Announcement • Apr 08
NiCAN Limited, Annual General Meeting, Jun 18, 2026 NiCAN Limited, Annual General Meeting, Jun 18, 2026. Announcement • 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. Announcement • 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. New Risk • Feb 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 27% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.83m market cap, or US$4.26m). Announcement • 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. Announcement • 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. Announcement • 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. New Risk • Nov 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.47m market cap, or US$3.17m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • 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. Announcement • 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 Announcement • 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. Board Change • Sep 01
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. New Risk • Jul 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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$1.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.66m market cap, or US$2.67m). Announcement • 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. Announcement • May 14
NiCAN Limited, Annual General Meeting, Jul 16, 2025 NiCAN Limited, Annual General Meeting, Jul 16, 2025. Announcement • 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. Announcement • 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. New Risk • Aug 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$2.7m 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$2.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.26m market cap, or US$2.42m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.85m market cap, or US$2.05m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • 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. Announcement • 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. Announcement • 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. Announcement • Apr 22
NiCAN Limited, Annual General Meeting, Jun 27, 2024 NiCAN Limited, Annual General Meeting, Jun 27, 2024. Announcement • Mar 26
NiCAN Limited Provides Update on Drilling At the Wine Nickel-Copper Project, Manitoba, Canada NiCAN Limited has completed its late winter diamond drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada. NiCAN designed the program to expand the understanding of several mineralized zones at the Wine Occurrence. Samples have been shipped to the lab for analysis. Highlights: Preliminary observations within diamond drill hole Wine 24-1A (collared 45 meters to the north of Wine 22-5 and drilled to the southwest) indicate the hole has intersected multiple zones, including a previously unknown northern zone that sub crops over a core length of 3.7m. In the same hole, the Main Zone was visually interpreted over approximately 33.4m. Initial interpretations suggest diamond drill hole Wine 24-2 (collared 60m to the east southeast of Wine 22-5 and drilled to the west-northwest) intersected two zones, one being the Main Zone over a core length of approximately 16.0m and a second interval, further up the hole, interpreted to be the down plunge extension of the Upper Zone over a width of approximately 6.5m. Analogies to Historical Lynn Lake Nickel Deposits: NiCAN believes that the nickel-copper 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 and contains numerous similarities to the Wine Gabbro area. New Risk • Feb 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (62% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$9.77m market cap, or US$7.23m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Feb 24
NiCAN Limited announced that it has received CAD 1.83 million in funding On February 23, 2024, NiCAN Limited, closed the transaction. The company issued 3,600,000 common shares of the company at a price of CAD 0.10 per common share for gross proceeds of CAD 360,000 and 8,400,000 flow through common shares at a price of CAD 0.175 per share for the gross proceeds of CAD 1,470,000 for the aggregate gross proceeds of CAD 1,830,000. As a part of the transaction, the company paid a cash commission of CAD 128,100 and issued 840,000 compensation warrants of the company. All securities issued and issuable in connection with the offering are subject to a four month and one day hold period in accordance with applicable Canadian securities laws. The offering remains subject to the final approval of TSX Venture Exchange. Announcement • Feb 02
