ANNUAL MESSAGE – 2024

Message to Shareholders.

Misty Urbatsch

P.Geo, MBA

Chief Executive Officer,
President, and Director
Dear Fellow Shareholders,
As we usher in 2025, I’m thrilled to reflect on what has been a monumental year for Core Nickel. Our first full year as an independent company has been defined by bold steps forward—transformative growth, strategic exploration, and a commitment to the responsible development of critical mineral resources. Your unwavering support has been the cornerstone of our progress, and for that, I extend my heartfelt gratitude.

Laying the Foundation for Long-Term Success

Core Nickel holds 100% ownership of five exploration properties in northern Manitoba, including the high-grade Mel deposit, situated within the globally recognized Thompson Nickel Belt (TNB), and the promising Halfway Lake property. The Company benefits from extensive infrastructure—roads, rail, power, and an experienced workforce in Thompson—supporting its robust development plans.

Fully-Funded with Best-in-Class Capital Structure

During 2024, Core Nickel raised a total of $3.7 million, including $207,000 in non-dilutive critical minerals grants from the Manitoba Mineral Development Fund (MMDF). This funding provides a substantial runway for our 2025 exploration programs.
Management and Directors participated in the recent financings and now own approximately 28% of the shares outstanding (~42% fully diluted). We believe this strong insider ownership aligns our leadership’s interests with those of our shareholders, creating an enviable position from which to capitalize on exploration success.

Mel Deposit: A Resource with World-Class Potential

The Mel deposit has a historical mineral resource consisting of indicated resource of 4.28 million tons grading 0.875% nickel (Ni), and inferred resource of 1.01 million tons grading 0.839% Ni, at a cut-off of 0.5% Ni1The Mel deposit has the potential to be one of the highest-grade undeveloped nickel deposits in North America and is located only 25 km from Vale’s operating Thompson mill complex. Historical drilling has been limited to an average depth of 200 metres, in stark contrast to neighboring operations that extend deeper than 1,000 metres. This leaves vast untapped potential for expansion both at depth and along strike.

To guide future exploration, we will be completing a helicopter-borne Versatile Time-Domain Electromagnetics (VTEM) and horizontal magnetic gradiometer geophysical surveys in January 2025 to identify new nickel sulphide targets and unlock additional mineralization potential. In addition, the Company will implement a resampling and reanalysis program to verify and validate the historical results from the Mel deposit.
Core Nickel has engaged Understood Mineral Resources Ltd. to assist in the development of the Mel Deposit for the purposes of creating an updated, current Mineral Resource for the project in the near to medium term.

Halfway Lake: Building Momentum

At Halfway Lake, Core Nickel’s inaugural drill program intersected 91 meters grading 0.37% nickel at ~120 metres vertical depth at the W62 zone. Additionally, a VTEM survey completed in 2024 outlined 14 high-priority targets, highlighting strong potential for further discoveries. Of the 14 high-priority targets, one confirms the extension of the conductive trend interpreted to host the Halfway Lake nickel deposit (historic estimate of 900,000 tonnes grading 1.2% nickel)2 and another target identified 150 m to the north of the W62 zone.

Building on this success, the Company will be conducting a 4,000–5,000-metre drill program starting in January 2025 to test these high-priority targets. 

Using Artificial Intelligence and Machine Learning to Refine Targets

Core Nickel has partnered with OracleAI Corp to digitize multiple layers of exploration data and apply advanced AI and neural networks. This technology will help refine existing drill targets and identify new ones, enhancing our exploration efficiency and maximizing the likelihood of discovery.

Strengthening Our Leadership Team

In 2024, we welcomed Paul Reid and Marc Pais to our Board of Directors. Their deep expertise in exploration, project development, and corporate strategy will be instrumental in steering Core Nickel toward new milestones. With their guidance, we are well-positioned to capitalize on the opportunities ahead.

