NiCAN Intersects a New Mineralized Zone Near Surface at the Wine Project in Manitoba, Including 9.8 Metres at 1.92% Nickel Equivalent

NICAN Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to report additional diamond drill assay results from the Wine project in Manitoba intersecting a new mineralized zone near surface. These drill holes, Wine-22-06 and Wine-22-07, were part of NiCAN's initial drilling campaign at the Wine project.

Highlights (complete assays set out in Tables 2 and 3) :

New mineralized zone intersected near surface.
Diamond drill hole Wine-22-06 intersected two distinct zones of mineralization including 9.8 metres at 2.09% Cu, 1.23% Ni (1.92% NiEq), 0.051% Co, 0.33 g/t Au, 0.016 g/t Pt and 0.12 g/t Pd from 7.4 metres to 17.1 metres.

Note: Nickel Equivalent ("NiEq") was calculated using copper and nickel values only.

Table 1 : Composite Assays Wine-22-06 and Wine-22-07


Drill Hole ID	From (m)	To (m)	Thickness (m)	Cu (%)	Ni (%)	NiEq (%)	Co (%)	Au (g/t)	Pt (g/t)	Pd (g/t)	PGM (g/t)
Wine-22-06	7.4	17.1	9.8	2.09	1.23	1.92	0.05	0.33	0.02	0.12	0.47
Wine-22-06	32.3	35.4	3.1	0.81	0.62	0.89	0.03	0.12	0.00	0.13	0.25
Wine-22-07	9.0	14.0	5.0	0.59	0.23	0.42	0.01	0.10	0.04	0.07	0.21

Brad Humphrey , President and CEO of NiCAN, commented, "The initial diamond drill program at Wine was focused on improving our understanding of the mineralization at the Wine Occurrence. Intersecting additional lenses or pods of mineralization, particularly near surface, is an extremely welcome development. This also supports our view that the Wine gabbro could host several nickel rich pods. NiCAN remains in a strong position with a solid balance sheet and highly prospective nickel-copper assets in stable jurisdictions."

Wine-22-06

Drill hole Wine-22-06 encountered a newly defined lens of nickel mineralization in the upper part of the drill hole, which averaged 1.92% NiEq over 9.8 metres (estimated true width of 6.5 metres). Sulphide mineralization consisted of semi-massive to disseminated pyrrhotite and chalcopyrite with significant copper mineralization near the base of the zone. It is expected that this lens of mineralization will sub-crop.

In addition to the newly defined zone, the drill hole intersected a continuation of a lens of mineralization found in the upper part of drill hole Wine-22-05 (4.1 metres averaging 1.03% Cu, 0.96% Ni (1.31% NiEq)) with 3.1 metres averaging 0.81% Cu, 0.62% Ni (0.89% NiEq), 0.025% Co and 0.25 g/t PGM from 32.3 to 35.4 metres (estimated true width of 2.0 metres) (Figure 1). The drill hole did not intersect the main lens of mineralization found in historical holes and Wine-22-05 as it was too shallow in depth.

All mineralized intersections were hosted by gabbro. The lower intersection in Wine-22-07 was hosted by the distinct light-coloured gabbro that is associated with the main mineralized gabbro zone.

Wine-22-07

Drill hole Wine-22-07 (-60⁰) was drilled directly under drill hole Wine-22-06 (-45⁰) with the intent of intersecting the main zone of mineralization defined in drill hole Wine-22-05. The drill hole intersected the base of the newly defined shallow mineralization seen in Wine-22-06 (5.0 metres averaging 0.59% Cu, 0.23% Ni (0.42% NiEq), 0.01% Co and 0.21 g/t PGM from 9.0 to 14.0 metres). The Wine-22-07 intersection averaged 0.42% NiEq over an estimated true width of 3.3 metres. The upper lens may have a strike of 330⁰ and may correlate to anomalous copper mineralization seen in the upper parts of historical drill holes EEL-346 and RAD07-01. The main mineralized lens is currently interpreted to have a strike of 30⁰ (Figure 2 and 3).

