Canada Nickel Announces Positive Regional Exploration Results including Best Regional Exploration Result to Date at Midlothian

Canada Nickel Company Inc. (TSX-V: CNC) (OTCQX: CNIKF) is pleased to announce additional exploration drilling results from the Company’s Deloro, Bannockburn, Midlothian and Nesbitt properties. The Company completed over 118,000 metres of drilling on 14 properties during its successful 2024 drilling campaign, all located within 100 kilometres of the Timmins mining camp.

CEO Mark Selby said, “Today’s results from four separate regional properties continue to demonstrate the scale of the sulphide nickel potential of the Timmins Nickel District. Midlothian’s drilling results are showing consistent grades with an average grade that is the highest to date of all the Company’s regional properties. Bannockburn drilling continues to yield excellent results – including identification of other high-grade targets as well as the intersection of a higher-grade zone within the bulk tonnage zone. We continue to successfully infill and extend the resource at Deloro, and we have successfully resumed drilling at Nesbitt, which is located just seven kilometres from Crawford, and which will become an additional resource by mid-2025.”

Regional Exploration Programs

The Company now expects to publish a total of eight additional regional resources by mid-2025. Reid and Deloro have already been published and resources at Bannockburn, Mann Central, Mann West, Midlothian, Nesbitt, and Texmont are expected to further demonstrate the scale of nickel resources within the Timmins Nickel District.

Bannockburn Property

Figure 1 – Bannockburn – CNC Drillholes Over Total Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

The Bannockburn Property is located 65 kilometres south of Timmins and approximately 20 kilometres west of Matachewan, Ontario. The property has multiple targets including two high-grade nickel zones. The B-zone geophysical target is the largest target consisting of a bulk tonnage nickel zone with approximately 1.6 kilometres of strike length and up to 700 m wide. The Company completed infill drilling on the B-Zone with nine holes drilled in the fall of 2024 (Figure 1). This release has results for seven of the nine drillholes. All holes were drilled through long intersections of strongly serpentinized and mineralized ultramafic rocks. With this drilling and the data collected in 2023, the company intends to produce a resource estimate by mid- 2025.

A single hole (BAN24-10) was drilled into the smaller D-zone to the northwest, confirming continuation of the mineralized ultramafic body almost 1 kilometre northwest of the main B-zone. The D-zone will need further drilling to test its potential extension from and connection to the B-zone (Figure 1).

Canada Nickel has also followed up on other prospective targets that tested for higher-grade material. Historically, higher grade intervals have been drilled at Bannockburn, within the C-zone and the F-zone. The company is planning to target the F-zone with a summer program, following up the positive results and promising geophysical downhole surveys from holes BAN24-18 and BAN24-21. See news releases of November 11 and December 5 of 2024 for those results.

Table 1 – Bannockburn drilling highlights.

