Announcement • Jan 17

CaNickel Mining Ltd. Releases Summary of Results of Current Independent Preliminary Economic Assessment and Mineral Resource Estimate on Its Bucko Lake Mine

CaNickel Mining Ltd. released a summary of the results of a current independent Preliminary Economic Assessment (PEA) and Mineral Resource Estimate (MRE) on the Company's Bucko Lake Mine (the Project) located 110 km southwest of Thompson, Manitoba near the Town of Wabowden. The PEA outlines a mine life of 13 years with average annual production of 7.8 million pounds of nickel at average cash costs and all-in sustaining costs (AISC) per pound of nickel of USD 4.91 and USD 6.48, respectively. Preparation of PEA: The PEA was prepared by independent firm P&E Mining Consultants Inc. of Brampton, Ontario, with geotechnical assistance from Knight Piésold Ltd. and backfill assistance by Paterson & Cooke Canada Inc. The PEA was prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has an effective date of January 13, 2023. For the PEA base case, a nickel price of USD 9.84/lb was used. Updated Mineral Resource Estimate: The updated MRE incorporates results from a total of 428 drill holes drilled from 1962 to 2013, of which 360 drill holes intersected the mineralization wireframes used for the MRE. Additionally, recent metal prices were incorporated into the estimate for the PEA. The MRE, with an effective date of January 13, 2023. Mineralization domain boundaries were determined from grade boundary interpretation constrained by lithological and structural controls determined from visual inspection of drill hole cross-sections and level plans. The domain outlines were influenced by the selection of mineralized material above 0.70% Ni that demonstrated a lithological and structural zonal continuity along strike and down dip and that had a reasonable prospect of economic extraction. The minimum constrained down-hole sample length for the wireframes was 2.0 m. In some cases, mineralization below 0.70% Ni was included for the purpose of maintaining zonal continuity and minimum mining width. On each cross-section, polyline interpretations were digitized from drill hole to drill hole, however, were not extended more than 25 m into untested territory. The interpreted polylines from each cross-section were wireframed into 3-Dimensional solids. The resulting solids (domains) were used for statistical analysis, grade interpolation, rock coding and Mineral Resource reporting purposes. Four mineralization domains were constructed for consideration for potential economic underground mining of the Mineral Resource Estimate. In order to regularize the assay sampling intervals for grade interpolation, a 1.5 m compositing length was selected for the drill hole intervals that fell within the constraints of the above-mentioned Mineral Resource wireframe domains. Grade capping was investigated and applied to the 1.5 m composite values in the database within the constraining domain to ensure that the possible influence of erratic high-grade values did not bias the database. A variography analysis was undertaken as a guide to determining a grade interpolation search strategy. The Ni and Cu grade blocks in the model were interpolated with the Inverse Distance Squared method. The model block size was 2.5 m x 2.5 m x 2.5 m. The Nearest Neighbour interpolation method was utilized for validation. Additional mineralization at the Bucko Lake property not captured in the PEA include four known satellite deposits located 4 to 30 km distance from the main deposit. These include the Bowden Lake, M11A, Halfway Lake and Apex prospects. All four deposits have historical mineral resources which the Company will update into compliant NI 43-101 Mineral Resource Estimates in the coming months. These satellite deposits represent an opportunity for extending the operational life of the Project, which will be evaluated in future studies. Underground Mine Development: Despite underground development challenges associated with geotechnical stability experienced during previous operations at the Bucko Lake Mine from 2009 to 2012, there are no significant technical issues to preclude successful mining and processing of the nickel-copper mineralization. Optimization of mining methods and Life of Mine planning with cemented paste backfill hold the key to a successful mine restart and the PEA has adopted the following mine development strategy to overcome previously known issues: Rehabilitate and re-use existing development where possible while avoiding stopes in historical production areas: Refit and re-use the existing shaft for broken rock conveyance; Rehabilitate and re-use the existing ramp for trackless equipment access; Convert the existing 1,000 ft (305 m) Level exploration drift into new primary access on hanging wall (HW) side of the deposit; Change access orientation to the HW from the footwall (FW) to improve geotechnical stability of the parallel wireframed domains. Improve the ventilation system by relocating ventilation raises to the HW side of the deposit using raise-bores from the 1,000 ft Level to surface. Postpone capital development while mining previously accessed areas. FW drifts will allow improved grade selection, bypassing low-grade areas and allowing improvement of the grade profile by targeting more high-grade areas earlier. Alimak ventilation raises will be attached to FW drifts to facilitate bypassing of levels in a mining block versus using drop raises, allowing further postponement of lateral development. Areas of development to be situated away from weaker ultramafic contact areas. Development will be done either outside the ultramafic unit or fully inside the unit with improved ground support versus previous efforts at the mine. Intersections with the ultramafic unit, while unavoidable, will be minimized. Mine design and planning were accomplished with the assistance of geomechanical input from Knight Piésold Ltd. based on the review of the historical mine performance, experience at similar operating mines, and empirical methods. Knight Piésold provided numerous recommendations on the PEA underground mine plan. Paterson & Cooke Canada Inc. reviewed the paste backfill system that was previously installed at the Bucko Lake Mine. The system was installed just prior to mine suspension in 2012 and therefore never commissioned. Recommendations were provided on rehabilitating equipment, completing the paste plant installation and future test work.

