Canada Nickel Company Announces Initial Deloro Nickel Sulphide Project Resource

Highlights:

• First of seven new nickel resources expected to be published by end of the first quarter of 2025 demonstrating the potential scale of the Timmins Nickel District

• Initial Deloro indicated Resource of 81 million tonnes grading 0.25% nickel containing 202kt of nickel plus a further Inferred Resource of 357 million tonnes grading 0.25% nickel containing 885kt of nickel

• Seven exploration rigs currently drilling across the Timmins Nickel District

TORONTO, July 18, 2024 – Canada Nickel Company Inc. (“Canada Nickel” or the “Company”) (TSX-V:CNC) (OTCQB: CNIKF) today announced an initial mineral resource for its 100% owned Deloro Nickel Sulphide Project (“Deloro”) near Timmins, Ontario.

The Deloro Nickel Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity. The Deloro project is accessible year-round by road, is located just 8 km south of Timmins, 7 km southwest of the Dome Mine-Mill Complex and less than 2 km from existing powerlines.

Mark Selby, CEO of Canada Nickel commented, “We are very pleased with the size of this initial resource on Deloro particularly given the relatively small scale of the target footprint relative to the 20+ targets in our portfolio. Deloro has an advantageous location near both Timmins and the mining and processing infrastructure at the DomeMill, and benefits from a relatively low overburden of an average of just 9 metres.”

Selby continued, “Our exploration program continues to successfully demonstrate the potential of the Timmins Nickel District and now has seven drill rigs operating – four drilling on our Mann Central and Mann Northwest properties, two completing the next phase of drilling at our Reid project, and one targeting the east end of our Reaume project. Updates on drilling at each of these properties will be provided as assay results are compiled.”

Deloro Mineral Resource Estimate

For the initial Mineral Resource Estimate, a total of 8,242 metres of core drilling in 22 drill holes was utilized to calculate the Mineral Resources in two categories as provided in Table 1 below. Inferred Resources totalled 357 million tonnes grading 0.25% Ni, for a total of 885 kt of contained nickel, and Indicated Resources totalled 81 million tonnes grading 0.25% Ni, for a total of 202 kt of contained nickel. A cut-off grade of 0.10% Ni was used.

Example cross-section and block model views of the resource estimate are provided in Figures 1 through 4 below.

Drilling at Deloro was completed in 2022 and 2024. The 2024 campaign successfully completed the goal of infilling previous sections in order to define an initial resource estimate, gain understanding on the geology of the deposit as well as systematically collecting samples for mineralogical analysis that would help define the potential of nickel recovery.

This Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. in accordance with CIM Definition Standards on Mineral Resources and Reserves. A Technical Report in support of the Mineral Resource Estimate will be filed on SEDAR+ (www.sedarplus.ca) within 45 days.

Table 1 – Initial Mineral Resource Estimate (in-pit resources) for the Deloro Nickel Sulphide Project, Ontario

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