Canada Nickel Reports Additional Exploration Drilling Results and Highest Grade Intervals to Date at Reid Nickel Sulphide Project

Rhea-AI Summary

Canada Nickel (OTCQX: CNIKF) reported additional exploration drilling results from its 100%-owned Reid Nickel Sulphide Project, 39 km northwest of Timmins, Ontario. Hole REI26-92A returned the project’s highest-grade interval to date of 1.01% nickel over 4.5 metres, within 0.54% nickel over 43.5 metres, within 0.29% nickel over 576.6 metres. Hole REI26-90B intersected 0.26% nickel over 801.4 metres.

The current Reid resource, published January 12, 2026, comprises an Indicated Resource of 0.87 billion tonnes at 0.23% nickel (2.0 million tonnes contained nickel) and an Inferred Resource of 1.45 billion tonnes at 0.22% nickel (3.2 million tonnes contained nickel). A 9-hole infill program aims to upgrade potential zones to inferred and indicated categories.

Canada Nickel also amended terms for a Cochrane District property acquisition, agreeing to pay $2,400 in cash, issue 60,000 common shares, and grant a 1.5% net smelter return royalty, with an option to buy down half for $500,000, subject to TSXV approval.

Positive

• Best grade to date at Reid – 1.01% nickel over 4.5 m within longer mineralized intervals in hole REI26-92A
• Very long mineralized intercepts – 0.29% nickel over 576.6 m and 0.26% nickel over 801.4 m
• Large existing resource base – 0.87 Bt Indicated at 0.23% Ni and 1.45 Bt Inferred at 0.22% Ni
• Infill drill program of 9 holes targeting upgrades of potential zones to inferred and indicated categories
• Low upfront cash cost for Cochrane District property – $2,400 plus 60,000 shares, royalty partially reducible for $500,000

Negative

• None.

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Highlights

• Highest grade intervals to date from Reid: 1.01% nickel over 4.5 metres within 0.54% nickel over 43.5 metres within overall 0.29% nickel over 576.6 metres in REI26-92A

TORONTO, Aug. 6, 2026 /PRNewswire/ -- Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce additional exploration drilling results from its 100% owned Reid Nickel Sulphide Project ("Reid"), located approximately 39 kilometres northwest of Timmins, Ontario.

CEO Mark Selby said, "As we get our first project – Crawford - through to a key federal milestone, we look forward to continuing to advance our pipeline of projects in the Timmins Nickel District.  These latest higher-grade results at Reid not only underscore the potential of Reid but the broader potential of our entire Timmins Nickel District."

Reid Project

Reid is a serpentinized ultramafic - with a geophysical footprint approximately 2.5 times larger than that of Crawford's - consisting mainly of dunite and minor peridotite with multiple intervals of higher-grade nickel mineralization.

A drill program of 9 holes is being completed with the purpose of infilling previous drill sections and to bring previously potential zones into inferred and indicated mineral resource categories. This release contains assay results from the first 2 of the 9 drillholes (see Table 1 and Figures 1-3).

The current Reid Resource published on January 12, 2026, contains an Indicated Resource of 0.87 billion tonnes grading 0.23% nickel containing 2.0 million tonnes of nickel, an Inferred Resource of 1.45 billion tonnes grading 0.22% nickel containing 3.2 million tonnes of nickel.  

Table 1 – Reid drilling highlights

Hole ID	From (m)	To (m)	Length (m)*	Ni %	Co %	Pd g/t	Pt g/t	Cr %	Fe %	S %
REI26-90B	41.6	843.0	801.4	0.26	0.011	0.003	0.004	0.78	5.45	0.028
REI26-92A	26.4	603.0	576.6	0.29	0.013	0.024	0.016	0.69	5.75	0.058
including	381.4	603.0	221.6	0.33	0.015	0.053	0.036	0.65	6.01	0.104
including	510.0	553.5	43.5	0.54	0.017	0.174	0.113	0.63	6.17	0.205
including	511.5	516.0	4.5	1.01	0.018	0.071	0.038	0.61	6.39	0.350

*True width undetermined. All lengths are drillhole lengths.

