Canada Nickel Announces New Nickel Discovery at Reid with Larger Footprint than Flagship Crawford Property Main Zone; Provides Update on Regional Exploration

Canada Nickel Announces New Nickel Discovery at Reid with Larger Footprint than Flagship Crawford Property Main Zone; Provides Update on Regional Exploration

Highlights

  • Reid Property – second hole of new discovery intersected dunite across entire 354 metre core length including an 84 metre highly mineralized interval.
  • All 21 holes drilled at Deloro , Reaume, and Nesbitt properties intersected target mineralization.

Canada Nickel Company Inc. ("Canada Nickel" or the "Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced a new nickel discovery at its Reid property, where two drill holes have been completed as part of its regional exploration program. Drilling has commenced at Reid, as well as the Company's Deloro and Reaume properties, and assays from earlier drilling at Nesbitt have been received.

Mark Selby , Chair and Chief Executive Officer said, "Our regional exploration program intended to highlight the potential for multiple Crawford-sized discoveries has taken several big steps forward. At Reid, a target with a larger footprint than Crawford, our second hole intersected dunite across the entire core length and contained an 84-metre interval which was visibly mineralized to similar extent as Crawford Higher Grade Core. We extended the discovery at Deloro and intersected target mineralization at Reaume – all of which confirm the success of our geophysical targeting model. We are further encouraged by these results as they represent targets we can easily access and are not our highest potential targets. We expect to have access to the full target base through this year and we are looking forward to exploring their potential."

Reid Nickel Property

The Reid Property is located just 16 kilometres southwest of Crawford. The property contains a series of folded ultramafic bodies that measure 3.3 kilometres north-south by 2.1 kilometres east-west based on the total magnetic intensity ("TMI") (see Figure 1). The Company has completed two holes both of which collared in dunite. Hole REI22-01 was collared to intersect the south contact intersecting dunite, peridotite, pyroxenite and gabbro – the same sequence on the north contact at Crawford. This sequence has the potential to host PGM mineralization. Hole REI22-02 was drilled northwest toward the center of the intrusion and intersected dunite across the entire core length with an interval of 84 metres, beginning at 292 metres, visibly mineralized to similar extent as Crawford Higher Grade Core. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford. Four historic holes were drilled in the 1960's and 1970's into the Reid ultramafic which intersected peridotite with up to 10% magnetite. No assays were available for these holes.

Additional drilling at Reid postponed until the spring thaw. Drilling will resume in late spring.

Figure 1 – Plan View of Reid – Lithologies Overlain on Total Field Magnetic Intensity.

Figure 1 – Plan View of Reid – Lithologies Overlain on Total Field Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

Source:   Abitibi GDS.

Figure 2 – Hole REI22-02 (240 metres).

Figure 2 – Hole REI22-02 (240 metres)..jpg (CNW Group/Canada Nickel Company Inc.)

Deloro Nickel Property

The Deloro property is located 8 kilometres south of Timmins and contains an ultramafic target measuring 1.4 kilometres long by 300 – 500 metres wide (see Figure 3). The Company has now completed seven holes at Deloro , all on the northern half of the intrusion. The first five holes collared in mineralized dunite and stayed primarily in dunite/peridotite. The last two holes (DEL22-06 and DEL22-07) were collared closer to the west contact to test for the presence of PGM in pyroxenite and for gold which was intersected in a historical hole. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford.

DEL22-01, collared in the centre of the ultramafic target and drilled toward the west contact, intersected mineralized dunite (including some narrow dykes) starting at 1.8 metres downhole. Holes DEL22-03, DEL22-04 and DEL 22-05 all intersected thick dunite sequences with some peridotite. DEL22-06 and DEL22-07 intersected dunite followed by pyroxenite and then gabbro. Drilling will resume later this spring.

Figure 3 – Plan View of Deloro – Lithologies Overlain on Total Field Magnetic Intensity.

Figure 3 – Plan View of Deloro – Lithologies Overlain on Total Field Magnetic Intensity..png (CNW Group/Canada Nickel Company Inc.)

Source:   Abitibi GDS.

