Flying Nickel Mining Corp. announced it has engaged SGS Canada and started assaying platinum, palladium, and gold from 97 past drill holes (totaling 7,061 meters in drilling) from the Company's 100% owned Minago Nickel Platinum-Group-Metals project (the "Minago Project"). Rolling assay results will start becoming available in early March.

This platinum-group-metals ("PGM") assay program is scheduled to complete in June 2023, potentially leading to a maiden Minago PGM resource. The Minago Project is located in Canada's Thompson Nickel Belt and currently has a NI 43-101 compliant open-pit optimized and underground, Measured and Indicated resource of 44.2 million tonnes grading 0.74% Ni (722 million lbs contained nickel) and Inferred resource of 19.6 million tonnes grading 0.74% Ni (319 million lbs contained nickel). The resource split is approximately 78% Nose deposit and 22% North Limb deposit at Minago.

This technical report, completed by Mercator and AGP, has an effective date of February 28, 2022, and is available under the Company's profile on SEDAR. There has been cumulative 90,783 meters of drilling at the Minago Project by 6 operators since 1966. Additionally, Flying Nickel drilled 2,718 meters in 2022 since acquiring the Minago Project in February 2021.

Upon detailed review of Minago Project data set, the Company noted: 118 of 150 boreholes (79%) that intersected the proposed Nose deposit pit shell are missing PGM assays. Prior operators may have only been interested in nickel due to the low value of PGM at the time. Across the entire Minago Project, only 52 boreholes contain PGM analysis.

There is a close correlation between PGM grades and total nickel grades with R-squared (Pd) = 0.8296, and R-squared (Pt) = 0.7422. Notable PGM results from representative Minago Project's Nose and North Limb deposit sections are tabulated below: Detection limit is 10 ppm for Ni, 10 ppm for Cu, 10 ppm for Co, 5 ppb Au, 10 ppb Pt and 5 ppb Pd. When calculating composite grades, half the detection limit value was used when assay results were less than the detection limit.

Composite grades are weighted by sample length. True widths are approximately half the width observed in core. Reported results are from historic boreholes, drilled by Victory Nickel, and are intended to highlight PGM grades and the correlation between nickel and PGM throughout the resource, including both the Nose and North Limb deposits.

NiEq % (Resource) = ((Ni% x 22.04 x Ni Price $/lb) + (Cu% x 22.04 x Cu Price $/lb) + (Pt gpt /31.1035) x Pt $/oz +(Pd gpt /31.1035) x Pd $/oz + (Au gpt /31.1035) x Au $/oz)/(22.04 x Ni $/lb). This calculation assumes 100% recovery rates and does not include Cobalt due to a lack of data. Calculation is an estimation of resource potential.

Metal prices are Ni $12.4/lb, Cu $4.1/lb, Pd $1,721/oz, Pt $1,068/oz, Au $1,904/oz based on January 13, 2023 The PGM presence was notable in Minago nickel bulk concentrate from prior metallurgical studies by SGS in 2010 with 0.54% nickel head grade. The concentrate contains 22.3% Ni, 1.4% Cu, 0.46% Co, 2.47 g/t Pt, 6.31 g/t Pd, 0.63 g/t Au, 4.3 g/t Ag, and 0.59 g/t Rh. SGS has been engaged since November 2022 to conduct tests to optimize PGM recovery which could enhance the Minago Project economics with initial results anticipated in the 1st half of 2023.

The technical contents of this news release have been prepared under the supervision of Michael Hartley, P.Geo. and he approves its content. Mr. Hartley is not independent of the Company in that he is employed by it.

Michael Hartley is a Qualified Person as defined by the guidelines in NI 43-101.