Mr. David Patterson reports

QUEBEC NICKEL ANNOUNCES SHARE CONSOLIDATION

Quebec Nickel Corp. has arranged a 1:10 share consolidation of its issued and outstanding common shares.

QNI intends to consolidate its issued and outstanding share capital on the basis of 1 post- consolidation common share for each 10 pre-consolidation common shares (the "Consolidation"). Any fraction of a common share will be rounded up or down to the nearest whole number. The common shares are expected to begin trading on a consolidated basis and with new CUSIP number 748119708 on January 8, 2024, subject to the regulatory approvals, including the approval of the CSE.

As a result of the Consolidation, the outstanding common shares of QNI will be reduced to approximately 11,534,420.

Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures with respect to the share consolidation. QNI's transfer agent, Endeavor Trust Corporation ("Endeavor"), will mail a letter of transmittal to all registered shareholders of QNI that will contain instructions for exchanging their pre-Consolidation common shares for post-Consolidation common shares. Registered shareholders will be required to return their certificates representing pre-Consolidation common shares and a completed letter of transmittal to Endeavor. Any registered shareholder who submits a duly completed letter of transmittal to Endeavor along with pre-Consolidation share certificate will receive in return a post- Consolidation share certificate or Direct Registration System Advice. QNI's outstanding warrants and options will be adjusted on the same basis (10 to 1) as QNI's common shares, with proportionate adjustments being made to exercise prices.

QNI will not be changing its name or trading symbol in connection with the Consolidation. Trading on a Consolidated Basis is expected to occur on January 8, 2024 with a Record Date of January 9, 2024.

ABOUT QUEBEC NICKEL CORP.

Quebec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing critical metals (Ni-Cu-Co-PGE) projects in Quebec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 282 contiguous mining claims covering 15,293 hectares 1 within the eastern portion of the Abitibi Greenstone Belt in Quebec, Canada. Additional information about Quebec Nickel Corp. is available at www.quebecnickel.com. The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

We seek Safe Harbor.