SPC.V · 2025-11-24 12:00:00

SPC Nickel Reports Grades up to 18.15% Cu, 97.90 g/t Pd, 11.65 g/t Pt, 4.89 g/t Au from 2025 Surface Sampling at the Muskox Project, Nunavut High-grade samples highlight scale, continuity, and mineralization of the Muskox magmatic system.

Drill Results Exploration Programs

SPC Nickel Reports Grades up to 18.15% Cu,

97.90 g/t Pd, 11.65 g/t Pt, 4.89 g/t Au from 2025

Surface Sampling at the Muskox Project,

Nunavut

High-grade samples highlight scale, continuity, and mineralization of the

Muskox magmatic system.

SUDBURY, ON

Nov. 24, 2025

/CNW/ -

SPC Nickel Corp.

(TSXV: SPC)

("SPC Nickel" or the

"Company")

, is pleased to announce assay results from the 2025 exploration program at its 100%-

owned, 496 km

Muskox Cu-Ni-PGM Project ("Muskox" or the "Project"), located roughly 75 km

south of the coastal Hamlet of

Kugluktuk

in the Kitikmeot Region of

Nunavut

Results from the program confirm widespread high-grade copper, nickel and PGM mineralization

occurring across multiple geological environments within the 125 km long Muskox Intrusion - one of

the last undeveloped district-scale Cu-Ni-PGM opportunities globally. Mineralization styles and

geological characteristics observed are directly comparable to globally significant nickel districts

including Norilsk-Talnakh, Voisey's Bay and

Sudbury

Assay Highlights

Equinox Target

18.15% Cu, 0.06% Ni, 114.44 g/t PGM

, 13.8 g/t Ag –

70.62%

CuEq

15.50% Cu, 0.13% Ni, 74.72 g/t PGM, 11.8 g/t Ag –

50.37%

CuEq

9.75% Cu, 0.15% Ni, 69.73 g/t PGM, 22.9 g/t Ag –

42.67%

CuEq

Speers Lake Target

17.70% Cu, 6.24% Ni, 9.85 g/t PGM, 9.5 g/t Ag -

32.09%

CuEq

21.70% Cu, 3.70% Ni, 8.20 g/t PGM, 11.5 g/t Ag -

31.96%

CuEq

17.35% Cu, 0.45% Ni, 10.84 g/t PGM, 8.5 g/t Ag -

25.09%

CuEq

Pyrrhotite Lake Target

3.57% Cu, 2.50% Ni, 0.58 g/t PGM, 7.3 g/t Ag -

7.43%

CuEq

3.40% Cu, 2.23% Ni, 0.49 g/t PGM, 7.5 g/t Ag -

6.85%

CuEq

4.13% Cu, 0.03% Ni, 0.69 g/t PGM, 2.3 g/t Ag -

4.55%

CuEq

Sample M017917 returned grades of

23.3% Zn, 7,500 g/t Ag

Feeder Dyke

6.01% Cu, 0.14% Ni, 28.45 g/t PGM, 20.0 g/t Ag -

20.03%

CuEq

4.49% Cu, 1.05% Ni, 7.13 g/t PGM, 6.7 g/t Ag -

9.30%

CuEq

2.87% Cu, 0.96% Ni, 4.13 PGM, 4.9 g/t Ag -

6.29%

CuEq

Sampling Summary

39 of 77 samples (51%) returned grades

>2% Ni+Cu

19 samples (25%) returned grades

>5% Ni+Cu

21 of 77 samples (27%) returned grades

>5.0 g/t PGM

Note: Grab samples are selective by nature and values reported may not be representative of

mineralized zones. More detailed results are presented in Tables 1, 2, 3, 4 and 5 below while a

comprehensive compilation of grab samples may be found on SPC Nickel's web site

here

Reference

PGMs represent Pt + Pd + Au.

CuEq represents CuEq calculated based on the following metal prices (USD) : 4,000 $/oz Au, 52.00 $/oz Ag, 1,400 $/oz Pd, 1,600 $/oz Pt, 4.90 $/lb Cu and 6.80 $/lb Ni, and

a recovery grade of 80% for all commodities, consistent with comparable peers.