Drill hole Wine-22-07 did not intersect the main zone as it passed through a gap between the upper lens and the main lens.

* Historical drill hole assays are listed in Table 4

2022 Exploration Program

The 56.8 km ² Wine property is located west of Snow Lake in Manitoba (Figure 5). The initial 2022 exploration program included an airborne geophysical survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and 17 diamond drill holes, 1,600 metres in total, testing an area known as the Wine Occurrence, as well as seven other nearby geophysical anomalies (Figure 6). The objective of this program was to confirm the presence of nickel-copper mineralization at the Wine Occurrence and improve NiCAN's understanding of the geological model and the orientation of the mineralization, which will be used to better target future drilling programs.

NiCAN anticipates receiving and releasing additional assay and geophysical survey results, following quality control, over the next several weeks. The results from this initial exploration work will be used to refine the geological model and to design a follow up Phase 2 exploration program.

Assay, Analysis and QA/QC

All core samples were sent to the Saskatchewan Research Council ("SRC") in Saskatoon (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP3 package, which includes a total of 35 analytes by ICP-OES (Inductively Coupled Plasma – Optical Emission Spectroscopy). Partial digestions were performed on a 0.5 gram aliquot of sample pulp which was digested in a mixture of HCl:HNO3, in a hot water bath and then diluted to 15 ml using deionized water. Over-limits for copper, nickel and cobalt had an aliquot of 1.0 gram sample pulp digested in a concentration of HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP-OES. Fire Assay Techniques involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible and a silver inquart added prior to fusion. After the mixture was fused, the melt was poured into a form which was cooled. The lead bead was then recovered and cupelled until only the precious metal bead remained. The bead was then parted in dilute HNO3. The precious metals were then dissolved in aqua regia and then diluted for analysis by ICP-OES

Laboratory Quality Control protocols were applied to the assay sample package by SRC. NiCAN submitted a regular schedule of standards, blanks and duplicates into the sample stream for Quality Control measures. Drill core samples are split in half using a diamond saw with half saved for reference and the other half shipped for assay. In the case of duplicate samples the half core is quarter split with the two quarter splits sent for separate assay.

NiCAN does not have any historic QA/QC data for the 2007 or earlier drill results.

Qualified Person

Mr. Bill Nielsen , P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-101") has reviewed and approved the scientific and technical information in this press release.

Investor Awareness Campaign

NICAN Limited has entered into an advertising and investor awareness campaign with Dig Media Inc. and Investing News Network (INN). INN is a private company headquartered in Vancouver, Canada , dedicated to providing independent news and education to investors since 2007. For the 12-month term of the agreement, INN will provide advertising to increase awareness of the issuer. INN does not provide Investor Relations or Market Making services. The cost of the campaign is C$49,410 , payable in quarterly installments over the term of the agreement. INN currently holds no securities in NICAN Limited.

About NiCAN

NiCAN Limited is a mineral exploration company, trading under the symbol "NICN" on the TSX-V. The Company is actively exploring two nickel projects , both located in well-established mining jurisdictions in Manitoba, Canada .

To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com .

Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the proposed financing, business, operations and financial performance and condition of NICAN Limited. Forward-looking information includes, but is not limited to, the size and timing of the drill program, results of the drill program, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; future commodity prices (including in relation to NiEq calculations); drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Note: Wine-22-06 and Wine-22-07 were drilled from the same drill pad

