NiCAN Limited provided a review of the Wine Phase III-B drilling program completed in March of 2024, including the final set of assays. The objective of this drilling program was to better understand the dip and plunge of the Main and Upper Zones at the Wine Occurrence, in order to design future drill targets; to extend the mineralization to the south and at depth. The Company is currently incorporating the new drilling data and recently acquired geophysics to design programs to extend the mineralization in the Wine Occurrence area, including the new zone to the north, and to continue to test the broader Wine Gabbro.

Highlights From the Phase III-B drill program: DDH Wine 24-1A, designed to test down plunge of the Main Zone, intersected several zones of mineralization including: 45.5 meters averaging 1.20% Cu and 1.32% Ni (1.55% NiEq), and A new, near surface, zone located immediately to the north averaging 1.40% Cu and 1.63% Ni (1.89% NiEq) over 3.7 meters. DDH Wine 24-4 intersected 20.3 meters averaging 2.88% Cu and 2.14% Ni (2.85% NiEq). The results from the Phase III-B exploration program, completed in March 2024, indicates that the Upper and Main Zones are more steeply dipping than originally believed and additional drilling can now focus on extending these two zones both to the south and at depth (Figure 4).

The Phase III-B Wine Exploration program consisted of 8 diamond drill holes for a total of 942 meters and 25 kilometers of deep penetrating TDEM survey. The designed this program to follow up on the significant results returned from the Phase III drill program, which was completed in the fourth quarter of 2023. During the Phase III-B program, diamond drill hole Wine 22-29 intersected an upper, sub-cropping zone, which assayed 2.20% Cu and 1.,56% Ni (2.11% NiEq) over 9.6 meters followed by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq).

The objective of the Phase III-B drill programs was to further drill test the Wine Occurrence, gaining a better understanding of the orientation of the various zones and test one greenfield geophysical target to the north. The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of further defining the Company's understanding of both the Main and Upper Zones.