NickelX AS signed an agreement to acquire Central Norway Copper Projects from Capella Minerals Limited (TSXV:CMIL) for CAD 7 million on October 17, 2023.Closing of the Transaction is expected to take a couple of months with a long-stop date agreed by the parties of April 7, 2024, following which each party retains the option to terminate the Transaction. As on April 9, 2024, NickelX and Capella Minerals mutually agreed on a 90-day extension of the long-stop date in order to close the asset sale agreement. Capella has agreed to extend the closing of the Agreement announced on October 17, 2023, to July 7, 2024.

In recognition of current market conditions, Capella has also agreed to a minor adjustment in the consideration received from Polar by accepting an increased component of Polar shares upon completion of the IPO. As indicated previously, Capella intends to distribute all Polar shares received to its shareholders on a pro-rata basis. The revised Polar consideration is as follows: i) Capella to receive CAD 2.5 million Polar shares upon closing of the IPO; ii) Capella to receive CAD 3.75 million cash upon closing of the IPO; iii) Polar to immediately cover ongoing costs directly related to the projects and with an approximate value of CAD 0.2 million.