NNX.V · 2022-08-11 12:00:00

Private Placement

Financings

Nickel North Explorat

ion Inc.

1105

750 West Pender Street

Vancouver, British Columbia

V6C 2T8

http://nnexploration.com

August

2022

NEWS RELEASE

Trading Symbol: “NNX: TSX.V”

NICKEL

NORTH

CLOSES

NON

BROKERED

FLOW

THROUGH

PRIVATE PLACEMENT

Nickel North Exploration Corp. (NNX

TSX

Venture Exchange) (the "

Company

" or

el North

”)

is pleased to

announc

that the Company has completed its

non

brokered

flow

through

private placement (the “

FT Private Placement

”)

000,000

flow through

units (the “

FT Units

”) at $0.05 per FT Unit

for gross proceeds of

00,000.

Each FT Un

consist

of one

(1)

common share

and

one

(1)

non

transferable share

purchase warrant (

Warrant

”). Each

Warrant will entitle the holder to purchase one

)

additional common share of the Company

at $0.

075

per

common

hare. The

Warrants will

have

an exp

iry date of two years from the date of issuance, subject to accelerati

described as follows:

The

Warrants shall be callable by the Company should the daily volume

weighted average

trading price of the common shares of the Company on the Exc

hange e

qual or

exceed

$0.20 for a period of five (5) consecutive trading days, at

any time during the period (i)

beginning on the date that is one (1) month from the closing date of the FT Private

Placement, and (ii) ending on the date the

Warrants expi

re (“

FT Ca

ll Trig

ger

”). Following

a FT Call Trigger, the Company may give notice

by way of a news release (“

FT Call

Notice

”) to the holders of

Warrants that any

Warrant that remains unexercised by the

holder thereof shall expire thirty (30) days foll

owing the date o

n which

the FT Call Notice is

given.

The FT Private Placement is

subject to regulatory approval. All securities to be issued

pursuant to the FT Private Placement are subject to a four

month hold period under

applicable Canadian securities l

aws. All funds a

re deno

minated in Canadian dollars.

cash fee in the amount in the agg

gate

o seven (7

%) per

cent of the aggregate

gross

proceeds of the sale

of the FT

Units sold at closing to p

otential investors

Proceeds from the issuance of the FT Units will be

used f

or field exploration programs on

the Hawk Ridge Ni

PGE

Co projec

t in 2022.

About

Hawk Ridge Ni

PGE Co Project, Quebec

The Hawk Ridge project

is a 100% owned project spanning

173km with a 50km long belt

with a t

otal Inferred Mineral Resources

for fo

ur mineralized deposits (Hope Advance Main

(HAM), Hope Advance Nort

h (HAN), Gamma and Falco 7)

recently updated to

34.66

Mt at

0.22%, 0.56% Cu, 0.01

3% Co, 0.19

g/t Pd, 0.05

g/t Pt and 0.025

g/t Au which includes

both Pit

Constrained Inferred Mineral

Resour

ces at a CDN$35/t NSR cut

off 29.44 Mt at

0.20% Ni, 0.52% Cu, 0.012

% Co, 0.19 g/t Pd, 0.04 g/t Pt and 0.021 g/t Au, which equates

to 0.56% NiEq and

Out

Pit (Underground) Inferred Mineral Resources at a CDN$100/t

Nickel North Explorat

ion Inc.

1105

750 West Pender Street

Vancouver, British Columbia

V6C 2T8

http://nnexploration.com

NSR cut

off are estimated at 5.22

Mt at a

verage grades of 0.35% Ni, 0.79% Cu, 0.014%

Co, 0.23 g/t Pd, 0.06 g

/t Pt, and 0.04 g/t Au, which equates up to 0.88% NiEq.

The project is situated

along the world famous Thompson Nickel belt in Quebec and Hawk

Ridge is located between the Raglan (G

lencore

) and the Voisey Bay project (VALE), both

are two of the largest ni

ckel mines in the world with over 40,000 tonnes of nickel produced

annually.

e project is supported by local infrastructure

with deep water port, a mining friendly

Quebec provin

ce and

Aupaluk Village and airport.

Qualified Person

The technical infor

mation in this news release has been reviewed and approved by Tony

Guo, P.Geo., N

ickel North Exploration Corp’s President and CEO, who is a Qualified

Person as defined by National In

strumen

t 43

101.

About Nickel North Exploration

Nickel North Explorati

on is a Canada

based exploration company focused on defining a

PGE miner

al resource at its Hawk Ridge Project in Northern Québec. The board

of directors, advisor committee a

nd mana

gement team are experienced, successful mine

finders. The property

consists of a 50 km long belt of strong magmatic Cu

PGE

occurrences coverin

g 173 km

. The project is located near tidewater. Québec is a mining

friendly jurisdiction. Nickel No

rth Exp

loration is a conscientious corporate citizen maintains

good relati

ons with local Inuit communities and is committed to sustainable development.

For

more information on the company, please visit

www.nnexp

loratio

n.com

Nickel North Exploration Corp. has been identified as a ke

y player in the Critical and

Strategic Minerals value chain by Québec’s Ministry

of Economics and Innovation (MEI) in

2021 (

Québec Plan fo

r the D

evelopment of Critical and Strategic Minerals 2020

2025

(quebec.ca

), which is part of Québec’s Plan for the Development of Critical and Strategic

etals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their

transformation and rec

ycling.

NICKEL NORTH EXPLORATION

Per:

“Tony Guo”

Tony Guo

Nickel Nor

th Exploration Inc.

Tony Guo. P. Geo, Chief Executive Officer (Tel: +1

778

877

480)

mail:

[email protected]

For further information please v

isit

http://www.nnexploration.com

Nickel North Explorat

ion Inc.

1105

750 West Pender Street

Vancouver, British Columbia

V6C 2T8

http://nnexploration.com

This news release may contain forward

lookin

g information, which is not comprised of historical facts. Forward

looking

inform

ation involves risks, uncertainties and other fa

ctors that could cause actual events, results, per

formance, prospects and

opportunities to differ materially from those express

ed or implied by such forward

looking information. Forward

looking

information in

this news release may include, but is not limit

ed to, the Company's objectives, goals or future p

lans. Factors

that could cause actual results to differ materially from such

forward

looking information include, but are not limited to,

those risks set out

in the Company's public documents filed on SEDAR

. Although the Company believes that the assumptio

and factors used in preparing the forward

looking information in this news

release are reasonable, undue reliance should not

be placed on such information,

which only applies as of the date of this news

release, and no assurance can be given that

such e

vents will occur in the disclosed time frames, or at all. The Company disclai

ms any intention or obligation to update or

revise any forward

looking informatio

n, whether as a result of new information, futur

e events or otherwise, other than as

required by l

aw. Neither TSX Venture exchange nor its Regulations Services Provider (as th

at term is defined in the policies of

the TSX Venture Exchange) accepts responsib

ility for the adequacy or accuracy of this relea

se.

The securities being offered have not been, no

r will they be registered under the United States Securities Act of 1933, as

amended, or state securities laws and may not be offered or sold within the Unite

d States or to, or for the account or benefit

, U.S. persons absent U.S. federal and state regis

tration or an applicable exemption from the U.S. registration requirements.

his release does not constitute an offer for sale of securities in the United Sta

tes.

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