Mr. Brad Humphrey reports

NICAN ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $4,050,000

Nican Ltd. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $4,050,000.15. Pursuant to the offering, 23,142,858 CFT shares (as defined below) were sold to subscribers at a price of 17.5 cents per CFT share.

In addition, as previously disclosed, Michael Gentile has indicated his intention to exercise pre-existing warrants to purchase common shares of the company for aggregate proceeds of approximately $560,000, which exercise is expected to occur shortly following the closing of the offering, in order to maintain his approximately 19.9-per-cent ownership interest in the company.

The offering consisted of the sale of common shares of the company issued as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The company will use an amount equal to the gross proceeds from the sale of the CFT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, as both terms are defined in the Income Tax Act (Canada), and as flow-through mining expenditures within the meaning of Subsection 11.7(1) of the Income Tax Act (Manitoba) related to the company's mineral projects located in Manitoba, on or before Dec. 31, 2027, and to renounce all the qualifying expenditures in favour of the purchasers of the CFT shares with an effective date not later than Dec. 31, 2026. Such proceeds are expected to be used to advance the company's exploration projects in Manitoba.

The company did not pay any finders' fees in connection with the offering. All securities issued pursuant to the offering are subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. The offering remains subject to the final approval of the TSX Venture Exchange.

About Nican Ltd.

Nican is a mineral exploration company, trading under the symbols NICN on the TSX Venture Exchange, NILTF on the OTCQB and W8Y on the Frankfurt Stock Exchange. The company is actively exploring two projects, the high-grade nickel-copper Wine project and highly prospective Pipy project, both located in well-established mining jurisdictions in Manitoba, Canada.

We seek Safe Harbor.