Nesbitt Nickel Property

The Nesbitt Nickel Property is located just 9 kilometres north-northwest of Canada Nickel's Crawford Nickel Sulphide Property on patented mining claims acquired from Noble Mineral Exploration. The Property includes two ultramafic sills that strike east-west, the larger sill being 3.7 kilometres long. Original estimates suggested a width of 100 to 300 metres. Preliminary drill results were previously announced for NES21-01 (please see press release dated June 29, 2021 ) and NES21-02 and NES21-03 (please see press release dated July 14, 2021 ). This release contains the assay results for all eleven drillholes.

Nesbitt NES21-08 was collared over a strong magnetic high and drilled to the south to test for the presence of a mineralized, dunitic core within the centre of the ultramafic sill. The hole encountered 336.5 metres (core length) of 0.27% nickel including 31 metres of 0.33% nickel.

Nesbitt NES21-09 was collared 250 metres west of NES21-09 to determine the consistency of mineralization farther to the west. The hole intersected 415.3 (core length) metres grading 0.26% nickel including a higher-grade zone of 25.5 metres (core length) grading 0.31% nickel. The hole intersected a thick interval of peridotite grading to dunite from 41.7 to 459.0 metres, ending in peridotite.

Eight holes in total tested the western extent of the main ultramafic sill at Nesbitt with all holes intersecting mineralization. Grades were lower near the end of the mineralization to the west. There appears to be a break in the sill east of NES21-08 which has not yet been drill-tested. Farther east holes NES21-03 and NES21-11 intersected thick sections of lower-grade mineralization.

NES21-06 was drilled in the northern sill and intersected lower-grade mineralization encountering 483.8 metres of 0.17% nickel within a peridotite sill containing minor dunite.

Figure 4 – Plan View of Nesbitt – Drill Results Overlain on Total Field Magnetic Intensity.

Figure 4 – Plan View of Nesbitt – Drill Results Overlain on Total Field Magnetic Intensity..png (CNW Group/Canada Nickel Company Inc.)

Source:   Abitibi GDS.

Table 1: Nesbitt Exploration Drilling Results, Ontario .

Hole ID

From

To

Length

Est. True

Ni

Co

Pd

Pt

Cr

Fe

S


(m)

(m)

(m)

Width (m)

(%)

(%)

(g/t)

(g/t)

(%)

(%)

(%)

NES21-01

315.5

447.0

131.5

84.5

0.23

0.010

0.007

0.007

0.18

5.38

0.13

including

412.5

447.0

34.5

22.2

0.25

0.011

0.007

0.008

0.18

5.31

0.11

NES21-02

133.5

430.0

296.5

190.6

0.23

0.010

0.005

0.006

0.16

5.79

0.07

including

151.0

193.0

42.0

27.0

0.26

0.011

0.005

0.008

0.22

5.75

0.09

NES21-03

135.0

440.0

305.0

196.1

0.20

0.011

0.011

0.008

0.35

6.78

0.07

including

366.0

393.0

27.0

17.4

0.26

0.010

0.005

0.005

0.16

5.15

0.06

NES21-04

229.5

402.0

172.5

110.9

0.21

0.010

0.010

0.008

0.21

5.74

0.06

including

280.5

310.5

30.0

19.3

0.29

0.012

0.017

0.008

0.13

5.09

0.11

NES21-05A

193.0

373.0

180.0

90.0

0.23

0.010

0.006

0.007

0.17

5.41

0.09

including

281.0

296.0

15.0

7.5

0.27

0.009

0.012

0.014

0.13

5.11

0.10

NES21-06

29.2

513.0

483.8

311.0

0.17

0.011

0.017

0.017

0.43

7.38

0.07

NES21-07

32.2

288.5

256.3

164.7

0.20

0.011

0.006

0.006

0.27

6.25

0.05

NES21-08

24.0

360.5

336.5

216.3

0.27

0.011

0.009

0.008

0.15

5.71

0.10

including

294.0

324.6

30.6

19.7

0.33

0.011

0.026

0.015

0.12

4.98

0.13

and

97.5

106.5

9.0

5.8

0.37

0.012

0.025

0.022

0.13

5.82

0.16

NES21-09

41.7

457.0

415.3

266.9

0.26

0.010

0.010

0.009

0.19

5.33

0.06

including

58.0

83.5

25.5

16.4

0.31

0.011

0.010

0.008

0.16

5.70

0.04

NES21-10

23.9

402.0

378.1

243.0

0.22

0.010

0.004

0.004

0.15

6.29

0.04

including

380.0

402.0

22.0

14.1

0.25

0.011

0.003

0.004

0.14

5.84

0.07

NES21-11

12.5

405.0

392.5

252.3

0.21

0.012

0.016

0.011

0.46

7.20

0.03

Reaume Nickel Property

The Reaume Property, located 19 kilometres northwest of Crawford, contains an ultramafic target of approximately 3 kilometres (east-west) by 1.8 kilometres (north-south) as defined by its magnetic footprint and historical drilling (see Figure 5).

