Core Nickel appoints Marrelli as CFO

Executive Summary

• Core Nickel Corp. announced the appointment of Carmelo Marrelli as its new Chief Financial Officer, effective immediately, following the resignation of Harry Chan.
• The company is in the final stages of a reverse takeover transaction with Arizona Copper and Gold Ltd. (ACG), which is expected to result in the company being renamed Arizona Eagle Mining Corp.
• Upon completion of the transaction, the new entity will own 100% of ACG’s Eagle project, including the historic McCabe gold mine in Arizona, with a phase 1 drill program and transaction closure anticipated in Q1 2026.

Key Details

• Executive Appointment: Carmelo Marrelli appointed as CFO; Harry Chan resigned as CFO.
• Transaction Structure: Reverse takeover of Core Nickel by shareholders of Arizona Copper and Gold Ltd. (ACG).
• Transaction Status: Subject to TSX-V approval, court approval for the plan of arrangement, and shareholder approval.
• Corporate Renaming: Company expected to be renamed "Arizona Eagle Mining Corp." upon completion.
• Asset Acquisition: 100% ownership of ACG’s Eagle project, including the past-producing McCabe gold mine and surrounding claims in Yavapai County, Arizona.
• Historic Resource Estimate (McCabe Gold Mine):
  • Gold: 878,000 ounces at 11.7 g/t.
  • Silver: 5,000,000 ounces at 69 g/t.
• Land Position:
  • 240 acres of private land surrounding the mine, open for expansion.
  • Additional 5,400 acres of Bureau of Land Management (BLM) mining claims staked by ACG surrounding the McCabe gold mine.
• Future Operations: Phase 1 drill program at the Eagle project expected to begin in Q1 2026.
• Timeline: Proposed transaction anticipated to close in Q1 2026.
• Technical Disclosure: Technical information reviewed by Clyde L. Smith, PhD (Qualified Person), who is non-independent of ACG but independent of Core Nickel.

Notable Quotes

• "On behalf of the board I would like to thank Harry for his hard work and dedication as the founding CFO of the company, and wish him in the future endeavours. Mr. Chan is leaving the company in the capable hands of Mr. Marrelli, who will help guide Core Nickel through the reverse takeover process with Arizona Copper and Gold Ltd." — Chris Tate, President and CEO of Core Nickel