CNC.V · 2025-07-15 12:00:00

1The potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a mineral resource; it is uncertain if further exploration will result in the target being delineated as a mineral

Corporate Updates

1The potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a

mineral resource; it is uncertain if further exploration will result in the target being delineated as a mineral

resource (also see below).

Canada Nickel Announces Initial Resources at Mann Central and Texmont

Highlights:

• Canada Nickel’s Timmins Nickel District has a total of six deposits containing 9.2 million tonnes of

Measured & Indicated nickel (3.9 billion tonnes @ 0.24% nickel) and 9.5 million tonnes of Inferred nickel

(4.2 billion tonnes @ 0.22% nickel)

• Mann Central similar scale to Initial Crawford Nickel Project Resource:

o Indicated Mineral Resource of 236.7 million tonnes grading 0.22% nickel containing 0.52 million

tonnes of nickel.

o Inferred Mineral Resource of 543.2 million tonnes grading 0.2 1% nickel containing 1.15 million

tonnes of nickel.

o Exploration Target1 of an additional 0.6-2.0 billion tonnes grading 0.19 – 0.21% nickel.

• Initial Texmont Measured & Indicated Mineral Resource of 37.8 million tonnes grading 0.29% nickel

containing higher grade resource of 1.69 million tonnes at 0.71% nickel including 248,000 tonnes at 1.03%

nickel.

TORONTO, July 15, 2025 - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSX-V:CNC) (OTCQB:

CNIKF) today announced initial mineral resource estimates (the “Mineral Resource Estimate” or “MRE”) for its

Mann Central Nickel Sulphide Project (“ Mann Central”), located 40 km northeast of T immins, Ontario and its

Texmont Nickel Sulphide Project (“Texmont”), located 36 km south of Timmins. Canada Nickel owns 80% of Mann

Central through its interest in East Timmins Nickel Ltd. (“East Timmins”), with the remaining 20% of East Timmins

owned by Noble Mineral Exploration Inc. (“Noble”). Texmont is wholly owned by Canada Nickel through the

Company’s wholly owned subsidiary, Central Timmins Nickel Company Inc. (“Central Timmins”).

Mark Selby, CEO of Canada Nickel said, “We are very pleased with these two new resources and even more excited

by the growing scale of the Timmins Nickel District with over 9 million tonnes in each of the Measured & Indicated

and Inferred categories. Mann Central is a mineral resource with significant scale and considerable potential for

further testing in the future. Texmont , though a smaller target , has delivered strong results with meaningful

quantities of higher grade nickel. I look forward to advancing Crawford towards a year-end construction decision

and to showcasing the full potential of the Timmins Nickel District , with three additional mineral resource

estimates to be published by year-end.”

1The potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a

mineral resource; it is uncertain if further exploration will result in the target being delineated as a mineral

resource (also see below).

Timmins Nickel District

The Company has published mineral resources for six of its properties in the Timmins area, amounting to 9.2

million tonnes of contained nickel metal in the Measured & Indicated categories, and 9.5 million tonnes of

contained nickel metal as Inferred Mineral Resources (Table 1). With three more resources pending by end of year,

the Company continues to show the potential of its property package in the Timmins Nickel District . For

comparison, the Sudbury nickel district has an estimated nickel endowment of 19 million tonnes of contained

nickel (Naldrett and Lightfoot, 1993; Lesher and Thurston, 2002).

Table 1. Total Measured, Indicated and Inferred Resources on Canada Nickel Timmins Nickel District Properties.