Grant Mourre

, President and CEO of SPC Nickel commented,

"The results from our summer 2025

field program underscore the unique geologic potential of the Muskox Project and position it as a

leading exploration opportunity possessing the scale and mineralization typically associated with

world-class copper-nickel districts. We are more than encouraged by

standout results that include

CuEq grades up to 70.62% at Equinox, multiple samples above 30% CuEq at Speers Lake, and

consistent high-grade Cu-Ni-PGM mineralization across all target areas.

The combination of consistently high-grade results, multiple mineralization styles, and the broad

distribution of numerous mineralized targets reinforces Muskox as a large-scale, metal-bearing

district with the potential to host multiple deposits. Many of the 2025 assay results exceed grades

from previous campaigns, further emphasizing the untapped exploration potential of the 125-km-

long intrusion. These results strengthen our view that Muskox is one of the - if not the - most

compelling undeveloped district-scale polymetallic opportunities anywhere."

2025 Program Summary

SPC Nickel completed a

seven-day prospecting program

in August, supported by daily helicopter

access from

Kugluktuk

. A total of

77 samples

were collected across the Equinox, Pyrrhotite Lake,

Speers Lake, and additional target areas within the Main Muskox Intrusion and within the 60 km long

Feeder Dyke located south of the main intrusion (Figures 1, 2, 3).

Given the extensive gossan development along the margins of the Muskox Intrusion, a diamond-

bladed channel saw was used to obtain fresh, minimally oxidized/weathered material for analysis. At

the Equinox Target, several continuous channel samples were also cut across the main surface

exposure (see Table 2 and Figure 4).

Highlights: Equinox Target

(Table 1 and 2, Figure 4)

A total of twenty-seven samples were collected from two historical showings (Equinox Target

and Equinox North Target) located

1,000m

apart.

The Equinox Target hosts sharp-walled massive Cu-PGM veins dominated by chalcopyrite-

cubanite-pyrrhotite-pentlandite up to 20 cm thick, associated in fractures within the strongly

metamorphosed footwall. Samples returned values as high as

18.15% Cu, 0.06% Ni and

114.44 g/t PGMs.

Assay results indicated a highly fractionated sulphide, highly enriched in Pd-Pt-Au and Ag similar

to the footwall orebodies of the Sudbury Mining Camp.

A continuous channel sample across the exposed mineralized zone returned

6.85% Cu, 0.08%

Ni and 23.64 g/t PGMs over 3.5 metres

(Table 2, Figure 4).

The Equinox North Target hosts massive to semi-massive Cu-Ni-PGM mineralization dominated

by pyrrhotite-pentlandite-chalcopyrite hosted within the hornfels zone along/near the contact of

the intrusion.

Table 1

: 2025 Equinox Target selected (>1% Cu+Ni) Grab Sample Assay Results.

