Canada Nickel Announces Appointment of Project Debt Advisor, Provides Corporate Update

Canada Nickel Announces Appointment of Project Debt Advisor,

Provides Corporate Update

TORONTO, April 5, 2023 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV:CNC)

(OTCQX:CNIKF) is pleased to announce the appointment of Cutfield Freeman & Co. (“Cutfield Freeman”)

as project debt advisors and changes to the Canada Nickel Board of Directors (the “Board”).

Mark Selby, Chair and CEO said, “ I am very pleased that we have engaged Cutfield Freeman, a leading

global mining advisory firm, as project debt advisors. Cutfield Freeman, in conjunction with our previously

appointed equity advisors, Deutsche Bank and Scotiabank, will assist the Company in putting together the

overall financing package for the Company’s flagship Crawford Nickel Sulphide project as we continue

advancing Crawford towards production.”

Mr. Selby continued, “I am also very pleased to announce that David Smith, a current member of our

Board, will be assuming the role of Chair man, previously held by me . The splitting of the CEO and

Chairman roles aligns with best corporate governance practices and is expected to become effective on

April 7, 2023. David, currently the EVP Finance and CFO at Agnico Eagle Mines Limited, has held several

senior positions over the last 18 years as Agnico Eagle grew to become one of the leading global gold

companies. He recently announced his retirement as of April 30 from Agnico Eagle and I look forward to

working closely with David to help Canada Nickel become one of the leading global nickel companies. I

would also like to thank Russell Starr, who is retiring from the board given other commitments , but

remains committed to the success of Canada Nickel”.

About Canada Nickel

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 ™, NetZero Cobalt™ and NetZero

Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel,

cobalt, and iron products. Canada Nickel pr ovides 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.

For further information, please contact:

Mark Selby, Chair and CEO

Phone: 647-256-1954

Email: [email protected]

Cautionary Note and Statement Concerning Forward Looking Statements

This press release contains certain information that may constitute "forward-looking information" under

applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the

carbon capture approach could allow production of Net Zero nickel and generation of an additional

tonnes of CO 2 credits per tonne of nickel produced after offsetting all emissions, the potential to turn

nickel mine into a generator of carbon credits rather than generator of carbon emissions, the production

of estimated average of 710,000 tonnes of carbon credits annually and 18 million total tonnes of CO 2 of

credits over expected life of mine at Crawford, the ability to monetize c arbon credits, the ability to

quantify carbon capture, emission estimates, the brucite content of the deposit, the scalability of the

process, the metallurgical results, the timing and results of the feasibility study including the viability of

the inclusion of the IPT Carbonation Process and related facilities as part of the project , the results of

Crawford’s PEA, including statements relating to net present value, future production, estimates of cash

cost, proposed mining plans and methods, mine li fe estimates, cash flow forecasts, metal recoveries,

estimates of capital and operating costs, timing for permitting and environmental assessments, realization

of mineral resource estimates, capital and operating cost estimates, project and life of mine es timates,

ability to obtain permitting by the time targeted, size and ranking of project upon achieving production,

economic return estimates, the timing and amount of estimated future production and capital, operating

and exploration expenditures and poten tial upside and alternatives. Readers should not place undue

reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may

cause the actual results, performance or achievements of Canada Nickel to be materially different from

any future results, performance or achievements expressed or implied by the forward-looking statements.

The PEA results are estimates only and are based on a number of assumptions, any of which, if incorrect,

could materially change the projected outcome. There are no assurances that Crawford will be placed into

production. Factors that could affect the outcome include, among others: the actual results of

development activities; project delays; inability to raise the funds necessary to complete development;

general business, economic, competitive, political and social uncertainties; future prices of metals or

project costs could differ substantially and make any commercialization uneconomic; availability of

alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations ;

changes in applicable laws; changes in project parameters as plans continue to be refined; accidents,

labour disputes, the availability and productivity of skilled labour and other risks of the mining industry;

political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary

permitting or in the completion of development or construction activities; mineral resource estimates

relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently

unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into

production, there is no assurance that operations will be profitable.

Although Canada Nickel has attempted to identify important factors that could cause actual actions,

events or results to differ materially from those described in forward -looking statements, there may be

other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are made as of the date of this news release and Canada

Nickel disclaims any obligation to update any forward -looking statements, whether as a result of new

information, future events or results or otherwise, except as required by applicable securities laws.

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.