CaNickel Seeks Minority Shareholder Approval for Delisting from TSX Venture Exchange at Upcoming Annual General and Special Meeting; Announces Appointment of New CFO

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) - CaNickel Mining Limited (TSXV: CML) ("CaNickel" or the "Company") announces, further to its press release on April 28, 2025, that the Company will hold an Annual General and Special Meeting ("AGSM") on June 11, 2025, for the following purposes:

1. to receive and consider the audited financial statements of the Company for its financial year ended December 31, 2024, the report of the auditor thereon and the related management discussion and analysis;

2. elect directors of the Company for the ensuing year;

3. to appoint Baker Tilly WM LLP as the auditor of the Company for the ensuing year; and

4. to consider and, if deemed appropriate, pass an ordinary resolution approved by a majority of the minority shareholders of the Company authorizing the delisting of the Company's common shares from the TSX Venture Exchange ("TSXV") as described in the Management Information Circular that is being mailed to all shareholders as of the record date of May 2, 2025.

With respect to the last item, under TSXV policies, delisting of a listed company when the company does not have an alternative public market requires majority of minority approval, meaning that directors, officers, promoters, and Shareholders holding 10% or more of the Common Shares and their Associates and Affiliates ("Non-Arm's Length Parties") (capitalized terms as defined in TSXV Policy 1.1.) may not vote. Accordingly, none of the Company's directors, officers or promoters, and/or their Associates and Affiliates will be permitted to vote on the resolution to confirm and approve of the Company's delisting from the TSXV. In addition, both King Place Enterprises Limited, which holds 11,517,653 shares of the Company, as well as its affiliate company, Hebei Wenfeng Industrial Group, which holds 2,587,500 shares, will be excluded from voting on the resolution to confirm and approve the Company's delisting from the TSXV. The total number of shares that will be excluded from the delisting vote is 14,105,153, representing 37.6% of the total number of shares outstanding.

Delisting of the Company's shares is conditional upon shareholder approval at the AGSM and final approval of the TSXV. Additional information regarding the Delisting will be disseminated in due course, including the effective date of the Delisting.

New CFO Appointment

The Company has appointed James Dai as its new Chief Financial Officer ("CFO"), effectively immediately. Mr. Dai is a seasoned corporate financial advisor for several private companies since 2015. Previously, he served as Director of DXI Capital from March 2015 to August 2017 and as Director of CaNickel from June 2013 to June 2016. Mr. Dai also served as CFO and Corporate Secretary for CaNickel from December 2014 to June 2016.

Mr. Dai succeeds Jerry Zhang, who has served in the capacity of CFO and Corporate Secretary since August 2016. The Company would like to thank Mr. Zhang for his contributions to the company and wish him continued success in his future endeavours.

Shirley Anthony, Chief Executive Officer of CaNickel, will assume the additional responsibilities of Corporate Secretary, effective immediately.

ABOUT CANICKEL

CaNickel Mining Limited is a Canadian junior mining company that currently owns the Bucko Lake Mine, currently on care and maintenance, near Wabowden, Manitoba. From 2009 to 2012, nearly 450,000 tonnes of mineralized material were mined to produce 6.9 million pounds of nickel before the mine was put on care and maintenance due to low nickel prices.

Neither the 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.

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