Canada Nickel has drilled three holes at Reaume into the ultramafic intrusion, all three of which intersected dunite/peridotite. REU22-01 intersected 410.6 metres of serpentinized peridotite, dunite and altered dunite below 9.4 metres of overburden. REU22-02 intersected 242.5 metres of serpentinized peridotite below 4.5 metres of overburden. REU22-03 intersected a series of ultramafic rocks including peridotite, pyroxenite and gabbro through what is considered the upper portion of the intrusion, typically where the PGM zone is situated. The peridotite interval was 226.2 metres thick. It is interpreted that the hole location was at the southern contact and that the ultramafics could be highly folded. All three holes were drilled from a single collar due to seasonal access difficulties to the property. Drilling will resume later this year.

Figure 5 – Plan View of Reaume – Lithologies Overlain on Total Field Magnetic Intensity.

Figure 5 – Plan View of Reaume – Lithologies Overlain on Total Field Magnetic Intensity..png (CNW Group/Canada Nickel Company Inc.)

Source:   Abitibi GDS.

Figure 6 – Size of Reid, Deloro , Nesbitt and Reaume Compared to Crawford on a Standardized Scale.

Figure 6 – Size of Reid, Deloro, Nesbitt and Reaume Compared to Crawford on a Standardized Scale..png (CNW Group/Canada Nickel Company Inc.)

Source:   Abitibi GDS.

Table 2 – Regional Drill Results – Selected Lithologies.

Note: contains minor dikes.

Hole ID

From (m)

To (m)

Length (m)

Rock Type

DEL22-01

1.8

200.0

198.2

Dunite

DEL22-01

200.0

214.3

14.3

Peridotite

DEL22-01

217.0

484.0

267.0

Dunite

DEL22-02

19.2

43.7

24.5

Ultramafics

DEL22-02

49.5

75.0

25.5

Pyroxenite

DEL22-02

75.0

127.8

52.8

Ultramafics

DEL22-02

133.5

263.0

129.5

Dunite

DEL22-02

270.0

374.1

104.1

Dunite

DEL22-02

374.1

392.6

18.5

Ultramafics

DEL22-03

9.0

88.9

79.9

Dunite

DEL22-03

92.4

151.8

59.4

Pyroxenite

DEL22-03

151.8

434.0

282.2

Dunite

DEL22-04

9.6

52.2

42.6

Dunite

DEL22-04

52.2

93.5

41.3

Mafic Intrusive

DEL22-04

112.1

357.5

245.4

Dunite

DEL22-04

366.5

383.7

17.2

Ultramafics

DEL22-05

7.0

328.5

321.6

Dunite

DEL22-05

328.5

398.1

69.6

Ultramafics

DEL22-06

5.6

30.0

24.4

Peridotite

DEL22-06

30.0

53.3

23.3

Pyroxenite

DEL22-06

53.3

128.2

74.9

Peridotite

DEL22-06

128.2

140.5

12.3

Mafic Intrusive

DEL22-06

140.5

244.4

103.9

Dunite

DEL22-06

248.3

281.9

33.6

Peridotite

DEL22-06

303.0

321.0

18.0

Pyroxenite

DEL22-07

3.1

27.0

23.9

Dunite

DEL22-07

27.0

51.6

24.6

Peridotite

DEL22-07

57.5

201.0

143.5

Dunite

DEL22-07

201.0

216.4

15.4

Peridotite

DEL22-07

219.5

237.0

17.5

Gabbro

REI22-01

51.0

109.0

58.0

Dunite

REI22-01

109.0

161.0

52.0

Peridotite

REI22-01

161.0

193.0

32.0

Pyroxenite

REI22-01

193.0

266.0

73.0

Peridotite

REI22-01

266.0

283.8

17.8

Pyroxenite

REI22-01

283.8

305.0

21.2

Gabbro

REI22-01

306.5

380.0

73.5

Peridotite

REI22-02

42.0

396.0

354.0

Dunite

REU22-01

9.4

337.1

327.7

Peridotite

REU22-01

337.1

351.3

14.2

Gabbro

REU22-01

351.3

395.0

43.7

Dunite

REU22-01

395.0

408.0

13.0

Ultramafics

Table 2 – Regional Drill Results – Selected Lithologies (continued).

