Nickel Creek Platinum Corp. (TSX: NCP) (OTCQB: NCPCF) ('Nickel Creek' or the 'Company') is pleased to announce the results of a positive pre-feasibility study ('PFS') at its 100%-owned Nickel Shaw Project (the 'Project') located in the Yukon, Canada.

The PFS has been prepared by AGP Consultants Inc. ('AGP'). The estimated Project after-tax net present value ('NPV') at a 5% discount rate is $143 million with an after-tax internal rate of return ('IRR') of 5.8%. All dollars are expressed in Canadian dollars unless otherwise stated.

Stuart Harshaw, President and CEO of Nickel Creek commented: 'The PFS is an important milestone in realizing the opportunity the Nickel Shaw Project represents in the critical mineral space where it can provide nickel and copper to take advantage of the strong nickel market for EV batteries. The sensitivity to energy costs illustrates how working with the different levels of government can lead to a significant improvement in value, especially when combined with the previously announced intention of the Federal government to provide a tax incentive for critical mineral projects such as Nickel Shaw. Moving forward, our focus will be to continue to add value to the project through work on identified key economic areas of opportunity and continued mineral exploration success while advancing towards a feasibility study.'

Project PFS Highlights

$143 million after-tax NPV using a 5% discount rate and an IRR of 5.8% at the following commodity prices: nickel - US$11.00/pound ('lb'); copper - US$4.00/lb; palladium - US$2,100/troy ounce ('troy oz'); platinum - US$1,000/troy oz; cobalt - US$23/lb and gold - US$1,800/troy oz, each using a 0.75 Canadian to US exchange rate.

Life of mine ('LOM') after-tax cash flow of approximately $1.7 billion with an after-tax payback period of 12.7 years.

Pre-production capital cost of approximately $1.7 billion, with a construction period of 3.0 years.

Project Opportunities

If paying Yukon grid rates of $0.11/kWhr, the after-tax NPV at a 5% discount rate increases by $324 million to $467 million .

The Company's after-tax NPV at a 5% discount rate increases from $143 million to $336 million if the Canadian tax incentive for critical mineral companies is enacted.

The Company plans to further investigate the opportunity of carbon tax offsets associated with carbon sequestration in the tailings facility with ongoing testwork and analysis.

Project Description

The Company's flagship asset is its 100%-owned Nickel Shaw Ni-Cu-Co-PGM Project, located in southwestern Yukon, Canada. The Nickel Shaw Project contains the Company's core Ni-Cu-Co-PGM Wellgreen deposit, as well as the Arch, Burwash, Formula, Musk and Quill claims. The Wellgreen deposit is a polymetallic deposit with mineralization that includes the significant co-occurrence of nickel, copper, cobalt, platinum group metals ('PGMs') and gold.

The Nickel Shaw property contains an extensive Ni-Cu-Co-PGM mineralized system hosted by mafic/ultramafic intrusions related to Triassic-age flood basalts. With over 2.4 billion pounds of nickel, 1.2 billion pounds of copper, 6.9 million ounces of PGMs and 137 million pounds of cobalt in the measured and indicated mineral resource categories, Nickel Shaw is one of the largest undeveloped nickel projects in North America not controlled by a major mining company.

The PFS contemplates that the Nickel Shaw open pit would be mined using conventional open pit methods, with a LOM of over 19 years. From the open pit the ore would be trucked to a primary crusher located adjacent to the pit and conveyed out of the valley to a concentrator designed to process 45,000 tonnes per day ('tpd') of ore. The ore would be fed into a conventional Ni-Cu-PGM flotation concentrator designed to produce a bulk Ni-Cu-PGM concentrate 'Bulk conc' or alternatively into split concentrates. The split concentrates would be a Ni concentrate 'Ni conc' and a Cu concentrate 'Cu conc', as economics dictate. Average annual LOM concentrates production ('dmt') is expected to be 103,100 dmt of Bulk conc, 95,000 dmt of Ni conc and 19,600 of dmt Cu conc. Total LOM payable metal production includes the following: 614.3M lbs nickel; 281.5M lbs copper; 21.5 M lbs cobalt; 626,500 troy ounces platinum; 743,400 troy ounces palladium and 174,400 troy ounces gold.

The tailings would be stored in a tailings storage facility adjacent to the concentrator. Concentrate would be transported by truck 480 km to the Port of Skagway Ore Terminal. Power will be primarily sourced from a liquified natural gas ('LNG') power plant.

Social & Environmental

The Nickel Shaw Project lies within the Kluane First Nation ('KFN') core area as defined under the Umbrella Final Agreement between the Government of Canada, Government of Yukon and the Council of Yukon First Nations. Effective August 1, 2012, an Exploration Cooperation Agreement was signed between the KFN and the Company. The KFN and the government of the Yukon Territory have provided very good support for the Nickel Shaw Project.

Ultramafic rocks from the project (in the form of tailings and waste rock) are being assessed for their ability to capture and store carbon. Test work conducted in 2022 confirmed the presence of brucite (a magnesium-rich mineral known to react quickly with CO2 in air) in a subset of samples. On a mass basis, from the achieved reactivity in the testwork, this may enable maximum sequestration of 2.1 kt CO2 per Mt tailings. The Company is evaluating further work which will include the creation of a mineralogy model based on the project's geochemical database to assess the spatial distribution of rocks within the Wellgreen deposit that have high potential to sequester carbon.

About Nickel Creek Platinum Corp.

Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company advancing its 100%-owned Nickel Shaw Project ('Project'). The Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers year-round access to deep-sea shipping ports in southern Alaska.

The Company is led by a management team with a proven track record of successful discovery, development, financing and operation of large-scale projects. Our vision is to create value for our shareholders by becoming a leading North American nickel, copper, cobalt and PGM producer.

Cautionary Note Regarding Forward-Looking Information

This news release includes certain information that may be deemed 'forward-looking information'. Forward-looking information can generally be identified by the use of forward-looking terminology such as 'may', 'will', 'expect', 'intend', 'believe', 'continue', 'plans' or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, regarding the results of technical test work, the estimated mineral resource, the prospect of any future potential economic viability of the Project, future commodity prices and the potential for them to improve, that a feasibility study will ever be commenced and completed, the potential to identify additional mineralization beyond the known resource, timing of further work on the Project, future demand for nickel and copper concentrates, future demand for battery products, statements concerning the availability and impact of the Clean ITC, the ability of the Company to identify additional opportunities to create shareholder value, and general future plans and objectives for the Company and the Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.

This news release also contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in nickel, copper or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates and (vi) the possible failure to receive or maintain required permits, approvals and licences.

For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact:

Tel: +1.416.304.9315

Fax: +1.416.583.2438

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