Mr. Grant Mourre reports

SPC NICKEL ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR THE PREVIOUSLY ANNOUNCED WEST GRAHAM MAIDEN MINERAL RESOURCE AND THE ADJACENT UPDATED LKE RESOURCE

SPC Nickel Corp. has filed an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects supporting the previously announced West Graham mineral resource estimate (MRE) (reported in the company's news release dated Jan. 17, 2024) and the adjacent updated MRE for the LKE deposit.

The technical report, titled "Mineral Resource Estimates for the West Graham and LKE Deposits, Lockerby East Ni-Cu-PGM Sulphide Property, Sudbury, Ontario Canada," can be found on the company's website and under the company's issuer profile on SEDAR+. The MRE, in accordance with National Instrument 43-101, is effective as of Dec. 4, 2023.

Highlights:

• LKE resource at a 0.9-per-cent nickel equivalent (NiEq) cut-off grade:
  • Indicated resource of 670,000 tonnes at 1.17 per cent nickel, 0.54 per cent copper (1.59 per cent NiEq);
  • Inferred resource of 120,000 tonnes at 0.99 per cent Ni, 0.42 per cent Cu (1.39 per cent NiEq).
• The LKE resource is strategically located immediately below the existing mining working developed by Falconbridge in the 1990s.
• Exploration potential: Significant potential to expand the LKE resource down dip over a distance of 1,000 metres.
• West Graham in-pit resource at a 0.3-per-cent NiEq cut-off grade (previously released):
  • Indicated resource of 19.3 million tonnes (Mt) at 0.42 per cent Ni, 0.28 per cent Cu (0.57 per cent NiEq);
  • Inferred resource of 3.2 Mt at 0.37 per cent Ni, 0.28 per cent Cu (0.53 per cent NiEq).
• West Graham out-of-pit resource at a 0.7 per cent NiEq cut-off grade (previously released):
  • Indicated resource of 3.2 Mt at 0.63 per cent Ni, 0.47 per cent Cu (0.92 per cent NiEq);
  • Inferred resource of 3.8 Mt at 0.69 per cent Ni, 0.43 per cent Cu (0.97 per cent NiEq).

Grant Mourre, chief executive officer and president of SPC Nickel, commented: "SPC Nickel is very pleased to deliver this NI 43-101 technical report representing yet another major milestone for the company. We believe the combined West Graham and LKE mineral resource estimates along with our positioning at the heart of the Sudbury mining camp, one of the most developed and prolific nickel jurisdictions globally, establishes the company as one of the best nickel investment opportunities anywhere. In addition to the company's impressive progress at West Graham, the announcement of an updated resource at LKE combined with the down-dip potential further highlights the vast exploration potential that exists on the property."

LKE deposit mineral resource

The mineral resources at the LKE project were estimated by SGS Geological Services and are summarized herein. The LKE MRE was based on a validated historical database containing drill holes completed by both Falconbridge Ltd. and First Nickel Inc (FNI). A revised resource model, economic parameters and cut-off grade were used in the LKE MRE. Since acquiring the property in 2016, the company has not completed any exploration drilling on the LKE deposit.

LKE deposit -- geology

Discovered in 1968 by Falconbridge, the LKE resource is located approximately 1,500 metres east of the former Lockerby mine and 200 metres down dip of the West Graham resource. Mineralization is predominately contact style, with narrow (less than five metres thick) high-grade semi-massive to nearly massive breccia sulphide veins anastomosing proximal to the folded granite footwall contact. LKE sulphide mineralization is characterized by a high pentlandite to pyrrhotite ratio with the overall grade, tenor and PGM (platinum group metal) content of the mineralization increasing with depth. Historical drilling completed by FNI returned values as high as 5.60 per cent Ni and 1.26 per cent Cu over a core length of 10 metres.

LKE deposit -- exploration opportunity

In 2016, the company completed a borehole geophysical program (reported in the company's news release dated Nov. 21, 2016) on seven historic holes completed by Falconbridge and FNI down dip of the LKE resource. The results from the surveys identified a trend of very strong geophysical conductors (2,000 to 20,000 siemens) over a combined distance of 1,100 metres extending down dip from the LKE resource. Of particular interest is a 200-metre-by-700-metre area with several greater-than-10,000-siemen conductors that remain virtually untested by drilling. Historical hole GRA-21DE, drilled by Falconbridge in 1988, encountered a thick zone of Ni-Cu-PGM mineralization that includes several high-grade massive sulphide stringers with extremely high nickel tenors (9.5 per cent to 12.3 per cent) along the fringes of the modelled EM conductors.

Quality assurance, quality control and qualified persons

The technical report is authored by Dr. Allan Armitage, PhD, PGeo, and Ben Eggers, BSc (honours), MAIG, PGeo, of SGS Geological Services. The authors are independent qualified persons as defined by NI 43-101 and are responsible for all sections of the report. The updated MREs presented in the report were estimated by Dr. Armitage and 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, and a qualified person under National Instrument 43-101.

About the Lockerby East property

The Lockerby East property 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, the property 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 that includes the West Graham resource and the LKE resource. 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 km 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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