Mr. Tony Guo of Nickel North reports

NICKEL NORTH SIGNS LETTER OF INTENT ON HAWK RIDGE NICKEL-COPPER PROJECT WITH 1844 RESOURCES INC.

Nickel North Exploration Corp. has entered into a letter of intent to option 100 per cent of the Hawk Ridge nickel/copper/platinum group metal project based on milestones, commitments, with 1844 Resources Inc. This new LOI replaces a previous agreement originally announced on March 6, 2023.

Based on LOI signed Aug. 7, 2024, 1844 will pay combined payments over five years of $1,512,000 in cash, 21 million shares issued and $6-million in exploration expenditure outlined in the attached table. The remaining 20 per cent can be acquired by 1844 as sole and exclusive optionee in exchange for a one-time payment of $2-million.

If the remaining 20-per-cent right is exercised, Nickel North Exploration shall retain a 2-per-cent net smelter return royalty, of which 50 per cent may be retired by 1844 at any time in exchange for a one-time payment of $1-million.

Tony Guo, chief executive officer of Nickel North, stated: "This is a transformative transaction for Nickel North as we pivot to high-potential projects globally with our committed long-term institutional investors and insiders. With a combined value of over $9-million in cash, expenditures and 21 million shares of 1844, which, despite a challenging venture capital market, we are glad to see 1844, our joint venture partner, returning and fully committed to our Hawk Ridge project. It's a testament to its merits and sizable copper-nickel resource in North America with existing resource and exploration potential considering its world-class neighbours like Raglan and Voisey's Bay nickel mines."

The current options agreement consists of two options at discretion of 1844 are summarized in the attached table.

Definitive agreement

1844 and Nickel North Exploration commit to completing definitive agreements covering the option within 45 days of the execution of this letter of intent.

The target closing date of the definitive option agreements shall be Sept. 30, 2024, with a mutually agreed 30-day extension, should it be required.

Exclusivity period

Nickel North Exploration agrees to grant exclusivity over negotiations and potential transactions involving the Hawk Ridge property for a period of 90 days from the signing of this letter of intent.

Qualified person

The technical information in this news release, has been reviewed and approved by Tony Guo, PGeo, Nickel North Exploration's president and chief executive officer, who is a qualified person as defined by National Instrument 43-101.

About Nickel North Exploration Corp.

Nickel North Exploration is a Canada-based exploration company focused on defining a copper/nickel/cobalt/platinum group element mineral resource at its Hawk Ridge project in Northern Quebec. The board of directors, adviser committee and management team are experienced, successful mine finders. The property consists of a 50-kilometre-long belt of strong magmatic copper/nickel/cobalt/platinum group element occurrences covering 179.67 square kilometres. Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development.

Nickel North Exploration has been identified as a key player in the critical and strategic mineral value chain by Quebec's Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020 to 2025), which is part of Quebec's Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of strategic and critical minerals and their transformation and recycling.

We seek Safe Harbor.