Mr. Grant Mourre reports

SPC NICKEL COMPLETES DETAILED MODELLING OF HELITEM DATA, DEFINING PRIORITY DRILL TARGETS AT THE MUSKOX CU-NI-PGM PROJECT, NUNAVUT

SPC Nickel Corp. has provided an update on completed detailed geophysical modelling and next steps at the company's 100-per-cent-owned, Muskox Cu-Ni-PGM (copper, nickel and platinum group metal) project in Nunavut, Canada. The company has completed detailed conductor modelling of its 2025 HeliTEM airborne electromagnetic (EM) data set, resulting in improved target definition and enhanced understanding of the controls on Cu-Ni-PGM mineralization across the project. The updated interpretation provides a refined framework for prioritizing targets ahead of the proposed 2027 diamond drill program.

Highlights:

• Detailed modelling of the 1,410-line-kilometre (km) HeliTEM (2025) data set has refined and prioritized Cu-Ni-PGM targets across the 496 square km Muskox project.
• Detailed modelling of the mid-to-late-channel EM data (channels 10 to 25) has outlined 60 high-priority (Class A) targets, 52 within the main Muskox intrusion and eight within the related feeder dike.
• Mid-to-later-channel HeliTEM EM anomalies are considered highly prospective to represent sulphide mineralization and are considered valid exploration drill targets in the Muskox context given the presence of high-grade copper, nickel and PGM mineralization.

Grant Mourre, president and chief executive officer of SPC Nickel, commented: "This is the first time Muskox has been imaged with modern airborne EM at this scale and the results are compelling. Sixty Class A conductors give us a set of drill targets in a system that has already returned high-grade copper, nickel and PGM intercepts. Our ground EM survey results will now sharpen those targets and our MT survey results will look deeper for new ones. With this foundation established and further survey results to come, we are building toward a 2027 drill program with genuine discovery potential."

Detailed conductor modelling and target generation

The 2025 HeliTEM airborne survey (1,410 line km) identified 529 EM anomalies across the main Muskox intrusion and the feeder dike (see news release dated Dec. 8, 2025). To prioritize these anomalies down to the strongest targets, the company engaged a third party consultant to conduct an extensive line-by-line review of the HeliTEM data, focusing on the mid-to-late channels that are best suited to identifying potential sulphide-bearing targets in magmatic Cu-Ni systems.

That review generated plate models providing best-fit 3-D representations of the measured EM response, along with the size, orientation and conductance in siemens (S) of each anomaly. The resulting 359 discrete conductors along the main Muskox intrusion and the feeder dike have each been ranked A, B or C by modelled conductance as summarized in table 1. Class A conductors, of which there are 60, are considered priority drill targets.

Next steps

The HeliTEM conductor modelling provides the geophysical framework for target ranking across the project. The next stage of targeting draws on the company's 2026 ground programs. The ground EM survey, completed over priority HeliTEM conductors along the base of the Muskox intrusion and the feeder dike, will refine the location, geometry and conductance of those targets ahead of drilling. The ground magnetotelluric (MT) survey, which images conductivity to greater depth than airborne or ground EM, will be used to identify further targets, including deeper conductors beyond the reach of the airborne survey. Results from both surveys are forthcoming and will be reported in subsequent releases. They will be integrated with the airborne modelling into a three-dimensional model of the Muskox intrusion. That model will finalize the ranked targets to focus the 2027 drill campaign on the highest-quality conductors along the main Muskox intrusion and the feeder dike. Targeting will be based on the first fully integrated, modern geophysical data set produced at Muskox.

SPC Nickel attains DTC eligibility

SPC Nickel is also pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (DTC) in the United States. DTC eligibility allows the company's shares to be traded and settled electronically through U.S. brokerage accounts, simplifying trading for U.S. investors and broadening access to the company's shares.

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 dike, which combined are exposed over a length of 125 km, and range in width from 200 to 600 metres (m) in the feeder dike to 11 km in the main body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a 60-year period identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the intrusion or in the adjacent footwall, like 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 (platinum (Pt) plus palladium (Pd) plus gold (Au)) (1) by Silvermet Corp. (2007);
• 13.74 metres at 5.04 per cent Cu, 2.21 per cent Ni and 5.63 g/t PGM (2) 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.

(1) Gary Vivian (2007). Muskox project, Nunavut, 2007 drill and geophysical survey program annual report for Prize Mining, assessment report, 57 pages, eight data appendices.

(2) J.W. Page, R.R. Culbert and L.S. Martin (1988). Geochemical, geophysical and diamond drill reports on the Muskox property, Northwest Territories. Equinox Resources Ltd. DIAND assessment report 082562, 56 pages, three data appendices.

Quality assurance, quality control and qualified persons

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., 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.

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