Hole ID

From (m)

To (m)

Length (m)

Rock Type

REU22-01

408.0

420.0

12.0

Peridotite

REU22-02

4.5

247.0

242.5

Peridotite

REU22-03

8.0

235.5

227.5

Peridotite

REU22-03

235.5

257.5

22.0

Pyroxenite

REU22-03

257.5

295.0

37.5

Gabbro

Table 3: Drill Hole Orientation.

Hole ID

Easting

Northing

Azimuth

Dip

Length


(mE)

(mN)

(⁰)

(⁰)

(m)

NES21-01

468,015

5,416,550

5

-50

131.5

NES21-02

468,351

5,416,775

360

-50

296.5

NES21-03

470,182

5,416,782

360

-50

305.0

NES21-04

468,568

5,416,800

360

-50

172.5

NES21-05A

468,016

5,416,677

360

-60

180.0

NES21-06

470,080

5,418,194

180

-50

483.8

NES21-07

468,905

5,417,040

182

-50

256.3

NES21-08

468,723

5,417,135

180

-50

336.5

NES21-09

468,473

5,417,132

180

-50

415.3

NES21-10

468,255

5,417,120

180

-50

378.1

NES21-11

470,044

5,417,219

190

-50

392.5

DEL22-01

480,413

5,361,341

248

-60

490.2

DEL22-02

480,334

5,361,525

248

-60

395.4

DEL22-03

480,600

5,361,417

248

-60

425.0

DEL22-04

480,475

5,361,151

68

-60

391.4

DEL22-05

480,406

5,361,339

68

-60

401.0

DEL22-06

480,384

5,361,139

248

-50

341.4

DEL22-07

480,322

5,361,305

248

-50

274.9

REI22-01

457,859

5,403,898

175

-50

329.0

REI22-02

457,859

5,403,898

316

-50

354.0

REU22-01

487,384

5,421,827

175

-50

410.6

REU22-02

487,384

5,421,827

90

-51

242.5

REU22-03

487,384

5,421,827

50

-50

287.0

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.

Assays, Quality Assurance/Quality Control and Drilling and Assay

Edwin Escarraga , MSc, P.Geo., a "qualified person" as defined by NI 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. A set of samples are transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins; the other set of samples are securely shipped for analysis to SGS Burnaby ( Canada ) and SGS Callao ( Peru ). All ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and 17 other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo . (ON), VP Exploration of Canada Nickel and a "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

About Canada Nickel Company

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 TM , NetZero Cobalt TM , NetZero Iron TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel Sulphide Property 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: info@canadanickel.com

Cautionary 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, drill results relating to the Crawford Nickel Sulphide Property, the potential of the Crawford Nickel Sulphide Property, timing of economic studies and mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company's business operations including upon its employees, suppliers, facilities and other stakeholders. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Canada Nickel Company Logo (CNW Group/Canada Nickel Company Inc.)

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SOURCE Canada Nickel Company Inc.

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Highlights

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Canada Nickel Company Inc. logo (CNW Group/Canada Nickel Company Inc.)

The loan is due January 9, 2025 , carries an interest rate of 1.00% per month, and is subject to a 2.5% arrangement fee.  At closing, Auramet also received 750,000 1-year warrants with a strike price of $1.42 per common share. The loan is subject to such terms and conditions including certain specified positive and negative covenants that are customary for a transaction of this nature. The warrants and the underlying shares are subject to a four month hold period under applicable Canadian securities laws. The Company expects to use the proceeds from the loan for working capital purposes.

About Auramet

Auramet is one of the largest physical precious metals merchants in the world with over US$20 billion in annual revenues and which provides a full range of services to all participants in the precious metals supply chain. Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector. In fiscal year 2023 it purchased over 7 million ounces of gold, 126 million ounces of silver and 3 million ounces of PGMs, and has provided term financing facilities in excess of US$1 billion to date. Auramet is looking to grow its capital investment business in equity, royalties and streams in the precious metals and battery related metals mining space. Auramet is proud to have been awarded a Gold Medal the past two years for its ESG commitment by EcoVadis, the most trusted provider of ESG ratings with a network of more than 90,000 rated companies. For more information on Auramet, please visit www.auramet.com .

