The board of Manitou Gold Inc. (TSXV:MTU) approved the spin-off of 80.1% stake in Nickel-cobalt-PGE commodities on August 17, 2022. The nickel-cobalt-PGE commodities of the Goudreau project will be incorporated into a newly, wholly-owned subsidiary named Western Nickel Corp. and will become a publicly traded company.

Manitou will retain up to 19.9% of the Western Nickel Shares issued and outstanding at closing. The final terms of the Spin-Out and determination to proceed remain subject to further tax and securities considerations. The Spin-Out of nickel-cobalt-PGE commodities remains subject to Manitou's management and Board continued consideration and discretion.

Completion of the Spin-Out is subject to a number of conditions, including but not limited to, the approval of the TSX Venture Exchange, and if applicable, court and disinterested shareholder approval, as well as other closing conditions and the final approval of the board of directors of the Company. The Spin-Out cannot close until the applicable regulatory, court and shareholder approvals are obtained.