Mr. Grant Mourre reports

SPC NICKEL IDENTIFIES EXTENSIVE HIGH CONDUCTIVITY EM TARGETS AT THE MUSKOX COPPER-NICKEL-PGM PROJECT, NUNAVUT

SPC Nickel Corp. has released results from its high-resolution HELITEM airborne electromagnetic (EM) survey, which has outlined multiple high-priority targets across the company's 100-per-cent-owned, 496-square-kilometre Muskox Cu-Ni-PGM (copper-nickel-platinum group metals) project in the Kitikmeot region of Nunavut. This modern EM data set provides the first project-wide coverage of both the Muskox intrusion and its feeder dike in more than 20 years and has significantly expanded the pipeline of compelling exploration opportunities.

The survey has outlined numerous strong conductors, many located along the margins of the Muskox intrusion and within the feeder dike, that either coincide with known surface Cu-Ni-PGM mineralized zones or define new exploration targets. Preliminary analysis of selected test areas has identified several high-priority, high-conductance targets, extending for several hundred metres, that remain untested by drilling. Together, these results reinforce both the scale and prospectivity of the Muskox system and position the company to advance a focused, data-driven exploration program.

Survey highlights

• Eighty-five strong electromagnetic conductors identified at the Muskox project in 1,410 line kilometres airborne electromagnetic survey data collected by the Xcalibur HELITEM low-frequency time-domain system.
• Many of the strongest EM conductors coincide with the margins of the Muskox intrusion or occur within the feeder dike and align with zones of known Cu-Ni-PGM sulphide mineralization or represent new exploration targets.
• The modelled anomalies within the two test areas indicate very conductive sources that are at or near the upper limits of the conductance resolution of the HELITEM EM system.

Grant Mourre, president and chief executive officer of SPC Nickel, commented: "The results from this first modern property-wide EM survey mark another important step forward in our understanding of the Muskox system and confirming the immense prospectivity of the district. For the first time in more than two decades, we have a modern, high-resolution geophysical data set that shows how numerous strong, high-conductance EM targets are distributed along the margins of the Muskox intrusion and within the 60-kilometre feeder dike, many of which are coincident with locations of high-grade Cu-Ni-PGM mineralization that was identified during our 2025 field program. Taken together with the results from our summer mapping and sampling program, the scale, strength and broad distribution of these conductors have significantly expanded our pipeline of high-quality, drill-ready targets. SPC Nickel is now positioned to advance a focused, data-driven exploration program in 2026 that we believe can unlock meaningful new discoveries across the project."

HELITEM survey results

The survey was flown between Aug. 18 and Sept. 2, 2025, with Kugluktuk, Nunavut serving as the base of operations. Survey coverage consisted of 1,203 km of traverse lines, flown in two separate blocks (North and South blocks) with a spacing of 200 metres, and 207 km of tie lines for a total of 1,410 km.

Electromagnetic anomalies were picked, examined and ranked by Xcalibur's proprietary software based on a number of geophysical parameters (X and Z EM responses, decay information, and magnetic response). On this basis, each anomaly is assigned a conductor grade between one and six, with six being the strongest and one being the weakest. A conductivity-thickness-product (CTP) value is then calculated that indicates the strength of each anomaly.

Further modelling of selected conductors within test areas in both the North and South block grids has been completed to refine estimates of their size, conductance and spatial positions. This work serves as an initial test and will be expanded to encompass all priority conductors across both grids. These modelled conductors are being integrated with the 2025 mapping and surface sampling results to refine target ranking and define areas for follow-up exploration.

Alan King, geophysical consultant of SPC Nickel, commented: "The modelled anomalies at the north end of the feeder dike and the anomalies along the western margin of the main Muskox intrusion both indicate very conductive sources that are at or near the upper limits of the conductance resolution of the HELITEM EM system. The simplest models of these targets are very conductive flat sheets, but which may also represent the flat tops of thicker conductive bodies that cannot be penetrated by conventional pulse airborne electromagnetic systems. The presence of such strong conductors is highly encouraging from an exploration perspective."

Muskox intrusion grid results

The main body of the Muskox intrusion was covered by the north grid, consisting of 750 line km flown on east-west lines spaced 200 metres apart. A total of 780 EM anomalies were identified within this grid, summarized in Table 1. These anomalies have been graded and categorized according to their assigned CTP values, and a filtering process was applied to remove responses interpreted to originate from serpentinized ultramafic lithologies that dominate the central portion of the intrusion. Postfiltering a total of 490 anomalies are interpreted to be related to prospective horizons within the Muskox intrusion and the surrounding footwall lithologies.

