NiCAN – Additional testing of new near-surface gold discovery at Thompson Manitoba, intersecting 19.45 meters, averaging 1.0 g/t Au and 12.2 g/t Ag

NiCan Limited (“NiCAN” or the “Company”) (TSXV: NICN,OTC:NILTF) (OTCQB: NILTF) (FRA: W8Y) has received additional assay results from the new near-surface gold discovery at Thompson Manitoba, which intersects 19.45 meters (m) of 1.00gt Au and 12.2gt Ag (Table 1). A total of four shallow diamond drill holes were completed by the end of 2025 to confirm the results of a historic diamond drill hole (see press releases dated January 27, 2026 And February 9, 2026).

Diamond drill hole PIPY25-08, intersected mineralized silicified biotite gneiss and silicate facies iron formation with scattered pyrrhotite, pyrite and significantly exposed galena. Individual tests of 1.0 m yielded 1.0 g/ton Au, 51.4 g Ag and 3.74% Pb.

Table 1. Highlights of diamond drill holes on the Pipy South property

Brad Humphrey, president and CEO of NiCAN, commented: “NiCAN is pleased to expand a new gold discovery in the Thompson area. With gold prices at or near record highs, this discovery adds compelling value to the company’s exploration portfolio. The gold mineralization appears to be open in all directions and is remarkably unique within the Thompson Nickel Belt. NiCAN has initiated a geophysical program and is preparing for follow-on diamond drilling to address this to further develop and further define the emerging system.”

Diamond drill holes PIPY25-07 and PIPY25-08 were drilled 25 meters to the south and both traversed a broad zone of silicification and varying amounts of mineralization. The mineralized zone is interpreted as striking to the north and south and remains open in all directions, with a steep slope to the west.

Diamond drill hole PIPY25-07 was drilled 25 meters south of PIPY25-04 and is believed to have exceeded the zone but still yielded 4.0 meters averaging 1.25 g/t Au and 3.64 g/t Ag within a pyrrhotite breccia. The hole was interpreted to be heavily silicified along its entire length. Work permit restrictions at the time limited the installation of the drill. The company has applied for and received a work permit that makes it possible to construct a significant number of additional drilling platforms in this area for follow-up drilling.

PIPY25-08 was fixed at -80 degrees from the same location as PIPY25-07. The hole intersected 19.5 m averaging 1.0 g/ton Au, 12.2 g/ton Ag, including 5.0 meters near the bottom of the hole yielding 2.17 g/Au, 28.7 g/ton Ag and 2.07% Pb.

The gold mineralization occurs largely in a silicate-facies iron formation and a silicified biotite gneiss, visually estimated to contain 1% to 5% disseminated pyrrhotite, as well as up to 3% galena and minor chalcopyrite. The change is characterized by bleaching and silicification that is not fully defined by the limited drilling in 2025. Hole PIPY25-07 showed changes over its entire length of more than 80 meters. The presence of gold mineralization at iron formation and associated alteration is analogous to other iron formation hosted gold camps including Homestake, Musselwhite, Geraldton, Back River and several others around the world.

The iron formation hosting the gold mineralization is magnetic and can be traced throughout the property using an airborne historic magnetic survey, reprocessed by NiCAN, as shown in Figure 2. A more precise ground historical magnetic survey has been reprocessed and is being used in planning the next drill program. Additional magnetic survey work has been outsourced and is expected to commence shortly. This information will give the company a better understanding of the diverse and extensive magnetic characteristics in this area.

A historic diamond drill hole (17BN01) in the same area returned 6.63 g/t Au over 5.6 m within a broader zone of 1.20 g/t Au over 47.0 m, starting at a depth of 27.0 m in the drill hole, hosted by similar rocks to those observed in the NiCAN 2025 drill program (Table 2). Downhole magnetic susceptibility measurements from all boreholes indicate a correlation between the gold and positive magnetic measurements.

Table 2. Historical gold interception at the Pipy South site

A second historic diamond drill hole from 2017, located 500 meters north of hole 17BN01, targeted an extensive north-south trending magnetic anomaly that was interpreted as a nickel target. At a depth of 153.4 to 160.2 meters, a garnet-bearing amphibolite was found containing sufficient disseminated pyrrhotite to explain the magnetic signature. No significant nickel tests were returned in the meantime, but a 2.0 m section tested 0.39 g/t gold at 157.4 m, indicating that other gold-bearing zones are present.

Pipy project overview

The Pipy South Project is included in an exploration agreement with Nisichawayasihk Cree Nation (“NCN”).

The Pipy Properties consist of two project areas, Pipy South and Pipy North, with a total area of ​​27.0 km2² in the established Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, approximately 20 km northeast of the town of Thompson and Vale’s Thompson Nickel Mine, with excellent road access and local infrastructure (Figure 3).

Qualified person

Mr. Stanley Clemmer, P.Geo, an independent advisor to NiCAN, a qualified person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”) has reviewed and approved the scientific and technical information contained in this press release.

About NiCAN

NiCAN Limited is a mineral exploration company, trading under the symbols “NICN” on the TSX-V, “NILTF” on the OTCQB and “W8Y” on the FRA. The company is actively exploring two projects: the high-value nickel-copper wine project and the highly promising Pipy project, both located in established mining jurisdictions in Manitoba, Canada.

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Cautionary Statement Regarding Forward-Looking Statements

The information contained herein contains certain “forward-looking information” under applicable securities laws relating to the proposed financing, business, operations and financial performance and condition of NiCan Limited. Forward-looking information includes, but is not limited to, the extent and timing of the drill program, the results of the drill program, interpretations of the various surveys, NiCAN’s ability to identify mineralization comparable to that found in previous drill holes, the benefits and potential of the Company’s properties; future commodity prices (also with regard to NiEq calculations); drilling and other exploration potential; costs; and allow. Forward-looking information may be identified by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate” and other similar words, or statements that certain events or circumstances “may” or “will” occur. Forward-looking information is based on the opinions and estimates of management as of the date the statements are made and is based on a number of assumptions and subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events beyond the Company’s control and there is no guarantee that they will prove to be correct. Factors that could cause actual results to differ materially from those anticipated by such forward-looking information include changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unexpected costs and expenses and the allowance of disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update any forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

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

SOURCE Nican Ltd.

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