Mr. Mark Selby reports

CANADA NICKEL ANNOUNCES $4.97 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

Canada Nickel Company Inc. has arranged a non-brokered private placement of an aggregate of up to 2.4 million common shares of the company that will qualify as flow-through shares (as defined in Subsection 66(15) of the Income Tax Act (Canada)), at an issue price of $2.07 per FT share, for aggregate proceeds of $4.97-million.

Mark Selby, chief executive officer of Canada Nickel, said: "With Crawford in the final stage towards a permitting decision expected by early summer and continued progress on government funding, this flow-through financing will allow us to continue to advance our Timmins nickel district where we have now published eight separate resources with a ninth coming later this quarter. We believe that the scale of the Timmins nickel district makes us unique among nickel developers and positions us to benefit from the continued improvement in global nickel markets and renewed interest in nickel from investors."

The gross proceeds from the offering will be used by the company to incur (or be deemed to incur) eligible resource exploration expenses that will qualify as (i) Canadian exploration expenses (as defined in Subsection 66.1(6) of the Income Tax Act (Canada)), (ii) flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the Income Tax Act (Canada)), and (iii) eligible Ontario critical mineral exploration expenditures within the meaning of Subsection 103(4.1) of the Taxation Act, 2007 (Ontario). Qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issuance of the FT shares will be incurred (or deemed to be incurred) by the company on or before Dec. 31, 2027, and will be renounced by the company to the initial purchasers of the FT shares with an effective date no later than Dec. 31, 2026.

The FT shares will be offered by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws. All securities issued under the offering will be subject to a hold period expiring four months and one day from the closing date of the offering in accordance with applicable Canadian securities laws.

The offering is scheduled to close on or around June 10, 2026. The closing of the offering is subject to certain conditions including, but not limited to, the listing of the FT shares on the TSX Venture Exchange, and the receipt of all necessary approvals including the approval of the TSX-V.

About Canada Nickel Company Inc.

Canada Nickel is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high-growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt, NetZero Iron and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel in low-political-risk jurisdictions. Canada Nickel is currently anchored by its 100-per-cent-owned flagship Crawford nickel-cobalt sulphide project in the heart of the prolific Timmins-Cochrane nickel district.

We seek Safe Harbor.