New Risk • May 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.0m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€7.84m market cap, or US$9.12m). New Risk • May 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.29m (US$9.63m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (64% average weekly change). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€8.29m market cap, or US$9.63m). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Stacey Pavlova was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 08
NiCAN Limited, Annual General Meeting, Jun 18, 2026 NiCAN Limited, Annual General Meeting, Jun 18, 2026. Aankondiging • Mar 25
Nican Limited Commences Follow-Up Drilling At Pipy South Property in Thompson Manitoba NiCAN Limited commenced diamond drilling at the Pipy South Property. The objective of this follow-up diamond drilling program is to expand both the New Gold Discovery and the Nickel-Bearing Massive Sulphides intersected in the recently announced 2025 program. This program is expected to consist of approximately 2,500 meters of drilling in 12-15 drill holes. Detailed geophysical surveys designed to define the subtle magnetic signatures of the lean iron formations that, to date have hosted the gold mineralization, have been completed and preliminary results are currently being interpreted. Initial drilling will focus on understanding and expanding the mineralization intersected in the 2025 drilling program and subsequently test additional magnetic trends defined on the property. To date, there appears to be a strong correlation between the gold and magnetic pyrrhotite as well as appreciable concentrations of galena (lead). Initial interpretations indicate that the stratigraphy containing the gold mineralization is hosted by a steeply dipping anticlinal structure that can be traced over a north south distance of approximately 1.7 kilometers. Historical geochemical sampling has indicated concentrations of lead in the vicinity of the southern anticlinal axis, which also has a coincident magnetic anomaly. Follow-up drilling is also planned in the vicinity of the 2025 nickel-bearing massive sulphide intersection (1.45 meters averaging 1.53% Ni) which exhibits a coincident TDEM anomaly traced over 400 meters. The objective is to drill the target at depth and expand drilling to both the north and south. The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation ("NCN"). The Pipy Properties consist of two project areas, Pipy South and Pipy North, totaling 56.6km2 in the well-established Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 10-20km northeast of the City of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. Aankondiging • Feb 21
NiCAN Limited announced that it expects to receive CAD 1.27 million in funding NiCAN Limited announced a non-brokered private placement of up to 7,900,000 hard-dollar units at a price of CAD 0.05 per hard-dollar unit for gross proceeds of up to CAD 395,000 and up to 10,000,000 charity flow-through units at a price of CAD 0.0875 per charity flow-through unit for gross proceeds of CAD 875,000; for aggregate gross proceeds of CAD 1,270,000 on February 20, 2026. Each hard-dollar unit will be comprised of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to purchase an additional share at an exercise price of CAD 0.075 per warrant share for 36 months from the closing of the offering. Each charity flow-through unit will be comprised of one common share and one warrant. The transaction will include participation from strategic investor Michael Gentile. The offering is scheduled to close on or about March 12, 2026 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 of the Offering. The Company may pay finder's fees to eligible finders in connection with the Offering in accordance with the policies of the Exchange. All securities to be issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Aankondiging • Feb 11
NiCAN Limited Confirms New Gold Discovery in Thompson Manitoba, Intersecting 27.6 Meters of 1.25g/t Gold NiCAN Limited has confirmed a new near surface gold discovery in Thompson Manitoba intersecting 27.6 metres (m) of 1.25 g/t Au and 12.5 g/t Ag. A total of four shallow diamond drill holes were completed late in 2025 to confirm results from a historical diamond drill hole. Diamond drill hole PIPY25-04, the first to test the target, intersected mineralized silicified biotite gneiss and silicate facies iron formation with disseminated pyrrhotite, pyrite and minor visible galena. A 27.6m section returned 1. 