NiCAN Limited announced that it expects to receive CAD 1.525 million in funding NiCAN Limited announced a bought deal private placement to issue up to 3,000,000 common shares of the company at a price of CAD 0.10 per common share for gross proceeds of CAD 300,000 and 7,000,000 flow through common shares at a price of CAD 0.175 per share for the gross proceeds of CAD 1,225,000 for the aggregate gross proceeds of CAD 1,525,000 on February 2, 2024. The underwriters also have an option to purchase that number of additional common shares and flow-through shares equal to 20% of the number of common shares and flow through shares sold pursuant to the offering at the common share offering Price and flow through share offering price, as the case may be, to cover over-allotments, exercisable in whole or in part, up to 48 hours prior to the closing date. The offering is scheduled to close on or about February 23, 2024 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 TSX Venture Exchange. Announcement • Feb 01
NiCAN Limited Reports Assay Results from its Phase III Drilling Program on the Wine Property Located in the Snow Lake Area, Manitoba, Canada NiCAN Limited reported assay results from its Phase III drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada. This program expanded several mineralized zones at the Wine Occurrence, including an upper zone that appears to be eastward dipping, and advanced understanding of the overall Wine Gabbro. Phase III Drill Program – Wine Occurrence: Diamond drill hole Wine 23-29, drilled from an existing drill pad, tested an area to the south of diamond drill hole Wine 22-5, which intersected significant nickel-copper mineralization. The company interprets diamond drill hole Wine 23-29 to have 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. The main zone returned 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq); the greatest length of continuous mineralization intersected to date at the Wine Occurrence. True widths are interpreted to be approximately 80% of intersected widths. Phase III Exploration Program – Wine Property: The Phase III exploration program at the Wine project included 2,209 meters of diamond drilling and was designed to further drill test the Wine Occurrence as well as several additional greenfield geophysical targets throughout the Wine Gabbro. A total of 17 holes were drilled. The original program had 1,700 meters planned but much improved drill productivity allowed for an additional 500+ meters to be drilled while remaining within the allotted budget. Over the broader Wine Gabbro area, multiple conductive targets, identified by the Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey completed in 2022 as well as borehole and ground TDEM surveys, were drill tested. The Phase III Wine drill program followed up on the significant results returned from the Phase II drill program completed in the first quarter of 2023, during which a new nickel bearing horizon within the Wine Gabbro was discovered. The new mineralized horizon is situated approximately 600 meters east of the Wine occurrence and, to date, has displayed disseminated, network and narrow widths of massive sulphides over a strike length of 1.4 kilometers. Pyroxenite and ultramafic horizons have been defined within the Wine Gabbro and these display a close association to intersected mineralization. Diamond drill hole Wine 23-21 intersected significant lengths of disseminated nickel bearing pyrrhotite and chalcopyrite. This included 19.5 meters averaging 0.21% NiEq, 16 meters averaging 0.33% NiEq and 3.3 meters averaging 0.36% NiEq. Diamond drill hole Wine 23-7 located 100 meters to the southwest had previously intersected 13.5 meters averaging 0.49% NiEq, while Hole Wine 23-22 intersected 7.5 meters averaging 0.27% NiEq. Board Change • Dec 31
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. Announcement • Jun 22
NiCAN Limited Intersects Multiple New Zones of Nickel–Bearing Mineralization to East of Known High-Grade Nickel-Copper Wine Occurrence During its Phase II Drill Program on Wine Nickel Property in Manitoba, Canada NiCAN Limited has intersected multiple new zones of nickel–bearing mineralization to the east of the known high-grade nickel-copper (Ni–Cu) Wine Occurrence during its Phase II drill program on the Wine Nickel Property in Manitoba, Canada. These new zones of mineralization significantly expand the exploration target area. Phase II Wine Drill Program: The Phase II Wine drill program had two primary objectives. The first objective was to test the high-grade Wine Occurrence to the north. The company successfully achieved this first objective by expanding the high-grade mineralization as reported in the News Release dated May 24, 2023. The second objective was to identify additional nickel bearing mineralized zones within the Wine Gabbro. The program not only successfully identified new mineralized zones for follow up exploration, but the results also indicate these new zones could be part of a specific horizon within the Wine Gabbro. This is significant, as there are multiple geophysical VTEM conductors along the interpreted strike of the mineralization that extends for kilometers to the