Mr. Sam Walding reports

INFINICO METALS CORP. INTERSECTS 1.37% NICKEL OVER 51.94 METRES AND DISCOVERS EXTENSION OF MINERALIZATION IN A 120 METRE STEP OUT AT ITS NICOBI MAGMATIC NICKEL SULPHIDE PROJECT

Infinico Metals Corp. has released assay results from three boreholes, as well as visual results from the remaining two boreholes, from the recently completed drill program carried out on its Nicobi project, located 160 kilometres northeast of Val d'Or, Que. Five boreholes were drilled, totalling 1,167 metres, in the company's maiden drill campaign at the Nicobi project. All holes have been logged and sampled, and all core samples are now at the analytical laboratory for assay.

Highlights:

• Hole NBI-24-001:
  • 51.94 metres at 1.37 per cent nickel (Ni), 0.38 per cent copper (Cu), 418 parts per million (ppm) cobalt (Co) and 0.16 gram per tonne (g/t) 2PGE (two platinum group elements: platinum and palladium) from 6.10 m, including:
    • 2.36 m at 7.36 per cent Ni, 0.28 per cent Cu, 1,701 ppm Co and 0.85 g/t 2PGE.
  • Average nickel tenor of 8.2 per cent over the 51.94 m intersect and up to 10.5 per cent.
  • NBI-24-001 intercepted massive to semi-massive and net-texture pyrrhotite-pentlandite-chalcopyrite sulphide mineralization. This intercept represents a significant improvement in both the length and grade reported in any historic assay results on the Nicobi project to date.
• Hole NBI-24-003:
  • 53.95 m at 0.33 per cent Ni, 0.22 per cent Cu and 115 ppm Co from 83 m, including:
    • 0.81 m at 2.47 per cent Ni, 0.67 per cent Cu and 510 ppm Co.
  • Average nickel tenor of 10.1 per cent over the 53.95 m intersect, consistent with NBI-24-001.
  • The mineralized intercept is interpreted to represent the strike extension of mineralization, extending 75 m westward from NBI-24-001.
• Hole NBI-24-005:
  • 0.32 m at 0.26 per cent Ni, 0.09 per cent Cu and 107 ppm Co from 191.75 m.
  • The intercept in hole NBI-24-005 represents what is believed to be the down-plunge extension of mineralization and steps out 120 metres from any previously known mineralization. The identification of mineralization in NBI-24-005 suggests mineralization plunges to the north-northeast into an area which has not seen any previous drilling.

Sam Walding, Infinico's chief executive officer, commented: "Results from the first hole are extremely encouraging, and represent a significant improvement in both length and grade from historically reported assay results at Nicobi, which intersected 37.61 metres at 0.89 per cent Ni and 0.75 per cent Cu (Minorca Resources Ltd., 1993). Furthermore, the identification of nickel sulphide mineralization in NBI-24-005, which steps out 120 metres into an area not previously tested with drilling, shows the potential for further discovery, and demonstrates the mineralized system remains open down plunge and at depth.

"In our initial 1,167 m drill program, management believes it has quickly and effectively demonstrated the enormous potential for discovery at Nicobi. The high-tenor sulphides over substantial widths, coupled with good infrastructure and full road accessibility, provide a unique opportunity. Going forward, our objective is to demonstrate the size potential of the mineralization and expand the project through testing high-priority drill targets across the property."

Discussion of results

Hole NBI-24-001

Hole NBI-24-001 was designed to confirm historically reported mineralization and test the inferred thickness of a mineralized body defined in historic drilling. NBI-24-001 was collared into a weakly mineralized mafic intrusion, drilling in a southeasterly direction. From 6.1 metres, massive to semi-massive and net-texture pyrrhotite-pentlandite-chalcopyrite sulphide mineralization is present throughout the borehole down to a depth of 58.04 metres. At 59.6 metres, the borehole intersected a granite footwall. The mineralized intercept represents a significant improvement in both length and grade from historically reported assay results (Minorca Resources, 1993). Furthermore, nickel tenor (concentration of nickel contained in 100 per cent sulphide), calculated from Infinico's assay results, indicates the high-grade potential of the project, with nickel tenors averaging 8.2 per cent over the 51.94 m intersect, and up to 10.5 per cent. The high-grade nature of mineralization is demonstrated by a single sample returning 8.08 per cent Ni over 1.36 metres.

Hole NBI-24-002

Previous interpretation based on modelling of historic drill data suggested the known mineralization had a projected plunge to the west-northwest. Hole NBI-24-002 was designed to test the down-plunge extension of the known mineralization. Hole NBI-24-002 collared into barren mafic intrusive rock and did not intersect any visually significant sulphide mineralization. The granite footwall was not intercepted until 393.5 metres.