25 g/t Au and 12.,5 g/t Ag from 20.4m downhole, including 14.2m averaging 2.14 g/t Au and 19.8 g/t Ag. The correlation between the two-assay methods was very high with the photon assaying of PIPY25-04 returning 1.28 g/t Au over 27.6m and PIPY25-05 returning 0.66 g/t over 9.5m. The zone is interpreted to strike to the north, remains open in all directions, and appears to dip steeply to the west. NiCAN's work permit applied to a single area, limiting the Company's ability to drill beyond the confirmation hole. The Company is currently in the process of permitting a number of additional drill pads in this area for follow-up drilling. The iron formation hosting the gold mineralization is magnetic and can be traced throughout the property utilizing an historical airborne magnetic survey reprocessed by NiCAN. A historical diamond drill hole in the same vicinity, 17BN01, returned 6.63 g/t Au over 5.6m within a wider zone of 1.20 g/t Au over 47.0m starting at 27.0m downhole hosted by similar rock types to those seen in the NiCAN 2025 drill program. Downhole magnetic susceptibility readings of all drill holes indicate a correlation between the gold and positive magnetic readings. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 20 km northeast of the City of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. Aankondiging • Jan 27
NiCAN Limited Identifies Gold Target at Pipy South Project, Thompson, Manitoba NiCAN Limited has identified a high priority gold target on its recently acquired claim located adjacent to the Pipy South Property. A historical diamond drill hole returned 6.63g/t Au and 10.13g/t Ag over 5.6 metres (m) within a wider, near-surface zone of mineralization that averages 1.20g/t Au and 5.90g/t Ag over 47.0m. The orientation and true width of the gold bearing intersection are currently unknown and will be determined by future drilling. The historical diamond drill intercept was compiled from an unpublished 2017 report which includes assay results with accredited laboratory certification as well as reliable QAQC data. NiCAN has not yet been able to locate the core from this drill hole. The 2017 diamond drill hole was targeting an extensive north-south trending magnetic anomaly interpreted to be a nickel target. A garnet bearing amphibolite was encountered at a depth of 153.4 to 160.2m that contained sufficient disseminated pyrrhotite to explain the magnetic signature. Assaying did not indicate any appreciable nickel-copper concentrations or notable amounts of gold associated with this deeper mineralization, although one 2.0m interval returned 0.39g/t Au at 157.4m. This style of gold mineralization is relatively unique within the Thompson Nickel Belt, and NiCAN intends to re-examine historical data with a fresh perspective to identify additional opportunities along the belt. The Company plans to commence geophysical surveys, followed by diamond drilling, to further examine the gold-bearing horizon. The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation ("NCN"). The Pipy Properties consist of three project areas, in the world class Thompson Nickel Belt. Initial exploration activities focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 20km northeast of the City of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. Aankondiging • Jan 19
NiCAN Limited Intersects Nickel Bearing Massive Sulphides on the Pipy South Project, Thompson Manitoba NiCAN Limited reported that it has intersected nickel bearing massive sulphides in its Phase I reconnaissance drilling and geophysical program on the Pipy South Nickel Project close to Thompson Manitoba. To date, NiCAN has drilled a total of 1,264 metres (m) in nine diamond drill holes on the project. Drill hole PIPY25-06 intersected 1.45m of nickel bearing massive sulphides at 60m below surface within the Pipe Formation unit, 20km north of the Thompson Nickel Mine. The Pipe Formation hosts all of the economic nickel mineralization within the Thompson Nickel Belt. Visual examination of the core indicates the presence of fine disseminations and thin seams of pentlandite (nickel sulphides) and handheld XRF-readings confirms the interval to be nickel bearing. Assays are pending. Drill Hole PIPY25-06. Diamond drill hole PIPY25- June was drilled in the vicinity of a historical 1966 INCO diamond drill hole that intersected a 1.35m zone described in the drill-log as "mineral breccia" (Manitoba Assessment File 99136). No assays accompanied the drill log. Another INCO drill hole located 250m to the south of PIPY25-06 intersection intersected 2.13m of "mineral zone" indicating good to excellent potential to expand the mineralization. Strong Associated Geophysical Response. A downhole electromagnetic (BHEM) survey conducted on PIPY25-06, displayed an in-hole conductive anomaly which correlates well with the intersected mineralization. Four surface lines of transient electromagnetic (TEM) survey were also completed over the immediate area and 400m to the south. The geophysical survey displayed strong conductivity over the entire 400m length, with the anomaly open along strike to the north and south as well as up and down dip. Based on NiCAN's detailed aeromagnetic survey the prospective Pipe Formation stratigraphy intersected in PIPY25-06 can be traced for five kilometres along strike on NiCAN's two claim blocks. Follow up work is planned as the thickness of sulphide intersections can vary significantly along strike due to the polyphase deformation within the