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.