NiCAN Confirms Horseshoe Gold Zone Extends Beyond 400-Metre in Strike and Points to a Significantly Larger Opportunity to the South at Pipy Property, Thompson, Manitoba

NiCan Limited (NICN) has confirmed complete assay results from a 16-hole, 2,395-meter spring 2026 diamond drilling program at the Pipy South "Horseshoe" gold zone in the Thompson Nickel Belt, Manitoba. The release adds data from nine new holes, PG26-08 through PG26-16, and restates results from the first seven holes previously reported on September 14, 2026.

The company continues to report a gold zone traced beyond 400 meters of strike, remaining open in all directions. Newly assayed core lengths, uncut with no cutoff stated, include:

• PG26-11: 20.25m @ 0.66 g/t Au, 4.65 g/t Ag, including 6.20m @ 1.97 g/t Au (from 30.15m)
• PG26-12: 13.35m @ 0.89 g/t Au, 3.71 g/t Ag (from 23.00m)
• PG26-13: 15.60m @ 0.56 g/t Au, then 17.90m @ 0.24 g/t Au (from 26.30m and 46.10m)
• PG26-14: 27.40m @ 0.46 g/t Au, 2.34 g/t Ag (from 57.60m)
• PG26-15: 10.40m @ 0.82 g/t Au, 8.85 g/t Ag (from 106.60m)
• PG26-16 (vertical, downdip): six zones between 2m and 21m at 0.25–0.55 g/t Au; best 21.00m @ 0.47 g/t Au (from 149.00m)
• PG26-09: 12.60m @ 0.24 g/t Au
• PG26-08: 2.00m @ 0.24 g/t Au
• PG26-10: nsv

Previously released results from September 14, restated in this release, include:

• PG26-06: 75.00m @ 0.65 g/t Au + 11.55 g/t Ag
• PG26-05: 29.00m @ 0.77 g/t Au
• PG26-07: 30.00m @ 0.90 g/t Au
• PG26-01: 12.70m @ 1.26 g/t Au

Regionally, a ground-magnetometer survey defined a previously unknown Archean sequence correlated with a ~10 km strike extension to the south, identifying 15 priority targets. These remain geophysical and geochemical targets with no assays. True widths have not been determined, and no cutoff grade was disclosed.

NiCan Limited (NICN) is a pre-resource, pre-economics grassroots explorer with a market capitalization of approximately C$18M and no revenue. At this stage, the absence of a defined resource, cutoff, true width, and metallurgy data is the baseline state rather than a downgrade, meaning the release is evaluated on whether it expands the target size rather than establishing bankable economics.

The company’s discovery narrative was anchored by results from hole PG26-06, which returned 48.8 g·m, and PIPY25-04, which returned 1.25 g/t over 27.6m. These results were published on September 14, though the stock did not move significantly on that date, trading between $0.09 and $0.10. The shares subsequently rose from $0.09 to a peak of $0.20 on September 24 before round-tripping to $0.14 by the close on October 9. The stock currently sits approximately 1.5 times its summer base but remains about 30% below its late-September high, suggesting the discovery premium was partially paid and largely given back.

The new drill holes extend the zone north by approximately 200m but carry roughly a quarter to a third of the anchor’s gram-metres at comparable-to-weaker grade and weaker high-grade cores. This provides confirmation of continuity but does not represent a scale or grade upgrade.

Positive but thin new points include a north step-out that hit gold in five consecutive holes, consistent silver credits, and a downdip test that indicates the system has depth. However, these results do not constitute a resource milestone, a new intrusive or zone with compelling assays, or a grade step-change. The news is considered incremental and confirming against a headline that was largely pre-released. It does not change the perceived scale of the discovery, which is already approximately 400m, nor does it change the grade. Market reaction is expected to be limited, likely no more than a low-single-digit-to-mid-single-digit move either way, as the 15%+ bar is not cleared.

NiCan Limited (TSXV: NICN; OTCQB: NILTF; FRA: W8Y) is a micro-cap explorer based in Manitoba with two primary projects. The Pipy Project, located in the Thompson Nickel Belt, covers 76.97 km² and features a gold discovery at the Pipy South / Horseshoe zone alongside a nickel massive-sulphide target. The company holds an exploration agreement with the Nisichawayasihk Cree Nation. The site benefits from excellent road access and infrastructure, situated 10–20 km from Thompson and Vale's Thompson mine.

The Wine Project, located in Snow Lake, covers 56.8 km² and targets Ni-Cu-Co-PGM mineralization within the Wine Gabbro. In 2024, the project recorded a hit of 45.45m @ 1.32% Ni, 1.20% Cu (1.55% NiEq). Historical data from 2022 shows a hit of 27.3m @ 2.01% Ni. NiCan disclosed its NiEq formula, which includes only Ni and Cu, assumes 85% recovery, and uses prices of US$8.10/lb for Ni and US$3.41/lb for Cu.

The company’s capital structure consists of 130,734,902 shares, approximately 8.0 million options, and approximately 46.8 million warrants priced at $0.06 and $0.075. Approximately 47 million warrants represent a meaningful overhang. Ownership includes Michael Gentile with approximately 19.99%, acting as an insider and 20% blocker, while insiders hold approximately 16%. Management and the board are led by CEO Brad Humphrey, formerly of QMX Gold, and Chairman Mike Hoffman, with Bill Nielsen and Stanley Clemmer serving as Qualified Persons.

Financial context from prior periods indicates that for Q1-2026 (ending March 31, 2026), NiCan reported a net loss of C$670,748, cash of C$1,584,198, and working capital of C$592,454, with no debt. For FY2025, the net loss was C$1,734,675. The company’s going-concern flag is false, though cash levels are considered thin for a company drilling two projects.