southwest and northeast. Downhole and ground geophysical surveys will be completed on the newly identified zones to assist in future diamond drill targeting. The targets drilled to date have intersected varying quantities of disseminated to massive pyrrhotite mineralization with noticeable amounts of chalcopyrite. The most noteworthy results have come from the area targeted by diamond drill holes Wine 23-7 and Wine 23-8, where varying degrees of pyrrhotite and chalcopyrite mineralization have been intersected in two relatively shallow zones. Assay results have returned anomalous copper and nickel values over core lengths of more than 10 meters. Several diamond drill holes established from the same drill pad as Wine 23-8 indicate the mineralization is likely dipping to the east and is interpreted to be associated with a northeast trending magnetic anomaly. Moreover, the company have observed a broad range of anomalous Ni-Cu values to vertical depths of greater than 100 meters. At the Wine 23-7 zone two diamond drill holes established from the same setup indicate anomalous nickel and copper values that are interpreted to be east dipping. Further interpretive work as well as down hole and surface geophysical surveys are scheduled to determine the extent of this newly defined mineralized zone. Anomalous nickel and copper values in diamond drill hole 23-15 located to the south of hole 23-7 are likely related to this newly defined mineralized horizon. VTEM conductors can be traced for several kilometers in a northeast-southwest direction and future work will be concentrated in this area. At the Wine Occurrence, interpretive work indicates that the Ni-Cu zones sit at the top of the Wine Gabbro unit interpreted as an upper magma chamber. The company believe that additional VTEM conductors along strike to the northeast and southwest also demand follow up work. Analogies to Historical Lynn Lake Nickel Deposits: NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the Ni-Cu deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined. The Farley Mine was composed of multiple lenses of mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities and has seen very little exploration for Ni-Cu deposits. Announcement • May 26
NiCAN Limited Expands the Wine Occurrence at the Wine Project, Manitoba, Canada Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters NiCAN Limited announced that its 2023 winter drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada has expanded several mineralized zones at the Wine Occurrence. Highlights: Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 meters at 1.52% Ni and 2.01% Cu (1.93% NiEq), from 48.3 to 60.9 meters; Diamond drill hole Wine 23-17 intersected three zones of mineralization including 23.5 meters at 1.59% Ni and 1.76% Cu, (1.91% NiEq), from 18.6 to 42.1 meters. NiCAN interpret diamond drill hole Wine 23-16 to have intersected an upper, sub-cropping zone, which assayed 1.69% Cu and 1.12% Ni (1.49% NiEq) over 7.7 meters followed by two middle zones that returned 1.96% Cu and 0.98% Ni (1.46% NiEq) over 4.3 meters as well as 1.02% Cu and 1.13% Ni (1.29% NiEq) over 7.5 meters. The main zone returned 12.6 meters at 2.01% Cu and 1.52% Ni (1.93% NiEq). True widths are interpreted to be approximately 80% of intersected widths. The Company believe diamond drill hole Wine 23-17 intersected the sub-cropping upper zone returning 0.99% Cu and 0.81% Ni (1.00% NiEq) over 5.8 meters. This was followed by a middle zone that assayed 1.76% Cu and 1.59% Ni (1.91% NiEq) over 23.5 meters. The hole drilled over the top of the main zone intersecting 0.9 meters at 0.43% Cu and 0.88% Ni (0.89% NiEq). It is interpreted that the two narrower mineralized zones encountered in holes Wine 22-5 and Wine 23-16 have merged into a broader zone to the north in hole Wine 22-17. Phase II Exploration Program – Wine Property: The Phase II exploration program at the Wine project included approximately 2,800 meters of diamond drilling and was designed to drill test the Wine Occurrence to the north and drill test a number of additional greenfield geophysical targets throughout the Wine Gabbro. Results-dependent, many of the targets will subsequently be followed up with downhole and ground geophysics as well as geochemical surveys to further define targets for a Phase III exploration program which is expected to commence later this summer. Over the broader Wine Gabbro area, multiple conductive targets identified by the Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey completed in 2022 were tested. The VTEM survey was designed to define the location and depth of conductive sources that have a similar signature to the high grade nickel hosted mineralization intersected at the Wine Occurrence. The Phase II Wine drill program followed up on the significant results returned from the Phase I drill program completed in 2022, including: Diamond drill hole Wine 22-5 intersected 27.3 meters at 2.01% Ni and 1.81% Cu (2.28% NiEq); Diamond drill hole Wine 22-6 intersected 9.8 meters at 1.23% Ni and 2.09% Cu (1.71% NiEq); and Diamond drill hole Wine 22-3 intersected 8.6 meters at 1.89% Ni and 1.01% Cu (1.92% NiEq). The additional downhole and surface Time Domain Electromagnetic ("TDEM") surveys have been designed. The surveys are scheduled to be completed once permits have been approved. Announcement • Jan 12