Table 2 : Diamond Drill Hole Wine-22-06 Assay Results


Drill Hole ID	From (m)	To (m)	Length (m)	Co (%)	Cu (%)	Ni (%)	Au (g/t)	Pt (g/t)	Pd (g/t)	Ag (g/t)	PGM (g/t)	NiEq (%)
Wine 22-6	6.4	7.4	1.0	-	0.08	0.04	0.01	-	0.02	0.70	0.03	0.07
Wine 22-6	7.4	8.3	0.9	0.03	0.22	0.65	0.01	-	0.20	1.40	0.21	0.73
Wine 22-6	8.3	9.0	0.8	0.10	1.72	2.08	0.22	-	0.23	7.50	0.46	2.65
Wine 22-6	9.0	10.0	1.0	0.11	1.20	3.67	0.06	0.04	0.15	4.00	0.25	4.07
Wine 22-6	10.0	11.0	1.0	0.09	1.74	2.10	0.15	0.02	0.12	7.30	0.30	2.68
Wine 22-6	11.0	12.0	1.0	0.07	1.40	1.77	0.08	-	0.11	5.80	0.19	2.24
Wine 22-6	12.0	13.0	1.0	0.04	1.06	0.93	0.07	0.06	0.11	5.90	0.25	1.29
Wine 22-6	13.0	14.0	1.0	0.01	1.71	0.17	0.37	-	0.11	7.70	0.48	0.74
Wine 22-6	14.0	15.0	1.0	0.03	4.62	0.71	1.01	0.05	0.07	20.40	1.13	2.24
Wine 22-6	15.0	16.0	1.0	0.04	3.55	0.93	0.70	-	0.08	21.20	0.79	2.11
Wine 22-6	16.0	16.5	0.5	-	0.80	0.04	0.28	-	0.01	3.50	0.29	0.31
Wine 22-6	16.5	17.1	0.6	0.01	5.60	0.19	0.69	-	0.05	23.40	0.73	2.06
Wine 22-6	17.1	18.0	0.9	0.01	0.28	0.14	0.01	-	0.04	1.50	0.05	0.24
Wine 22-6	31.0	32.3	1.3	-	0.03	0.01	-	-	0.01	1.30	0.01	0.02
Wine 22-6	32.3	33.0	1.0	0.02	0.75	0.61	0.12	-	0.11	5.90	0.23	0.85
Wine 22-6	33.0	34.0	1.0	0.03	1.18	0.63	0.17	-	0.14	7.00	0.31	1.02
Wine 22-6	34.0	34.7	0.7	0.02	0.51	0.45	0.06	-	0.09	3.20	0.15	0.62
Wine 22-6	34.7	35.4	0.7	0.02	0.40	0.40	0.05	-	0.10	2.70	0.15	0.53
Wine 22-6	35.4	36.0	0.6	-	0.05	0.01	-	-	-	0.10	-	0.03
Wine 22-6	36.0	36.3	0.3	-	0.02	0.01	-	-	-	0.10	-	0.02
Wine 22-6	36.3	37.1	0.8	0.01	0.80	0.22	0.05	-	0.08	4.80	0.14	0.49
Wine 22-6	37.1	38.1	1.0	-	0.26	0.02	0.01	-	0.01	2.40	0.02	0.11

Note: NiEq includes Ni and Cu values only - Ni+(Cu x 0.33)

Table 3 : Diamond Drill Hole Wine-22-07 Assay Results


Drill Hole ID	From (m)	To (m)	Length (m)	Co (%)	Cu (%)	Ni (%)	Au (g/t)	Pt (g/t)	Pd (g/t)	Ag (g/t)	PGM (g/t)	NiEq (%)
Wine 22-7	8.0	9.0	1.0	-	0.07	0.01	-	-	0.01	0.30	0.01	0.04
Wine 22-7	9.0	9.6	0.6	0.01	0.50	0.18	0.06	-	0.04	7.20	0.10	0.36
Wine 22-7	9.6	10.6	1.0	0.01	0.78	0.18	0.14	-	0.08	6.90	0.22	0.46
Wine 22-7	10.6	11.6	1.0	0.01	0.51	0.33	0.07	-	0.07	3.90	0.14	0.52
Wine 22-7	11.6	12.6	1.0	0.02	0.67	0.40	0.15	0.09	0.14	5.60	0.38	0.64
Wine 22-7	12.6	13.6	1.0	-	0.44	0.06	0.04	-	0.04	2.80	0.09	0.22
Wine 22-7	13.6	14.0	0.4	0.01	0.64	0.18	0.11	0.25	0.06	3.50	0.42	0.41
Wine 22-7	14.0	15.0	1.0	-	0.06	0.01	-	-	-	0.10	0.01	0.03

