Mr. Brad Humphrey reports

NICAN INTERSECTS BROAD ZONES OF GOLD MINERALIZATION AT PIPY SOUTH, THOMPSON, MANITOBA

Nican Ltd. has released assay results from the first seven holes of its 16-hole, 2,395-metre diamond drill program on the newly discovered gold target at the Pipy South property in Thompson, Man.

Results confirm that the Horseshoe gold zone extends at least 400 metres along strike beyond the discovery intersections reported in early 2026, representing a significant step in defining the scale of this system. Importantly, the results increase the exploration potential of geologically similar and significantly larger structures located in the south of the property. Selected highlights from the first seven holes are presented in Table 1. Assay results from the remaining nine holes are expected in the near term.

Brad Humphrey, president and chief executive officer of Nican, commented: "We are very encouraged by the assays from our diamond drill programs on our gold target at Pipy South. The results to date exceeded our primary objective -- confirming that the gold mineralization continues along strike -- while also significantly advancing our understanding of the geology controlling the system.

"While awaiting assay results, the exploration team focused on advancing their geological understanding of this previously overlooked area. The gold mineralization appears to be hosted within a thrusted and folded sequence of rocks between Archean basement and overlying sediments. This entire package has been folded into a north-trending anticline that defines the geometry of the system.

"Importantly, a structurally similar but considerably larger feature has been identified immediately to the south of the Horseshoe gold zone. Nican staked this ground and views it as a compelling target for gold mineralization in a geologically unique and underexplored setting.

"Nican's land position at Pipy South now stands at 65.2 square kilometres, with excellent access by Provincial Highway 280. This new footprint, along with a recently completed geochemical survey and scheduled VTEM (versatile time-domain electromagnetic) survey, Nican is well positioned to define the next generation of targets at Pipy South."

Pipy South exploration program -- initial test of strike potential

Nican completed a 16-hole, 2,395-metre diamond drill program at Pipy South during the second quarter of 2026, with the primary objective of testing the strike extent of the newly discovered gold zone. The program expanded on the gold mineralization intersected during the 2025 drilling campaign and tested a number of recently identified magnetic trends across a very limited part of the Pipy South property. A notable correlation has been identified between the gold mineralization and magnetic pyrrhotite as well as appreciable concentrations of galena (lead) -- observations that will assist in guiding future targeting.

Initial results indicate that the near-surface gold mineralization extends along both limbs of a folded U-shaped zone, with the program testing a strike length of approximately 400 metres.

Geological interpretation of the Horseshoe gold zone indicates that the stratigraphy hosting the gold mineralization is associated with a steeply west-dipping, folded sequence traceable over a north-south distance of approximately 1.4 kilometres. The mineralization appears to be situated within 25 to 50 metres of an Archean sequence contact; this observation has enabled Nican to trace the Archean-gold host unit around both the Horseshoe area and the new claims to the south, where the prospective host unit extends for over 10 kilometres of strike length.

Diamond drill holes PG26-01 and PG26-02 were drilled on section and confirmed the results of the 2025 drilling program, which returned an intersection of 1.26 grams per tonne gold over 12.7 metres. Holes PG26-03 and PG26-04 were drilled approximately 25 metres north of the 2025 program and intersected disseminated gold mineralization.

Diamond drill holes PG26-05 and PG26-06 were drilled on section approximately 25 metres southeast of PG26-01, targeting an interpreted fold nose. Both holes returned broad intervals of gold and silver mineralization -- PG26-05 with 0.77 g/t Au and 12.83 g/t silver over 29.0 metres and PG26-06 with 0.65 g/t Au and 11.55 g/t Ag over 75.0 metres.

Diamond drill hole PG26-07 was drilled east of PG26-03 and PG26-04, testing a magnetic anomaly. It intersected 30 metres of 0.90 g/t Au and 3.71 g/t Ag, including 2.0 metres averaging 8.01 g/t Au and 38.1 g/t Ag. The hole bottomed in what have been interpreted to be Archean-aged rocks.

Pipy project overview

The Pipy properties consist of two project areas, Pipy South and Pipy North, totalling 76.97 square kilometres in the well-established Thompson nickel belt. Initial exploration activities are focused on the Pipy South project, which is adjacent to the Mystery Lake South area, located approximately 10 to 20 kilometres northeast of the city of Thompson and Vale's Thompson nickel mine, with excellent all-weather road access and local infrastructure. The Pipy South project is included in an exploration agreement with Nisichawayasihk Cree Nation (NCN).

The property's location with respect to the eastern contact of the Trans-Hudson Orogen with the Archean craton has numerous interpreted thrust faults and extensive regional folding, which makes this area a prime gold and base metal exploration target.

Quality assurance/quality control

Nican employed a vigorous QA/QC program, which entailed the regular submission of certified standards, blanks and duplicates within the sample stream. No unusual discrepancies were noted in the QA/QC sample results, with all being within respective control limits.

Samples were sent to Paragon Geochemical Laboratory, where gold was assayed using the photon assay technique, Code PA-AU02/AG02 Au and Ag (two-cycle photon assay).

Multielement (201-071) four-acid digest (metals package) ICP-OES/ICP-MS finish analysis was carried out on all samples by Agat Laboratories in Calgary, Alta.

Both certified commercial laboratories are independent of Nican.

Qualified person

Bill Nielsen, PGeo, an independent consultant to Nican, who is a qualified person under National Instrument 43-101, Standards of Disclosure of Mineral Projects, has reviewed and approved the scientific and technical information in this press release.

About Nican Ltd.

Nican is a mineral exploration company, trading under the symbols NICN on the TSX Venture Exchange, NILTF on the OTCQB and W8Y on the Frankfurt Stock Exchange. The company is actively exploring two projects, the high-grade nickel-copper Wine project and the highly prospective gold and nickel Pipy project, both located in well-established mining jurisdictions in Manitoba, Canada.

We seek Safe Harbor.