Sample

g/t

Cu + Ni

Pd+Pt+Au

g/t

CuEq

M017963

18.15

0.06

97.90

11.65

4.89

13.8

18.21

114.44

70.62

M017919

15.50

0.13

63.70

7.23

3.79

11.8

15.63

74.72

50.37

M017926

14.45

0.05

26.30

4.33

0.72

53.1

14.50

31.35

29.23

M017964

12.85

0.09

24.50

3.17

1.07

13.0

12.94

28.74

26.17

M017923

11.15

0.08

38.10

4.95

1.99

13.3

11.23

45.04

32.08

M017921

10.00

0.06

29.70

3.64

1.53

142.0

10.06

34.87

28.21

M017965

9.75

0.15

59.60

6.36

3.77

22.9

9.90

69.73

42.67

M017966

8.44

0.10

22.80

2.28

1.78

9.9

8.54

26.86

21.44

M017922

4.64

0.10

9.64

0.95

0.78

6.1

4.74

11.37

10.28

M017939

2.83

1.67

1.59

0.00

0.07

2.0

4.50

1.66

5.93

M017927

3.32

1.05

0.56

0.03

0.08

5.0

4.37

0.67

5.19

M017925

3.56

0.05

17.15

1.81

0.90

41.8

3.61

19.86

13.36

M017938

1.40

2.05

1.69

0.00

0.08

1.9

3.45

1.77

5.07

M017937

1.84

1.45

1.31

0.02

0.08

1.6

3.28

1.40

4.51

M017924

2.82

0.10

10.05

0.66

0.77

3.2

2.92

11.48

8.43

M017942

1.75

1.01

1.02

0.07

0.08

2.3

2.76

1.16

3.73

M017943

1.56

0.80

0.83

0.01

0.06

2.1

2.36

0.91

3.13

M017941

1.04

0.95

0.91

0.07

0.06

1.3

1.99

1.04

2.86

M017930

0.69

0.88

0.44

0.04

0.02

1.1

1.57

0.50

2.15

M017932

1.06

0.51

0.76

0.04

0.12

1.1

1.57

0.91

2.26

M017928

1.14

0.27

0.55

0.04

0.07

1.6

1.41

0.66

1.87

M017933

0.83

0.53

0.26

0.01

0.02

1.5

1.36

0.29

1.72

M017935

0.60

0.26

0.01

0.03

2.1

1.20

0.30

1.61

• Grab samples are preferentially selected and are not representative of the entire property.

Table 2

: 2025 Equinox Target Channel Sample Assay Results.

Sample

From

(m)

Length

(m)

g/t

Pd+Pt+Au

g/t

CuEq

M017919

0.6

15.50

0.13

63.70

7.23

3.79

11.8

74.72

50.37

M017921

0.9

10.00

0.06

29.70

3.64

1.53

142.0

34.87

28.21

M017922

0.6

4.64

0.10

9.64

0.95

0.78

6.1

11.37

10.28

M017923

0.6

1.4

0.6

11.15

0.08

38.10

4.95

1.99

13.3

45.04

32.08

M017924

1.4

2.3

0.9

2.82

0.10

10.05

0.66

0.77

3.2

11.48

8.43

M017925

2.3

3.0

0.7

3.56

0.05

17.15

1.81

0.90

41.8

19.86

13.36

M017926

3.0

3.5

0.5

14.45

0.05

26.30

4.33

0.72

53.1

31.35

29.23

Average

3.5

6.85

0.08

20.13

2.44

1.07

20.9

23.64

18.11

• Length refers to surface length.

Highlights: Speers Lake Target

(Table 3)

A total of eight samples were collected from the Speers Lake Target located 15 km north of the

Equinox Target.

The Speers Lake Target hosts sharp-walled massive Cu-Ni-PGM veins dominated by

chalcopyrite-cubanite-pyrrhotite-pentlandite up to 20 cm thick, associated in fractures within the

strongly metamorphosed footwall.

The Speers Lake mineralized showing significant Ni-enrichment, with lower PGM values

compared to the Equinox Target with assays as high as

17.70% Cu, 6.24% Ni and 9.85 g/t

PGMs.

Table 3

: 2025 Speers Lake selected (>1% Cu+Ni) Grab Sample Assay Results.

Sample

g/t

Cu + Ni

Pd+Pt+Au

g/t

CuEq

M017946

21.70

3.70

4.96

1.37

1.87

11.5

25.40

8.20

31.96

M017945

17.70

6.24

7.33

0.67

1.85

9.5

23.94

9.85

32.09

M017950

17.35

0.45

7.33

0.36

3.15

8.5

17.80

10.84

25.09

M017947

17.15

0.07

8.79

0.70

3.23

9.7

17.22

12.72

25.24

M017944

15.50

0.09

7.64

0.46

1.99

13.0

15.59

10.09

21.59

M017948

6.88

0.32

4.75

0.91

1.03

3.9

7.20

6.69

11.02

M017951

2.23

0.07

1.88

0.20

0.45

3.1

2.30

2.53

3.79

• Grab samples are preferentially selected and are not representative of the entire property.

Highlights: Pyrrhotite Lake Target

(Table 4)

A total of ten samples were collected from the Pyrrhotite Lake Target located 5 km south of the

Equinox Target.

The Pyrrhotite Lake Target hosts massive to semi-massive Cu-Ni-PGM mineralization

dominated by pyrrhotite-pentlandite-chalcopyrite hosted within the hornfels zone along/near the

contact of the intrusion. Samples returned values as high as

3.57% Cu, 2.50% Ni and 0.58 g/t

PGMs

Narrow, fracture controlled sharp-walled massive Cu-PGM veins and blebby chalcopyrite are

present associated with fractures within the strongly metamorphosed footwall. Samples

returned values as high as

1.46% Cu, 0.04% Ni and 4.71 g/t PGMs.

A new style of mineralization was encountered in the adjacent footwall metasediments that

consisted of a well-developed breccia hosting anastomosing veins of massive sphalerite and

native silver. Sample returned value of

23.7% Zn and 7,500 g/t Ag

Table 4

: 2025 Pyrrhotite Lake selected (>1% Cu+Ni) Grab Sample Assay Results.

