Saskatoon, Saskatchewan--(Newsfile Corp. - February 26, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") announces that it has received conditional approval for a $207,300 nonrepayable grant from the Manitoba Mineral Development Fund (the "MMDF") to support Core Nickel's exploration on its 100% owned Halfway Lake and Resting Lake properties in the Thompson Nickel Belt, Manitoba. The Company is working diligently towards completing MMDF's conditions and entering into a contribution agreement with MMDF no later than April 30, 2024.

Misty Urbatsch, President and CEO of Core Nickel Corp. commented, "Core Nickel expresses sincere appreciation for the invaluable support from the Manitoba Mineral Development Fund and the Manitoba Chambers of Commerce. This is Core Nickel's first exploration program in Manitoba. Securing this grant at the outset of our exploration endeavors not only positions the Company for immediate success but also reinforces our confidence that Manitoba is a welcoming landscape for the exploration of critical minerals."

The funding received from the MMDF will be used for the Company's Q1 drilling on Halfway Lake at the W62 zone as previously announced on February 7, 2024.

MMDF is a $20M provincial fund administered by the Manitoba Chambers of Commerce that provides funding to strategic economic development projects in northern Manitoba.

In addition, the Company has now received a Multi-Year Mineral Exploration Work Permit (MEWPP) for exploration work on the Halfway Lake property that is valid until April 15, 2026.

About Core Nickel

Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways and operating mills.

Map: Core Nickel's Thompson Nickel Belt Properties

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drill hole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.

The Company also holds two properties in the southern TNB near Wabowden: Halfway Lake and Resting Lake. Both properties host the target Pipe Formation associated with known elevated nickel mineralization and are proximal to existing nickel deposits, mills, and other infrastructure.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Misty Urbatsch, MBA., P. Geo., CEO, President and Director for Core Nickel Corp., who has reviewed and approved its contents.

On behalf of the Board of Directors
"Misty Urbatsch"
Misty Urbatsch
CEO, President and Director
Core Nickel Corp.

Contacts:

Misty Urbatsch, CEO and President
Tel: 306-668-6927
Email: murbatsch@corenickel.com

General Enquiry
Tel: 306-668-6927
Email: info@corenickel.com

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.