NiCAN

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

COMPANY OVERVIEW

Experienced team exploring a portfolio of highly prospective projects on known Canadian Nickel belt

Focused on established mining camps in close proximity to existing Nickel infrastructure

• Wine Project in Snow Lake, Manitoba – Intersecting high Nickel and Copper grades, near surface, in multiple zones
• Pipy Project in Thompson, Manitoba – Working through the permitting process with initial drill program anticipated in 2024
• Both projects are located on geologically significant features, where important discoveries have been made

Highly prospective and underexplored land positions

Expanding on historical data to generate new geologic models and drill targets

Experienced Board of Directors, Management and Advisory team with ~20% insider ownership

Projects in Hand

Wine Project, Snow Lake, Manitoba

Wine Property – Overview

• 50 km southwest of Snow Lake near former producing Reed Lake and Spruce Point mines and the Rail deposit
• Initially explored in the 1950s for copper – zinc deposits
• First nickel mineralization intersected on the Wine Property in 1982 – 1.10% NiEq over 6.6m
• Geophysical surveys and additional drilling in 1984 intersected 16.47m of 0.85% Ni, 1.50% Cu, (1.26% NiEq) at what is now known as the Wine Occurrence
• The Wine Property was acquired by NiCAN in 2021. Land position then expanded to cover 56.8 sq. km
• Analogies to Historical Lynn Lake Nickel Deposits
• Property-wide surveys completed – 2021 a High-definition UAV Magnetometer survey and 2022 VTEM survey. Downhole and surface geophysical surveys were completed 2022-2024
• Three drilling campaigns by NiCAN from 2022-2024, completing 7,686m on the Wine Property with only 2,074m on the Wine Occurrence, and 5,612m on broader Wine Gabbro

Drilling Highlights

Focused on expanding High Grade Nickel and Copper intersections at the Wine Occurrence:

• NiCAN’s 2024 drilling returned 45.45m of 1.32% Ni, 1.20% Cu, (1.55% NiEq), 0.06% Co, 0.59 g/t PGMs
• NiCAN’s 2023 drilling returned: 31.5m of 1.93% Ni, 1.90% Cu (2.32% NiEq), 0.07% Co, 0.6 g/t PGMs, and 23.5m of 1.59% Ni, 1.76% Cu (1.98% NiEq), 0.07% Co, 0.51 g/t PGMs
• NiCAN’s 2022 drilling returned: 27.3m of 2.01% Ni, 1.81% Cu (2.35% NiEq), 0.09% Co, 0.54 g/t PGMs
• Historical drilling returned: 20.85m of 1.35% Ni, 2.23% Cu, (1.94% NiEq), 0.46 g/t PGMs

Summary of NiCAN’s Exploration to Date

Phase I Exploration Program 2021/22

• Ground and Borehole TDEM Surveys, VTEM Survey, UAV MAG survey
• Phase I Diamond Drilling completed 1,692m
• Confirmed and expanded high-grade Nickel/Copper Mineralization at the Wine Occurrence and drill tested a number of exploration targets

Phase II Exploration Program 2023

• Borehole and surface TDEM Geophysics and Geochemical Surveys
• Phase II Diamond Drilling completed 2,845m
• Identified New Mineralized Horizon 600m east of the Wine Occurrence and expanded the Wine Occurrence

Phase III Exploration Program 2023/2024

• Phase III 2023 Diamond Drilling completed 2,209m, one hole at the Wine Occurrence and tested additional exploration targets
• Phase III-B 2024 Diamond Drilling completed 942m, largely at the Wine Occurrence
• Extensive TDEM survey over a significant part of the Wine Gabbro
• Downhole TDEM survey of several drill holes

Executing on Plan

Completed

• Acquired and expanded land package
• Compiled and corrected historical database
• Improved geological understanding
• Completed High-Definition UAV Magnetometer, VTEM, Ground EM and Downhole EM Surveys
• Completed three phases of drilling on Wine Gabbro