Sample

g/t

Cu + Ni

Pd+Pt+Au

g/t

CuEq

M017985

3.57

2.50

0.48

0.06

0.04

7.3

6.07

0.58

7.43

M017984

3.40

2.23

0.41

0.04

7.5

5.63

0.49

6.85

M017969

4.13

0.03

0.59

0.05

0.06

2.3

4.16

0.69

4.55

M017981

2.06

0.04

0.47

0.09

0.08

1.2

2.10

0.64

2.46

M017979

1.46

0.04

4.04

0.24

0.43

12.0

1.49

4.71

4.00

M017970

1.26

0.08

0.78

0.12

0.03

0.9

1.34

0.93

1.80

M017968

0.94

0.06

0.28

0.04

0.02

0.7

1.00

0.33

1.19

• Grab samples are preferentially selected and are not representative of the entire property.

Highlights: Feeder Dyke

(Table 5)

A total of eighteen samples were collected from four locations along the 60 km long Muskox

Feeder Dyke including the SKOX, SKOX South and Spider Lake Targets.

Net-textured, coarse-grained blebby to disseminated sulphides were observed at all four

sample locations.

Sulphides were dominated by chalcopyrite-pyrrhotite +/- pentlandite.

Sample values as high as

6.01% Cu, 0.14% Ni and 28.45 g/t PGMs

were reported.

Table 5

: 2025 Feeder Dyke selected (>1% Cu+Ni) Grab Sample Assay Results.

Sample

g/t

Cu + Ni

Pd+Pt+Au

g/t

CuEq

M017975

6.01

0.14

25.10

1.30

2.05

20.0

6.15

28.45

20.03

M017974

4.49

1.05

6.05

0.78

0.30

6.7

5.54

7.13

9.30

M017905

2.87

0.96

3.46

0.31

0.36

4.9

3.83

4.13

6.29

M017911

2.64

0.27

0.47

0.05

0.02

9.3

2.91

0.53

3.40

M017909

1.92

0.65

0.97

0.13

0.18

2.5

2.56

1.28

3.53

M017977

1.79

0.40

4.11

0.33

6.9

2.19

4.77

4.72

M017903

1.57

0.55

4.72

0.69

0.51

6.1

2.11

5.92

5.32

M017904

1.58

0.30

4.56

0.71

0.35

6.2

1.88

5.62

4.75

M017976

1.30

0.50

2.67

0.32

0.24

6.0

1.80

3.24

3.64

M017906

1.13

0.29

1.91

0.19

0.20

2.3

1.42

2.30

2.69

M017910

1.10

0.24

1.67

0.21

0.22

9.5

1.34

2.10

2.64

M017907

1.00

0.24

1.93

0.24

0.20

3.6

1.24

2.37

2.55

• Grab samples are preferentially selected and are not representative of the entire property.

About the Muskox Intrusion

Originally discovered in the 1950s by Inco, SPC Nickel's Muskox Project, located in

Nunavut,

Canada

, represents one of the most prospective greenfield polymetallic copper, nickel, and PGM

projects globally. The district-scale land package (496 km

) covers the majority of the Muskox

Intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the

world's most significant copper-nickel-PGM deposits, such as the massive Norilsk-Talnakh deposit.

The Muskox Intrusion is one of the largest and least deformed layered mafic to ultramafic bodies in

the world. It was emplaced during a large magmatic event (Mackenzie Magmatic Event) in the

Proterozoic by mantle plume volcanism related to the widespread Coppermine River Group flood

basalts. The intrusion is broadly composed of two distinct, but related, components called the Main

Muskox Intrusion and the Feeder Dyke, which combined are exposed over a length of 125 km, and

range in width from 200-600 metres in the Feeder Dyke to 11 km in the Main Body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a roughly 60-year period

identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the

intrusion or in the adjacent footwall, similar to the

Sudbury

and Norilsk-Talnakh camps. Historical drill

highlights from the Muskox Project include:

7.50 metres @ 6.14% Cu, 2.76% Ni and 9.06 g/t PGM (Pt+Pd+Au)

by Silvermet Corporation

(2007) and

13.74 metres @ 5.04% Cu, 2.21% Ni and 5.63 g/t PGM

by Equinox Resources Ltd. (1987).

