Canada Nickel Announces Initial Resource at Nesbitt & 46% Increase in Indicated Resource at Deloro

• Canada Nickel has completed initial resource development across all 9 of its Timmins Nickel District properties, reaching 4.36 billion tonnes (Bt) of Measured & Indicated (M&I) Resources grading 0.24% nickel (over 10 million tonnes (Mt) of contained nickel), plus 5.70 Bt of Inferred Resources grading 0.23% nickel (13.2 Mt of contained nickel).
• Nesbitt Nickel Sulphide Project’s initial resource totals 176 million tonnes (Mt) grading 0.23% nickel, containing 0.41 Mt of nickel, making it the company's 9th deposit in the district.
• Deloro Nickel Sulphide Project's updated resource lifted Indicated Resources by 46% to 0.3 Mt of contained nickel and Inferred Resources by 39% to 1.2 Mt of contained nickel, compared with the initial estimate published on July 18, 2024.
• Both projects sit within established infrastructure corridors near Timmins, Ontario, with Nesbitt less than 3 kilometres (km) northwest of the company's flagship Crawford Nickel Sulphide Project and Deloro 8 km south of Timmins with year-round road access.
• A technical report supporting both estimates is to be filed on SEDAR+ within 45 days, with metallurgical testwork and infill drilling continuing through 2026 toward a Preliminary Economic Assessment (PEA).

Company Overview

Canada Nickel Company Inc. (TSXV: CNC | OTCQX: CNIKF) is advancing the next generation of nickel-sulphide projects to supply nickel for the electric vehicle and stainless steel markets. The company is anchored by its 100%-owned flagship Crawford Nickel-Cobalt Sulphide Project, located in the Timmins-Cochrane nickel district of Ontario. Canada Nickel is pursuing the development of processes to enable the production of net-zero carbon nickel, cobalt, and iron products, and has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt, and NetZero Iron.

Initial Resource at Nesbitt, Updated Resource at Deloro

Canada Nickel announced on July 23, 2026 the completion of the initial phase of resource development across the Timmins Nickel District, disclosing an initial mineral resource estimate (MRE) for its 100% owned Nesbitt Nickel Sulphide Project and an updated MRE for its 100% owned Deloro Nickel Sulphide Project, both located near Timmins, Ontario, Canada.

Nesbitt sits less than 3 kilometres (km) northwest of Crawford and is accessible year-round via the permanent Camp 40 road. Deloro is 8 km south of Timmins and 7 km southwest of the Dome Mine-Mill Complex, adjacent to over 100 years of established regional mining infrastructure and less than 2 km from existing powerlines. Deloro's initial mineral resource was published on July 18, 2024.

Chief Executive Officer and Director of Canada Nickel, Mark Selby, outlined the significance of reaching this milestone across the district:

"We have now clearly demonstrated the world-class potential of the Timmins Nickel District with the completion of our ninth resource at Nesbitt. The expansion at Deloro shows the potential to continue to expand our existing resources beyond where they stand today. With the first phase of our resource programme complete, we remain focused on continuing to build our resource base, including seven additional targets which remain untested, three of which carry a geophysical footprint larger than Crawford."

Timmins Nickel District

Canada Nickel has now published mineral resource estimates for 9 of its properties in the Timmins area: 4.63 billion tonnes (Bt) of 0.24% nickel in Measured & Indicated (M&I) Resources (10.3 million tonnes (Mt) of contained nickel metal), and 5.70 Bt of 0.23% nickel in Inferred Resources (13.2 Mt of contained nickel metal). For comparison, the Sudbury Nickel District had an estimated pre-mining resource of 19 million tonnes of contained nickel (Naldrett and Lightfoot, 1993; Lesher and Thurston, 2002).

Nesbitt Initial Mineral Resource Estimate

The initial MRE for Nesbitt, contained within 2 open pits (the West Pit and East Pit), was calculated from 10,031 metres of core drilling across 28 drill holes completed in 2021, 2024 and 2026, using a 0.10% nickel cut-off grade. Indicated Resources total 24.5 Mt grading 0.23% nickel (57.5 kilotonnes (kt) of contained nickel), and Inferred Resources total 152.1 Mt grading 0.23% nickel (351 kt of contained nickel). The 2026 drill campaign infilled previous sections to define the estimate and collected samples for mineralogical analysis to help assess nickel recovery potential.

The Nesbitt MRE was prepared by Caracle Creek International Consulting Inc. under CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019) and CIM Definition Standards for Mineral Resources & Mineral Reserves (2014). A supporting technical report will be filed on SEDAR+ (www.sedarplus.ca) within 45 days of the news release.

Deloro Updated Mineral Resource Estimate

The Updated MRE for Deloro adds 21 new drill holes totalling 8,468 metres to the previous resource, for a total of 16,710 metres across 43 drill holes completed in 2022 and 2024. Indicated Resources now total 119 Mt grading 0.25% nickel (0.30 Mt of contained nickel), and Inferred Resources now total 498 Mt grading 0.25% nickel (1.25 Mt of contained nickel), increases of 46% and 39% respectively over the initial estimate announced in July 2024. The deposit measures approximately 1.7 km long and 0.8 km wide, extends to 500 metres deep, and remains open to the northeast, southwest and at depth.

The Deloro MRE was prepared by Caracle Creek International Consulting Inc. under the same CIM guidelines and standards, and a supporting technical report will be filed on SEDAR+ within 45 days of the news release.

Qualified Person and Data Verification

Edwin Escarraga, MSc, P.Geo. (ON), a Qualified Person under National Instrument 43-101 (NI 43-101), oversees the ongoing drilling, sampling, quality assurance (QA) and quality control (QC) program. Stephen J. Balch, P.Geo. (ON), Vice President Exploration, has verified and approved the technical information in the news release on the company's behalf. Dr. Scott Jobin-Bevans, P.Geo. (PGO #0183), of Caracle Creek International Consulting Inc., is the independent Qualified Person for both estimates, each with an effective date of July 23, 2026.

Next Steps

A technical report for both Nesbitt and Deloro will be filed on SEDAR+ within 45 days of the news release. Mineralogical studies, metallurgical testwork and infill drilling will continue through 2026 to better define higher-grade horizons and upgrade the resource, working toward a Preliminary Economic Assessment (PEA). The company will also continue advancing its remaining 7 untested exploration targets across the Timmins Nickel District, 3 of which carry a geophysical footprint larger than Crawford.

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