Ms. Shirley Anthony reports

CANICKEL ANNOUNCES EXTENSION OF OPTION AGREEMENT FOR PROPOSED SALE OF THE BUCKO LAKE MINE

Cobalt One Energy Corp. and Blackstone Minerals Ltd. have elected to extend the option period for the option agreement it had signed with Canickel Mining Ltd. on Dec. 4, 2023, in which Cobalt One was granted the exclusive right and option for a 12-month period to purchase Canickel's 100-per-cent-owned Bucko Lake mine project located approximately 110 kilometres southwest of Thompson, Man.

In accordance with the terms of the option agreement, which permits the extension of the option period on a 30-day basis provided a signed option extension notice is delivered along with payment of a $100,000 extension fee, Cobalt One and Blackstone have opted to extend the option period to Jan. 3, 2025. They have the right to extend the option term by further 30-day periods and making additional extension payments until such time the option agreement is exercised or permitted to expire.

"Despite challenges in the nickel market over the last 16 months, the fact remains that the Bucko Lake mine represents one of the highest-grade and most advanced nickel sulphide projects in North America at a time when critical minerals are playing an increasingly pivotal role in the global transition towards green energy," stated Shirley Anthony, chief executive officer of Canickel. "We are grateful to Blackstone for endeavouring in good faith to complete the proposed purchase of the Bucko Lake mine over the past year and will continue working closely with them to facilitate a transaction in the near future."

Should the option be exercised, and the transaction closed according to the settled terms of an asset purchase agreement (APA), Cobalt One and Blackstone minerals would assume all of Canickel's liabilities and obligations with respect to all assets relating to the project and work actively and diligently in advancing the project toward a fully permitted status and toward commercial production as soon as reasonably practicable and without delay.

Closing of the asset sale remains subject to the satisfaction or waiver of all closing conditions set out in the APA, including the approval by the shareholders of both Canickel and Blackstone and the approval of the TSX Venture Exchange and Australian Securities Exchange, respectively, and other customary closing conditions.

Should the sale of the project be completed, the company will cease to have any operating activities and its assets will consist mainly of cash or cash equivalents as well as its entitlement to receive the additional payments from Blackstone for the purchase of the project. The company will continue to hold significant corporate debt and the company's board and management will evaluate strategic options for how the company will move forward should the transaction take place.

About Canickel Mining Ltd.

Canickel Mining is a Canadian junior mining company that currently owns the Bucko Lake mine, currently on care and maintenance, near Wabowden, Man. From 2009 to 2012, nearly 450,000 tonnes of mineralized material were mined to produce 6.9 million pounds of nickel before the mine was put on care and maintenance due to low nickel prices.

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