Core Nickel Announces up to $400,000 Flow-Through Private Placement Financing

Saskatoon, Saskatchewan--(Newsfile Corp. - September 13, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") announces that it proposes to undertake a non-brokered private placement of up to 8,000,000 flow-through units (each, a "FT Unit") at a price of $0.05 per FT Unit for proceeds of up to $400,000, if the offering is fully subscribed (the "Offering"). The FT Units are being offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation.

Each FT Unit will consist of one flow-through common share of the Company and one half (½) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.06 at any time on or before that date which is three years after the closing date of the Offering.

The gross proceeds received from the sale of the FT Units will be used for helicopter-borne Versatile Time-Domain Electromagnetics (VTEM) and horizontal magnetic gradiometer geophysical surveys across its 100%-owned Mel and Odei River exploration properties. Additionally, the funds will support part of the winter drilling program, which will focus on high priority targets identified from the VTEM surveys conducted in 2024.

All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance in accordance with the policies of the CSE and applicable securities laws.

About Core Nickel

Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways, railways, major hydroelectric transmission lines, and operating mills.

Map: Core Nickel's Thompson Nickel Belt Properties

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Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel¹. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.