Mr. Mark Selby reports

CANADA NICKEL EXPANDS NEW NESBITT NICKEL DISCOVERY BY 1.8 KILOMETRES

Canada Nickel Company Inc. has provided additional results from its drilling program currently under way at the Nesbitt nickel property, part of the company's larger exploration program testing regional targets around its wholly owned Crawford nickel sulphide project. The two initial discovery holes were previously described in a press release dated June 29, 2021.

Highlights

• Third hole at Nesbitt nickel property drilled 1.8 kilometres east of initial discovery holes intersected 302 metres of nickel mineralization with intervals of visible disseminated sulphides;
• Consistent results with the first two Nesbitt drill holes and higher-grade zone at Crawford.

Mark Selby, chair and chief executive officer, said: "This third hole was drilled 1.8 kilometres east of the first two holes at Nesbitt and demonstrates the scale potential of this new discovery on a 3.7-kilometre-long target. Located just eight kilometres north of Crawford it is a potential source of higher-grade source of feed for the Crawford mill. The results further underscore the success of our geophysical approach and the district-scale potential of our overall land package. I look forward to continued success at Nesbitt and to our upcoming follow-up on the significant 0.38-per-cent-nickel interval at the recently acquired Bradburn/Dargavel target."

Nesbitt nickel project

The Nesbitt nickel project is centred on an ultramafic sill that strikes east to west for a distance of 3.7 kilometres and a width that is estimated to vary between 100 to 300 metres (for reference, the Crawford Main zone resource is 1.7 kilometres long and 225 to 425 metres wide). Consistent with the first two holes, the third hole was collared near the eastern limit of the central Nesbitt trend to explore a coincident (high) magnetic and (low) gravity anomaly identified during Canada Nickel's geophysical exploration work conducted during the first half of 2021.

Nesbitt NES21-03 was collared on the south side of the intrusion and drilled to the north. The hole was pulled back into the volcanics to test for possible PGM (platinum group metals) mineralization at the pyroxenite-peridotite contact, which this hole did not intersect. It exited the volcanics and intersected nickel-bearing peridotite and dunite with visible sulphides for a core length of 314 metres from 126 metres to 440 metres (including a 12-metre felsic dike), where the hole returned to volcanics. The hole was stopped at 474 metres. NES21-02 was continued from 360 metres (as previously reported) to a final depth of 501 metres, where it intersected a total of 304 metres of nickel-bearing peridotite and dunite from 113 to 417 metres. The area between NES21-03 and NES21-02 (located 1.8 kilometres to the west) remains untested, along with an area 1.1 kilometres west of the initial hole NES21-01.

Analytical results from the regional exploration drill holes will be released after completion of internal quality assurance/quality control procedures.

Qualified person and data verification

Stephen J. Balch, PGeo (Ontario), vice-president of exploration of Canada Nickel and a qualified person as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel.

About Canada Nickel Company Inc.

Canada Nickel is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt and NetZero Iron and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100-per-cent-owned flagship Crawford nickel-cobalt sulphide project in the heart of the prolific Timmins-Cochrane mining camp.

We seek Safe Harbor.