Ms. Misty Urbatsch reports

CORE NICKEL PROVIDES CORPORATE UPDATE, INCLUDING PLANS FOR WINTER DRILL PROGRAM AT ITS HALFWAY LAKE PROPERTY

Core Nickel Corp. is planning its inaugural drilling program on the company's 100-per-cent-owned Halfway Lake property, with drilling operations set to commence in early March. The program is expected to consist of approximately 1,000 metres of diamond drilling for approximately three to four drill holes. The drill targets for the company's winter drill program will focus on the southwestern part of the project, proximal to the historical W62 zone. Historical drilling from the 1960s in the W62 anomaly area intersected sulphidic sedimentary pipe formation rocks, closely associated with ultramafic rocks. Drill hole W62-D intersected mineralized horizons -- the main horizon contained 18.9 metres at 0.68 per cent nickel (Ni), including 3.05 m at 1.32 per cent Ni, as referenced from the Manitoba Assessment file AR93558. The 2024 winter drilling campaign is planned to focus on the historical W62 zone, coincident with a magnetic anomaly identified from an airborne survey completed in 2021. In addition, the company is planning to test a magnetic anomaly approximately 300 m along strike to the north of the W62 zone. The planned work will build on the technical report on the Halfway and Resting Lake properties, Thompson, Man., prepared by Chris Beaumont-Smith in 2023, filed under the company's profile on SEDAR+.

The company is pressing ahead on obtaining exploration work permits through the government of Manitoba and has solidified an agreement with Team Drilling on Feb. 2, 2023, to conduct the drilling at Halfway Lake. The company is fully financed to complete the drilling program on Halfway Lake.

In addition, on Jan. 9, 2024, the company signed a digital services consulting agreement with Business Financial Network to provide certain services for two months from Jan. 9, 2024, to March 9, 2024, with an option to renew for an additional nine months. Services the consultant will provide include, but are not limited to, YouTube digital video presentations and podcast interviews, written articles for on-line distribution, and social media presentations and campaigns. The agreement may be terminated upon 10 days written notice by the company or the consultant. Under the agreement, the company will pay the consultant a monthly rate of $6,500/month (plus HST (harmonized sales tax)). The company and the consultant act at arm's-length. The consultant has no present interest, directly or indirectly, in the company's securities.

About Core Nickel Corp.

Core Nickel is a junior nickel exploration company that controls 100 per cent of five properties in the prolific nickel district, the Thompson nickel belt (TNB), in Northern Manitoba, Canada. The five properties consist of 150,000 hectares of land that is proximal to existing infrastructure, such as highways and operating mills.

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16 kilometres to 20 km from the city of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical National Instrument 43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875 per cent nickel, equating to 82.5 million pounds of contained nickel, and a historical inferred resource estimate of one million tonnes at 0.839 per cent nickel, equating to 18.7 million pounds of contained nickel. The target stratigraphy (pipe formation) that hosts the Mel deposit, and other deposits in the Thompson nickel belt, extend onto the Hunter and Odei River properties, and drill hole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.

The company also holds two properties in the southern TNB near Wabowden: Halfway Lake and Resting Lake. Both properties host the target pipe formation associated with known elevated nickel mineralization, and are proximal to existing nickel deposits, mills and other infrastructure.

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Misty Urbatsch, MBA, PGeo, chief executive officer, president and director for Core Nickel, who has reviewed and approved its contents.

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