Underway

• Incorporate downhole and ground geophysics and surface geochemistry into geologic model
• Refining knowledge base and identifying additional drill targets
• Deep penetrating TDEM survey to see beyond VTEM
• Reprocessing geophysical plate models and designing drill targets

Next 6 Months

• Develop follow up exploration and drill programs
• Update and refine geological model
• Determine next steps based on results

Pipy Project, Thompson, Manitoba

• Pipy Properties – Overview
• Pipy Properties underlain by the Pipe Formation, which hosts the Thompson Nickel Mines
• Total NiCAN land position in Thompson area – approximately 39.1 sq. km
• Pipy South located 12 km northeast of Thompson. Pipy North located 6 km northeast of Pipy South, Pipy West located 8 km south of Pipy South and west of Thompson
• The Total Resource (including production) at Thompson Nickel Mine is estimated at 150 Million tonnes at 2.32% Ni, 0.16% Cu, 0.046% Co
• Excellent infrastructure and road access
• Pipy Properties in close proximity to Vale’s T1 and T3 Mines and Other Nickel Deposits
• High-definition UAV Magnetometer survey completed
• Phase I exploration program designed – awaiting permit

Pipy Properties – Plan (pending permitting)

Completed

• Acquired land package adjacent to the Thompson Nickel property
• Compiled and corrected available historical dataset
• Reinterpreted and updated historical geological understanding
• Reprocessed historical surveys
• Completed UAV High-Definition Magnetometer Survey
• Early engagement with local Indigenous stakeholders
• Qualifying Report

Underway

• Commence Phase I Pipy South drilling program once permitted
• Incorporating all historical and new data into model
• Re-interpretation
• Refining knowledge base and identifying near to medium term drill targets
• Ongoing engagement with local Indigenous stakeholders

Next 6 Months

• Maintain positive engagement with local Indigenous stakeholders
• Complete Phase I Pipy South work program which consists of diamond drilling, additional field work and airborne geophysical survey
• Develop follow up work programs – easily accessible year-round

Management

Management, Directors and Advisors

Brad Humphrey, Chief Executive Officer & Director

Mr. Humphrey has 30 years of international mining experience. Prior to joining NiCAN, Mr. Humphrey was CEO of QMX Gold, which was acquired by Eldorado Gold. Prior to QMX, Mr. Humphrey worked for Morgan Stanley as an Executive Director and North American Precious Metals Analyst, where he was responsible for growing Morgan Stanley’s North American Gold research coverage. Mr. Humphrey was also a Managing Director and Head of Mining Research at Raymond James and covered precious metal equities at CIBC World Markets and Merrill Lynch. Before starting his capital markets career, Mr. Humphrey has held a variety of mining industry roles from CEO to underground miner.

Shaun Heinrichs, CA, CPA, Chief Financial Officer

Mr. Heinrichs has over 20 years of experience in senior financial management and reporting, primarily in the mining industry. Presently Mr. Heinrichs is the CEO of 1911 Gold.

Mike Hoffman, P.Eng., ICD.D, Chairman

Mr. Hoffman is a mining executive with over 40 years of experience. Mr. Hoffman is currently Chair of Directors at 1911 Gold as well as a director of Silver X, Volta Metals and Fury Gold.

Patrick Gleeson, Director

Mr. Gleeson was a corporate lawyer in Canada for almost 20 years. Presently, Mr. Gleeson is the president and founder of St. Peter’s Spirits.

Saga Williams, LLB, Director

Ms. Williams has worked in Indigenous communities in government and corporate roles in the capacity of legal counsel, negotiations, and governance, and as a strategic advisor, for over 20 years.

Mark Cruise, Director

Dr. Cruise is a professional geologist and a member of the Institute of Corporate Directors with over 25 years of international mining experience. Dr. Cruise is currently on the board of Velocity Minerals and Bunker Hill Mining.