NiCAN Limited Announces to Commence Drilling at Wine Nickel Property, Manitoba, Canada NiCAN Limited provided plans for the upcoming 2023 winter drilling program on the Wine Property located in the Snow Lake area in Manitoba, Canada. With permits and contracts in hand, preparation work is advancing, and drilling is expected to commence in the coming weeks. NiCAN anticipates drilling a minimum of 2,000 metres to test several targets identified by the Versatile Time Domain Electromagnetic (VTEM) airborne geophysical survey completed in 2022. The VTEM survey was designed to define the location and depth of conductive sources that have a similar signature to the nickel hosted mineralization intersected at the "Wine Occurrence" which returned high grade nickel and copper results in the initial phase of drilling completed in 2022. A significant number of the VTEM anomalies were defined within the Wine Gabbro region and have been geophysically modelled. Drill holes have subsequently been designed to effectively intersect the suspected sulphide bodies defined by these models. Beyond the immediate Wine Gabbro area, numerous VTEM conductors were defined in the southern portion of the property, within the Reed Lake Mafic-Ultramafic Complex, where past rock sampling has indicated anomalous copper and PGM values. Five of these targets have been geophysically modelled for drill testing in 2023. The drill program will follow up on the significant results returned from the first phase of drilling in 2022, which included: Diamond drill hole Wine-22-05 intersected 27.3 metres at an average grade of 2.01% Ni, 1.81% Cu (NiEq of 2.61%), 0.09% Co, 0.20 g/t Au and 0.28 g/t Pd; Diamond drill hole Wine-22-06 intersected 9.8 metres at an average grade of 1.23% Ni, 2.09% Cu (1.92% NiEq), 0.051% Co, 0.33 g/t Au, 0.016 g/t Pt and 0.12 g/t Pd; Diamond drill hole Wine-22-03 intersected 8.6 metres at an average grade of 1.89% Ni, 1.01% Cu (2.22% NiEq), 0.10% Co, and 0.46g/t PGM. Analogies to Historical Lynn Lake Nickel Deposits: NiCAN believes that the mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities and has seen very little exploration for nickel-copper deposits. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Stacey Pavlova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 10
Nican Limited Reports Additional Strong Drill Results from the Wine Project in Manitoba, Including 8.6 Metres of 2.22% NiEq NiCAN Limited reported additional assay results from its 2022 reconnaissance diamond drilling program at the Wine project in Manitoba, Canada. These drill holes were completed to further the understanding of the overall mineralization encountered on the Wine Occurrence and to assist in the targeting of future drilling within the Wine Gabbro area. Drill Hole Wine-22-01: Hole Wine-22-01 (-50°) was drilled 20 meters north of hole Wine-22-05 in order to intersect the Main mineralized zone and encountered 1.75 metres of massive and disseminated pyrrhotite that averaged 1.93% NiEq and 2.56g/t PGMs (estimated true width of 1.2 metres). The mineralization is hosted in a light-coloured gabbro unit. It is interpreted that this correlates to the base of the 27-metre mineralized zone seen in hole Wine-22-05. Drill Hole Wine-22-03: Hole Wine-22-03 (-45°) was drilled from the same drill pad and azimuth as hole Wine-22-01 and was designed to intersect the Main mineralized zone. The hole intersected massive, semi-massive and stringer sulphides hosted by a light-coloured gabbro over 8.6 metres at an average grade of 1.01% Cu, 1.89% Ni (2.22% NiEq) and 0.46g/t PGM from 66.75 to 75.35 metres (estimated true width of 5.8 metres). A gabbro unit from 79.45 to 81.25 with disseminated chalcopyrite and pyrrhotite averaged 3.64% Cu, 0.33% Ni (1.53% NiEq) and 0.81g/t PGMs over 1.8 metres (estimated true width of 1.2 metres). The Main mineralized zone remains open to the north. Drill Hole Wine-22-04: Hole Wine-22-04 was drilled 25 metres south of hole Wine-22-02 and was designed to intersect the Main zone. The hole encountered 1.8 metres at an average grade of 0.14% NiEq (estimated true width of 1.2 metres) within disseminated chalcopyrite and pyrrhotite hosted by a gabbro unit. The hole appears to have undercut the Main mineralized zone. Drill Hole Wine-22-09: Hole Wine-22-09 (-45°) was drilled from the same collar location as historical holes EEL 346 and RAD07-01 (Az 315°) but at an azimuth of 280°. The hole was designed to intersect the Main mineralized zone