Measured & Indicated Inferred Exploration

Target

Project

Geophysical Resource

Resource

(Bt) Ni %

Contained

Resource

(Bt) Ni %

Contained

Target

(Bt) Footprint

(km2) Date/Target Nickel

(Mt)

Nickel

(Mt)

Crawford 1.6 Oct-23 2.56 0.24 6.03 1.69 0.22 3.73 -

Reid 3.9 Dec-24 0.59 0.24 1.43 0.99 0.23 2.24 0.9-2.1

Mann W 3.4 Jun-25 0.41 0.23 0.95 0.6 0.22 1.31 0.5-1.0

Mann CE 3.1 Jul-25 0.24 0.22 0.52 0.54 0.21 1.15 0.6-2.0

Deloro 0.4 Jul-24 0.08 0.25 0.2 0.36 0.25 0.89 -

Texmont 0.1 Jul-25 0.04 0.29 0.11 0.05 0.25 0.14 -

Bannockburn 0.4 Q3-2025 TBD TBD TBD TBD TBD

Midlothian 1.7 Q4-2025 TBD TBD TBD TBD TBD

Nesbitt 0.4 Q4-2025 TBD TBD TBD TBD TBD

TOTAL 15.0 3.92 0.24 9.24 4.23 0.22 9.46

Mann Central Mineral Resource Estimate

The Mann Central Project is only 23 km east of the Company’s Crawford Nickel Sulphide Project (“Crawford”) and

is more than twice the size of Crawford based on the outline of its geophysical target of 3.1 square kilometres.

The area of the geophysical target covered by the Mann Central MRE represents approximately 40 % of its total

target geophysical area. Mann Central is accessible year-round.

For the initial MRE, a total of 12,563 metres of core drilling from 32 drill holes were utilized to calculate the Mann

Central mineral resources in two categories as summarized in Table 2. Indicated Mineral Resources total 237

million tonnes grading 0.22% nickel, for a total of 0.52 million tonnes of contained nickel and Inferred Mineral

1The potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a

mineral resource; it is uncertain if further exploration will result in the target being delineated as a mineral

resource (also see below).

Resources total 537 million tonnes grading 0.21% nickel, for a total of 1.15 million tonnes of contained nickel. The

approximate dimensions of the Mann Central MRE are 2.4 kilometres long, up to 700 metres wide, extending to

500 metres deep, and remaining open in all directions. An additional 0.6 – 2.0 billion tonnes grading between 0.19%

and 0.20% nickel remain as an Exploration Target, pending further drilling. This Exploration Target is based on core

drilling by the Company , the geophysical survey on the Mann Central Project, and the understanding and

calculation of the current Mann Central MRE.

The Exploration Target was derived by modelling the identified nickel sulphide mineralization within the current

estimation envelope but outside of the current M RE area. The volume of the mode lled Exploration Target area

determines the potential tonnage statement in the Exploration Target. The grade range given in the Exploration

Target is determined with consideration to the drill core results within the mode lled Exploration Target area,

consideration of the geological setting in a well understood nickel deposit type w here grades are observed and

well understood and based on the experience of the Company and the Qualified Persons. The potential tonnages

and grades are conceptual in nature and are based on drill holes and geophysical results that define the

approximate length, thickness, depth and grade of the Exploration Target. There has been insufficient exploration

to define a current mineral resource and the Company cautions that there is a risk that further exploration will

not result in the delineation of a current mineral resource.

Drilling at Mann Central was conducted in 2023 and 2024. The 2024 campaign successfully completed the goal of

infilling previous sections to allow for the definition of an initial mineral resource estimate, gain understanding on

the geology of the deposit, as well as systematically collecting samples for mineralogical analysis.

The Mann Central MRE was prepared by Caracle Creek International Consulting Inc. and its sub-consultant L&M

Geociencias, in accordance with CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines

(2019) and CIM Definition Standards for Mineral Resources & Mineral Reserves (2014). A Technical Report in

support of the Mineral Resource Estimate will be filed on SEDAR+ (www.sedarplus.ca) within 45 days of this news

release.

Table 2. Initial Total Mineral Resource Estimate (in-pit resources) for the Mann Central Nickel Sulphide Deposit.

Mineral Resource Estimate Contained Metal

Class Tonnage

(Mt)

(%)

(g/t)

(kt)

(Mt)

(kt)

(koz)

Indicated 236.7 0.22 0.012 6.6 0.34 0.005 0.006 519.5 28.2 15.7 797.9 35.1 47.1

Inferred 543.2 0.21 0.012 6.8 0.30 0.006 0.007 1,150 65.9 37.0 1,628 98.0 129.8

Notes to Table 2:

1. The independent Qualified Person for the MRE, as defined by National Instrument 43-101 – Standards of Disclosure for

Mineral Projects (“NI 43-101”), is Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), of Caracle Creek International Consulting

Inc. The effective date of the MRE is June 25, 2025.

