Canada Nickel Announces Bought Deal Private Placement is Oversubscribed and Fully Allocated

Press Release

TORONTO, November 24, 2025 – Canada Nickel Company Inc. (“Canada Nickel” or the “Company”) (TSX-V:CNC) is pleased to announce an update of its previously announced “bought deal” private placement, pursuant to which the Underwriters (as defined herein) have agreed to purchase for resale 10,000,000 units of the Company (each, a “Unit”) at a price of C$1.20 per Unit (the “Offering Price”) for gross proceeds of C$12,000,000 (the “Underwritten Offering”).

Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters”) in connection with the Offering (as defined herein). The Company has granted to the Underwriters an option, exercisable in full or in part up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 2,500,000 Units at the Offering Price for up to C$3,000,000 in additional gross proceeds (the “Over-Allotment Option”). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering”.

The Offering is oversubscribed. The Underwriters intend to fully exercise the Over-Allotment Option for additional gross proceeds of C$3,000,000. If the Over-Allotment Option is exercised in full, the gross proceeds of the Offering will be C$15.0 million.

Each Unit will consist of one common share of the Company (each a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.80 at any time on or before that date which is 36 months after the Closing Date (as defined herein).

The Company plans to use the net proceeds of the Offering for the advancement of the Company’s wholly owned Crawford Nickel Sulphide Project as well as for working capital and general corporate purposes.

The Offering is scheduled to close on or around December 11, 2025 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the listing of the Unit Shares and Warrant Shares on the TSX Venture Exchange (the “TSX-V”), and the receipt of all necessary approvals including the approval of the TSX-V.

The Units will be offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”); and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities to be issued pursuant to the Offering to purchasers in Canada will be subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws. The Units will be offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 and, accordingly, the securities to be issued pursuant to the Offering to purchasers outside of Canada are not expected to be subject to a four-month hold period in Canada.

The securities offered have not been registered under the U.S. Securities Act, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Canada Nickel

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel TM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins Nickel District. For more information, please visit www.canadanickel.com.

For further information, please contact:

Mark Selby, CEO
Phone: 647-256-1954
Email: info@canadanickel.com

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