approximately 15 metres south of the mineralization encountered in hole Wine-22-02. The hole unexpectedly hit a lens of mineralization further up the hole from 19.0 to 30.6 metres that averaged 1.12% Cu, 0.4% Ni (0.77% NiEq) and 0.22g/t PGMs over 11.6 metres (estimated true width of 7.8 metres). This included a 7.0-metre zone averaging 1.57% Cu, 0.54% Ni (1.07% NiEq), 0.59% Co and 0.24g/t PGM from 21.0 to 28.0 metres (estimated true width of 4.7 metres). Two lower grade zones further down the hole are interpreted to represent the Main zone. These include 6.8 metres averaging 0.19% NiEq and 0.42 metres averaging 0.62% NiEq. Additional analysis is required to determine if the first zone intersected in this hole is a new mineralized pod or lens, or if it is part of the Main mineralized zone. 2022 Exploration Program: The initial 2022 reconnaissance and confirmation exploration program included an airborne geophysical survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and diamond drilling testing an area known as the Wine Occurrence, as well as other nearby anomalies. This program successfully achieved NiCAN's objective to confirm the presence of nickel-copper mineralization at the Wine Occurrence, better understand the orientation of the mineralization and improve NiCAN's understanding of the geological model, which will be used to better target future drilling programs. Subsequently, NiCAN completed an Airborne VTEM survey over the entire Wine property area. The final analysis and compilation of this survey is nearly complete and will be used, along with the 2022 exploration program and all historical data, to design the upcoming drilling program. Announcement • Sep 21
NiCAN Limited Reports Additional Diamond Drill Assay Results from the Wine Project in Manitoba NiCAN Limited reported additional diamond drill assay results from the Wine project in Manitoba, intersecting a new mineralized zone near surface. These drill holes, Wine-22-06 and Wine-22-07, were part of NiCAN's initial drilling campaign at the Wine project. Drill hole Wine-22-06 encountered a newly defined lens of nickel mineralization in the upper part of the drill hole, which averaged 1.92% NiEq over 9.8 metres (estimated true width of 6.5 metres). Sulphide mineralization consisted of semi-massive to disseminated pyrrhotite and chalcopyrite with significant copper mineralization near the base of the zone. It is expected that this lens of mineralization will sub-crop. In addition to the newly defined zone, the drill hole intersected a continuation of a lens of mineralization found in the upper part of drill hole Wine-22-05 (4.1 metres averaging 1.03% Cu, 0.96% Ni (1.31% NiEq)) with 3.1 metres averaging 0.81% Cu, 0.62% Ni (0.89% NiEq), 0.025% Co and 0.25 g/t PGM from 32.3 to 35.4 metres (estimated true width of 2.0 metres). The drill hole did not intersect the main lens of mineralization found in historical holes and Wine-22-05 as it was too shallow in depth. All mineralized intersections were hosted by gabbro. The lower intersection in Wine-22-07 was hosted by the distinct light-coloured gabbro that is associated with the main mineralized gabbro zone. Drill hole Wine-22-07 (-60°) was drilled directly under drill hole Wine-22-06 (-45°) with the intent of intersecting the main zone of mineralization defined in drill hole Wine-22-05. The drill hole intersected the base of the newly defined shallow mineralization seen in Wine-22-06 (5.0 metres averaging 0.59% Cu, 0.23% Ni (0.42% NiEq), 0.01% Co and 0.21 g/t PGM from 9.0 to 14.0 metres). The Wine-22-07 intersection averaged 0.42% NiEq over an estimated true width of 3.3 metres. The upper lens may have a strike of 330° and may correlate to anomalous copper mineralization seen in the upper parts of historical drill holes EEL-346 and RAD07-01. The main mineralized lens is currently interpreted to have a strike of 30°. Drill hole Wine-22-07 did not intersect the main zone as it passed through a gap between the upper lens and the main lens.2022 Exploration Program: The 56.8 km2 Wine property is located west of Snow Lake in Manitoba. The initial 2022 exploration program included an airborne geophysical survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and 17 diamond drill holes, 1,600 metres in total, testing an area known as the Wine Occurrence, as well as seven other nearby geophysical anomalies. The objective of his program was to confirm the presence of nickel-copper mineralization at the Wine Occurrence and improve NiCAN's understanding of the geological model and the orientation of the mineralization, which will be used to better target future drilling programs NiCAN anticipates receiving and releasing additional assay and geophysical survey results, following quality control, over the next several weeks. The results from this initial exploration work will be used to refine the geological model and to design a follow up Phase 2 exploration