Mr. Grant Mourre reports

SPC NICKEL LAUNCHES 2026 FIELD SEASON AT THE MUSKOX CU-NI-PGM PROJECT, NUNAVUT

SPC Nickel Corp. has launched its 2026 summer exploration program at its 100-per-cent-owned, 496-square-kilometre Muskox Cu-Ni-PGM (copper-nickel-platinum group metals) project in Nunavut, Canada. The 2026 program builds directly on the results of the company's 2025 exploration campaigns, which identified 85 high-priority EM conductors across the Muskox intrusion and its 60-kilometre Feeder dike, and is designed to advance the project's most compelling targets to drill-ready status.

Highlights

• Ground electromagnetic (EM) survey commenced in June, utilizing the NOVEM 3-axis low-frequency, high-resolution system to conduct focused follow-up on conductors identified during the 2025 HELITEM airborne survey.
• Spartan ground magnetotelluric (MT) survey planned for July through August, covering 160 stations across a 17 km by 3.5 km corridor (approximately 60 square km) to provide deep-penetrating resolution of conductive zones beneath the Muskox intrusion.
• Ground truthing, field mapping and prospecting program to validate geophysical anomalies and scout priority drill and camp locations.
• All programs are focused on generating high-quality drill-ready targets along the Muskox intrusion and the Feeder dike.

Grant Mourre, president and chief executive officer of SPC Nickel, commented: "The 2026 season represents a pivotal year for the Muskox project. The work completed in 2025, including the MobileMT and HELITEM surveys and our surface sampling program, significantly advanced our understanding of the actual scale and quality of the Muskox system. The ground EM and MT surveys launched this month build directly on that foundation, focusing on the most compelling conductors to deliver the basis for a comprehensive, structured drill program. The vast extent of the Muskox intrusion and the sheer volume of compelling conductors previously identified demand a disciplined approach to ensure we develop the full long-term value of this asset and maximize the return for our shareholders."

2026 exploration program

Ground electromagnetic (EM) survey -- June

The company has engaged Minerals Canada Inc. to conduct a four-week, low-frequency, high-resolution ground EM survey using the NOVEM three-axis system. The survey will consist of multiple focused ground grids targeting the highest-priority conductors identified during the 2025 HELITEM airborne EM survey, covering areas associated with both the main Muskox intrusion and the Feeder dike.

The highest-priority EM conductors identified to date are interpreted to represent accumulations of Cu-Ni-PGM sulphides situated along the base of the Muskox intrusion and within the Feeder dike. Ground-based EM at lower frequencies provides substantially improved spatial resolution and conductor geometry relative to the airborne data set, enabling the company to refine target shape, continuity and depth ahead of drill testing. If field conditions and time permit, additional ground EM surveys may be completed during August and September.

Ground magnetotelluric (MT) survey -- July through August

Building on the 2025 airborne MT survey completed by Expert Geophysics, the company will conduct a ground MT survey over 160 stations, covering an area of approximately 17 km by 3.5 km (approximately 60 square km) within the main Muskox intrusion corridor. The survey will be conducted by Quantec Geoscience Ltd., using their Spartan MT system.

Ground MT surveys operate at substantially lower frequencies than airborne MT, providing deeper subsurface penetration and higher-resolution definition of conductive zones. The survey is designed to further refine the MT anomalies identified in 2025, with a focus on mapping conductive regions at depth associated with the base of the Muskox intrusion and along the underlying Feeder dike. These conductive zones are interpreted to represent areas of Cu-Ni-PGM sulphide accumulation.

Field mapping, prospecting and site assessment -- June through August

A boots-on-the-ground field program will accompany the geophysical surveys, with objectives including ground truthing of geophysical anomalies, mapping and prospecting across priority target areas, and scouting of potential camp and drill site locations in advance of the 2027 program. Routine permitting and site assessment work, including an archeological evaluation of potential camp and drill site locations, will also be completed during this period as part of standard predrill planning.

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 projects globally. The district-scale land package (496 square km) 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.

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 km, and range in width from 200 to 600 metres in the Feeder dike to 11 km 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 Cu, 2.76 per cent Ni and 9.06 g/t PGM (Pt+Pd+Au) by Silvermet Corp. (2007);
• 13.74 metres at 5.04 per cent Cu, 2.21 per cent Ni and 5.63 g/t 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 discovery potential.

Length refers to downhole length. Insufficient work has been completed to assess true thickness.

Quality assurance, quality control and qualified persons

The technical elements of this news release have been approved by Grant Mourre, PGeo (PGO), chief executive officer and president of SPC Nickel, and a qualified person under National Instrument 43-101.

The historical information shown in this news release was obtained from historical work reports filed by Equinox Resources Ltd. and Silvermet Corp. have not been independently verified by a qualified person as defined by NI 43 101.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation advancing high-potential Cu-Ni-PGM projects in Tier 1 jurisdictions across Canada. The company's principal assets are its district-scale Muskox project in Nunavut and the Lockerby East project in the Sudbury mining camp, which includes the West Graham Resource and the LKE Resource.

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