Note: NiEq includes Ni and Cu values only - Ni+(Cu x 0.33)

Table 4 : Historical Diamond Drill Hole Assay Composites


Drill Hole ID	From (m)	To (m)	Length (m)	Co (%)	Ni (%)	Cu (%)	NiEq (%)	Au (g/t)	Pt (g/t)	Pd (g/t)	PGM (g/t)
RAD07-01	55.70	76.02	20.37	0.05	1.38	2.14	2.09	0.40	0.13	0.27	0.80
EEL-346	54.00	70.40	16.47	-	0.85	1.50	1.35	0.16	-	-	-
incl EEL- 346	60.32	70.41	10.10	-	1.13	1.81	1.73	0.15	0.10	0.29	0.54
EEL-302	51.51	64.43	12.82	-	0.52	0.97	0.84	0.21	0.12	0.16	0.49
incl EEL- 302	51.51	57.90	6.32	-	0.93	0.88	1.32	0.27	0.12	0.13	0.52
EEL-315	68.75	68.90	0.15	-	1.20	3.08	2.20	-	-	-	-

Note: NiEq includes Ni and Cu values only - Ni+(Cu x 0.33)

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NICAN Limited TSXV:NICN Base Metals Investing

NICN:CA

NiCAN Commences Drilling at Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSX-V: NICN) has commenced diamond drilling at its Wine Property located in the Snow Lake area, Manitoba, Canada (Figure 1). The drill rig has mobilized to site and is currently coring the first hole of the Phase Three ("Phase III") drilling program consisting of a minimum of 1,500 meters.

Highlights:

Phase III drill program has commenced at the high-grade Wine Nickel Property with the following objectives:
- To expand previously defined nickel-bearing zones to the east of the Wine Occurrence; and
- To drill test newly expanded target areas of more than 6 km along strike.
Recent geophysical and soil geochemical results assisted in prioritizing multi-anomaly target areas for subsequent drill testing.

Brad Humphrey , President, and CEO of NiCAN commented, "We are very pleased to be back on the ground, drill testing several targets that we have interpreted to be on strike with the two mineralized horizons defined on the property to date. NiCAN remains in a strong position with a solid balance sheet and two highly prospective nickel sulfide projects in established mining jurisdictions."

Phase III Wine Drill Program

At the Wine Project, NiCAN is drilling a minimum of 1,500 meters to test multiple conductive targets identified by recently completed surface time-domain electromagnetic ("TDEM"), borehole and surface surveys, combined with re-processed Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey, which was completed in 2022 (see press release dated November 14, 2022 ). Results from a geochemical survey, also completed earlier this year, assisted in prioritizing the drill targets. A significant number of conductive sources have been defined over a strike length of 6 kilometers that merit drill testing. These have been geophysically modelled and drill holes have been designed to effectively intersect the suspected sulphide bodies defined by these models.

The initial diamond drill targets are following up on mineralization intersected during the previous drill program that defined varying quantities of disseminated to massive sulphide nickel-bearing mineralization in a zone 650 meters east of the Wine Occurrence. Most notable were holes Wine 23-08 and Wine 23-07 in which varying degrees of pyrrhotite and chalcopyrite mineralization were intersected in two relatively shallow zones. Assay results returned elevated copper and nickel values over core lengths of more than 10 meters (see press releases dated May 24, 2023 , and June 21, 2023 ). NiCAN is currently following up on these new zones to better understand their orientation and extent.

