Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - Nickelex Resource Corporation (TSXV: NICK) ("Nickelex" or the "Company") reported today that it plans to issue up to 31,000,000 units in two non-brokered private placements for total gross proceeds of $1,050,000.

The Company will issue up to 11,000,000 units in a flow-through private placement at a price of $0.05 per unit ("FT Unit") to raise $550,000, and issue up to 20,000,000 units in a non-flow-through private placement at a price of $0.025 per unit ("NFT Unit") to raise $500,000 (combined, the "Offering"). Each FT Unit will consist of one flow-through common share and one share purchase warrant (a "Warrant"). Each NFT Unit will consist of one non-flow-through common share and one Warrant. Each Warrant in the Offering will be exercisable to purchase one non-flow-through common share at an exercise price of $0.05 for a period of three years from the date of issue. Finders' fees and commissions may be paid by Nickelex in relation to this issuance.

Net proceeds from the Offering will be used for working capital and to fund costs associated with the initial phase of exploration consisting of detailed ground geophysics (MAG/VTEM) to refine 10-12 drill targets on the Strong Project. The Strong Project consists of four Mineral Exploration Licenses ("MEL"): the Strong, Strong Extension, Moak North and Wilson MELs. These MELs cover an area of 30,283 hectares, located at the north end of the Thompson Nickel Belt, Manitoba ("TNB") and cover rock lithologies similar to host rocks of other major nickel deposits in the TNB. The Company signed a property option agreement with CanAlaska Uranium Ltd. to earn up to an 80% interest in the Strong Project (see news release dated October 17, 2023). The property option agreement is subject to TSX Venture Exchange acceptance.

Based on successfully completing the Offering, the Company plans to spend approximately $550,000 in exploration expenditures on the Strong Project and allocate $500,000 to general working capital; the allocation includes approximately $1,800 per month to non-arm's length parties for provision of accounting and administrative services and also includes amounts to Manex Resource Group Inc. ("Manex") for the provision of office space ($5,000 monthly) as well as corporate, geological, accounting and administrative services (approximately $7,750 monthly). Killian Ruby, director of the Company, is the President of Manex. No amounts are proposed to be spent on investor relations activities.

The securities issued under this Offering will be subject to a hold period of four months and one day from issuance. The Offering and payment of finder's fees is subject to TSX Venture Exchange acceptance.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

On behalf of the Board of Directors,

"John Kerr"

John Kerr, President, Nickelex Resource Corporation

For further information, please visit Nickelex's website at or contact us at 604.641.2759 or by email at corpdev@mnxltd.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the completion of the Offering and the completion of the property transaction, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Nickelex Resource Corporation's projects, and the availability of financing for Nickelex Resource Corporation's projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Nickelex Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

This news release is not intended for distribution to United States newswire services or dissemination in the United States

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