Muskox intrusion test area

The 500-metre-long test area encompasses a series of high-conductivity airborne EM conductors associated with a pronounced embayment of the intrusion contact along the western margin of the Muskox intrusion. Detailed modelling of the airborne EM anomalies on Line 20370 of the north grid shows two untested, large high-conductivity features coincident with the contact of the Muskox intrusion and high-grade mineralization at surface.

• Anomaly 1 (A1) is modelled as a plate measuring 400 metres by 180 metres with a thickness of 50 metres at a depth of 30 metres below surface. The strength of the anomaly, measured in siemens (S), is 500 S.
• Anomaly 2 (A2) is modelled as a plate measuring 180 metres by 140 metres with a thickness of 50 metres at a depth of 30 metres below surface. The strength of the anomaly is 800 S and is interpreted to represent the high-conductivity core of the anomaly.

Feeder dike grid results

The 60 km long feeder dike was covered by the south grid, consisting of 660 line km flown on east-west line spaced 200 metres apart. A total of 39 EM anomalies were identified within this grid, summarized in Table 2. These anomalies have been graded and categorized according to their assigned CTP values. No filtering process was applied to the data as serpentinized ultramafic are not present in the survey area.

Feeder dike test area

At the northern end of the south grid, a cluster of moderate to high-conductivity anomalies was observed along a 1,150-metre section of the Muskox feeder dike. These anomalies occur within the feeder dike and are aligned parallel to its inferred internal lithological layering.

• Anomaly 1 (A1) is modelled as a plate measuring 200 metres by 75 metres with a thickness of 100 metres at a depth of 80 metres below surface. The strength of the anomaly is 500 S and is interpreted to represent the high-conductivity core of the anomaly.
• Anomaly 2 (A2) is modelled as a plate measuring 400 metres by 65 metres with a thickness of 50 metres at a depth of 130 metres below surface. The strength of the anomaly is 75 S.

About the Muskox intrusion

Originally discovered in the 1950s by Inco, SPC Nickel's Muskox project, located in Nunavut, Canada, represents one of the most prospective greenfield polymetallic copper, nickel and PGM projects globally. The district-scale land package (496 square kilometres) covers the majority of the Muskox intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the world's most significant copper-nickel-PGM deposits, such as the massive Norilsk-Talnakh deposit.

The Muskox intrusion is one of the largest and least deformed layered mafic to ultramafic bodies in the world. It was emplaced during a large magmatic event (Mackenzie magmatic event) in the proterozoic by mantle plume volcanism related to the widespread Coppermine River Group flood basalts. The intrusion is broadly composed of two distinct, but related, components called the Main Muskox intrusion and the feeder dike, which combined are exposed over a length of 125 km, and range in width from 200 to 600 metres in the feeder dike to 11 km in the main body of the intrusion.

Previous exploration programs completed on SPC nickel property over a roughly 60-year period identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the intrusion or in the adjacent footwall, similar to the Sudbury and Norilsk-Talnakh camps. Historical drill highlights from the Muskox project include:

• 7.50 metres at 6.14 per cent Cu, 2.76 per cent Ni and 9.06 g/t PGM (Pt plus Pd plus Au) by Silvermet Corp. (2007);
• 13.74 metres at 5.04 per cent Cu, 2.21 per cent Ni and 5.63 g/t PGM by Equinox Resources Ltd. (1987).

These results, combined with an extensive footprint of magmatic sulphide mineralization, historical high-grade drill intercepts, untested geophysical targets and limited modern follow-up, underscore the project's discovery potential.

Quality assurance, quality control and qualified person

The technical elements of this news release have been approved by Grant Mourre, PGeo (PGO), chief executive officer and president of SPC Nickel, and a qualified person under National Instrument 43-101.

The historical information shown in this news release was obtained from historical work reports filed by Equinox Resources Ltd. and Silvermet Corp. have not been independently verified by a qualified person as defined by NI 43 101.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for high-grade polymetallic Cu-Ni-PGM mineralization in Nunavut and within the world-class Sudbury mining camp. SPC Nickel is currently exploring its unique district-scale polymetallic Muskox project in Nunavut where the team recently completed its 2025 summer field program. The company is also advancing its 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 LKE Resource. SPC Nickel is committed to advancing high-potential polymetallic projects in Tier 1 jurisdictions across Canada with an emphasis on Nunavut and Sudbury.

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