program. Assay, Analysis and QA/QC: All core samples were sent to the Saskatchewan Research Council ("SRC") in Saskatoon (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP3 package, which includes a total of 35 analytes by ICP-OES (Inductively Coupled Plasma – Optical Emission Spectroscopy). Partial digestions were performed on a 0.5 gram aliquot of sample pulp which was digested in a mixture of HCl:HNO3, in a hot water bath and then diluted to 15 ml using deionized water. Over-limits for copper, nickel and cobalt had an aliquot of 1.0 gram sample pulp digested in a concentration of HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP-OES. Fire Assay Techniques involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible and a silver inquart added prior to fusion. 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 then parted in dilute HNO3. The precious metals were then dissolved in aqua regia and then diluted for analysis by ICP-OES Laboratory Quality Control protocols were applied to the assay sample package by SRC. 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.NiCAN does not have any historic QA/QC data for the 2007 or earlier drill results. Announcement • Sep 09
NiCAN Limited Reports High Grades in First Two Drill Holes at the Wine Project in Manitoba, Including 27.3 Metres of 2.61% Nickel Equivalent NiCAN Limited has received outstanding assay results from the first two diamond drill holes drilled in 2022 at the Wine project in Manitoba. These drill holes were part of NiCAN's initial drilling campaign at the Wine project and were drilled vertically to gain an understanding of the overall thickness and orientation of mineralization encountered in the historical drilling. The 56.8 km2 Wine property is located west of Snow Lake in Manitoba (Figure 4). The initial 2022 exploration program included an airborne geophysical survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and 17 diamond drill holes, 1,600 metres in total, testing an area known as the Wine Occurrence, as well as seven other nearby geophysical anomalies. The objective of this program was to confirm the presence of nickel-copper mineralization at the Wine Occurrence and improve NiCAN's understanding of the geological model and the orientation of the mineralization, which will be used to better target future drilling programs. NiCAN anticipates receiving and releasing the assay and geophysical survey results, following quality control, over the next several weeks. The results from this initial exploration work will be used to refine the geological model and to design a follow up Phase 2 exploration plan. Immediately following the overburden, drill hole Wine-22-02 intersected 0.7 metres averaging 0.64% Cu and 0.27% Ni (NiEq of 0.49%) from 7.2 to 7.9 metres. This was followed by three additional mineralized intersections down hole, including 4.6 metres averaging 1.02% Cu and 0.74% Ni (NiEq of 1.07%), 0.3% Co and 0.28 g/t PGMs ("Au+Pt+Pd") from 34.9 to 39.5 metres; 2.8 meters averaging 0.64% Cu and 1.87% Ni (NiEq of 2.08%), 0.08% Co and 0.56 g/t PGMs from 45.8 to 48.6 metres as well as 6.1 metres averaging 1.9% Cu, 0.09% Ni (NiEq of 0.71%), 0.003% Co and 2.49 g/t PGMs from 60.8 to 66.9 metres. There appears to be a strong correlation between intersections of higher-grade copper assays and elevated PGM grades. An 11.20% Cu assay from 60.8 to 61.4 metres also returned 6.0 g/t Au, 1.01 g/t Pt and 1.47 g/t Pd. Another significant copper assay of 9.47% Cu from 66.5 to 66.9 metres also returned 8.35 g/t Au, 1.20 g/t Pt and 6.18 g/t Pd. All mineralized intersections were hosted by gabbro with the last three hosted by a distinct light-coloured gabbro unit. Wine-22-05 was drilled 16 metres northeast of Wine-22-02 and intersected three zones of mineralization starting at 25.0 metres downhole. They include 4.1 metres averaging 1.03% Cu and 0.96% Ni (NiEq of 1.31%), 0.05% Co and 0.29 g/t PGMs from 25.0 to 29.1 metres; 3.8 metres averaging 2.42% Cu and 0.52% Ni (NiEq of 1.27%), 0.03% Co and 0.92 g/t PGMs from 34.8 to 38.4 metres and 27.3 metres averaging 1.81% Cu and 2.01% Ni (NiEq of 2.61%), 0.09% Co, 0.46 g/t PGMs from 43.0 to 69.3 metres. All were hosted by the light-coloured gabbro unit. The initial mineralized zone encountered in drill hole Wine-22-05, which intersected 4.6 metres averaging 1.02% Cu and 0.74% Ni (NiEq of 1.07%), is interpreted to be a separate zone than that intersected in drill hole Wine-22-02. Further work is required to determine this zone's extent and characterization. Subsequent zones intersected in the drill hole can be correlated to those in drill hole Wine-22-02, as well as historical drill hole RAD07-01 (20.4 metres averaging 1.38% Ni and 2.14% Cu (NiEq of 2.09% Ni)), EEL-346 (16.5 metres averaging 0.85% Ni and 1.50% Cu (NiEq of 1.35% Ni)) and EEL-302 (12.8 metres averaging 0.52% Ni and 0.97% Cu (NiEq of 0.84% Ni)). On the section where drill hole Wine-22-05 intersects proximal to historical drill holes EEL-346 and RAD07-01, the mineralized zone is estimated at a true width of 16 metres and a thickness of 27 metres. Announcement • Aug 24