Hole ID	From (m)	To (m)	Length (m)*	Ni %	Co %	Pd g/t	Pt g/t	Cr %	Fe %	S %
BAN24-07	67.3	402	334.7	0.26	0.010	0.003	0.005	0.15	4.11	0.01
including	116.5	151	34.5	0.29	0.009	0.003	0.003	0.10	3.68	0.01
BAN24-08	58.5	115	56.5	0.22	0.010	0.003	0.003	0.16	5.80	0.05
and	205.5	351	145.5	0.23	0.011	0.004	0.005	0.25	5.72	0.03
BAN24-09	24	66	42.0	0.24	0.010	0.003	0.005	0.36	5.47	0.07
and	87	351	264.0	0.27	0.010	0.005	0.005	0.13	4.36	0.04
*including*	*225*	*331.5*	*106.5*	*0.30*	*0.009*	*0.007*	*0.006*	*0.10*	*3.57*	*0.05*
BAN24-10	81	402	321.0	0.27	0.012	0.003	0.004	0.31	5.71	0.01
*including*	*217.5*	*298.5*	*81.0*	*0.30*	*0.011*	*0.004*	*0.003*	*0.10*	*5.00*	*0.01*
BAN24-11	73.9	363.5	289.6	0.29	0.009	0.005	0.004	0.10	3.62	0.04
*including*	*75.5*	*99.5*	*24.0*	*0.40*	*0.011*	*0.020*	*0.013*	*0.11*	*3.94*	*0.12*
BAN24-12	53.5	351	297.5	0.27	0.009	0.003	0.003	0.11	3.85	0.01
BAN24-14	60	401	341.0	0.29	0.009	0.004	0.004	0.11	3.81	0.02
*including*	*329*	*392*	*63.0*	*0.31*	*0.010*	*0.011*	*0.009*	*0.11*	*3.99*	*0.04*
BAN24-15	112.9	253.0	140.1	0.22	0.009	0.003	0.004	0.14	5.08	0.05
and	333.0	426.0	93.0	0.28	0.012	0.018	0.012	0.19	6.54	0.55
*including*	*334.0*	*343.0*	*9.0*	*0.44*	*0.017*	*0.066*	*0.039*	*0.25*	*7.80*	*1.35*
*and*	*368.5*	*376.0*	*7.5*	*0.55*	*0.018*	*0.066*	*0.036*	*0.18*	*7.13*	*1.70*

*True width undetermined. All lengths are drillhole lengths.

Drill results in italics with significantly higher sulphur contents are interpreted to be extensions of the C-Zone into the B-Zone

Midlothian Property

Figure 2. – Midlothian – CNC Drillholes Over Total Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

The Midlothian property is located 70 kilometres south-southeast of Timmins, 25 kilometres west of Matachewan and is directly accessible by road. Four drillholes were completed during the winter of 2023 (see July 11, 2023, release) and 12 additional drillholes were completed in the fall of 2024. All 12 holes intersected mineralized dunite at shallow depths (Figure 2). These holes were drilled on a target measuring 2.7 kilometres long and 0.4 to 0.9 kilometres wide with a target footprint of 1.7 km² (compared to Crawford resource of 1.5 km²). This release contains assay information on 10 completed holes (see new releases dated April 13, 2023, and May 24, 2023). Assays are still pending on two drillholes.