These results, combined with an extensive footprint of magmatic sulfide mineralization, historical

high-grade drill intercepts, untested geophysical targets and limited modern follow-up, underscore

the Project's discovery potential.

Reference

Vivian, Gary (2007). Muskox Project, Nunavut, 2007 Drill and Geophysical Survey Program Annual Report for Prize Mining, Assessment report. 57 p., 8 data Appendices.

Page, J.W., Culbert, R.R. and Martin, L.S. (1988). Geochemical, geophysical and diamond drill reports on the Muskox property, NWT. Equinox Resources Ltd. DIAND

Assessment report 082562. 56 p., 3 data Appendices.

Quality Assurance, Quality Control and Qualified Persons

SPC Nickel follows rigorous sampling and analytical protocols that meet or exceed industry

standards. All rock samples collected were placed in plastic sample bags and were transported

back to the field camp and later to the ALS facility in

Sudbury, Ontario, Canada

. Sample batches

include certified reference materials that are then processed under the control of ALS. All assay

samples were analyzed in

Vancouver

by ALS. Platinum, palladium, and gold values were determined

together using standard lead oxide collection fire assay and ICP-AES finish. Base metal values were

determined using sodium peroxide fusion and ICP-AES finish. Silver values were determined using

an aqua regia digestion and an AAS finish. Platinum, palladium, and gold values were determined

together using standard lead oxide collection fire assay and ICP-AES finish.

The technical elements of this news release have been approved by Mr.

Grant Mourre

, P.Geo.

(PGO), CEO and President of SPC Nickel Corp. and a Qualified Person under National Instrument

43-101.

The historical information shown in this news release was obtained from historical work reports filed

by Equinox Resources Ltd. and Silvermet Corporation have not been independently verified by a

Qualified Person as defined by NI 43 101.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for high-grade polymetallic Cu-Ni-

PGM mineralization in

Nunavut

and within the world-class Sudbury Mining Camp. SPC Nickel is

currently exploring its unique district-scale polymetallic Muskox Project in

Nunavut

where the team

recently completed its 2025 summer field program. The Company is also advancing its 100%-owned

exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp, which

includes the West Graham Resource and the LKE Resource. SPC Nickel is committed to advancing

high-potential polymetallic projects in Tier-1 jurisdictions across

Canada

with an emphasis on

Nunavut

and

Sudbury

Further information is available at

www.spcnickel.com

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release

constitutes "forward-looking information" within the meaning of Canadian securities law. Such

forward-looking information may be identified by words such as "plans", "proposes", "estimates",

"intends", "expects", "believes", "may", "will" and include without limitation, statements regarding

estimated capital and operating costs, expected production timeline, benefits of updated

development plans, foreign exchange assumptions and regulatory approvals. There can be no

assurance that such statements will prove to be accurate; actual results and future events could

differ materially from such statements. Factors that could cause actual results to differ materially

include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory

risks. Most of these factors are outside the control of SPC Nickel. Investors are cautioned not to put

undue reliance on forward-looking information. Except as otherwise required by applicable securities

statutes or regulation, SPC Nickel expressly disclaims any intent or obligation to update publicly

forward-looking information, whether as a result of new information, future events or otherwise.

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.

Figure 1: Regional satellite view of the Muskox Project showing the location of samples and selected

Target Areas from the 2025 Field Program. (CNW Group/SPC Nickel Corp.)

Figure 2: Regional satellite view of the Muskox Project (Main Muskox Intrusion) showing the location

of samples and selected assays from the 2025 Field Program. (CNW Group/SPC Nickel Corp.)

Figure 3: Regional satellite view of the Muskox Project (Feeder Dyke) showing the location of

samples and selected assays from the 2025 Field Program. (CNW Group/SPC Nickel Corp.)

Figure 4: Photo of the historical Equinox Target showing the location of the Channel Samples

completed during the 2025 Field Program. (CNW Group/SPC Nickel Corp.)

SOURCE

SPC Nickel Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/November2025/24/c8408.html

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For further information:

Further information is available at www.spcnickel.com and/or by

contacting: Grant Mourre P.Geo., Chief Executive Officer, SPC Nickel Corp., Tel: (705) 669-1777,

Email: [email protected]

CO: SPC Nickel Corp.

CNW 07:00e 24-NOV-25

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