Table 2: Drillhole Orientation

Hole ID	Easting (mE)	Northing (mN)	Azimuth (⁰)	Dip (⁰)	Length (m)
REI26-90B	456960	5404100	190	-68	876
REI26-91	457817	5404255	53	-82	671
REI26-92A	457200	5404096	180	-82	603
REI26-93	456880	5404157	231	-82	963
REI26-94	456758	5404318	220	-90	774
REI26-95	456758	5404318	210	-67	957
REI26-96	456565	5404299	0	-88	406
REI26-97	457211	5403849	352	-76	702
REI26-98	457211	5403849	35	-68	600

Property Acquisitions

Further to the Company's news release dated May 7, 2026, which disclosed the acquisition of a 100% interest in certain mineral claims located in the Cochrane District in Northern Ontario (the "Property"), the Company has entered into an amending agreement with the vendors to clarify the terms of the acquisition (the "Amending Agreement"). Pursuant to the Amending Agreement, the Company will pay $2,400 in cash and issue 60,000 common shares to the vendors, subject to approval of the TSX Venture Exchange ("TSXV"). The vendors will also retain a 1.5% Net Smelter Return (the "Royalty"). The Company has the option to buy down half of the Royalty for a one-time payment of $500,000.

Quality Assurance and Control, Drilling and Assaying

Edwin Escarraga, MSc, P.Geo., a "Qualified Person" as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The NQ sized core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins. Activation Laboratories is an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "Qualified Person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel^TM, NetZero Cobalt^TM, NetZero Iron^TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

For further information, please contact:

Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com   

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation.  Forward looking information includes, but is not limited to, drill and exploration results relating to the target properties described herein (the "Properties"), the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, corporate and technical objectives, receipt of TSX Venture Exchange approval for the acquisition described herein and the completion of the transaction.  Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Factors that could affect the outcome include, among  others:  future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise  the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities  (known  and  unknown), general business, economic, competitive, political and social uncertainties, results of  exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain  regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.  Accordingly, readers should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.  Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/canada-nickel-reports-additional-exploration-drilling-results-and-highest-grade-intervals-to-date-at-reid-nickel-sulphide-project-302845456.html

SOURCE Canada Nickel Company Inc.

FAQ

What drilling results did Canada Nickel (CNIKF) report from the Reid project on August 6, 2026?

Canada Nickel reported its highest Reid grade to date, 1.01% nickel over 4.5 metres in hole REI26-92A. According to Canada Nickel, this sits within 0.54% nickel over 43.5 metres and 0.29% nickel over 576.6 metres, plus 0.26% nickel over 801.4 metres in REI26-90B.

What is the current nickel resource at Canada Nickel’s Reid project as of January 12, 2026?

According to Canada Nickel, Reid hosts an Indicated Resource of 0.87 billion tonnes at 0.23% nickel and an Inferred Resource of 1.45 billion tonnes at 0.22% nickel. These correspond to 2.0 million and 3.2 million tonnes of contained nickel, respectively, at this ultramafic-hosted deposit.

How many holes are in the latest Canada Nickel Reid drilling program and what is its purpose?

Canada Nickel is completing a nine-hole drill program at Reid to infill previous sections and upgrade potential zones. According to Canada Nickel, the goal is to move mineralization into inferred and indicated resource categories, with this release covering assay results from the first two holes.

What were the terms of Canada Nickel’s amended Cochrane District property acquisition in 2026?

Under the amending agreement, Canada Nickel will pay $2,400 in cash and issue 60,000 common shares to the vendors. According to Canada Nickel, the vendors retain a 1.5% net smelter return royalty, with the company able to buy down half the royalty for a one-time $500,000 payment.

What quality assurance and control procedures does Canada Nickel use for Reid drilling assays?

Canada Nickel uses NQ core sampled at 1.5-metre intervals, cut and sent to ISO/IEC 17025-accredited Actlabs Timmins. According to Canada Nickel, precious metals are analyzed by fire assay, base metals by peroxide fusion ICP-OES, with certified standards and blanks inserted at a rate of 3 per 20 core samples.

Who is the Qualified Person for Canada Nickel’s Reid drilling results and data verification?

According to Canada Nickel, Edwin Escarraga, MSc, P.Geo., oversees drilling, sampling, QA/QC as a Qualified Person. Stephen J. Balch, P.Geo. (ON), VP Exploration, has verified the disclosed data and reviewed and approved the technical information as the company’s designated Qualified Person under NI 43-101.

How does the Reid project compare in size to Canada Nickel’s Crawford project?

Reid is described by Canada Nickel as a serpentinized ultramafic body with a geophysical footprint about 2.5 times larger than Crawford’s. According to Canada Nickel, Reid consists mainly of dunite with minor peridotite and includes multiple intervals of higher-grade nickel mineralization within this larger geophysical target.