With the combined 2023 and 2024 drilling, the company intends to produce an initial resource estimate at Midlothian by mid-2025.

Table 2 – Midlothian drilling highlights.

Hole ID	From (m)	To (m)	Length (m)*	Ni %	Co %	Pd g/t	Pt g/t	Cr %	Fe %	S %
MID24-05	15.5	406.4	390.9	0.28	0.011	0.003	0.003	0.14	4.71	0.01
*including*	*141.5*	*237.5*	*96.0*	*0.30*	*0.012*	*0.003*	*0.003*	*0.12*	*4.33*	*0.01*
MID24-06	0.2	253.6	253.4	0.26	0.012	0.003	0.003	0.31	5.53	0.01
*including*	*174*	*253.6*	*79.6*	*0.30*	*0.011*	*0.003*	*0.003*	*0.12*	*4.87*	*0.01*
*and*	*252*	*399*	*147.0*	*0.30*	*0.011*	*0.003*	*0.003*	*0.11*	*4.59*	*0.01*
MID24-07	2.5	385.5	383.0	0.26	0.011	0.003	0.003	0.26	5.53	0.02
*including*	42	*85.5*	*43.5*	*0.30*	*0.011*	*0.003*	*0.003*	*0.11*	*4.26*	*0.02*
MID24-08	35.3	317	281.7	0.26	0.011	0.003	0.004	0.27	5.40	0.02
and	319	399	80.0	0.28	0.011	0.003	0.003	0.14	4.69	0.01
MID24-09	6.5	89.7	83.2	0.29	0.010	0.003	0.003	0.11	4.20	0.04
and	138.5	399	260.5	0.27	0.012	0.004	0.004	0.25	5.62	0.02
*including*	*139.5*	*190.5*	*51.0*	*0.30*	*0.011*	*0.003*	*0.003*	*0.26*	*4.06*	*0.03*
MID24-10	126	406.5	280.5	0.24	0.012	0.004	0.005	0.26	5.60	0.03
including	286.5	342	55.5	0.29	0.011	0.003	0.004	0.14	4.67	0.01
MID24-11	8.8	31.1	22.3	0.28	0.011	0.002	0.002	0.10	3.65	0.06
and	119	385	266.0	0.26	0.012	0.003	0.003	0.28	5.39	0.02
including	119	229	110.0	0.29	0.010	0.003	0.004	0.11	4.43	0.02
MID24-12	4	71.9	67.9	0.27	0.011	0.003	0.003	0.29	5.36	0.07
and	94.2	185.5	91.3	0.19	0.012	0.006	0.008	0.39	6.72	0.04
and	212.5	399	186.5	0.23	0.011	0.003	0.003	0.24	6.00	0.02
*MID24-15*	*31.3*	*501.0*	*469.7*	*0.31*	*0.010*	*0.003*	*0.003*	*0.11*	*4.02*	*0.02*
*Including*	*342.0*	*372.0*	*30.0*	*0.34*	*0.010*	*0.003*	*0.003*	*0.11*	*4.17*	*0.01*
*and*	*469.5*	*483.0*	*13.5*	*0.41*	*0.010*	*0.003*	*0.003*	*0.10*	*3.83*	*0.01*
MID24-16	7	384	377.0	0.29	0.011	0.003	0.003	0.20	4.78	0.01

