NiCAN Intersects Broad Zones of Gold Mineralization at Pipy South, Thompson, Manitoba

NiCan Limited has released assay results from the first seven holes of a 16-hole, 2,395-metre diamond drill program at its Pipy South Property in Thompson, Manitoba. The company reports that the Horseshoe Gold zone now extends at least 400 metres along strike. The land position has been expanded to 65.2 km², and a larger, structurally similar target has been identified immediately to the south.

Key reported intercepts, all core length with true widths not determined:

• PG26-06: 75.0 m @ 0.65 g/t Au, 11.55 g/t Ag, 0.56% Pb from 50.0 m, including 28.3 m @ 1.05 g/t Au, 22.56 g/t Ag, 0.95% Pb.
• PG26-05: 29.0 m @ 0.77 g/t Au, 12.83 g/t Ag, 0.79% Pb from 40.0 m, including 12.0 m @ 1.17 g/t Au, 27.77 g/t Ag, 1.86% Pb.
• PG26-07: 30.0 m @ 0.90 g/t Au, 5.19 g/t Ag, 0.21% Pb from 25.0 m, including 2.0 m @ 8.01 g/t Au, 59.1 g/t Ag, 2.17% Pb.
• PG26-01: 12.7 m @ 1.26 g/t Au from 48.5 m, plus 3.5 m @ 0.91 g/t Au from 38.0 m.
• PG26-03: 7.55 m @ 0.89 g/t Au, 3.54 g/t Ag, 0.05% Pb from 12.5 m.

Holes PG26-02 and PG26-04 are not listed in the highlights table. Assays for PG26-08 through PG26-16 are pending.

NiCan Limited (NICN) is a pre-resource grassroots explorer with a small equity base of approximately C$13 million at a share price of C$0.10, meaning exploration scale is the primary driver rather than near-term economics. The company’s latest release provides scale confirmation through broad mineralized intervals, multiple gold-bearing holes, and an extended interpreted strike.

The new results add potential tonnes but present a lower average grade than previous findings. The best new full interval is 75 metres at 0.65 g/t Au, which is lower grade than the discovery and historical anchors. For comparison, the 2025 discovery hole PIPY25-04 returned 27.6 metres at 1.25 g/t Au.

The market had already re-rated significantly following the February 2026 gold and nickel news. The stock moved from approximately C$0.04-C$0.05 to a high of C$0.14 in April and currently sits near C$0.10, suggesting the discovery is partially priced. The larger southern target remains conceptual, with nine holes still pending.

NiCan Limited, a Canadian mineral exploration company trading on the TSX-V under the ticker NICN with additional listings on the OTCQB and Frankfurt exchanges, holds two primary assets in Manitoba. The Pipy Project, located in the Thompson Nickel Belt, focuses on gold and nickel exploration across the Pipy South and Pipy North claim blocks. A recent release expanded the Pipy South land position to 65.2 km², bringing the total Pipy land package to 76.97 km².

The company’s Wine Project, situated in Snow Lake, targets nickel-copper-cobalt-PGE exploration. Historical data from the site includes an intercept of 31.5 meters at 1.93% nickel and 1.90% copper.

In prior-period financial reporting, NiCan reported a first-quarter 2026 net loss of C$670,748. The company held C$1.58 million in cash and reported working capital of C$592,454. Approximately 130.7 million shares are outstanding, with strategic investor Michael Gentile holding about 19.99% of the company.