Nickel North closes $3-million private placement

• Nickel North Exploration Corp. has closed a $3 million CAD non-brokered private placement on May 21, 2026.
• The offering issued 60 million units at $0.05 per unit, comprising common shares and warrants (one share + half warrant).
• Warrants are exercisable at $0.08 for two years following closing.
• Proceeds are designated for field exploration on the Hawk Ridge project, general working capital, and potential acquisitions.
• An insider participated in the placement; regulatory exemptions under MI 61-101 were relied upon as participation did not exceed 25% of market cap.
• This follows a pattern of frequent financings, including a $1.5 million placement in late 2025 and a $3 million arrangement announced earlier in 2026 which has now closed.

• Liquidity Extension: The closure provides critical liquidity for an exploration-stage company that reported only CAD 13,753 in cash as of September 2024. This prevents immediate insolvency risk given the ~$2.4 million debt load.
• Dilution Impact: Issuance of 60 million shares significantly increases share count (estimated total outstanding now >229 million), diluting existing shareholders by approximately 35% relative to pre-financing levels.
• Market Expectation: Given the history of quarterly or bi-monthly financings ($1.5M, $3M, $500k) over the past year, this capital raise is consistent with company strategy and market expectations for a junior explorer in this stage. It does not represent an unexpected strategic shift.
• Valuation Context: The unit price of $0.05 aligns closely with recent trading levels ($0.04-$0.05), indicating the placement was priced at or near current market value rather than offering a significant discount to drive immediate upside, nor a premium that would signal strong insider confidence in short-term appreciation.
• Debt vs. Cash: While cash improves, the company remains heavily leveraged with convertible debentures and loans totaling ~$2.38 million against an asset base without proven reserves or revenue.

• Company: Nickel North Exploration Corp. (TSX-V: NNX).
• Flagship Project: Hawk Ridge Property in Northern Quebec.
• Project Status: Exploration stage; 100% ownership claimed. No reserves or resources disclosed as of the last presentation.
• Mineralization: Copper, Nickel, Platinum Group Elements (PGE), Cobalt, and Scandium/Vanadium anomalies identified via soil sampling.
• Key Assays: Palladium up to 0.644 g/t, Copper up to 3,460 ppm, Nickel up to 725 ppm in soil samples. Scandium up to 83 ppm in historical core.
• Management: Dr. Tony Guo (President & CEO), Jingbin Wang and Yingting Guo (Directors). No Qualified Persons (QPs) explicitly mentioned in the provided presentation text, which is a compliance risk for NI 43-101 reporting.