Ms. Misty Urbatsch reports

CORE NICKEL WELCOMES PAUL REID AS A SIGNIFICANT INVESTOR AND PROVIDES A CORPORATE UPDATE

Core Nickel Corp. is welcoming Paul Reid as a significant investor in the company. Mr. Reid currently holds or has control over an aggregate of 12.9 per cent of the issued and outstanding shares, calculated on a partially diluted basis. Mr. Reid was a lead order in the company's inaugural private placement that closed on Dec. 29, 2023, and recently purchased one million common shares in the open market. As announced on April 8, 2024, the company completed its winter drilling campaign on the 100-per-cent-owned Halfway Lake property in the Thompson nickel belt, Manitoba. The company completed three drill holes for a total of 797.45 metres in the historical W62 zone and intersected sulphide mineralization in all three drill holes. Highlights from the Halfway Lake drill program can be found in the company's April 8, 2024, news release filed on SEDAR+.

Mr. Reid is the co-founder and executive chairman of Arizona Metals Corp. He previously co-founded and served as executive chairman of Telegraph Gold Inc. (listed as Castle Mountain Mining Company Ltd., before changing its name to NewCastle Gold Ltd.), which ultimately combined with two other companies to form Equinox Gold Corp., a Toronto Stock Exchange-listed mining company. Mr. Reid worked for 15 years in investment banking, and has extensive experience in raising capital, going public transactions and corporate advisory services.

Misty Urbatsch, chief executive officer, comments: "Core Nickel is thrilled to announce Paul Reid as a significant investor in Core Nickel. Paul has supported Core Nickel nearly from the beginning, participating in Core Nickel's first-ever private placement. Paul has a wealth of knowledge, and brings extensive expertise in investment banking and a proven track record in building successful companies from the ground up. His strategic insights and experience will be invaluable to Core Nickel as we continue to drive growth and develop the company's Tier 1 assets in the Thompson nickel belt."

Other business

The company also announces that it has executed a three-month corporate investor awareness agreement with the Imperial Guardian Capital Group Inc. (IGCG), commencing April 19, 2024. Either party is permitted to terminate the agreement upon providing the other party with 10 days of prior written notice of termination, provided any phase of work plan in progress be completed and compensated for. IGCG focuses on global investor relations for junior and small cap companies specializing at exposing companies to a wide audience of investment professionals. Under the agreement, the company will pay a total of $12,000 (plus GST (goods and services tax)) in tranches to IGCG to provide advisory, liaison, marketing initiative facilitation and corporate growth strategy, and other services, to the company. The fee to be paid by the company to IGCG under the agreement is for services only. The company and IGCG act at arm's length. IGCG has no present interest, directly or indirectly, in the company or its 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 approximately 27,000 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 kilometres 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 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 extends 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 Caitlin Glew, PGeo, vice-president of exploration for Core Nickel, who has reviewed and approved its contents.

Technical disclosure

The historical results contained within this news release have been captured from Manitoba Integrated Mining and Quarrying System (iMaQs), as available, and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results were collected and reported by past operators, and have not been verified nor confirmed by a qualified person but form a basis for continuing work on the subject properties.

We seek Safe Harbor.