NiCAN and Nisichawayasihk Cree Nation Sign Exploration Agreement for the Pipy Project in Thompson Manitoba

Toronto, Ontario – January 30, 2025 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN/OTCQB:NILTF/FRA:W8Y) is pleased to announce that the Company and Nisichawayasihk Cree Nation (“NCN”) have signed an Exploration Agreement (“Agreement”) related to the Pipy Project in Thompson Manitoba.

The Exploration Agreement is a framework establishing how the two parties will support and work together to advance exploration activities at the Pipy Project, which lies within NCN’s Traditional and Ancestral Territory. The terms of the Agreement include protocols for environmental monitoring and the potential for business relationships and training.

This Exploration Agreement represents significant progress, and given NiCAN has already completed the Heritage Resources screening, the Company expects to receive a work permit for the initial exploration phase at the Pipy Property, in a timely fashion.

Brad Humphrey, President and CEO of NiCAN, commented, “NiCAN could not be more pleased to formalize our strong relationship with NCN, and we look forward to engaging in a collaborative and respectful manner. We wish to thank NCN for their support in working towards signing this Agreement that clearly sets a strong foundation from which to build as the Pipy Project advances.”

“Signing the Exploration Agreement is a critical milestone for the Pipy Project and marks an important step in the permitting process. Engagement will continue as the project advances, however with the Agreement now in place, we anticipate receiving a work permit from the Manitoba Permits Office in a timely fashion, approving the initial phase of exploration at the Pipy Project.”

Pipy Project Overview

The Pipy Properties consist of three project areas, Pipy South, Pipy North and Pipy West, totaling 39.1 km 2 in the Thompson area (Figure 1). Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area approximately 12km northeast of the city of Thompson and Vale’s Thompson Nickel Mine with excellent road access and local infrastructure.

The Pipy South Project is underlain by an 8km long synclinal structure exposing Ospwagan Group sediments including the critical Pipe Formation that hosts the nickel deposits in the Thompson Nickel Belt.

Figure 1: Pipy Properties in the Thompson Area, Manitoba

Qualified Person

Mr. Stanley Clemmer, 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.

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.

Contact Information:

Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
416.565.4007 snoyes@NiCANLtd.com
info@NiCANLtd.com

Figure 2: NiCAN’s Project Locations in Manitoba, Canada

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