The Phase III Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding previously defined nickel-bearing zones located to the east of the Wine Occurrence. Downhole and TDEM surveys have defined multiple conductors along a distinct stratigraphic horizon within the Wine Gabbro. Humic soil geochemical results have shown anomalous Ni-Cu values associated with these electromagnetic ("EM") responses supporting additional drill testing.

The second objective of NiCAN's Phase III drill program is to identify additional nickel bearing mineralized zones associated with newly defined geophysical targets interpreted to be along strike from the Wine Occurrence by distances of up to 4.8 km. These are new targets that have not been drill tested in the past.

NiCAN continues to follow up on the significant results returned from previous diamond drilling, including:

Diamond drill hole Wine 22-5 intersected 27.3 metres of 2.01% Ni, 1.81% Cu (2.28% NiEq)
Diamond drill hole Wine 22-6 intersected 9.8 metres of 1.23% Ni, 2.09% Cu (1.71% NiEq)
Diamond drill hole Wine 22-3 intersected 8.6 metres of 1.89% Ni, 1.01% Cu (1.92% NiEq)
Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 metres of 1.52% Ni, 2.01% Cu (1.93% NiEq)
Diamond drill hole Wine 23-17 intersected two zones of mineralization including 23.5 meters of 1.59% Ni, 1.76% Cu (1.91% NiEq)

Note: Nickel equivalent grades include nickel and copper values only and assume recoveries of 85% for nickel and 85% for copper based on comparable deposits. Nickel price: US$10.00 /lb; copper price US$3.75 /lb.

Analogies to Historical Lynn Lake Nickel Deposits

NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper was historically mined. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km ² gabbro body. The Wine Gabbro contains numerous similarities and has seen very little exploration for nickel-copper deposits.

Qualified Person

About NiCAN

www.nicanltd.com

To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com

Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the business, operations and financial performance and condition of NiCan Limited. Forward-looking information includes, but is not limited to, the size and timing of the drill program, results of the drill program, interpretations of the various surveys, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; future commodity prices (including in relation to NiEq calculations); drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Nican Ltd.

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NiCAN Provides Details on Upcoming Drill Program at Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to provide details on its upcoming Phase III drill program on the Wine Property, located in the Snow Lake area of Manitoba, Canada (Figure 3). Permits are in place, a drill contractor has been selected, and preparation work is underway. Initially, Phase III drilling will consist of a 1,500 to 2,000-meter diamond drilling program, which is scheduled to commence in October 2023 . The Phase III program will focus on expanding the recently identified nickel-bearing zones to the east of the Wine Occurrence and test newly defined geophysical targets along strike of the Wine Occurrence over distances of up to 4.8 km.

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NiCAN Identifies New Mineralized Zones at its Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) has intersected multiple new zones of nickel–bearing mineralization to the east of the known high-grade nickel-copper ("Ni–Cu") Wine Occurrence during its Phase II drill program on the Wine Nickel Property in Manitoba, Canada (Figure 5). These new zones of mineralization significantly expand the exploration target area.

Highlights:

New nickel bearing mineralized zones identified within the Wine Gabbro.
Initial interpretation suggests that these new mineralized zones may occupy a specific horizon within the central region of the Wine Gabbro. Geophysical anomalies (VTEM conductors) can be traced for several kilometers to the northeast and southwest along this trend.
Geophysical and geochemical surveys as well as diamond drilling are planned for the third quarter of 2023.

Brad Humphrey , President, and CEO of NiCAN, stated, "We are very happy with the results of the Wine Phase II drill program and the intersection of the new mineralized nickel bearing zones. Importantly, these new occurrences of disseminated and massive sulphides suggest the Wine Gabbro hosts multiple mineralized pods like those seen in the Lynn Lake area. Interpretive work indicates that there are several horizons within the Wine Gabbro that require testing with geophysics, geochemistry, and subsequent diamond drilling. NiCAN remains in a strong position with a solid balance sheet and highly prospective nickel sulphide projects in established mining jurisdictions."