CEO salary percentage	100.00%
CEO tenure	1.6yrs
CEO ownership	n/a
Management average tenure	11.1yrs
Board average tenure	20.2yrs

Date	Total Compensation	Salary	Company Earnings
Mar 31 2025	n/a	n/a	CA$9m
Dec 31 2024	CA$102k	CA$102k	CA$2m
Sep 30 2024	n/a	n/a	-CA$10m
Jun 30 2024	n/a	n/a	-CA$13m
Mar 31 2024	n/a	n/a	-CA$10m
Dec 31 2023	CA$204k	CA$204k	-CA$8m
Sep 30 2023	n/a	n/a	-CA$15m
Jun 30 2023	n/a	n/a	-CA$6m
Mar 31 2023	n/a	n/a	-CA$11m
Dec 31 2022	CA$34k	CA$34k	-CA$9m

Name	Position	Tenure	Compensation	Ownership
Shirley Anthony	CEO, Corporate Secretary & Director	1.6yrs	CA$102.00k	no data
James Dai	CFO & Director	less than a year	no data	no data
Anthony Wonnacott	General Counsel	no data	no data	no data
Michael Throssell	Special Advisor of Metallurgy & Member of the Advisory Board	no data	no data	no data
Peter Rowlandson	Special Advisor of Mining and Member of the Advisory Board	no data	no data	no data

Name	Position	Tenure	Compensation	Ownership
Shirley Anthony	CEO, Corporate Secretary & Director	no data	CA$102.00k	no data
James Dai	CFO & Director	no data	no data	no data
Michael Throssell	Special Advisor of Metallurgy & Member of the Advisory Board	20.6yrs	no data	no data
Peter Rowlandson	Special Advisor of Mining and Member of the Advisory Board	20.6yrs	no data	no data
F. Farrill	Chairman of Advisory Board	20.2yrs	no data	no data
Brent Chertow	Member of the Advisory Board	20.6yrs	no data	no data
Wenfeng Liu	Chairman of the Board	14.5yrs	no data	no data

Data	Last Updated (UTC time)
Company Analysis	2025/06/29 07:17
End of Day Share Price	2025/06/26 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

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CaNickel Mining Management

Management criteria checks 4/4

Key information

Recent management updates

CaNickel Mining Limited Announces Director Resignations

Canickel Mining Limited Appoints Shirley Anthony as Corporate Secretary

Insufficient new directors

Insufficient new directors

Insufficient new directors

Insufficient new directors

Recent updates

CaNickel Mining Limited Announces Director Resignations

Canickel Mining Limited Appoints Shirley Anthony as Corporate Secretary

Insufficient new directors

Insufficient new directors

Insufficient new directors

Insufficient new directors

New major risk - Revenue and earnings growth

CaNickel Mining Limited Announces Chief Executive Officer Changes

CaNickel Mining Limited, Annual General Meeting, Aug 17, 2023

CaNickel Mining Ltd. Releases Summary of Results of Current Independent Preliminary Economic Assessment and Mineral Resource Estimate on Its Bucko Lake Mine

CaNickel Mining Limited Announces Appointment of Shirley Anthony as Vice President, Corporate Development

First quarter 2022 earnings: EPS and revenues miss analyst expectations

CaNickel Mining Limited, Annual General Meeting, Jul 20, 2022

Full year 2021 earnings: EPS and revenues miss analyst expectations

Second quarter 2021 earnings released: CA$0.031 loss per share (vs CA$0.005 profit in 2Q 2020)

First quarter 2021 earnings released: CA$0.042 loss per share (vs CA$0.27 loss in 1Q 2020)

New 90-day high: CA$0.20

CEO Compensation Analysis

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Pierre Vaillancourt	Macquarie Research
Barry Allan	Research Capital Corporation