Canada Nickel Delivers Strong Infill Drilling Results at Bannockburn; Outlines Growth Plans

• Canada Nickel intersects high-grade nickel zones of up to 0.54% nickel over 16.5 metres at Bannockburn “B” Zone
• Initial 5 holes extend mineralization over total strike length of 1.1 km; pave way for maiden resource in 2024
• Summer 2024 drill program to expand resources ahead of additional testing on other target zones
• Repayment of $12 million loan facility clears path for continued exploration funding
• Clear strategy to advance district scale nickel sulphide portfolio in established Canadian mining jurisdiction

Canada Nickel is advancing the next generation of nickel sulphide projects in reliable mining jurisdictions like Canada to deliver the nickel required for the electric vehicle and stainless steel markets. With its 100% owned flagship Crawford Project and additional assets clustered in Ontario, Canada Nickel gives investors leveraged exposure to in-demand battery metals in low risk geographies.

The latest results from the Bannockburn Property provide further confirmation that the “B” zone can deliver meaningful volumes of nickel mineralization over sizeable widths, with grades exceeding 0.30% nickel in key zones. As Canada Nickel continues systematic testing over the entire 1.1 km strike length, the successful five hole, 282-391 metre intersections underscore Bannockburn’s potential to yield the Company’s next major resource target in the Timmins region, which will complement the flagship Crawford Asset. With an upcoming summer drill campaign focused on expanding resources ahead of an initial resource estimate, Bannockburn is an attractive value crystallization opportunity in Canada Nickel’s pipeline of nickel sulphide projects.

Infill Drilling Confirms Continuity of High Grade Zones

The first five holes of Canada Nickel’s 2024 drill program at the Bannockburn “B” Zone has successfully hit multi-hundred metre intervals of 0.27-0.29% nickel across the structure’s 1.1 km strike length. The presence of these wide mineralized zones, which could facilitate bulk mining approaches, is further complemented by higher grade intervals exceeding 0.30% nickel contained within them.

Key highlights demonstrating the scale and grade potential at Bannockburn include:

• 16.5 metres at 0.54% nickel within 54 metres at 0.38% nickel (Hole BAN23-04)
• 75 metres at 0.31% nickel including 12 metres at 0.34% nickel (Hole BAN23-02)
• 24 metres at 0.34% nickel over 300 metre interval (Hole BAN23-03)

The extent of mineralization intersected builds on previous drilling conducted by other companies on the Bannockburn property like Grid Metals, which also yielded broad intersections pointing to the zone’s resource upside:

• Grid Metals Hole GBN21-03 – 341.7 metres at 0.28% nickel including 64.5 metres at 0.30% nickel
• Historical Outokumpu Hole MBB4-09 – 203 metres at 0.33% nickel

The successful Canada Nickel program provides continuity data across the “B” Zone’s 600 metre width and 0.5 square km footprint, marked by a strong magnetic anomaly. With nickel sulphide mineralization now consistently intersected by all drilling along strike to date, the Bannockburn “B” Zone has demonstrated potential to provide Canada Nickel with another high quality resource target to complement Crawford.

Advancing Towards Maiden Resource in 2024

Having proved up the geologic model on the “B” Zone, Canada Nickel will undertake an expanded drill program at Bannockburn over summer 2024. Along with testing the depth extensions of the mineralized zone, this campaign will focus on completing the drilling required for an initial resource calculation by the end of 2024.

Previous metallurgical testwork by Grid Metals has already demonstrated the potential for simple processing flowsheets, achieving 52% nickel recoveries and 35% nickel grade concentrates from a “B” Zone bulk sample. With drilling having consistently intersected the target geophysics anomaly associated with sulphide nickel, Canada Nickel has clearly defined the mineralization controls needed to expand the resource base through upgrading of conceptual targets.

In addition to the “B” Zone, Canada Nickel’s geological team has outlined a series of other target zones on the Bannockburn property that exhibit promising evidence of additional nickel sulphide potential. These zones with samples demonstrating up to 2.74% Ni over 0.5 metres will also be tested systematically, providing further upside discovery potential from one of Canada Nickel’s wholly owned greenfield exploration land packages.

Unlocking Value from Pipeline of Nickel Sulphide Projects

The drill results from Bannockburn come right after Canada Nickel fully repaid an outstanding $12 million loan facility, enhancing its financial flexibility for continued exploration across all assets. With multiple prospective properties and targets beyond Bannockburn and Crawford, Canada Nickel is systematically testing its portfolio to deliver a pipeline of resources for development.

The Bannockburn land package itself provides several additional nickel zones for follow-up, including the high-grade “C” Zone where historic drilling intersected up to 0.65% nickel over 127 metres. Beyond Bannockburn, adjacent properties like Sothman, Midlothian, Van Hise and Powell offer more regional consolidation potential to establish a scalable mining district. With drilling also planned on several anomalies at the Powell property where mineralization has been traced over 600-800 metres of strike, Canada Nickel has no shortage of prospective ground to potentially keep feeding its project pipeline over the long term.

This focused approach by Canada Nickel management to methodically explore and upgrade wholly owned targets positions it strongly to capitalize on the attractive nickel market fundamentals. As the exploration results continue to demonstrate the potential of the Company’s assets in reliable Canadian jurisdictions, investors have an opportunity to gain leveraged exposure to in-demand battery metals through a disciplined nickel explorer with a long runway for continued resource growth.

Conclusion

With a clear growth strategy focused on advancing nickel sulphide resources in mining-friendly Canadian jurisdictions, Canada Nickel offers investors significant leverage to the battery metals needed for the green energy transition. The latest results from the 100% owned Bannockburn property provide another compelling data point in the Company’s systematic approach to test and upgrade conceptual targets across its strategic land position. As the next key steps of drilling and initial resource estimation unfold, Bannockburn’s evolution underscores Canada Nickel’s ability to build on its Crawford flagship with satellite resources that can collectively feed scalable mining complexes in established Timmins nickel camps. For investors looking to add exposure to in-demand battery metals, Canada continues to set itself apart through consistent and disciplined exploration execution in underexplored Ontario districts.