/C O R R E C T I O N -- Nican Ltd./

Executive Summary

• NiCAN Limited identified a high-priority gold target on a claim adjacent to its Pipy South Property in the Thompson Nickel Belt, Manitoba, based on historical drilling data.
• Historical diamond drill hole 17BN01 returned significant gold and silver intercepts, including a high-grade interval of 6.63 g/t Au and 10.13 g/t Ag over 5.6 meters within a broader zone averaging 1.20 g/t Au over 47.0 meters.
• The company has completed four new reconnaissance drill holes in the area; assays are pending, but geological logging indicates gold mineralization is hosted in a silicate facies iron formation with associated alteration halos and pyrrhotite.

Key Details

• Historical Drill Intercept (Hole 17BN01):
  • Wider Zone: 47.0 meters at 1.20 g/t Au and 5.90 g/t Ag (from 27.0m to 74.0m).
  • High-Grade Interval: 5.6 meters at 6.63 g/t Au and 10.13 g/t Ag (from 55.4m to 61.0m).
  • Additional High-Grade Interval: 2.0 meters at 15.35 g/t Au and 14.80 g/t Ag (from 57.4m to 59.4m).
  • Silver-Enriched Interval: 11.0 meters at 0.92 g/t Au and 14.38 g/t Ag (from 31.0m to 42.0m), also containing 0.56% Pb.
  • Data Source: Unpublished 2017 report with accredited laboratory certification and reliable QAQC data.
  • Status: Core location currently unknown; orientation and true width undetermined pending future drilling.
• Recent Exploration Activities:
  • NiCAN drilled 4 diamond drill holes in the immediate area of the historical intercept as part of a reconnaissance program (referencing release dated Jan 19, 2026).
  • Geological Findings: Gold mineralization appears hosted by a silicate facies iron formation containing 1% to 5% disseminated pyrrhotite, up to 1% galena, and chalcopyrite.
  • Alteration: Extensive alteration halo described as silicified biotite gneiss; hole PIPY25-07 showed alteration along its entire length of over 80m.
  • Assay Status: Pending.
• Historical Context:
  • The 2017 drill hole originally targeted a nickel target based on a north-south trending magnetic anomaly.
  • A deeper interval (153.4m to 160.2m) encountered garnet-bearing amphibolite with pyrrhotite but no appreciable nickel-copper or notable gold, except for one 2.0m interval returning 0.39 g/t Au at 157.4m.
  • Downhole magnetic susceptibility readings correlate with gold presence.
• Future Plans:
  • Company plans to commence geophysical surveys followed by diamond drilling to further examine the gold-bearing horizon.
  • Management intends to re-examine historical data with a fresh perspective to identify additional opportunities in the Thompson Nickel Belt.

Notable Quotes

• "NiCAN is very intrigued by this new gold target in an area historically considered to host only nickel mineralization. This style of gold mineralization is relatively unique within the Thompson Nickel Belt, and NiCAN intends to re-examine historical data with a fresh perspective to identify additional opportunities along the belt. The Company plans to commence geophysical surveys, followed by diamond drilling, to further examine the gold-bearing horizon." — Brad Humphrey, President and CEO