*True width undetermined. All lengths are drillhole lengths.

Deloro Project

Figure 3 – Deloro – CNC Drillholes Over Total Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

The Deloro Project is located just 8 kilometres south of Timmins and is accessible year-round by road as well as located less than 2 kilometres from existing powerlines. In July 2024, the Company successfully filed a Mineral Resource Estimate on Deloro consisting of 357 million tonnes of Inferred Resources grading 0.25% nickel, and 81 million tonnes of Indicated Resources grading 0.25% nickel. In the fall of 2024, Canada Nickel drilled 19 new holes to expand the existing resource including the known boundary of the mineralized zone. This release outlines the results from 11 drillholes with assays pending on the remaining eight drillholes (Figure 3). The drillholes successfully intersected strongly mineralized sections of ultramafic rocks such as in hole DEL24-28 which returned 371.0 metres of 0.27% nickel including 39.0 metres of 0.30% nickel. The infill campaign continues to show the potential of Deloro which benefits from lower overburden thickness, and excellent proximity to major infrastructure including roads and powerlines. An updated resource for Deloro is planned by mid-2025.

Table 3 – Deloro drilling highlights.

Hole ID	From (m)	To (m)	Length (m)*	Ni %	Co %	Pd g/t	Pt g/t	Cr %	Fe %	S %
DEL24-23	8.5	70.9	62.4	0.23	0.010	0.003	0.003	0.16	5.37	0.08
and	121.3	402.0	280.7	0.26	0.010	0.003	0.003	0.28	5.25	0.06
including	339.5	375.5	36.0	0.29	0.010	0.003	0.003	0.13	5.22	0.07
DEL24-25	12.0	368.0	356.0	0.25	0.012	0.003	0.004	0.33	5.67	0.08
including	252.0	316.5	64.5	0.28	0.012	0.003	0.003	0.25	5.25	0.04
DEL24-27	14.0	226.0	212.0	0.25	0.011	0.003	0.004	0.35	5.70	0.05
and	240.0	268.5	28.5	0.27	0.011	0.003	0.003	0.28	5.19	0.08
and	277.5	501	223.5	0.27	0.011	0.003	0.003	0.28	5.19	0.08
*including*	*339.0*	*358.5*	*19.5*	*0.30*	*0.012*	*0.003*	*0.004*	*0.25*	*5.18*	*0.04*
*and*	*451.5*	*471.0*	*19.5*	*0.30*	*0.012*	*0.003*	*0.003*	*0.22*	*5.34*	*0.05*
DEL24-28	130.0	501.0	371.0	0.27	0.011	0.003	0.003	0.19	5.00	0.05
*including*	*252.0*	*291.0*	*39.0*	*0.30*	*0.011*	*0.003*	*0.003*	*0.16*	*5.20*	*0.05*
DEL24-29B	120.4	363.0	242.6	0.23	0.012	0.003	0.004	0.43	5.95	0.06
DEL24-31	12.5	292.3	279.8	0.26	0.011	0.003	0.003	0.23	5.24	0.08
and	317.5	389.5	72.0	0.23	0.010	0.003	0.003	0.21	4.86	0.22
and	486.5	519.0	32.5	0.22	0.010	0.003	0.003	0.20	5.25	0.09
DEL24-32	48.7	416.5	367.8	0.26	0.011	0.003	0.004	0.33	5.66	0.04
including	267.0	394.5	127.5	0.29	0.011	0.003	0.003	0.24	5.37	0.05
DEL24-33	3.6	198.8	195.2	0.24	0.010	0.003	0.003	0.18	5.21	0.06
including	4.5	22.5	18.0	0.29	0.010	0.003	0.003	0.11	5.27	0.08
DEL24-34	18.0	58.0	40.0	0.20	0.012	0.003	0.005	0.49	5.71	0.02
and	93.0	420.0	327.0	0.27	0.011	0.003	0.003	0.20	4.95	0.05
DEL24-36	42.0	231.6	189.6	0.21	0.010	0.004	0.004	0.23	5.68	0.04
DEL24-37	9.2	196.7	187.5	0.28	0.010	0.003	0.003	0.22	4.53	0.03
*Including*	*51.0*	*75.0*	*24.0*	*0.30*	*0.011*	*0.003*	*0.003*	*0.27*	*4.73*	*0.01*
and	204.6	501.0	296.4	0.28	0.011	0.003	0.003	0.12	5.11	0.03

*True width undetermined. All lengths are drillhole lengths.

Nesbitt Property

Figure 4 – Nesbitt – CNC Drillholes Over Total Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

The Nesbitt Property is located just 7 kilometres north-northwest of Canada Nickel’s Crawford Nickel Sulphide Project. Nesbitt contains two ultramafic sills that strike east-west, the larger sill having a geophysical expression of 1.0 kilometres along strike. Preliminary drill results were announced in 2021 and 2022 (see news release dated May 10, 2022).

Given the close proximity to Crawford and minimal overburden, Nesbitt could present an opportunity to provide aggregate material to the mine site construction as well as additional nickel ore.

In the fall of 2024, the Company drilled eight new holes to infill sections of the Nesbitt ultramafic with the goal of producing a resource estimate in 2025. The current drill program will infill the western ultramafic and is planned for Q1 2025.

Assay results from seven of the drillholes (Figure 4) are disclosed in this release. All holes intersected serpentinized and mineralized peridotite and lesser dunite, interrupted by minor late dykes.