Thompson Nickel Belt and relatively thin intervals can be present adjacent to much thicker zones as illustrated in the 1C orebody at the Thompson Nickel Mine. The primary objective of this reconnaissance drill program was to test for the presence of nickel mineralization. This intersection clearly indicates that there is nickel within the favourable Pipe Formation, which underlies the Pipy South Property. Geophysical surveys completed downhole and across the strike of the intersection suggests it remains open to the north and south as Well as up and down dip. The project area has excellent access, with roads and existing trails cutting across the property and is located just north of the City of Thomspon, which hosts Vale's long producing, Thompson Nickel Mine Complex. Pipy South is underlain by the essential Pipe Formation, which is known to host all the economic nickel mineralization within The Thompson Nickel Belt." Four diamond drill holes (PIPY25-01,02,02A,03) that tested targets elsewhere on the property were not on the same trend as PIPY25-06; All intersected Pipe Formation but did not cut significant massive sulphides. The Pipy Project Overview. The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation ("NCN"). The Pipy Properties consist of three project areas, Pipy South, Pipy North and Pipy West, totaling 69.3 km2 in the world class Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 20 km northeast of the City of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrast ructure. Note: Mineral Resources for Moak Lake and Mystery Lake deposits are historical resource estimates listed in Manitoba Energy and Mines Geological Services Open File Report OF90-2. Aankondiging • Nov 20
NiCAN Limited Commences Drilling on the Pipy South Project in Thompson Nickel Belt, Manitoba NiCAN Limited provided an update on its exploration activities in the Thompson area of Manitoba. The exploration diamond drilling program will initially focus on two priority target areas at Pipy South where historical drilling, conducted by INCO Limited ("INCO"), intersected intervals of massive to disseminated nickel sulphides within the targeted Pipe Formation that hosts the nearby Thompson Nickel Deposits. A third target area on the Pipy South Property has been defined by recently acquired deep penetrating geophysical data that sits within the geologically favourable Pipe Formation. The Pipy Properties consist of three project areas: Pipy South, North and West, totaling 41.7 km2 in the Thompson Nickel Camp. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South deposit, approximately 12 km northeast of the city of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. The initial drill program at Pipy South will focus on fold closures at the north end of a folded host sequence (synclinorium) that geologically defines the majority of the Pipy South claims. Drilling by INCO in 1969 reported 8.2 metres of disseminated sulphides within which several zones were noted to contain nickel sulphides. A second INCO hole drilled 300 metres to the north intersected 30 metres of an ultramafic unit and bottomed in pegmatite without testing the lower edge of the ultramafic target. Both of these historical holes left casing in the ground and consequently are not available for subsequent downhole electromagnetic surveys. The publicly available drill logs for the INCO holes do not contain any assay data. NiCAN plans to confirm the presence of the nickel sulphides and drill test favourable structural targets (fold closures) that are known to be favourable areas for sulphide accumulation within the Thompson camp. The second target area is focused on the eastern limb of the Pipy South fold (synclinorium). In 1967, INCO reported 4.39 metres of "mineral zone breccia" in one hole and 1.3 metres of "mineral breccia" in a second hole. The holes are 800 metres apart and on strike and within the favourable Pipe Formation stratigraphy that trends north northeast. Additionally, the downhole EM data could potentially collect critical information at depths well below the penetration depth of historical airborne EM surveys. This geophysical information will be used to further refine the future diamond drilling programs and define new targets. The Pipy South Project is underlain by an 8 km long folded (synclinal) structure exposing Ospwagan Group sediments including the favourable Pipe Formation that hosts the nickel deposits in the Thompson Nickel Belt. A high-resolution Unmanned Aerial Vehicle ("UAV") magnetic survey completed by NiCAN in 2022 was instrumental in reinterpreting the geology and resulted in a new structural model based on the three-dimensional inverted data. The data indicates that the syncline is significantly more structurally complicated than was historically believed and is comprised of two synclines on the east and west edges with an anticline in the middle. Aankondiging • Oct 16
