NiCAN Limited has commenced diamond drilling at its Wine Property located in the Snow Lake area, Manitoba, Canada. The drill rig has mobilized to site and is currently coring the first hole of the Phase Three ("Phase III") drilling program consisting of a minimum of 1,500 meters. Phase III drill program has commenced at the high-grade Wine Nickel Property with the following objectives: To expand previously defined nickel-bearing zones to the east of the Wine Occurrence; and To drill test newly expanded target areas of more than 6 km along strike.

Recent geophysical and soil geochemical results assisted in prioritizing multi-anomaly target areas for subsequent drill testing. Phase III Wine Drill Program. At the Wine Project, NiCAN is drilling a minimum of 1, 500 meters to test multiple conductive targets identified by recently completed surface time-domain electromagnetic ("TDEM"), borehole and surface surveys, combined with re-processed Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey, which was completed in 2022.

Results from a geochemical survey, also completed earlier this year, assisted in prioritizing the drill targets. A significant number of conductive sources have been defined over a strike length of 6 kilometers that merit drill testing. These have been geophysically modelled and drill holes have been designed to effectively intersect the suspected sulphide bodies defined by these models.

The initial diamond drill targets are following up on mineralization intersected during the previous drill program that defined varying quantities of disseminated to massive sulphide nickel-bearing mineralization in a zone 650 meters east of the Wine Occurrence. Most notable were holes Wine 23-08 and Wine 23-07 in which varying degrees of pyrrhotite and chalcopyrite mineralization were intersected in two relatively shallow zones. Assay results returned elevated copper and nickel values over core lengths of more than 10 meters.

Assay results returned elevated Copper and nickel values over core lengths the new zones to better understand their orientation and extent. The Phase III Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding previously defined nickel-bearing zones located to the east of the wine Occurrence.

Downhole and TDEM surveys have defined multiple conductors along a distinct stratigraphic horizon within the Wine Gabbro. Humic soil geochemical results have shown anomalous Ni-Cu values associated with these electromagnetic ("EM") responses supporting additional drill testing. The second objective of NiCAN's Phase III drill program is to identify additional nickel bearing mineralized zones associated with newly defined geophysical targets interpreted to be along strike from the Wine Occurrence by distances of up to 4.8 km.

These are new targets that have not been drill tested in the past. NiCAN continues to follow up on the significant results returned from previous diamond drilling, including: Diamond drill hole Wine 22-5 intersected 27.3 metres of 2.01% Ni, 1.81% Cu (2.28% NiEq). Diamond drill hole Wine 22-6 intersected 9.8 metres of 1.23% Ni, 2.09% Cu (1.71% NiEq); Diamond drill hole Wine 22-3 intersected 8.6 metres of 1.89% NiEq; Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 metres of 1.52% Ni, 2.01% Cu (1.93% NiEq); Diamond drilled hole Wine 23-17 intersected two zones of mineralization including 23.5 meters of 1.59% Ni, 1.76% Cu (1.91% NiEq).

Note: Nickel equivalent grades include nickel and copper values only and assume recoveries of 85% for copper based on comparable deposits. The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the business, operations and financial performance and condition of NiCAN Limited.