Table 4 – Drilling highlights Nesbitt program

Hole ID	From (m)	To (m)	Length (m)*	Ni %	Co %	Pd g/t	Pt g/t	Cr %	Fe %	S %
NES24-12	21.7	272.4	250.7	0.24	0.012	0.008	0.008	0.30	6.06	0.09
NES24-13	67.8	450.0	382.2	0.22	0.011	0.006	0.007	0.34	6.32	0.07
including	268.5	295.5	27.0	0.27	0.010	0.009	0.008	0.12	4.71	0.19
*and*	*372.0*	*378.0*	*6.0*	*0.30*	*0.012*	*0.012*	*0.012*	*0.20*	*5.26*	*0.09*
NES24-15	22.5	351.0	328.5	0.23	0.011	0.003	0.005	0.27	5.80	0.06
NES24-16	25.5	74.9	49.4	0.23	0.012	0.010	0.008	0.25	6.29	0.07
and	137.7	148.0	10.3	0.25	0.011	0.013	0.010	0.14	5.02	0.11
and	155.5	168.0	12.5	0.23	0.010	0.008	0.006	0.17	5.32	0.16
NES24-17	7.5	149.5	142.0	0.20	0.012	0.019	0.016	0.31	6.88	0.08
and	186.2	205.0	18.8	0.21	0.012	0.010	0.005	0.31	6.50	0.08
NES24-18	54.0	97.5	43.5	0.17	0.011	0.005	0.008	0.47	7.31	0.04
and	172.3	201.0	28.7	0.19	0.011	0.009	0.008	0.37	6.67	0.03
and	230.0	501.0	271.0	0.18	0.011	0.010	0.008	0.45	6.96	0.04
NES24-19	88.5	208.5	120.0	0.19	0.012	0.010	0.006	0.39	7.10	0.05
and	214.8	308.8	94.0	0.24	0.011	0.008	0.006	0.20	5.80	0.05

*True width undetermined. All lengths are drillhole lengths.

Table 5: Drillhole Orientation

Hole ID	Easting (mE)	Northing (mN)	Azimuth (⁰)	Dip (⁰)	Length (m)
DELORO
DEL24-23	480980	5360569	60	-84	402
DEL24-25	480231	5361597	70	-50	408
DEL24-27	480334	5361525	70	-84	501
DEL24-28	480294	5361200	70	-50	501
DEL24-29B	480713	5360636	310	-76	363
DEL24-31	480475	5361470	70	-50	519
DEL24-32	480240	5361390	70	-50	501
DEL24-33	480809	5361303	70	-50	300
DEL24-34	480497	5360715	70	-50	420
DEL24-36	480900	5360945	70	-50	336
DEL24-37	480566	5360849	70	-84	501
BANNOCKBURN
BAN24-07	506617	5314086	240	-55	402
BAN24-08	506677	5313701	240	-55	381
BAN24-09	506475	5314390	240	-55	351
BAN24-10	505420	5315110	75	-50	402
BAN24-11	506342	5314134	60	-55	363
BAN24-12	507225	5313385	235	-55	351
BAN24-14	506931	5313715	235	-55	401
BAN24-15	506931	5313715	55	-55	426
MIDLOTHIAN
MID24-05	499940	5303217	180	-50	406
MID24-06	499296	5303222	180	-50	399
MID24-07	499710	5303026	5	-50	399
MID24-08	499103	5303244	180	-50	399
MID24-09	499590	5302980	180	-50	399
MID24-10	498903	5303246	180	-50	408
MID24-11	499590	5302980	335	-50	385
MID24-12	498700	5303180	180	-50	399
MID24-15	500524	5303089	180	-50	493
MID24-16	499097	5302989	180	-50	384
NESBIT
NES24-12	469000	5417050	180	-50	321
NES24-13	468820	5417140	180	-50	450
NES24-15	469841	5417205	195	-50	351
NES24-16	468720	5417007	180	-50	252
NES24-17	470141	5417148	195	-50	378
NES24-18	468905	5417140	180	-50	501
NES24-19	469883	5416994	15	-50	353

Automated Market Making Services

The Company has engaged the services of ICP Securities Inc. (“ICP”) to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C$7,500, plus applicable taxes. The agreement between the Company and ICP was signed with a start date of January 23, 2024, and is for four (4) months (the “Initial Term”) and shall be automatically renewed for subsequent one (1) month terms (each month called an “Additional Term”) unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.

ICP is an arm’s length party to the Company. ICP’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.

About ICP Securities Inc.

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

Statement Regarding TSX Venture

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Quality Assurance and Control, Drilling and Assaying

Edwin Escarraga, MSc, P.Geo., a “qualified person” as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby. All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP 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 Company Inc.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel 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^TM, NetZero Cobalt^TM, NetZero Iron^TM 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 in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

Posted January 24, 2025

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