city of Timmins, Ont., covers an area of approximately 1,895 hectares (18.95 square km) and was acquired by the company in September, 2018. The A-D project includes four foundation nickel deposits (Alexo North and South and Dundonald North and South), of which the Alexo North and Alexo South (Kelex) were small-scale past producers of nickel (1957; 2004 to 2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 km within the property. The four mineral resources (see attached tables) are open at depth and along strike and could increase in size with additional drilling.

The current mineral resource estimates (see attached tables) were prepared by Yungang Wu (PGeo) and Eugene Puritch (PEng, FEC, CET), of P&E Mining Consultants Inc., both independent qualified persons as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For more information, please refer to the current NI 43-101 technical report and mineral resource estimates on the Alexo-Dundonald nickel project (Stone et al., 2020), posted to the company's SEDAR+ profile on Dec. 17, 2020.

About Class 1 Nickel and Technologies Ltd.

Class 1 Nickel is a mineral resources company focused on the exploration and development of its 100-per-cent-owned komatiite-hosted nickel sulphide projects: the Alexo-Dundonald project, near Timmins, Ont. (four nickel sulphide deposits); and the Somanike project, near Val d'Or, Que. (includes the historical Marbridge Ni-Cu (nickel-copper) mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering near-term production opportunity and excellent exploration upside.

Class 1 Nickel's current focus is to advance the Alexo-Dundonald project back into production and at the same time continue brownfield and greenfield exploration on its large property package to aggregate additional nickel resources. The A-D project sits on a 14-plus-kilometre-strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE (platinum group element) mineral resources, plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the project have resulted in the discovery and delineation of four main nickel mineral resources that occur along the folded komatiite unit. The A-D project was previously mined (circa 2005) via a direct shipping model and the company will soon commence a preliminary economic assessment (PEA) study to determine the best path forward.

In addition, the company also holds 100-per-cent interest in its River Valley PGE project, located about 65 km northeast of the city of Sudbury, the world's largest and longest operating nickel-copper-cobalt-PGE mining camp. See the company's Dec. 13, 2023, news release for additional information.

Qualified person

Technical information and data in this news release have been reviewed and approved by Dr. Scott Jobin-Bevans (PGeo, PGO No. 0183), a geological consultant to the company and a qualified person under the definitions established by National Instrument 43-101.

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