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NiCAN Receives $300,000 Grant from Manitoba Mineral Development Fund

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) has received approval for a $300,000 grant from the Manitoba Mineral Development Fund (the "MMDF") to support NiCAN's exploration activities at its Wine Project located in the Snow Lake Flin Flon area, Manitoba, Canada . The Company has received the first $150,000 of the grant, with the remainder expected in June 2023.

"NiCAN greatly appreciates the support from the Manitoba Mineral Development Fund and the Manitoba Chambers of Commerce," Brad Humphrey , President and CEO of NiCAN commented. "This funding is earmarked for continued exploration at the Wine Project, which has returned truly impressive drill results to date. We look forward to announcing additional exploration results from the Wine Gabbro area in the coming weeks. The Company also plans to complete geophysical and geochemical surveys that will drive the exploration program for our next phase of drilling in this area."

The MMDF is a $20-million provincial fund, launched in July 2020 by the Manitoba Government and administered by the Manitoba Chambers of Commerce. This fund is specifically dedicated to providing funding for and supporting economic development and mining projects in northern Manitoba .

About NiCAN

NiCAN Limited is a mineral exploration company, trading under the symbol "NICN" on the TSX-V. The Company is actively exploring two nickel projects , both located in the well-established mining jurisdiction of Manitoba, Canada .

To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com.

Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the proposed financing, business, operations and financial performance and condition of NiCan Limited. Forward-looking information includes, but is not limited to, the quantum of the grant; the timing for receipt of the balance of the grant; intended use of proceeds; drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Nican Ltd.

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NiCAN Expands the Wine Occurrence at the Wine Project, Manitoba, Canada Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to announce that its 2023 winter drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada (Figure 2) has expanded several mineralized zones at the Wine Occurrence.

Highlights:

Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 meters at 1.52% Ni and 2.01% Cu (1.93% NiEq), from 48.3 to 60.9 meters (Table 1).
Diamond drill hole Wine 23-17 intersected three zones of mineralization including 23.5 meters at 1.59% Ni and 1.76% Cu, (1.91% NiEq), from 18.6 to 42.1 meters (Table 1, Figure 1).

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Dore Copper Announces Filing and Mailing of Management Information Circular in Connection with Special Meeting and Encourages Shareholders to Access Meeting Materials Electronically

Doré Copper Mining Corp. (" Doré Copper ") (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) today announced that it has filed and is in the process of mailing the management information circular (the " Circular ") and related materials for the special meeting (the " Meeting ") of shareholders of Doré Copper (" Doré Copper Shareholders ") to be held December 16, 2024. At the Meeting, Doré Copper Shareholders will be asked to consider and vote on a special resolution (the " Arrangement Resolution ") approving a statutory plan of arrangement (the " Plan of Arrangement ") pursuant to Section 192 of the Canada Business Corporations Act (the " Arrangement "), subject to the terms and conditions of an arrangement agreement dated October 14, 2024 (the " Arrangement Agreement ") entered into among Doré Copper, Cygnus Metals Limited (" Cygnus ") and 1505901 B.C. Ltd., a wholly owned subsidiary of Cygnus, all as more particularly described in the Circular.

The board of directors of Doré Copper (the " Doré Copper Board ") and the special committee of independent directors established by the Doré Copper Board (the " Special Committee ") have unanimously determined that the Arrangement is in the best interests of Doré Copper and that the Arrangement is fair to the Doré Copper Shareholders. The Special Committee and the Doré Copper Board reviewed and considered a significant amount of information and considered a number of factors relating to the Arrangement, with the benefit of advice from Doré Copper's management, and the financial and legal advisors of the Special Committee and the Doré Copper Board. The Special Committee unanimously recommended that the Doré Copper Board recommend to Doré Copper Shareholders that they vote FOR the Arrangement Resolution. The Doré Copper Board unanimously recommends that Doré Copper Shareholders vote FOR the Arrangement Resolution. See pages 33 to 36 of the Circular for a detailed description of the " Reasons for the Arrangement ".