NiCAN Limited announced that it has received CAD 1.5 million in funding On October 15, 2025, NiCAN Limited closed the transaction. The company announced that it has issued 11,430,000 hard-dollar units at a price of CAD 0.05 per HD Unit for gross proceeds of CAD 571,500, and 18,570,000 flow-through units of the Company (the “FT Units”) at a price of CAD 0.05 per FT Unit for gross proceeds of CAD 928,500; aggregate gross proceeds of CAD 1,500,000. Each HD Unit was comprised of one common share and one common share purchase warrant, with each Warrant entitling the holder thereof to purchase an additional Share (a “Warrant Share”) at an exercise price of CAD 0.06 per Warrant Share for 24 months from the closing of the Offering. Each FT Unit was comprised of one common share of the Company (each, a “FT Share”) and one Warrant. Certain directors and officers of the Company (the “Insiders”) have participated in the Offering and acquired an aggregate of 400,000 FT Units and 1,300,000 HD Units. In connection with the closing of the Offering, the Company paid commissions to certain finders and advisors of an aggregate of CAD 1,800 in cash and 36,000 finder’s warrants of the Company Aankondiging • Sep 25
NiCAN Limited announced that it expects to receive CAD 1.4 million in funding NiCAN Limited announced a non-brokered private placement for maximum gross proceeds of up to CAD 1,400,000 on September 25, 2025. The transaction includes sale of any combination of (i) hard-dollar units of the company at a price of CAD 0.05 per HD Unit and (ii) Flow-Through units of the Company and together with the HD Units at a price of CAD 0.05 per FT Unit. Each HD Unit will be comprised of one common share f the Company and one common share purchase warrant of the Company with each Warrant entitling the holder thereof to purchase an additional Share of the Company at an exercise price of CAD 0.06 per Warrant Share for 24 months from the closing of the Offering. Each FT Unit will be Comprised of one common hare of the Company and one Warrant. The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act. The Company may elect to accelerate the expiry date of the Warrants in the event that the volume-weighted average trading price of the Shares on a the TSX Venture Exchange equals or exceeds CAD 0.18 for twenty consecutive trading days, in which case the Warrants will expire thirty days after the date that the Issuer provides written notice of acceleration. It is expected that certain directors and officers of the Company may participate in the Offering. The participation of Insiders in the Offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101The Offering is scheduled to close on or about October 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. All securities to be issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Aankondiging • Jun 12
NiCAN Updates Exploration Plans for its Pipy South Project in Thompson, Manitoba NiCAN Limited provided an update on its exploration activities and plans at the Pipy South Project in Thompson Manitoba. 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. The upcoming exploration program will initially focus on two priority target areas where historical drilling, conducted by INCO Limited ("INCO"), intersected intervals of massive to disseminated nickel sulphides within the target Pipe Formation that hosts the nearby Thompson Nickel Deposit. Pipy Project Overview: The Pipy Properties consist of three project areas: Pipy South, North and West, totaling 39.1 km2 in the Thompson Nickel Camp. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South deposit, located approximately 12 km northeast of the city of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. Phase I Exploration Program: The initial drill program will focus on fold closures at the north end of a folded host sequence (synclinorium) that geologically defines the majority of the Pipy South claims. Drilling by INCO in 1969 reported 8.2 metres of disseminated sulphides within which several zones were noted to contain nickel sulphides. A second INCO hole drilled 300 metres to the north intersected 30 metres of an ultramafic unit and bottomed in pegmatite without testing the lower edge of the ultramafic target. Neither of these historical holes left casing in the ground and consequently are not available for subsequent downhole electromagnetic surveys. The publicly available drill logs for the INCO holes do not contain any assay data. NiCAN plans to confirm the presence of the nickel sulphides and drill test favourable structural targets (fold closures) that are known to be excellent areas for sulphide accumulation within the Thompson camp. The second target area is focused on the eastern limb of the Pipy South fold (synclinorium) . In 1967, INCO reported 4.39 metres of "mineral zone breccia" in one hole and 1.3 metres of "mineral breccia" in a second hole. The holes are 800 metres apart and on strike and within the favourable Pipe Formation stratigraphy that trends north northeast. The INCO drill logs are summaries only and no assays are listed. NiCAN plans several holes to confirm the presence of the mineralized zones intersected by INCO and to test for extensions along strike and in within the target fold closures. NiCAN has also identified 21 historical INCO drill holes on the Pipy South Property that are potential candidates for downhole Electromagnetic ("EM") surveying. The holes are in areas where historical drilling successfully intersected nickel sulphides in addition to those dispersed across the claim group which may enable the exploration team to cost effectively screen a significant portion of the property for near hole nickel bearing bodies. The depths of the holes average approximately 350 metres with the deepest being more than 800 metres in length. Aankondiging • May 14
