Mr. Tony Guo reports

NICKEL NORTH ANNOUNCES FLOW-THOUGH NON-BROKERED PRIVATE PLACEMENT

Further to the news release dated Jan. 30, 2026, announcing a $3-million private placement, Nickel North Exploration Corp. has arranged a further non-brokered flow-through private placement offering up to a further 9,090,909 common shares at 5.5 cents per share for further gross proceeds of up to $500,000.

Each flow-through share will be issued as a flow-through share as defined in the Income Tax Act (Canada). The company will use the proceeds of the offering to incur Canadian exploration expenses that are flow-through mining expenditures (as such terms are defined in the tax act) on the Hawk Ridge nickel-copper-platinum-group-element-cobalt project in Northern Quebec. The company will renounce the CEE to the subscribers in the offering with an effective date of no later than Dec. 31, 2026, and as required under the tax act.

The FT private placement is subject to regulatory approval. All securities to be issued pursuant to the FT private placement are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A finder's fee of up to 6 per cent of the proceeds raised will be paid in shares of the company if applicable.

This FT private placement is subject to customary closing conditions and approvals of applicable securities regulatory authorities, including the TSX Venture Exchange.

About Nickel North Exploration Corp.

Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge project in Northern Quebec. The board of directors, adviser committee and management team are experienced, successful mine finders. The property consists of a 50-kilometre-long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 square kilometres. Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen that maintains good relations with local Inuit communities and is committed to sustainable development.

Nickel North Exploration was identified as a key player in the critical and strategic mineral value chain by Quebec's Ministry of Economics and Innovation in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025), which is part of Quebec's Plan for the Development of Critical and Strategic Metals and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.

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