NiCAN Limited Confirms Historical Results at the Wine Project 20.36 Meters of 2.09% Nickel Equivalent NiCAN Limited has received assay results from historical core drilled at the Wine project in 2007, which confirm the high-grade historical assays. The resampling work is part of the exploration program completed in the first half of 2022, which included 17 confirmation and reconnaissance diamond drill holes. The 56.8km(2) Wine property is located west of Snow Lake in Manitoba. NiCAN is a recently listed nickel exploration company actively exploring nickel projects on known mineral belts in Manitoba, Canada, trading under the symbol "NICN" on the TSX Venture Exchange ("TSX-V"). Highlights: Resamplining of sections of drill hole RAD07-01 supported the historical assay results of 20.36 metres of 1.38% Ni, 2.14% Cu, 0.4g/t Au, and 0.06% Co or 2.09% Ni equivalent ("NiEq"). This compares to the 2.06% NiEq previously reported in 2007. (Note: True width is estimated at 16 metres and NiEq was calculated using copper and nickel values only. 2022 Exploration Program The initial 2022 Exploration program included an airborne geophysical survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and 17 diamond drill holes for 1,600 meters testing an area known as the Wine Occurrence, as well as seven other nearby anomalies. The objective of this program was to confirm the presence of nickel-copper mineralization at the Wine Occurrence, better understand the orientation of the mineralization and improve NiCAN's understanding of the geological model, which will be used to better target future drilling programs. The drill assay results are pending. NiCAN anticipates receiving and releasing the results, following quality control, over the next several weeks. Resampling Core from drill hole RAD07-01, which was drilled in 2007, was located earlier in the year. Given the high metal assay results, and that these results were not verifiable, NiCAN undertook a relogging and resampling program. This allowed for a recalculation of 20.36 metres of 1.38% Ni, 2.14% Cu, 0.4g/t Au, and 0.06% Co or 2.09% NiEq (NiEq was calculated using copper and nickel values only. Copper values were multiplied by 0.33 and added to the nickel value). The original 2007 assays indicated 20.36m of 1.31% Ni, 2.27% Cu, 0.32g/t Au, and 0.05% Co from 55.66m to 76.02m.NiCAN has also determined that Hudson Bay's 1984 hole EEL346 (-45), that returned 16.46 meters of 0.85% Ni and 1.43% Cu or 1.32% NiEq, was drilled from the same collar location as hole RAD07-01 (-49). Assay, Analysis and QA/QC All core samples were sent to the Saskatchewan Research Council ("SRC") in Saskatoon (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP3 package, which includes a total of 35 analytes by ICP-OES (Inductively Coupled Plasma -- Optical Emission Spectroscopy). Partial digestions were performed on a 0.5 gram aliquot of sample pulp which was digested in a mixture of HCl:HNO3, in a hot water bath and then diluted to 15 ml using deionized water. Over-limits for copper, nickel and cobalt had an aliquot of 1.0 gram sample pulp digested in a concentration of HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP- OES. Fire Assay Techniques involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible and a silver inquart added prior to fusion. 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 then parted in dilute HNO3. The precious metals were then dissolved in aqua regia and then diluted for analysis by ICP-OES Laboratory Quality Control protocols were applied to the assay sample package by SRC. 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. Announcement • Aug 13
Nican Limited Appoints Stacey Pavlova as Newest Board Member NiCAN Limited appointed Stacey Pavlova as newest board member. DirectorMs. Pavlova is a finance professional with over 10 years of experience in the mining industry in investor relations, finance, and metal sales roles. Ms. Pavlova currently holds the position of Vice President, Investor Relations and Communications at Faraday Copper, a development-stage mining company with copper assets in Nevada and Arizona. Previously, Ms. Pavlova was the Vice President, Investor Relations and Corporate Communications at New Pacific Metals and held various positions in investor relations, metal sales and treasury with SSR Mining, an intermediate precious metals producer. Ms. Pavlova holds the designation of Chartered Financial Analyst and is a graduate of the University of Denver, where she completed a Master's in Finance degree. Ms. Pavlova currently serves on the board of the Canadian Investor Relations Institute. Shaun Heinrichs, CA, CPA. Board Change • Aug 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