NiCAN Limited, Annual General Meeting, Jul 16, 2025 NiCAN Limited, Annual General Meeting, Jul 16, 2025. Aankondiging • Feb 20
NiCAN Limited Receives Work Permit for Maiden Drill Program At Pipy South Nickel Project in Thompson Manitoba NiCAN Limited received a work permit for its initial exploration program at the Pipy South Project ("Pipy South" or "Project") in the Thompson area of Manitoba. The work permit includes diamond drilling to test the nickel mineralization potential of the Pipy South Property. Aankondiging • Oct 29
NiCAN Limited Defines Several New Target Areas at the Wine Project in Manitoba NiCAN Limited has defined a significant number of new untested target areas at the high-grade Wine Nickel-Copper Project, near Snow Lake, Manitoba, from geophysical surveys and further groundwork completed this year. 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. A detailed review and interpretation of the 2024 TDEM survey defined several new untested target areas, including a new untested conductive horizon at the eastern boundary of the Wine Gabbro. These untested areas have subsequently been geophysicaly modeled. A ground assessment of six priority target areas was recently surveyed utilizing a shallow penetrating EM unit (Beep Mat). This work yielded multiple near surface conductive sources that require additional evaluation through prospecting and rock sampling, which is currently underway. A drill program is currently being designed to test the newly defined targets across the greater Wine Gabbro and to define the down plunge extension of the high-grade Wine Occurrence as well as to expand other proximal mineralized zones. Diamond drill hole Wine 24-2 from NiCAN's 2024 drilling returned the deepest and most southern intersection to date at the Wine Occurrence, cutting the Upper Zone at a downhole depth of 76.5 meters (approximately 67 meters from surface) returning 1.77% NiEq over 6.5 meters and the Main Zone at a downhole depthof 87.0 meters (approximately 73 meters from surface) returning 0.82% NiEq over 17.5 meters. This down plunge extension of the Upper Zone and Main Zone is a priority target for further drilling. Future drill programs will also test the depth extent of the newly discovered Northern Zone which was intersected at surface in diamond drill hole Wine 24-1A returning 3.7 meters averaging 1.89% NiEq. This Northern zone is interpreted to be the up plunge of a zone intersected in diamond drill hole Wine 22-3 which returned 8.6 meters averaging 2.22% NiEq from 66.6 and 1.8 meters at an average grade 1.53% NiEq from 79.5. At the high-grade Wine Occ recurrence several new TDEM conductive responses were defined to the north and northeast of the known mineralization, interpreted to be 350 meters and 1,000 meters along strike, respectively. Additional TDEM targets have also been identified approximately 150 to 400 meters to the southwest. A drill program is currently be designed to test these new targets along strike of the Wine Occurrence. The majority of the newly delineated TDEM conductive responses are associated with the Central Mineralized Zone. However, a series of new TDEM responses located between 200 meters and 400 meters east of the Central Mineralized Zone are of particular interest with subsequent geophysical modelling and Beep Mat surveys providing specific drill targets. Aankondiging • May 30
NiCAN Limited Provides a Review of its March 2024 Drilling Program and Next Steps at the Wine Project, Manitoba NiCAN Limited provided a review of the Wine Phase III-B drilling program completed in March of 2024, including the final set of assays. The objective of this drilling program was to better understand the dip and plunge of the Main and Upper Zones at the Wine Occurrence, in order to design future drill targets; to extend the mineralization to the south and at depth. The Company is currently incorporating the new drilling data and recently acquired geophysics to design programs to extend the mineralization in the Wine Occurrence area, including the new zone to the north, and to continue to test the broader Wine Gabbro. Highlights From the Phase III-B drill program: DDH Wine 24-1A, designed to test down plunge of the Main Zone, intersected several zones of mineralization including: 