Mr. David Fitch reports

CLASS 1 NICKEL UPDATES RESOURCE ESTIMATE ON HIGH-GRADE ALEXO SOUTH NICKEL SULPHIDE DEPOSIT - SIGNIFICANT INCREASES IN INDICATED AND INFERRED RESOURCES OVER THE 2020 ESTIMATE

Class 1 Nickel and Technologies Ltd. has released an updated mineral resource estimate (MRE) for the Alexo South nickel deposit (A-S deposit) (see attached table). The A-S Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project (the "Project") (Figure 1), which covers approximately 1,895 hectares (18.95 km2). Updates to the other 3 nickel mineral resources contained within the Project will be completed over the coming months.

Highlights:

• Indicated Resources (open pit and underground*) of 572 kt at 0.61 per cent Ni (7.7M lbs Ni) - 44 per cent increase in Indicated tonnes and 10 per cent increase in nickel pounds.
• Inferred Resources (open pit and underground*) of 125 kt at 0.54 per cent Ni (1.5M lbs Ni) - 693 per cent increase in Inferred tonnes and 419 per cent increase in nickel pounds.
• 84 per cent of the nickel pounds and 82 per cent of the tonnes in Alexo South Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
• With only 18 per cent of the Alexo South Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
• Alexo South Deposit, one of 4 deposits on the Alexo-Dundonald Property, is open along strike and at depth, with the new geological model and interpretation providing ample targets for next-stage drilling.
• Updated Mineral Resource Estimate work continuing on the remaining 3 deposits of the Alexo-Dundonald Nickel Project.
• *C$52.5/t NSR open pit and C$96.0/t NSR underground cut-offs applied in current 2024 mineral resource estimate whereas a C$30.0/t NSR open pit and C$90.0/t NSR underground cut-offs were applied in the 2020 mineral resource estimate.

The updated MRE was completed by Caracle Creek Chile SpA ("Caracle") and their strategic partner Atticus Geoscience Consulting Ltd. ("Atticus") (together the "Consultants") and this resource replaces the 2020 mineral resource estimate completed by P&E Mining Consultants Inc. (Stone et al., 2020) which is filed on SEDAR+. The current MRE has been completed in accordance with National Instrument 43-10 ("NI-43-101") and a technical report in support the MRE will be filed on SEDAR+ within 45 days from the date of this news release. As stated in the Company's recent news release dated 18 April 2024, the primary objectives of the Company are to expand known mineralization and resources at its 4 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.

Deposit Types and Project Potential

In addition to the high-grade nickel sulphide (>1.0 per cent Ni) potential we see 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 Limited (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.

Core Handling, Assay and QA/QC Procedures

After visually logging the NQ-size drill core from the 2021 Class 1 Nickel diamond drilling program (Alexo South Deposit), drill core was cut in half at the core logging and cutting facility with one half of the core bagged and the other half saved in the core tray and put into secure storage. The core samples were transported to either AGAT Laboratories of Mississauga, Ontario ("AGAT") or ALS Laboratory in Timmins, Ontario ("ALS"). Samples, along with certified standards and blanks, included by the Company for quality assurance and quality control, were prepared and analyzed at AGAT and ALS. Samples were prepped using industry standard procedures and analyzed for nickel, copper, cobalt and sulphur. Analytical methods employed consisted of four-acid digest followed by sodium peroxide fusion and ICP-OES finish for multi-element analysis (including Ni, Cu, Co and S); fire-assay collection and ICP-OES finish for palladium, platinum and gold; and nickel collection fire assay and ICP-MS finish for the platinum-group elements, including rhodium. In-fill sampling of drill core, completed in early 2024, was assayed at ALS. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control purposes.

Alexo-Dundonald Nickel Project

The Alexo-Dundonald Nickel Project ("A-D Project"), is located about 45 km northeast of the City of Timmins, Ontario, covers an area of approximately 1,895 hectares (18.95 km2), 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 (aka Kelex) were small-scale past producers of relatively high-grade nickel (i.e., 1957; 2004-2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 km within the Property and which has never been systematically explored. The four mineral resources are open at depth and along strike and could increase in size with additional drilling (see Company news release dated 18 April 2024).

Qualified Persons

The Qualified Person for the Alexo South Mineral Resource Estimate reported herein and as defined by NI 43-101, is Mr. Simon Mortimer (FAIG #4083), Principal Geoscientist at Atticus Geoscience Consulting, working with Caracle Creek International Consulting Inc. All other technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), a geological consultant to the Company, and a Qualified Person under the definitions established by NI 43-101.

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO | OTCQB: NICLF) 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, neat Timmins, Ontario (4 nickel sulphide deposits) and the Somanike Project, near Val-d'Or, Quebec (includes the historical Marbridge Ni-Cu Mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering near-term production opportunity and excellent exploration upside.

Class 1's current focus is to advance the A-D 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+ km strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has 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 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 13 December 2023 new release for additional information.

We seek Safe Harbor.