Ms. Shirley Anthony reports

CANICKEL ANNOUNCES EXPIRY OF OPTION AGREEMENT FOR SALE OF THE BUCKO LAKE MINE TO COBALT ONE AND BLACKSTONE MINERALS

The option agreement Canickel Mining Ltd. signed with Cobalt One Energy Corp. and Blackstone Minerals Ltd. on Dec. 4, 2023, pursuant to which Cobalt One had been 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., has expired.

"Recent nickel price weakness has unfortunately impacted the ability of Cobalt One and Blackstone Minerals to finance this transaction within the time period allotted in the option," stated Shirley Anthony, chief executive officer of Canickel. "While we all had hoped for a different outcome, we are grateful to have worked with the Blackstone Minerals team to validate the technical merits of the Bucko Lake mine and thank them for their tremendous efforts to complete a transaction over the past 13 months."

"Despite near-term challenges in the nickel market, demand for Class 1 nickel is expected to grow steadily in the coming years, driven by the global transition to renewable energy systems by 2030. In this context and given a shifting geopolitical landscape, the Bucko Lake mine represents an incredible opportunity to secure one of the highest-grade and most advanced nickel sulphide projects located strategically in North America. With the expiry of this option agreement and exclusivity period, the company will resume marketing the asset for sale and invites all interested parties to learn more about the project at www.canickel.com or to contact me," concluded Ms. Anthony.

About Canickel Mining Ltd.

Canickel 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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