NiCAN Limited reported assay results from its Phase III drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada. This program expanded several mineralized zones at the Wine Occurrence, including an upper zone that appears to be eastward dipping, and advanced understanding of the overall Wine Gabbro. Phase III Drill Program ?

Wine Occurrence: Diamond drill hole Wine 23-29, drilled from an existing drill pad, tested an area to the south of diamond drill hole Wine 22-5, which intersected significant nickel-copper mineralization. The company interprets diamond drill hole Wine 23-29 to have 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. The main zone returned 31.5 meters at 1.90% Cu and 1.92% Ni (2.31% NiEq); the greatest length of continuous mineralization intersected to date at the Wine Occurrence.

True widths are interpreted to be approximately 80% of intersected widths. Phase III Exploration Program ? Wine Property: The Phase III exploration program at the Wine project included 2,209 meters of diamond drilling and was designed to further drill test the Wine Occurrence as well as several additional greenfield geophysical targets throughout the Wine Gabbro.

A total of 17 holes were drilled. The original program had 1,700 meters planned but much improved drill productivity allowed for an additional 500+ meters to be drilled while remaining within the allotted budget. Over the broader Wine Gabbro area, multiple conductive targets, identified by the Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey completed in 2022 as well as borehole and ground TDEM surveys, were drill tested.

The Phase III Wine drill program followed up on the significant results returned from the Phase II drill program completed in the first quarter of 2023, during which a new nickel bearing horizon within the Wine Gabbro was discovered. The new mineralized horizon is situated approximately 600 meters east of the Wine occurrence and, to date, has displayed disseminated, network and narrow widths of massive sulphides over a strike length of 1.4 kilometers. Pyroxenite and ultramafic horizons have been defined within the Wine Gabbro and these display a close association to intersected mineralization.

Diamond drill hole Wine 23-21 intersected significant lengths of disseminated nickel bearing pyrrhotite and chalcopyrite. This included 19.5 meters averaging 0.21% NiEq, 16 meters averaging 0.33% NiEq and 3.3 meters averaging 0.36% NiEq. Diamond drill hole Wine 23-7 located 100 meters to the southwest had previously intersected 13.5 meters averaging 0.49% NiEq, while Hole Wine 23-22 intersected 7.5 meters averaging 0.27% NiEq.