Conic Discloses Litigation IN Relation to Ramu Project

NEWS RELEASE TSX Venture: NKL

CONIC DISCLOSES LITIGATION IN RELATION TO RAMU PROJECT

TORONTO, ONTARIO, February 8, 2020 — Conic Metals Corp. (“Conic” or the “Company”) (TSXV:

NKL) confirms that the Company has become aware of a writ of summons and statement of claim

commenced in Papua New Guinea on February 5, 2020 against Ramu Nico Management (MCC) Limited

(“MCC Ramu Nickel”). The writ of summons and statement of claim was filed on behalf of the Madang

Provincial Government and certain local landowners , which contains certain allegations regarding the

environmental impact of operations at the Ramu Nickel-Cobalt Operation. The writ of summons and

statement of claim seeks to have Ramu’s tailings to be moved to an onshore tailings d isposal facility, to

have Ramu’s deep-sea tailings facility closed, certain declaratory relief, as well as monetary damages in

the amount of K$18 billion (approximately US$5 billion) and special damages of K1.6 million

(approximately US$473k).

MCC Ramu Ni ckel is the management company of the Ramu Nickel-Cobalt Operation joint venture in

Papua New Guinea. Conic , who holds an 8.56% joint -venture interest in the Ramu Nickel-Cobalt

Operation, does not have any ownership interest in MCC Ramu Nickel and is not n amed in (and is not a

party to) the writ of summons and statement of claim.

Operations at the Ramu Nickel-Cobalt Operation continue as normal, and the Company has been notified

by majority-owner and operator Metallurgical Corporation of China Limited that it intends to vigorously

defend all of the allegations contained in the writ of summons and statement of claim.

About Conic

Conic Metals Corp. is a base metals company offering direct exposure to nickel and cobalt, both being

critical elements of electric vehicles and energy storage systems. Conic holds an 8.56% joint -venture

interest in the producing, long -life and world-class Ramu Nickel-Cobalt Operation located in Papua New

Guinea which provides Conic with significant attributable nickel and cobalt production. In addition, Conic

manages a portfolio of 11 nickel and cobalt royalties on development and exploration projects in C anada

and Australia. Conic will continue to invest in a battery metals -focused portfolio of streams, royalties and

direct interests in mineral properties containing battery metals.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain information which constitutes ‘forward -looking statements’ and

‘forward-looking information’ within the meaning of applicable Canadian securities laws. Any statements

that are contained in this news release that are not statements of historical fact may be deemed to be forward-

looking statements. Forward looking statements are often identified by terms such as “may”, “should”,

“anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar

expressions. Forward-looking statements in this news release include, but are not limited to : statements

with respect to the writ of summons and statement of claim; statements with respect to the business; and

assets of Conic and its strategy going forward and st atements pertaining to future events or future

performance. Readers are cautioned not to place undue reliance on forward -looking statements. Forward-

looking statements involve known and unknown risks and uncertainties, most of which are beyond the

Company’s control. Should one or more of the risks or uncertainties underlying these forward -looking

statements materialize, or should assumptions underlying the forward -looking statements prove incorrect,

actual results, performance or achievements could vary materially from those expressed or implied by the

forward-looking statements.

The forward-looking statements contained herein are made as of the date of this release and, other than as

required by applicable securities laws, the Company does not assume any obligation to update or revise

them to reflect new events or circumstances. The forward -looking statements contained in this release are

expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provid er (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release. No securities regulatory authority has either approved or disapproved of the contents of this

news release.