Nickel North arranges $3-million private placement

On January 30, 2026, Nickel North Exploration Corp. (NNX) announced a non-brokered private placement to raise $3,000,000. The financing consists of 60 million units at $0.05 per unit. Each unit includes one common share and one full warrant exercisable at $0.08 for 24 months. This follows a string of technical news including the discovery of scandium and vanadium anomalies (January 26, 2026) and previous soil assay results confirming Cu-Ni-PGE targets (January 5, 2026). The proceeds are earmarked for the 2026 exploration program at the Hawk Ridge project and general working capital.

This financing is a critical, material development for NNX. As of the September 30, 2025, interim financial statements, the company was functionally insolvent with only $44,679 in cash against $3.05 million in current liabilities. - Dilution: The 60 million new shares represent a massive ~57% dilution to the current share base of 105.4 million shares. - Project Viability: Without this $3 million, the 2026 exploration season would be impossible. The company previously lost its option partner, 1844 Resources, in late 2025, forcing NNX to fund Hawk Ridge independently. - Pricing: The $0.05 price is significantly higher than the $0.025 placement closed in October 2025, suggesting improved market sentiment or insider support.

Nickel North Exploration is a Canadian explorer focused on the Hawk Ridge Cu-Ni-Co-PGE project in Northern Quebec. The project covers a large area (approx. 25 sq km of active targets) and has historical resource estimates. Recent work has focused on expanding the commodity basket to include Scandium and Vanadium to increase project attractiveness. The project is 100% owned following the termination of an option agreement with 1844 Resources in September 2025.