2. The quantity and grade of reported Inferred Mineral Resources in this MRE are uncertain in nature and there has been

insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured. However, it is reasonably

expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with

continued exploration.

3. A cut-off grade of 0 .10% Ni was used to define potentially economic material for inclusion within the MRE. Cut-offs

were determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison

to analogous nickel deposit types.

4. Geological and block models for the MRE used data from a total of 32 surface drill holes, completed by Canada Nickel

in 2023 and 2024. The drill hole database was validated prior to resource estimation and QA/QC checks were made

using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted

into assay batches by Canada Nickel and by comparison of umpire assays performed at a second laboratory.

5. Estimates have been rounded to two significant figures.

6. The MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines

(November 29, 2019) and the CIM Definition Standards for Mineral Resources & Mineral Reserves (May 19, 2014).

7. The geological model as applied to the MRE comprises two mineralized domains hosted by variably serpentinized

ultramafic rocks: a relatively higher -grade core (du nite), and a lower grade (peridotite). Individual wireframes were

created for each domain in Leapfrog Geo 2024.1 software.

8. A 20 m x 20 m x 15 m block model was created, and samples were composited at 7.5 m intervals. Grade estimation

from drill hole data was carried out for Ni, Co, Fe, Cr, S, Pd and Pt using the Ordinary Kriging interpolation method in

Isatis 2024.04 software.

9. The MRE has been constrained by a conceptual pit envelope that was developed using the following optimization

parameters. Metal prices used were US$21,000/t nickel, US$40,000/t cobalt, US$325/t iron, US$3,860/t chromium,

US$1,350/oz palladium, and US$1,150/oz platinum. Different pit slopes were used for each layer (in degrees): 9.5 in

overburden, and 4 0.0 in mineralized rock, and 45 in waste rock . Exchange rate utilized was US$/C$ at $0. 76. Mining

costs utilized different values for overburden (clay, gravel), and rock mining, ranging from C$1 .47 to C$3.00/t mined.

Processing costs and general administration costs for a 120 ktpd operation (similar to the ultimate scope of Crawford)

were C$8.30/t. Based on the range of grade and ratio of sulphur to nickel, calculated recovery averages 39% for Ni,

10% for Co, 54% for Fe, 29% for Cr, 39% for Pd and 18% for Pd.

10. Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour and Inverse Distance

Squared methods), swath plot analysis, cross -plots of declustered samples against the nearest OK estimate, and by

visual inspection of the assay data, block model, and grade shells in cross-sections.

11. Density estimation was carried out for the mineralized domains using the Ordinary Kriging interpolation method, based

on 1,270 specific gravity measurements collected during the core logging process, using the same block model

parameters of the grade estimation. As a reference, the average estimated density value within dunite is 2.66 g/cm3

(t/m3), while the peridotite domain yielded an average of 2.74 g/cm3 (t/m3).

Figure 1. Plan View of Mann Central Resources, Mann Central Nickel Sulphide Project, Ontario.

Figure 2. Plan View of the Categorized Mann Central Resources along with %Ni Grade.

Figure 3. Mann Central Nickel Sulphide Project Long -Section (Looking North) of Resource Categories (Upper

Image) and %Ni Grade (Lower Image).

Next Steps at Mann Central Nickel Sulphide Project:

• A technical report with respect to the MRE disclosed today will be filed within 45 days of this news release.

• Infill drilling at the property will aim to increase and upgrade Inferred Mineral Resources to Indicated

Mineral Resources in the next drilling campaign.

• Mineralogical and metallurgical analysis will continue to better understand and estimate metal recoveries.