Svetoslava (Stacey) Pavlova, Director

Ms. Pavlova is a finance professional with over 10 years of experience in the mining industry. She currently holds the position of Vice President, Investor Relations and Communications at Faraday Copper.

David Gower, Advisor

Mr. Gower is a former Global Director of Nickel and PGM Exploration for Falconbridge/Xstrata and is currently President of Brazil Potash Corp. and is a Board member of Alamos Gold.

Bill Nielsen, Senior Geologist & Advisor

Mr. Nielsen is an accredited geologist with over 45 years of worldwide experience.

Stanley Clemmer, Senior Geologist & Advisor

Mr. Clemmer is a professional geologist with over 40 years of experience in mineral exploration.

News Update

On October 15, 2025, NiCAN Limited. announced the closing of its previously announced (September 25, 2025) non-brokered private placement for aggregate gross proceeds of $1,500,000 (the "Offering"). The Offering consisted of the sale of (i) 11,430,000 hard-dollar units of the Company (the "HD Units") at a price of $0.05 per HD Unit for gross proceeds of $571,500, and (ii) 18,570,000 flow-through units of the Company (the "FT Units") at a price of $0.05 per FT Unit for gross proceeds of $928,500.

The Company will use an amount equal to the gross proceeds from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's mineral projects located in Manitoba, on or before December 31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units with an effective date not later than December 31, 2025. The Company intends to use the proceeds raised from the sale of the HD Units for general working capital purposes.

On September 25, 2025, Nican Ltd. intends to complete a non-brokered private placement for maximum aggregate gross proceeds of up to $1.4-million. The offering will consist of the sale of any combination of: (i) hard-dollar units of the company at a price of five cents per hard-dollar unit; and (ii) flow-through units of the company at a price of five cents per flow-through unit.

The company will use an amount equal to the gross proceeds from the sale of the flow-through units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures, as both terms are defined in the Income Tax Act (Canada), related to the company's mineral projects located in Manitoba, on or before Dec. 31, 2026, and to renounce all the qualifying expenditures in favour of the subscribers of the flow-through units with an effective date not later than Dec. 31, 2025. The company intends to use the proceeds raised from the sale of the hard-dollar units for general working capital purposes.

The offering is scheduled to close on or about Oct. 8, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the exchange.

On June 12, 2025, Nican Ltd. has provided an update on its exploration activities and plans at the Pipy South project in Thompson, Man. Pipy South, which is identified in Nican's exploration agreement with Nisichawayasihk Cree Nation (NCN), is fully permitted for a phase I exploration program, including diamond drilling and various modern geophysical surveys to test the nickel mineralization potential.

Brad Humphrey, president and chief executive officer of Nican, commented: "Our hearts go out to all those impacted by the ongoing wildfire situation in Manitoba. The safety and well-being of our employees, contractors, their families, our first nation partners and surrounding communities remain our highest priority."

The coming exploration program will initially focus on two priority target areas where historical drilling, conducted by Inco Ltd., intersected intervals of massive to disseminated nickel sulphides within the target Pipe formation, which hosts the nearby Thompson nickel deposit.

Mr. Humphrey continued: "We are excited to begin exploring the highly prospective Pipy South project in the Thompson region of Manitoba. This will be the first time drilling has been conducted on this portion of the Pipe formation in the last 50 years.

"The project has excellent access, with paved roads and trails crossing the property. Our exploration team has been on site locating historical drill casings for potential downhole surveys to assist in initial drill hole targeting. Once this work is completed, the company intends to start the first diamond drill program on the property in several decades. Pipy South is particularly exciting as historical drill logs indicate the presence of nickel mineralization associated with the Pipe formation, which hosts all the economic nickel mineralization within the Tier 1 Thompson nickel belt."

On February 19, 2025, Nican Ltd. has received a work permit for its initial exploration program at the Pipy South project in the Thompson area of Manitoba. The work permit includes diamond drilling to test the nickel mineralization potential of the Pipy South property.