In accordance with the interim order granted by the Ontario Superior Court of Justice (Commercial List) on November 12, 2024, providing for the calling and holding of the Meeting and other procedural matters relating to the Arrangement, the Arrangement can only proceed if, among other conditions, it receives the approval of not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting and not less than a majority (50% + 1) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting excluding the votes cast by certain interested or related parties or joint actors of Doré Copper in accordance with the minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions .

Under the Arrangement Agreement, the parties have agreed to effect the Arrangement, pursuant to which Cygnus will indirectly acquire all of the issued and outstanding common shares in the capital of Doré Copper (" Doré Copper Shares "), and Doré Copper Shareholders will be entitled to receive, for each Doré Copper Share held immediately prior to the effective time of the Arrangement (the " Effective Time "), 1.8297 fully paid ordinary shares (the " Consideration ") in the capital of Cygnus (each one whole share, a " Cygnus Share ").

As a result of, and immediately following the completion of, the Arrangement, Doré Copper will be an indirect wholly-owned subsidiary of Cygnus and the former Doré Copper Shareholders will be entitled to receive the Consideration for each Doré Copper Share previously held by them immediately prior to the Effective Time (subject to rounding, as provided for in the Plan of Arrangement).

Cygnus has applied for its Cygnus Shares to be listed on the TSX Venture Exchange (the " TSXV "). It is a condition of closing that Cygnus shall have received conditional listing approval from the TSXV to list the Cygnus Shares on the TSXV. Listing of the Cygnus Shares on the TSXV will be subject to Cygnus receiving approval from, and fulfilling all of the minimum listing requirements of, the TSXV.

Meeting and Circular

The Meeting of the Doré Copper Shareholders will be held at the offices of Bennett Jones LLP located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on December 16, 2024 at 12:00 p.m. (Toronto time). Doré Copper Shareholders of record as of the close of business on November 13, 2024 are entitled to receive notice of and to vote at the Meeting. Doré Copper Shareholders are urged to vote before the proxy deadline of 12:00 p.m. (Toronto time) on December 12, 2024.

The Circular provides important information on the Arrangement and related matters, including the background of the Arrangement, the rationale for the recommendations made by the Special Committee and the Doré Copper Board, and voting procedures. Doré Copper Shareholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is being mailed to Doré Copper Shareholders in compliance with applicable Canadian securities laws. The Circular is available under Doré Copper's profile on SEDAR+ at www.sedarplus.ca and on Doré Copper's website at www.dorecopper.com .

Impact of Canada Post Labour Strike

Due to the ongoing Canada Post labour strike, it is possible that Doré Copper Shareholders may experience a delay in receiving the Circular and related materials in respect of the Meeting. Doré Copper Shareholders are encouraged to access the Circular and related materials electronically as noted above. Registered holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials may contact Computershare Investor Services Inc. at 1-800-564-6253 to obtain their individual control numbers in order to vote their Doré Copper Shares. Registered holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.investorvote.com or via telephone at 1-866-732-VOTE (8683). Registered holders of Doré Copper Shares are also encouraged to complete and return letters of transmittal by hand or by courier to ensure the appropriate documents are received in a timely manner. Beneficial holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers in order to vote their Doré Copper Shares. Beneficial holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.proxyvote.com or via telephone at 1-800-474-7493 (English) or 1-800-474-7501 (French). It is recommended that any physical forms of proxy or voting instruction forms be delivered via courier to ensure that they are received in a timely manner.

Registered holders of Doré Copper Shares who wish to exercise their dissent rights in connection with the Arrangement are also cautioned to deliver their written objection to Doré Copper by mail using a method other than Canada Post or by facsimile transmission in accordance with the instructions set forth in the Circular to ensure that they are received in a timely manner.

Other Matters

Agreement with SOQUEM

Further to its news release dated July 3, 2024, on July 2, 2024, Doré Copper issued 1,190,476 Doré Copper Shares to SOQUEM at a deemed price of $0.105 per Doré Copper Share in connection with its acquisition of a 56.41% interest in a group of contiguous claims located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp.