Texmont Mineral Resource Estimate

For the initial Texmont Mineral Resource Estimate (“Texmont MRE”), a total of 44,528 metres of core drilling from

144 drill holes were utilized to calculate the Texmont MRE in three categories as provided in Table 3. Measured

Mineral Resources total 3.3 million tonnes grading 0.34% nickel, for a total of 11,281 tonnes of contained nickel,

Indicated Mineral Resources total 34.6 million tonnes grading 0.27 % nickel, for a total of 97,700 tonnes of

contained nickel, and Inferred Mineral Resources total 57.7 million tonnes grading 0.22% nickel, for a total of

143,900 tonnes of contained nickel.

The sulphide mineralogy consists mainly of pentlandite and pyrrhotite with minor millerite, heazlewoodite, pyrite,

and chalcopyrite. The sulphide mineralization occurs primarily as next -textured to locally semi-massive, at the

core of the high -grade horizon. The high-grade horizon is then surrounded by a medium to low grade envelope

that is characterized by disseminated fine grained sulphide mineralization.

The approximate dimensions of the Texmont MRE are 1.3 kilometres long, up to 150 metres wide, extending to

500 metres deep and remaining open at depth (Figure 4).

Drilling by Canada Nickel ( via Central Timmins) at Texmont was co nducted between 2022 and 2024 , with 65

drillholes completed with the goals of infilling previous sections drilled by Fletcher Nickel Inc. (“Fletcher”) between

2006 and 2008 , allowing for the definition of an initial mineral resource estimate, gain understanding on the

geology of the deposit, and systematically collecting samples for mineralogical analysis. Seventy-eight drill holes

from the historical Fletcher drilling campaigns were used , in addition to the 65 drill holes completed by Central

Timmins for the MRE.

The Texmont MRE was prepared by Caracle Creek International Consulting Inc. and its sub -consultant L&M

Geociencias, in accordance with CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines

(2019) and CIM Definition Standards for Mineral Resources & Mineral Reserves (2014). A Technical Report in

support of the Mineral Resource Estimate will be filed on SEDAR+ (www.sedarplus.ca) within 45 days of this news

release.

Table 3. Initial Total Mineral Resource Estimate (in-pit resources) for the Texmont Nickel Sulphide Deposit.

Mineral Resource Estimate Contained Metal

Class Tonnage

(Mt)

(%)

(g/t)

(kt)

(koz)

Measured 3.3 0.34 0.013 0.37 0.018 0.016 11.3 0.4 12.2 1.9 1.7

Indicated 34.6 0.28 0.011 0.27 0.012 0.011 97.7 3.8 93.3 13.8 12.6

Mea + Ind 37.8 0.29 0.011 0.28 0.013 0.012 109.0 4.3 105.5 15.6 14.4

Inferred 57.7 0.25 0.010 0.22 0.010 0.009 143.9 5.9 122.3 17.4 17.0

Notes to Table 3:

1. The independent Qualified Person for the Texmont MRE, as defined by NI 43 -101), is Dr. Scott Jobin -Bevans (P.Geo.,

PGO #0183), of Caracle Creek International Consulting Inc. The effective date of the Texmont MRE is April 10, 2025.

2. The quantity and grade of reported Inferred Mineral Resources in this MRE are uncertain in nature and there has been

insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured. However, it is reasonably

expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with

continued exploration.

3. A cut-off grade of 0.1 0% Ni was used to define potentially economic material for inclusion within the MRE. Cut -offs

were determined on the bas is of core assay geostatistics and drill core lithologies for the deposit, and by comparison

to analogous nickel deposit types.

4. Geological and block models for the MRE used data from a total of 144 surface drill holes, completed by Fletcher Nickel

between 2006 and 2008, and Canada Nickel between 2022 and 2024. The drill hole database was validated prior to

resource estimation and QA/QC checks were made using industry -standard control charts for blanks, core duplicates

and commercial certified reference material inserted into assay batches by Canada Nickel and by comparison of umpire

assays performed at a second laboratory.

5. Estimates have been rounded to two significant figures.

6. The MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines

(November 29, 2019) and the CIM Definition Standards for Mineral Resources & Mineral Reserves (May 19, 2014).

7. The geological model as applied to the MRE comprises five discernible mineralized domains within a variably

serpentinized peridotite lava flow unit : High grade (>0.4% nickel), medium grade (0.2-0.4% nickel) and 3 low grade

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