45.5 meters averaging 1.20% Cu and 1.32% Ni (1.55% NiEq), and A new, near surface, zone located immediately to the north averaging 1.40% Cu and 1.63% Ni (1.89% NiEq) over 3.7 meters. DDH Wine 24-4 intersected 20.3 meters averaging 2.88% Cu and 2.14% Ni (2.85% NiEq). The results from the Phase III-B exploration program, completed in March 2024, indicates that the Upper and Main Zones are more steeply dipping than originally believed and additional drilling can now focus on extending these two zones both to the south and at depth (Figure 4). The Phase III-B Wine Exploration program consisted of 8 diamond drill holes for a total of 942 meters and 25 kilometers of deep penetrating TDEM survey. The designed this program to follow up on the significant results returned from the Phase III drill program, which was completed in the fourth quarter of 2023. During the Phase III-B program, diamond drill hole Wine 22-29 intersected an upper, sub-cropping zone, which assayed 2.20% Cu and 1.,56% Ni (2.11% NiEq) over 9.6 meters followed by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq). The objective of the Phase III-B drill programs was to further drill test the Wine Occurrence, gaining a better understanding of the orientation of the various zones and test one greenfield geophysical target to the north. The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of further defining the Company's understanding of both the Main and Upper Zones. Aankondiging • May 23
Nican Announces Results from Its Phase II-B Drill Program, Including 20.3 Meters At 2.85% Nieq At the Wine Project, Manitoba NiCAN Limited reported additional results from its Phase III-B drilling program on the Wine Property located near Snow Lake, Manitoba, Canada (Figure 3). This drill program expanded the Company's understanding of several mineralized zones at the Wine Occurrence including defining a new zone to the north (press release May 6, 2024). The remaining assays are expected shortly. The Phase III-B Wine diamond drill program consisted of 8 diamond drill holes for a total of 942 meters following up on the significant results returned from the Phase III drill program completed in the fourth quarter of 2023 (press release dated January 31, 2024). Diamond drill hole Wine 23-29 intersected an upper, sub-cropping zone, which assayed 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 meters followed by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq). True widths are interpreted to be approximately 80% of intersected widths. The Phase III-B drill program was designed to further drill test the Wine Occurrence and test one greenfield geophysical target to the north. Diamond drill holes Wine 24-1, Wine 24-01A, Wine 24-2 and Wine 24-5 were previously released (May 6, 2024). The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of further defining the Company's understanding of the configuration of both the Main and Upper Zones. Note: Only NiCAN drill holes are displayed and hole 23-16, 27 and 29 as well as 22-6 are not displayed to highlight the 2024 drill holes. Diamond drill hole Wine 24-4 was collared to determine if there was a down dip extension to the Upper Zone. While the hole did not intersect the Upper Zone, indicating the Upper Zone is close to vertical, it intersected the Main Zone, returning 2.85% NiEq over 20.3 meters. Elevated PGM values of 1.19g/t over this intersection were of particular interest. Diamond drill hole Wine 24-6 targeted a conceptual down dip extension to the mineralization intersected in hole Wine 22-9 (0.74% NiEq over 11.6 meters). It is interpreted that this hole was stopped short of intersecting the down plunge extension of the Upper Zone seen in hole Wine 24-2 (1.77% NiEq over 6.55 meters). Additional work is required, including potentially extending this hole in a future program. NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area, which is to the north of the Wine property. At Lynn Lake, approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined at the Farley Mine. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro area contains numerous similarities and has seen very little exploration for nickel-copper deposits. All core samples are sent to the ALS Canada Ltd. laboratory Winnipeg-Vancouver (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP61 package, which includes a total of 34 analytes by 4 acid digestion and ICP-AES (Inductively Coupled Plasma – Atomic Emission Spectroscopy Over-limits for copper and nickel were analyzed by ALS's 4 acid digestion ICP OG62 package. Fire Assay Techniques (ICP23 package) involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible. After the mixture was fused, the melt was poured into a form which was cooled. The lead bead was then recovered and cupelled until only the precious metal bead remained. The bead was analysed by ICP-AES Laboratory Quality Control protocols were applied to the assay sample package by ALS. NiCAN submitted a regular schedule of standards, blanks and duplicates into the sample stream for Quality Control measures. Drill core samples are split in half using a diamond saw with half saved for reference and the other half shipped for assay. In the case of duplicate samples, the half core is quarter split with the two quarter splits sent for separate assay. A review of the Company's QAQC program indicate that all results were returned within acceptable limits. The nickel equivalent grade calculation incorporates: nickel and copper values only, assume recoveries of 85% for nickel and 85% for copper based on comparable deposits, A 6-year trailing average nickel price: US$8.10/lb; copper price USD 3.40/lb. Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-101") has reviewed and approved the scientific and technical information in this news release. Aankondiging • May 09
NiCAN Limited Announces Initial Set of Assays from 2024 Drilling, Including 45.5 Meters at 1.55% NiEq at the Wine Project, Manitoba NiCAN Limited reported the first set of assay results from its Phase III-B drilling program on the Wine Property located near Snow Lake, Manitoba, Canada. This program expanded the Company's understanding of several mineralized zones at the Wine Occurrence including defining a new zone to the north. The remaining assays from this program are expected shortly. Phase III-B Drilling Program – Wine Property: The Phase III-B Wine diamond drill program consisted of 8 diamond drill holes for a total of 942 meters following up on the significant results returned from the Phase III drilling program completed in the fourth quarter of 2023. Diamond drill hole Wine 23-29 intersected an upper, sub-cropping zone, which assayed 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 meters followed by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq). True widths are interpreted to be approximately 80% of intersected widths. The Phase III-B drill program was designed to further drill test the Wine Occurrence in order to better understand the orientation and various zones, and test one greenfield geophysical target to the north. Follow Up Drill Program – Wine Occurrence: The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of further defining the Company's understanding of the configuration of both the Main and Upper Zones. Diamond drill hole Wine 24-1 was designed to define the down plunge extent of the Main Zone; the azimuth was estimated to be too far to the east. The hole intersected the eastern extensions of the Main Zone, and it also intersected a new northern zone over 5.45 meters averaging 1.40% NiEq. Further work is required to determine the extent of this new near surface mineralization. The collar for diamond drill hole Wine 24-1A was from the same drill pad as Wine 24-1 but with an azimuth more to the west. The hole was designed to test the down plunge of the Main Zone to determine its northern extent and verify its strike. The new northern zone was intersected over a length of 3.7 meters averaging 1.89% NiEq. This was followed by a 1.6 meter zone starting at 24.8 meters averaging 0.71% NiEq. The Main Zone mineralization consisting of massive, semi-massive and network sulphides was intersected at a core depth of 29.7 meters to a core depth of 75.1 meters, averaging 1.55% NiEq over 45.5 meters. The strike of the Main Zone may be more northerly than previously interpreted. Diamond drill hole Wine 24-2 was collared to determine if there was a plunge extent to the Upper Zone previously defined in drilling, including drill hole Wine 23-29. While more interpretive work is required, there is an indication that the initial zone intersected at a down hole depth of 76.45 meters, that returned 1.89% NiEq over 6.6 meters, may be the down plunge extension of the Upper Zone. The lower zone (0.88% NiEq over 17.5 meters) of mineralization, which intersected at 87.0 meters down hole is interpreted to be the Main Zone. This is the deepest and most southernly intersection of the Main Zone to date. Greenfields Exploration Program – Wine Property: One diamond drill hole (Wine 24-5) tested a geophysical target located 550 meters to the northeast of the Wine Occurrence. The hole intersected semi-massive sulphide mineralization over approximately 14 meters, which explained the airborne VTEM conductor. Elevated copper values were returned. Analogies to Historical Lynn Lake Nickel Deposits: NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area, which is to the north of the Wine property. At Lynn Lake, approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined at the Farley Mine. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro area contains numerous similarities and has seen very little exploration for nickel-copper deposits. Aankondiging • Apr 22
NiCAN Limited, Annual General Meeting, Jun 27, 2024 NiCAN Limited, Annual General Meeting, Jun 27, 2024. Board Change • Apr 10
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. Independent Director Saga Williams is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