About Doré Copper Mining Corp.

Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill ¹ . Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. ² The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper's Copper Rand Mill.

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus' tenements range from early-stage exploration areas through to advanced drill-ready targets.

For further information about Doré Copper, please contact:

Ernest Mast	Laurie Gaborit
President and Chief Executive Officer	Vice President, Investor Relations
Phone: (416) 792-2229	Phone: (416) 219-2049
Email: ernest.mast@dorecopper.com	Email: laurie.gaborit@dorecopper.com

Visit: www.dorecopper.com
Facebook: Doré Copper Mining
LinkedIn: Doré Copper Mining Corp.
Twitter: @DoreCopper
Instagram: @DoreCopperMining

Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Arrangement and the terms thereof, the completion of the Arrangement, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, the listing of the Cygnus Shares on the TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Arrangement and to consummate the Arrangement, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Doré Copper disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Red Metal Resources Engages German Investor Awareness and Digital Marketing Consultants

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") The Company has engaged Investment-Zirkel-München ("IZM") that offers several services for German language investor awareness including news dissemination, conference calls, real-time investor forums and an active investors network throughout Europe. IZM has a select investor following that participate in both financings and open market buying. The IZM contract is for a two-year term at a cost of CAD$25,000.

IZM has a business address at Lena-Chris-Str 9, Nuebiberg, Germany. The services to be provided will be overseen by Mathias Voigt, President of the company, who can be contacted at mv@i-z-m.info. Mr. Voigt owns 150,000 shares of the Company.

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Hole #	From	To	m	Co%	Cu%	Ni%	PGM g/t	NiEq%
Wine 23-16	4.2	11.9	7.7	0.428	1.69	1.12	0.367	1.49
Wine 23-16	23.7	28.0	4.3	0.042	1.96	0.98	0.659	1.46
Wine 23-16	33.8	41.3	7.5	0.048	1.02	1.13	0.444	1.29
Wine 23-16	48.3	60.9	12.6	0.063	2.01	1.52	0.649	1.93
Wine 23-17	4.6	10.4	5.8	0.032	0.99	0.81	0.188	1.00
Wine 23-17	18.6	42.1	23.5	0.067	1.76	1.59	0.514	1.91
Wine 23-17	47.7	48.6	0.9	0.038	0.38	0.80	0.311	0.89

Hole ID	From (m)	To (m)	Interval (m)	ZnEq (%)	AgEq (g/t)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)	Cu (%)
WT24-33	102.62	124.65	22.03	3.7	177.1	57.5	0.14	1.6	0.67	0.09
incl.	121.70	124.60	2.90	22.6	1078.8	417.4	0.74	9.1	4.77	0.105
WT24-34	92.25	96.62	4.37	13.7	656.2	157.4	1.05	6.3	3.03	0.076
incl.	94.59	96.06	1.47	31.1	1488.4	356.0	2.90	13.7	6.21	0.166

Red Mountain 2024 Diamond Drill Hole Collars
Hole ID	Easting	Northing	Elevation (m)	Azimuth	Dip	Depth (m)	Zone	Status
WT24-33	483950	7090863	982	0	-90	185	West Tundra Flats	Reported Here
WT24-34	484196	7090851	968	38	-78	146	West Tundra Flats	Reported Here
DC24-106	481059	7088384	1233	170	-72	192	Dry Creek	Previously Reported
DC24-104	480364	7088200	1218	180	-45	112	Dry Creek	Results Pending
DC24-105	480364	7088200	1218	180	-75	120	Dry Creek	Results Pending
KW24-03	470228	7085491	1561	180	-50	283	Kiwi	Results Pending

NiCAN Intersects a New Mineralized Zone Near Surface at the Wine Project in Manitoba, Including 9.8 Metres at 1.92% Nickel Equivalent

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