Mr. Grant Mourre reports

SPC NICKEL PROVIDES SUMMER EXPLORATION UPDATE ON MUSKOX PROJECT, NUNAVUT

SPC Nickel Corp. has provided an update on the recently completed 2025 summer exploration program at the company's 100-per-cent-owned, district-scale Muskox project, located in Nunavut, Canada. Work completed between July and September, 2025, has significantly advanced the geological understanding of this large, underexplored magmatic system and is an important step toward defining drill-ready targets.

Summer 2025 program highlights:

• Airborne MobileMT (mobile magnetotelluric) survey:
  • 1,020 line kilometres flown over the Muskox intrusion;
  • First comprehensive MobileMT survey ever completed on the property;
  • Targeting large conductive regions along the 40-kilometre-long Keel zone and basal contact;
• Airborne electromagnetic (EM) and magnetic survey:
  • 1,340 line kilometres of coverage over the Main intrusion and feeder dike;
  • First modern EM survey in more than 20 years and first ever over the feeder dike;
  • Targeted high-priority zones prospective for sulphide accumulation;
• Field program:
  • 85 surface samples collected and submitted for assay (results pending);
  • Historic drill holes relogged and resampled to refine geological model;
  • High-priority showings revisited to better define mineralization controls;
• District-scale consolidation:
  • 65 square kilometres of new claims staked, securing key ground prospective for both feeder- and contact-style mineralization;
• Next phase:
  • Integration of new MT, EM and field data with SPC Nickel's proprietary database;
  • Generate high-quality, drill-ready exploration targets and further define areas for additional follow-up work ahead of the 2026 season.

Grant Mourre, chief executive officer and president of SPC Nickel, commented: "This has been a transformative summer at Muskox. We've completed the most thorough modern geophysical survey coverage ever flown over the intrusion, built on it with a systematic field program,and expanded our land package to secure ground critical to unlocking the district's potential. This work positions SPC Nickel at the forefront of exploring one of Canada's most compelling magmatic copper-nickel systems. Once our assessment of the data collected this season is complete, we will be positioned to move quickly toward defining drill targets that can unlock the scale and grade potential of Muskox. It's an exciting time for SPC Nickel and we look forward to sharing the path forward with our shareholders."

Catalysts pending

Analysis of the newly collected MT and EM data sets is now under way, with initial interpretations expected in Q4 2025. This will provide clear near-term technical news flow for investors. These results, combined with observations from the 2025 field program, will deliver a steady flow of catalysts as SPC Nickel advances Muskox toward drill-ready status. The work completed this summer has generated unique and extensive new data that will contribute to setting the stage for meaningful target definition.

About the Muskox intrusion

Originally discovered in the 1950s by Inco, SPC Nickel's Muskox project, located in Nunavut, Canada, represents one of the most prospective greenfield polymetallic copper, nickel and PGM (platinum group metal) projects globally. The district-scale land package (496 square kilometres) covers the majority of the Muskox intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the world's most significant copper/nickel/PGM deposits, such as the massive Norilsk-Talnakh deposit, which contains in excess of 28.7 million tonnes of nickel and 48.9 million tonnes of copper (reserves and resources as of Jan. 1, 2025).

The Muskox intrusion is one of the largest and least deformed layered mafic-to-ultramafic bodies in the world. It was emplaced during a large magmatic event (Mackenzie magmatic event) in the Proterozoic by mantle plume volcanism related to the widespread Coppermine River group flood basalts. The intrusion is broadly composed of two distinct but related components called the Main Muskox intrusion and the feeder dike, which combined are exposed over a length of 125 kilometres and range in width from 200 to 600 metres in the feeder dike to 11 kilometres in the main body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a roughly 60-year period identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the intrusion or in the adjacent footwall, similar to the Sudbury and Norilsk-Talnakh camps. Historical drill highlights from the Muskox project include:

• 7.50 metres at 6.14 per cent copper, 2.76 per cent nickel and 9.06 grams per tonne PGM (platinum plus palladium plus gold) by Silvermet Corporation Corp. (2007);
• 13.74 metres at 5.04 per cent copper, 2.21 per cent nickel and 5.63 grams per tonne PGM by Equinox Resources Ltd. (1987).

These results, combined with an extensive footprint of magmatic sulphide mineralization, historical high-grade drill intercepts, untested geophysical targets and limited modern follow-up, underscore the project's exceptional discovery potential.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for high-grade polymetallic copper/nickel/PGM mineralization in Nunavut and within the world-class Sudbury mining camp. SPC Nickel is currently exploring its unique district-scale polymetallic Muskox project in Nunavut, where the team recently completed its 2025 summer field program. The company is also advancing its 100-per-cent-owned Lockerby East exploration project, located in the heart of the historic Sudbury mining camp, which includes the West Graham resource and the LKE resource. SPC Nickel is committed to advancing high-potential polymetallic projects in Tier 1 jurisdictions across Canada, with an emphasis on Nunavut and Sudbury.

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