Hole NBI-24-003

Borehole NBI-24-003 was designed to intercept the lower-most point of the known mineralization, to improve the understanding of the geometry and establish depth continuity. The hole was collared into very weakly mineralized mafic intrusive rock. Between 73.15 metres and 136.9 metres, disseminated sulphide with zones of net-texture to semi-massive sulphide were intercepted -- the mineralized intersect is interpreted to represent the strike extension of mineralization to the west. From 139.9 metres to 233.35 metres, the hole continued in barren mafic intrusive rock until the granite footwall was intercepted at 233.35 metres. This is contrary to NBI-24-001, in which mineralization is reported directly above the granite footwall.

Hole NBI-24-004

NBI-24-004 was designed to target a conductivity feature identified in the 2023 geophysical survey. No significant visual mineralization was intercepted, only trace disseminated sulphide.

Hole NBI-24-005

Structural measurements from mineralized zones collected from orientated core in NBI-24-001 and NBI-24-003 suggested a north-northeast plunge component to the reported mineralization, contrary to the west-northwest plunge interpreted from historic drill data. NBI-24-005 was designed to target this newly recognized plunge component, and despite a suboptimal drill pad location, the borehole successfully intercepted a short zone of magmatic nickel sulphide mineralization. The mineralized intersect in NBI-24-005 represents a 120-metre stepout from any previously known mineralization, and at 182 metres below surface is also the deepest-reported mineralized intercept. Structural measurements from the mineralized section of NBI-24-005 also suggest a north-northeast plunge component and fit with measurements collected in holes NBI-24-001 and NBI-24-003.

The identification of sulphide mineralization in NBI-24-005, although limited, is significant, and suggests mineralization plunging to the north-northeast into an area which has not seen any previous drill testing. The mineralization in NBI-24-005 not only represents the down-plunge extension of mineralization, but suggests mineralization remains open to the north-northeast and at depth.

Future work

The 2024 phase 1 drill program has clearly demonstrated the potential for the discovery of high-tenor nickel sulphides over substantial widths at the Nicobi project. The mineralization remains open down plunge and at depth, with immediate targets to follow up on. Further drilling and geophysical surveys are required to test the down-plunge and depth extent of mineralization to the north, as well as drill testing high-priority targets elsewhere on the property.

Sampling and quality assurance/quality control

Half-core samples were sent to ALS Laboratories in Val d'Or, Que., where they were prepared and then sent to ALS Laboratories in Vancouver, B.C., for analysis. The samples were analyzed for 48 elements using the multielement method, which combines a four-acid digestion with ICP-MS (inductively coupled plasma mass spectrometry) instrumentation. Samples were also analyzed for platinum (Pt), palladium (Pd) and gold (Au) using a 30-gram lead fire assay with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish, as well as for total sulphur by oxidation, induction furnace and infrared spectroscopy.

The qualified person has completed a comprehensive review of the laboratory procedures and the company's internal quality control samples. The findings are as follows:

• The results for certified reference materials, along with the certified blank and coarse blanks, are in compliance with industry standards.
• Internal duplicate samples showed good repeatability. Duplicates were chosen from high-grade mineralized sections in accordance with accepted industry practice.

Qualified person

The technical information in this news release has been prepared by Szabolcs Orban, MSc, EFG, EurGeol (No. 1883), OGQ (AS-1617), vice-president of exploration at Infinico Metals Corp. Mr. Orban is a qualified person as defined in National Instrument 43-101. Mr. Orban has read and approved the content of this news release.

About the Nicobi project

The Nicobi project is located approximately 160 kilometres northeast of Val d'Or, Que., Canada. The project is host to a cluster of magmatic nickel sulphide occurrences within a mafic-ultramafic intrusive complex. Drilling of a surface showing in the 1960s by Noranda revealed disseminated to massive nickel sulphide mineralization. Noranda went on to define a non-compliant resource on the project. Multiple drill campaigns have been carried out by six different operators, including the most recent in 1991, which intersected 37.61 metres at 0.89 per cent Ni and 0.75 per cent Cu from surface (Minorca Resources, 1993).

About Infinico Metals Corp.

Infinico Metals is a public company on the TSX Venture Exchange focusing on the exploration for critical metals in the province of Quebec. The company has signed option agreements on the Nicobi project, hosting magmatic Ni-Cu-Co sulphide mineralization, and on the Dalhousie project, which also hosts magmatic Ni-Cu-Co sulphide mineralization, and a recently discovered lithium-bearing pegmatite.

We seek Safe Harbor.