About Canada Nickel Company

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™, NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides 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
CEO
Phone: 647-256-1954
Email: info@canadanickel.com

Cautionary 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 use of proceeds from the loan, the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. 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. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; 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.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canada-nickel-closes-previously-announced-us15-million-loan-facility-with-auramet-international-inc-302192435.html

SOURCE Canada Nickel Company Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/09/c7393.html

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Nickel bars in front of a world map.

Top 9 Nickel-producing Countries

The top nickel producing countries list has been shaken in recent years by Indonesia's rapid rise to the top, beating the Philippines and New Caledonia.

Demand for nickel is mounting. Stainless steel accounts for the vast majority of nickel demand, but electric vehicle (EV) batteries represent a growing application for the base metal as the shift toward a greener future gains steam.

But while nickel's long-term outlook appears bright, it may face headwinds in the short term. Nickel prices have been trending down since breaking US$20,000 per metric ton in May 2024 as weak usage coincides with strong output from top producer Indonesia.

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First Atlantic Nickel to Attend Benchmark Mineral Intelligence's GIGA USA 2025 Conference, Highlighting Atlantic Nickel Project's Smelter-Free Processing for North America's Critical Minerals Supply Chain

First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce its participation at the Benchmark Mineral Intelligence GIGA USA 2025 conference, taking place June 3-4, 2025, in Washington, DC. The Company will participate in strategic meetings during this critical mineral conference to demonstrate how its Atlantic Nickel Project addresses the growing need for nickel mining that can be completely processed in North America. The Atlantic Nickel Project contains nickel in the form of awaruite, a naturally occurring, sulfur-free, highly magnetic mineral with approximately 75% nickel content. These unique properties enable direct processing through magnetic separation and flotation, eliminating reliance on foreign overseas smelting or roasting operations. This simplified mineral processing method significantly lowers energy requirements and reduces environmental impacts, strengthening the development of a resilient, domestic critical minerals supply chain.

The GIGA USA conference brings together key players from across the critical minerals sector for two days of networking, dealmaking, and policy discussions. Attendees include major automakers such as Tesla, Ford, General Motors, Rivian, Mercedes-Benz, and Volkswagen; battery manufacturers like LG Energy Solutions, Samsung SDI, and Panasonic Energy; and global mining companies including Rio Tinto, Vale, Glencore, South32, and Anglo American. Government representatives from the U.S. Department of Energy, U.S. Department of Commerce, U.S. Department of Defense, U.S. Department of State, the Government of Quebec, the Embassy of Canada, and the Delegation of the European Union will also attend. Conference topics will address the expansion of the United States' lithium-ion battery gigafactory industry and the need to establish secure, sustainable supply chains for critical raw materials, including lithium, nickel, graphite, cobalt, manganese and rare earth elements.

The conference addresses key areas of focus including strengthening the U.S. critical minerals supply chain through domestic production and expanded gigafactory capacity, examining policy and trade impacts, such as the Inflation Reduction Act (IRA), and enhancing national security through critical mineral independence. The conference will also focus on investment and financing opportunities for next-generation mining projects, innovations in battery technology and sustainability, and the importance of global collaboration and strategic partnerships.

The Company's Atlantic Nickel Project offers a secure and reliable solution for domestic nickel production. By leveraging awaruite's sulfur-free composition, high nickel content and magnetic properties, the project enables simple processing through magnetic separation and flotation without the need for secondary processing such as smelting or roasting. Unlike traditional nickel sulfide and laterite projects that undergo energy-intensive processes creating harmful waste and emissions, awaruite's metallurgical properties enable complete domestic nickel production while eliminating reliance on overseas processing. The lower energy requirements and sulfur-free nature of awaruite result in a reduced carbon and environmental footprint. The Company remains committed to strengthening North American critical minerals supply chains, with the Atlantic Nickel Project positioned to provide a secure, reliable nickel source for North American industries including electric vehicles, batteries, defense, and stainless steel manufacturing.