A Commitment to Sustainability and Collaboration

Core Nickel’s properties are strategically located near vital infrastructure, including hydroelectric power sources, enabling efficient, low-impact operations. Manitoba’s nearly 100% renewable electricity aligns seamlessly with our commitment to carbon-neutral development—an essential part of our vision for a sustainable future. In 2024, we deepened our engagement with Indigenous communities and other local rightsholders. These partnerships, grounded in respect and collaboration, will remain at the heart of our development strategy moving forward.

Marketing Initiatives and 2025 Listing Plans

Core Nickel is taking bold steps to elevate its profile within the investment community. We’ve partnered with Junior Mining Network LLC (JMN) to amplify our presence. This collaboration ensures priority placement of our news releases, high-visibility profile rotations, impactful banner and video exposure, and custom branding on their platform. It’s all about making sure Core Nickel’s story reaches the right audience, at the right time.
To expand our global reach, we’ve teamed up with Chinese Investment Club Inc. (CICI). Through this partnership, our profile and public disclosure documents will be translated into Chinese and featured alongside our English content. This strategic move positions us to connect with influential Asian investment communities, enhancing our global engagement.
In 2024, Core Nickel made its mark by attending premier industry events such as the Vancouver Resource Investment Conference (VRIC), the Prospectors & Developers Association of Canada (PDAC) convention, and the Central Canada Mineral Exploration Conference (CCMEC). Building on this momentum, we’ve already attended VRIC in 2025, and we’ll return to these key events again this year, bringing even more energy and focus. We’re also adding targeted roadshows to our strategy to foster deeper connections with investors.

If you’re planning to attend PDAC or CCMEC in 2025, don’t miss the chance to meet our team at our booth. If you’d like to schedule a meeting or connect with us on the road or online at any time, please email [email protected]. We’d love to share our vision and hear your thoughts in person.

2025: A Year of Growth and Discovery

While 2024 was about laying a strong foundation, 2025 will be about acceleration. We’re advancing our flagship properties with targeted exploration, including expanding resources at Mel and testing new targets at Halfway Lake. Building on our VTEM survey successes, we plan similar initiatives at our Mel and Odei River properties to identify additional high-priority targets.
The global shift toward decarbonization and electrification continues to drive demand for nickel—a cornerstone of the green economy. With our responsibly sourced Canadian nickel, Core Nickel is well-positioned to play a vital role in this transformation.
Wishing you health, prosperity, and success in 2025,
Warm regards,
Misty Urbatsch, P.Geo, MBA
Chief Executive Officer, President, and Director
Core Nickel Corp.

References:

1 “Technical Report on the Mel Deposit, Northern Manitoba” prepared for Victory Nickel Inc, Shane Naccashian (P. Geo.) of Wardrop Engineering Inc., March 9, 2007

2(n.d.). https://www.canickel.com/satellite-deposits#satellited

 

Mel Historical Mineral Resource 

Core Nickel Corporation is treating the 2007 Mineral Resource Estimate (MRE) prepared for Victory Nickel Inc. by Shane Naccashian (P. Geo.) of Wardrop Engineering Inc. as a “historical mineral resource” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the reader is cautioned not to treat it, or any part of it, as a current mineral resource. Core Nickel has not done sufficient work to classify the historical estimate as a current mineral resource.

The historical MRE summarized above has been included simply to demonstrate the mineral potential of the Mel deposit and the Mel project. Core Nickel considers the 2007 MRE to be relevant to the further development of the project; however, is not treating the historical estimate as a current mineral resource. The historical MRE was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
To upgrade or verify the 2007 historical estimate as current, Core Nickel will need to complete a thorough review of all the 2007 historical MRE information and drill data, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical MRE subsequent to the publication of the resource. Additionally, a full review of the economic parameters utilized to determine current Reasonable Prospectus for Eventual Economic Extraction (RPEEE) would be required in order to produce a current MRE for the Property. Any future mineral resource will need to evaluate the open pit and/or underground potential taking into consideration the current cost and pricing conditions or constraints, along with continuity of the resource blocks.