Mr. Grant Mourre reports

SPC NICKEL'S 2026 SUMMER EXPLORATION PROGRAM ON TRACK TO DELIVER DRILL TARGETS AT THE MUSKOX CU-NI-PGM PROJECT, NUNAVUT

SPC Nickel Corp. has provided an update on its 2026 summer field season at the company's 100-per-cent-owned, 496-square-kilometre Muskox Cu-Ni-PGM (copper-nickel-platinum group metal) project in Nunavut, Canada.

Grant Mourre, president and chief executive officer of SPC Nickel, commented: "The vast scale and potential of the Muskox intrusion demands a methodical, science-based approach to target generation. Our 2026 field programs are focused on converting strong geophysical responses into ranked, drill-ready targets, and are intended to reduce risk and increase the probability of success in 2027. By integrating MT and ground EM data we expect to develop a clearer three-dimensional understanding of the main Muskox intrusion and the Feeder Dyke, positioning SPC Nickel for a focused and effective 2027 drill campaign."

2026 exploration program update

Ground magnetotelluric (MT) survey

• Deep-penetrating survey imaging conductive zones beneath the Muskox intrusion; approximately 60 square kilometres across a 17 km by 3.5 km corridor, on east-west lines at one km spacing (ranging from 4.5 km in the north to 2.5 km in the south), station spacing of 300 to 600 metres. Data acquisition commenced July 7, 2026; program completed as of Aug. 10, 2026.
• Quantec Geoscience Ltd. is producing preliminary two-dimensional resistivity pseudo sections along each line, to be integrated into a comprehensive three-dimensional inversion model of the intrusion.

Ground electromagnetic (EM) survey

• Phase 1 (complete): completed a helicopter-supported surface time-domain EM (TDEM) survey, following up 2025 HELITEM conductors over the base of the main Muskox intrusion and the Feeder Dyke:
  • Mobilized to Kugluktuk May 30, 2026; demobilized July 2, 2026;
  • Over a 30-day period, SPC Nickel completed 56 line km across five grids. Three grids were completed on the main Muskox intrusion and two on the Feeder Dyke;
  • Each anomaly now being modelled by an independent consultant using detailed plate models to determine size, position and strength; results to feed the three-dimensional geological model and 2027 drill targeting.
• Phase 2 (commencing mid-August, 2026): Two-week ground EM program to continue testing high-priority targets generated from the 2025 HELITEM airborne survey.

Heritage resource impact assessment (HRIA)

• 10-day HRIA completed by Ecofor Consulting with a local wildlife monitor, providing a ground evaluation of potential camp and drill site locations to guide future exploration activity.

Field program (commencing mid-August, 2026)

• 10-day geological field program with four objectives:
  • Ground-truth airborne and ground EM anomalies ahead of drilling;
  • Identify the optimal location for the 2027 field camp;
  • Visit and sample historical showings not previously sampled by SPC Nickel;
  • Investigate the 60 km Feeder Dyke, including its composition, styles of mineralization, contact relationships, method of emplacement and relationship to the main Muskox intrusion;

The company's 2026 program is focused on three complementary priorities: a deep-penetrating ground magnetotelluric (MT) survey, a ground electromagnetic (EM) survey, archaeological and field mapping programs. Together these activities will refine the results of the 2025 HELITEM airborne survey to define ranked, drill-ready targets along the 125 km Muskox intrusion, which comprises the main intrusion and the 60 km Feeder Dyke (See news release dated Sept. 17, 2025).

Next steps

The company remains committed to the exploration path outlined previously: airborne EM (completed 2025), ground EM and MT (2026), target generation (2026), and drilling (2027). Integration of the MT, ground EM and field data sets into a single three-dimensional model of the Muskox intrusion will define the ranked target set for the 2027 drill campaign, focusing the drill on the highest-quality conductors along the main Muskox intrusion and the Feeder Dyke.

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 km) 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 Dyke, which combined are exposed over a length of 125 km, and range in width from 200 to 600 metres in the Feeder Dyke 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.

Length refers to downhole length. Insufficient work has been completed to assess true thickness.

Quality assurance, quality control and qualified persons

The technical elements of this news release have been approved by Grant Mourre, PGeo (PGO), CEO 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. and has 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 advancing high-potential Cu-Ni-PGM projects in Tier 1 jurisdictions across Canada. The company's principal assets are its district-scale Muskox Cu-Ni-PGM project in Nunavut and the Lockerby East project in the Sudbury mining camp, which includes the West Graham Resource and the LKE Resource.

We seek Safe Harbor.