Flying Nickel Announces Additional Private Placement Subscription by Norway House Cree Nation for $600,705

Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) ("Flying Nickel" or the "Company") is pleased to announce that it proposes to undertake a non-brokered private placement offering (the "Offering") of 7,603,862 common shares of the Company at a price of $0.079 per share raising gross proceeds of $600,705. Norway House Cree Nation ("NHCN"), the Company's strategic partner, will be the sole subscriber. The Company's flagship Minago nickel project is in NHCN's exclusive traditional territory.

As a result of the Offering, NHCN will own approximately 18.1% of Flying Nickel's common shares. NHCN is entitled to purchase additional Flying Nickel common shares to maintain its equity ownership interest percentage in Flying Nickel immediately prior to any future dilution event pursuant to the March 2023 Impact and Benefit Agreement between the Company and NHCN.

"NHCN's investment in Flying Nickel strengthens and expands our symbiotic relationship. Minago project-related opportunities will benefit current and future generations of NHCN," comments John Lee, CEO of Flying Nickel.

No finders fees are payable in connection with the Offering. The securities issued as part of the Offering will be subject to a 4-month hold period.

Proceeds of the Offering will be used for exploration and general working capital purposes.

The private placement is subject to approval of the TSX Venture Exchange.

About Flying Nickel

Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company. The company is advancing its 100% owned Minago nickel project in the Thompson nickel belt in Manitoba, Canada.

Further information on the Company can be found at www.flynickel.com.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARD

John Lee
Chief Executive Officer

For more information about the Company, please contact:

Phone: Phone: 1.877.664.2535 / 1.877.6NICKEL

Email: info@flynickel.com

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Flying Nickel's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Flying Nickel's forward-looking statements. Flying Nickel believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Flying Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Flying Nickel undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

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