Alexo South MRE Highlights: Indicated Resources (open pit and underground) of 572 kt at 0.61% Ni (7.7M lbs Ni) ? 44% increase in Indicated tonnes and 10% increase in nickel pounds. Inferred Resources (open pit and underground) of 125 kt at 0.54% Ni (1.5M lbs Ni) ?

693% increase in Inferred tonnes and 419% increase in nickel pounds. 84% of the nickel pounds and 82% of the tonnes in Alexo South Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured. With only 18% of the Alexo South Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.

Alexo South Deposit, one of 4 deposits on the Alexo-Dundonald Property, is open along strike and at depth, with the new geological model and interpretation providing ample targets for next-stage drilling. Updated Mineral Resource Estimate work continuing on the remaining 3 deposits of the Alexo-Dundonald Nickel Project (Alexo North Deposit ? seeClass 1 Nickel news release dated 22 May 2024).

Indicated Resources (open pit and underground) of 42,600 t at 0.92% Ni (864k lbs Ni) ? 63% increase in Indicated tonnes and 8% increase in nickel pounds. Inferred Resources (open pit and underground) of 500 t at 0.32% Ni (3k lbs Ni) ?

100% increase in Inferred tonnes and 100% increase in nickel pounds. 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured. With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.

Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along strike, with the new geological model and interpretation providing ample targets for next-stage drilling. Updated Mineral Resource Estimate work continuing on the remaining 2 deposits (Dundonald South and North) of the Alexo-Dundonald Nickel Project. The Alexo-Dundonald Nickel Sulphide Project (?A-D Project?) is located about 45 km northeast of the mining centre of the City of Timmins, Ontario, covers an area of approximately 2,078 ha (20.78 km2), and was acquired by the Company in September 2018.

The A-D Project includes four foundation nickel deposits (Alexo North and South and Dundonald North and South) of which the Alexo North (aka Alexo) and Alexo South (aka Kelex) were small-scale past producers of relatively high-grade nickel (i.e., 1957; 2004-2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 km within the Property and which has never been systematically explored. The four mineral resources are open at depth and along strike and could increase in size with additional drilling (seeCompany news release dated 18 April 2024).