Conference Meeting Requests

First Atlantic welcomes the opportunity to meet with strategic partners, shareholders and investors during the GIGA USA 2025 conference. Interested parties are encouraged to contact Rob Guzman at rob@fanickel.com or by phone at 844-592-6337 to arrange meetings. The conference takes place June 3-4, 2025 in Washington, DC.

Phase 2 Drilling Update

The Phase 2 drilling program is currently underway and successfully expanding the awaruite mineralization identified in multiple drill holes during the Phase 1 campaign. Technical improvements, including optimized HQ/NQ drill configurations and enhanced drill bit selection, have enabled the current program to reach greater depths than previously achieved. The Company anticipated providing updates on the Phase 2 drill holes in the coming weeks.

For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1-844-592-6337 or via email at rob@fanickel.com

Corporate Update

The Company also announces that on May 21, 2025 it closed the definitive agreement dated May 6, 2025 (the "Purchase Agreement") to acquire a 100% interest in eight mineral licenses totaling approximately 3,350 hectares. These licenses are strategically located around the Company's Atlantic Nickel Project in central Newfoundland, in the Cold Spring Pod and Coy Pond areas. Under the terms of the Purchase Agreement, the Company has issued 1,000,000 Shares at a deemed price of $0.205 per Share. These Shares are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws. And further to its May 6, 2025 news release, it closed the previously announced settlement agreement (the "Settlement Agreement") on May 22, 2025, to settle outstanding obligations totaling $202,950 owed to an arm's length creditor (the "Creditor") related to accounting services provided under a consulting agreement dating back to 2017. Pursuant to the Settlement Agreement, the Company has issued an aggregate of 312,500 common shares (each, a "Share") at a deemed price of $0.32 per Share. These Shares will be released in three equal tranches over a 12-month period and are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws.

Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe)

Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching 1 . Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC) 2 . These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing.

The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the principal sulfide of nickel." 3 Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel refining.

First Atlantic Nickel Corp.

Figure 1: Quote from USGS on Awaruite Deposits in Canada

The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel 4 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply 5 . Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries.

Investor Information

The Company's common shares trade on the TSX Venture Exchange under the symbol " FAN ", the American OTCQB Exchange under the symbol " FANCF " and on several German exchanges, including Frankfurt and Tradegate, under the symbol " P21 ".

Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com . Stay connected and learn more by following us on these social media platforms:

https://x.com/FirstAtlanticNi

https://www.facebook.com/fanickelcorp

https://www.linkedin.com/company/firstatlanticnickel/

FOR MORE INFORMATION:
First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
rob@fanickel.com

Disclosure

Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

About First Atlantic Nickel Corp.

First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern) 6 .

First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.

Neither the 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.

Forward-looking statements:

This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this news release includes, but is not limited to: statements regarding: the timing, scope and results of the Company's Phase 1 and Phase 2 work and drilling programs; future project developments; the Company's objectives, goals, and future plans; statements and estimates of market conditions; the viability of magnetic separation as a low-impact processing method for awaruite; the strategic and economic implications of the Company's projects   ; and expectations regarding future developments and strategic plans;   Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining and clean energy industries. Additional factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no mineral reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information, except as required by applicable securities laws.

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Ni-Co Energy

Ni-Co Energy Set to Mobilize Critical Minerals Exploration just 90 km from Montreal

Ni-Co Energy Inc. announces that its technical team will be mobilized to the Kremer property around mid-June 2025. The project is located approximately 90 km north of downtown Montreal and about 15 km from the nearest municipality, in a remote forested area with access via an existing road and close proximity to the hydroelectric grid.

Meet The Team:

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Nickel Outlook: World Edition

Nickel Outlook: World Edition

Nickel Outlook: World Edition

Investing in nickel? Let our experts help you stay ahead of the markets.

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First Atlantic Nickel Extends Strike Length of RPM Zone Discovery by 400 Meters, Intersecting .23% Nickel Over 396 Meters in Fourth Drill Hole

First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is excited to report assay results from drill hole AN-24-05, the fourth and final hole of the Phase 1 drilling program at the RPM Zone, located within its 100%-owned Atlantic Nickel Project in central Newfoundland. This hole, positioned as a 400-meter step-out to the north of the initial discovery hole (AN-24-02), intersected 396 meters grading 0.23% nickel and 0.29% chromium, starting after 6 meters of overburden and continuing to the end of the hole. These results confirm an initial 400-meter north-south mineralized strike length of near surface mineralization.

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