Mr. Grant Mourre reports

SPC NICKEL ANNOUNCES MAIDEN MINERAL RESOURCE ON THE WEST GRAHAM PROJECT

SPC Nickel Corp. has released the maiden mineral resource estimate (MRE) for the West Graham project, part of the company's large-scale Ni-Cu (nickel-copper) property in the southwest corner of the Sudbury basin, referred to as the Lockerby East property.

The MRE shows indicated resources of 224.8 million pounds (Mlb) of contained nickel and 155 million pounds of contained copper, and further inferred resources of 86.2 million pounds of contained nickel and 57.5 million pounds of contained copper (see the table entitled "West Graham resources, contained metal in West Graham in-pit resource and out-of-pit resource").

The MRE, in accordance with National Instrument 43-101 (NI 43-101) is effective as of Dec. 4, 2023, was produced following the consolidation of the project in January, 2023 (see news release dated Jan. 23, 2023), through an agreement with Vale Canada. Following that consolidation, SPC Nickel completed a diamond drilling program (67 holes totalling 14,180 metres) in connection with producing the MRE.

Highlights:

• In-pit resource at a 0.3-per-cent NiEq (nickel equivalent) cut-off grade:
  • Indicated resource of 19.3 million tonnes (Mt) at 0.42 per cent Ni and 0.28 per cent Cu (0.57 per cent NiEq);
  • Inferred resource of 3.3 Mt at 0.37 per cent Ni and 0.28 per cent Cu (0.53 per cent NiEq).
• In-pit resource extends from surface to a vertical depth of 435 metres;
• Future expansion: Potential to expand the higher-grade (greater than 0.9 per cent NiEq) zones within the in-pit resource with additional infill drilling;
• Out-of-pit resource at a 0.7-per-cent NiEq cut-off grade:
  • Indicated resource of 3.2 Mt at 0.63 per cent Ni and 0.47 per cent Cu (0.92 per cent NiEq);
  • Inferred resource of 3.9 Mt at 0.69 per cent Ni and 0.43 per cent Cu (0.97 per cent NiEq).
• Exploration upside: Significant potential to expand the out-of-pit resource with additional infill drilling.

Grant Mourre, chief executive officer and president of SPC Nickel, commented: "SPC Nickel is very pleased to deliver this maiden mineral resource, representing yet another major milestone for the company as we continue to grow and advance the West Graham project. To produce a mineral resource estimate within 12 months of signing an agreement to consolidate the asset with Vale in January, 2023, is a tremendous achievement by our team.

"The geometry of the mineralization at West Graham, its amenability to low-cost open-pit mining methods, the availability of local skilled labour, proximity to power, transportation and processing infrastructure, including both nickel sulphide mills and smelters, favourably positions the project for a near-term path to production. The West Graham deposit, as well as the larger Lockerby East property, retains remarkable exploration upside and our maiden mineral resource is a vital step towards unlocking and realizing that potential."

Mineral resources

The mineral resources at West Graham were estimated by SGS Geological Services and are summarized in the table entitled "West Graham project maiden mineral resource estimate, effective Dec. 4, 2023." Sensitivity to cut-off grade is summarized in the table entitled "West Graham resources, sensitivity to cut-off grade," and contained metal is summarized in the table entitled "West Graham resources, contained metal in West Graham in-pit resources and out-of-pit resources." Mineral resources include near-surface mineralization with potential for open-pit mining, as well as higher-grade mineralization amenable to conventional underground mining methods. The full technical report, which is being prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, will be available on SEDAR+ under the company's issuer profile within 45 days from this news release.

In addition to the West Graham deposit, the property also hosts the 100-per-cent-owned high-grade LKE deposit (formerly called the Lockerby East deposit). Located 200 metres down-dip of the West Graham resource, the deposit is composed of a lens of high-grade Ni-Cu-PGM (platinum group metal) massive sulphide, where historical drilling returned values as high as 5.60 per cent Ni and 1.26 per cent Cu over a core length of 10 metres. In 2009, First Nickel Inc. published a historical resource for the LKE deposit that contained 180,000 tonnes at 2.32 per cent Ni and 0.78 per cent Cu in the indicated category, and 40,000 tonnes at 2.90 per cent Ni and 0.80 per cent Cu in the inferred category. SGS Geological Services is currently updating the historical resource to current standards based on a validated historical database and a revised resource model, and will incorporate this resource estimate update in the full technical report.

Quality assurance/quality control (QA/QC) and qualified persons

The mineral resource estimate was estimated by Allan Armitage, PhD, PGeo, of SGS Geological Services, who is an independent qualified person as defined by National Instrument 43-101. Dr. Armitage conducted a site visit to the Lockerby East property on July 24, 2023.

Technical elements of this news release have been approved by Mr. Mourre, PGeo (PGO), CEO and president of SPC Nickel, a qualified person under National Instrument 43-101.

About the West Graham deposit

The West Graham project is located in the heart of the Sudbury mining district, where nine mines are currently in operation and two more are in the development phase. The region benefits from its proximity to well-developed transportation infrastructure, including roads, railways and electrical grid. In addition, West Graham is situated close to processing, smelting and refining assets, which include two mills, two smelters and one nickel refinery. Local operators include global mining corporations Vale, Glencore and KGHM.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for Ni-Cu-PGMs within the world-class Sudbury mining camp. SPC Nickel is currently exploring its key 100-per-cent-owned exploration project, Lockerby East, located in the heart of the historic Sudbury mining camp, which includes the West Graham resource and the Crean Hill 3 property under option from Vale. SPC Nickel also holds three additional projects across Canada, including the large, camp-scale Muskox project (located in Nunavut), the past-producing Aer-Kidd project (located in the Sudbury mining camp) and the Janes project (located 50 kilometres northwest of Sudbury). The corporate focus is on Sudbury, and SPC Nickel continues to look for new opportunities to add shareholder value.

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