Brad Humphrey, president and chief executive officer of Nican, commented: "Nican is extremely pleased to be able to commence exploration work, including diamond drilling, on the highly prospective Pipy South project. We are finalizing our exploration plans so we can commence drilling soon. No drilling has been conducted on the property for the last 50 years.

"The project area has excellent access, with paved roads cutting across the property, and is located just north of the city of Thomspon, which hosts Vale's long-producing, Thompson nickel mine. Historical drill logs indicate that nickel mineralization has been intersected on the property, which is underlain by the essential Pipe formation. The Pipe formation is known to host all the economic nickel mineralization within the Thompson nickel belt."

On January 30, 2025, Nican Ltd. and Nisichawayasihk Cree Nation (NCN) have signed an exploration agreement related to the Pipy project in Thompson, Man.

The exploration agreement is a framework establishing how the two parties will support and work together to advance exploration activities at the Pipy project, which lies within NCN's traditional and ancestral territory. The terms of the agreement include protocols for environmental monitoring and the potential for business relationships and training.

Brad Humphrey, president and chief executive officer of Nican, commented: "Nican could not be more pleased to formalize our strong relationship with NCN, and we look forward to engaging in a collaborative and respectful manner. We wish to thank NCN for their support in working towards signing this agreement that clearly sets a strong foundation from which to build as the Pipy project advances.

"Signing the exploration agreement is a critical milestone for the Pipy project and marks an important step in the permitting process. Engagement will continue as the project advances; however, with the agreement now in place, we anticipate receiving a work permit from the Manitoba Permits Office in a timely fashion approving the initial phase of exploration at the Pipy project."

On December 23, 2024, Nican Limited completed the shares for debt

Debt settled: $269,798.93

Securities issued: 300,000 listed shares

Issue price: 89.9 cents per listed share

Disclosure: Refer to the company's news release dated Dec. 20, 2024. The company will issue an additional news release when the listed shares are issued and the debt extinguished.

On December 20, 2024, Nican Ltd. has negotiated the settlement of $269,799 related to drilling services provided to the company in 2023 in consideration for the issuance of 300,000 common shares of the company.

The debt settlement is subject to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The common shares issued pursuant to the debt settlement will be subject to a statutory hold period, which will expire four months and one day from the date of closing of the debt settlement.

On December 20, 2024, NiCAN Limited announced that it has negotiated the settlement of $269,799 related to drilling services provided to the Company in 2023 in consideration for the issuance of 300,000 common shares of the Company. The debt settlement is subject to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The common shares issued pursuant to the debt settlement will be subject to a statutory hold period which will expire four months and one day from the date of closing of the debt settlement.

On October 29, 2024, Nican Ltd. has defined a significant number of new untested target areas at the high-grade Wine nickel-copper project near Snow Lake, Man., from geophysical surveys and further groundwork completed this year.

Brad Humphrey, president and chief executive officer of Nican, commented: "We are very encouraged with the new information garnered from the 2024 time-domain electromagnetic (TDEM) survey and follow-up beep-mat survey, which defined a significant number of new targets across the Wine gabbro area. These new high-priority targets warrant further exploration work and drill testing. The Nican team has greatly expanded the potential of the Wine property and set out the analogies to the Lynn Lake nickel deposits more clearly.

"We continue to focus more broadly across the Wine gabbro with its multiple mineralized horizons and these recently completed surveys have significantly increased our understanding of the specific target areas. The 2024 TDEM survey, combined with the historical drilling, geophysical and geochemical work completed to date, has assisted in generating the targets for further drill programs within the prospective Wine gabbro."

October 7, 2024, NiCAN announces the company is participating in the upcoming 121 Mining Investment Conference in New York City.

https://www.nicanltd.com/news/nican-limited-announces-participation-in-121-mining-investment-conference-in-new-york

August 13, 2024, NiCAN commences trading on the OTCQB Venture Market, under the symbol NILTF.

https://www.nicanltd.com/news/nican-commences-trading-on-the-otcqb-venture-market-

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