Flying Nickel Mining Corp. (TSX-V: FLYN) (OTCQB: FLYNF) is pleased to announce additional PGM assay results from the Company’s 100% owned Minago Nickel PGM project in the Thompson Nickel Belt, Manitoba.

New assay results covering 927 samples totalling 1,150 meters from 19 drill holes are inline with management expectation. Those results further confirmed significant platinum and palladium intersections throughout the Minago’s Nose Deposit.

Highlights from this latest assay data set include:

B-08-89 grading 1.21% Ni, 0.09% Cu, 0.178 g/t Pt, 0.464 g/t Pd and 0.010 g/t Au (0.653 g/t PGM+Au) over a 7.63 meter interval from 241.39 meters downhole.

N-07-03 grading 0.80 % Ni, 0.06% Cu, 0.302 g/t Pt, 0.634 g/t Pd and 0.008 g/t Au (0.945 g/t PGM+Au) over a 3.96 meter interval from 171.14 meters downhole.

V-08-03 grading 1.51% Ni, 0.01% Cu, 0.194 g/t Pt, 0.399 g/t Pd and 0.037 g/t Au (0.629 g/t PGM+Au) over an 11.07 meter interval from 527.49 meters downhole.

V-08-04B grading 1.30% Ni, 0.10% Cu, 0.176 g/t Pt, 0.458 g/t Pd and 0.061 g/t Au (0.694 g/t PGM+Au) over a 5.33 meter interval from 285.80 meters downhole.

V-08-05 grading 1.11% Ni, 0.07% Cu, 0.134 g/t Pt, 0.353 g/t Pd and 0.048 g/t Au (0.534 g/t PGM+Au) over an 14.60 meter interval from 613.50 meters downhole.

Assay results from all 19 holes are tabulated below:

* Detection limit is 10 ppm for Ni, 10 ppm for Cu, 10 ppm for Co, 5 ppb Au, 10 ppb Pt and 5 ppb Pd.

When calculating composite grades, half the detection limit value was used when assay results were less than the detection limit. True widths are approximately half the width observed in core.

NiEq % (Resource) = ( (Ni% x 22.04 x Ni Price $/lb) + (Cu% x 22.04 x Cu Price $/lb) + (Pt gpt / 31.1035) x Pt $/oz +(Pd gpt / 31.1035) x Pd $/oz + (Au gpt / 31.1035) x Au $/oz)/(22.04 x Ni $/lb). This calculation assumes 100% recovery rates and does not include Cobalt due to a lack of data. Calculation is an estimation of resource potential. Metal prices are Ni $12.4/lb, Cu $4.1/lb, Pd $1,721/oz, Pt $1,068/oz, Au $1,904/oz based on January 13, 2023.

Flying Nickel has received and released assay results of 3,009 samples totalling 3,582 meters from 47 holes since the start of program in January 2023. Flying Nickel is on schedule to receive and publish the remaining assay results of approximately 444 meters from 8 holes in June 2023.

The objective of the core assay program is to develop a maiden PGM resource at the Minago Project.

About Minago Project

The Minago Project is located in Canada’s Thompson Nickel Belt and currently has a NI 43-101 compliant open-pit optimized and underground, Measured and Indicated resource of 44.2 million tonnes grading 0.74% Ni (722 million lbs contained nickel) and Inferred resource of 19.6 million tonnes grading 0.74% Ni (319 million lbs contained nickel). The resource split is approximately 78% Nose deposit and 22% North Limb deposit at Minago. This technical report, completed by Mercator and AGP, has an effective date of February 28, 2022, and is available under the Company’s profile on SEDAR.

There has been cumulative 90,783 meters of drilling at the Minago Project by 6 operators since 1966. Additionally, Flying Nickel drilled 2,718 meters in 2022 since acquiring the Minago Project in February 2021.

Total length of PGM assay sections and number of boreholes is estimated. Maps and charts are available at www.flynickel.com.

QA/QC

The sampling process incorporated blanks, standards (certified reference material) and duplicates. The blank samples were comprised of crushed limestone; two standard types were used which alternated from a high Ni concentration to a low Ni concentration; and duplicates were created from half the material of the previous sample. QAQC samples were inserted at intervals of 20.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Adrian Lupascu P.Geo. Mr. Lupascu is not independent of the Company in that he is employed by it. Mr. Lupascu is a Qualified Person as defined by the guidelines in NI 43-101.