SPC Nickel Commences Drilling on High-Conductivity EM Targets at Lockerby East, Sudbury, Ontario

On October 23, 2025, SPC Nickel Corp. announced the commencement of a drilling program at its Lockerby East project in Sudbury, Ontario. The program will consist of at least 1,000 metres of drilling, targeting high-conductivity electromagnetic (EM) anomalies located down-dip from the known LKE Resource. The CEO, Grant Mourre, expressed excitement about the targets, highlighting their proximity to the past-producing Lockerby Mine and the belief that mineralization grade improves with depth. The LKE Resource, as detailed in the announcement, includes 665,000 tonnes of Indicated Resources at 1.17% nickel and 0.28% copper, and 124,000 tonnes of Inferred Resources at 0.99% nickel and 0.42% copper.

The commencement of drilling at Lockerby East is a positive, yet routine, development for SPC Nickel. It represents the execution of a key exploration objective outlined previously, notably as a use of proceeds from the $3.5 million rights offering closed on July 31, 2025. The company's strategy is to explore high-potential targets adjacent to known mineralization and past-producing mines, which is a sensible approach in the exploration stage.

The target area is described as high-conductivity EM anomalies down-dip from the existing LKE Resource, which is positive as it suggests potential for extensions of known mineralization. The CEO's comment about grades improving with depth is encouraging, but this is a geological interpretation and must be validated by drilling results.

While positive, this news is not a "game changer" because it is a planned operational step, not a discovery or significant new financing. The impact on the stock price is likely to be muted unless the market is highly speculative or new results are unexpectedly positive. Investors will now be looking for actual assay results from this drilling program to assess its true impact. Given the company's recent capital raise, funding for this program is secured, which de-risks the immediate execution. However, the modest scale of the initial program (1,000 meters, 1 hole) implies a targeted test rather than a broad, expansive campaign, which is prudent but limits immediate upside expectations.

SPC Nickel Corp. is a mineral exploration company focused on discovering, developing, and unlocking value in nickel, copper, and platinum group metal (PGM) deposits. The company's projects are primarily located in Canada, specifically in the world-renowned Sudbury mining camp in Ontario and the highly prospective Muskox intrusion in Nunavut.

Flagship Projects:

• Muskox Cu-Ni-PGM Project (Nunavut, Canada): This is a 100%-owned, district-scale greenfield project. It is described as a large, layered mafic-ultramafic body with geological similarities to significant Cu-Ni-PGM deposits globally, including the massive Norilsk-Talnakh deposit. The project features a main intrusion and a feeder dike, extending over 125 km. Recent activities (Summer 2025) included comprehensive airborne geophysical surveys (MobileMT and EM/Magnetic), surface sampling, and land package expansion, all aimed at defining drill-ready targets. The project is subject to a 1% NSR on certain claims, with SPC retaining the right to buy back a 0.5% NSR for $5,000,000.

• West Graham and Lockerby East (Sudbury, Ontario, Canada): These projects are located in a prolific mining camp.

  • West Graham Project: A maiden Mineral Resource Estimate (MRE) was released for West Graham in December 2023, outlining significant in-pit and out-of-pit indicated and inferred resources (e.g., 19.3 Mt Indicated at 0.42% Ni, 0.28% Cu in-pit). The 2024 drill program successfully delineated and upgraded near-surface mineralization, with assay grades exceeding the MRE average, supporting a potential low-cost starter pit. The project is subject to a 1% NSR.
  • Lockerby East (LKE Project): The LKE Project, part of the Lockerby East property, has an MRE (March 2024) of 665,000 tonnes Indicated at 1.17% Ni and 0.28% Cu, and 124,000 tonnes Inferred at 0.99% Ni and 0.42% Cu. The most recent news details the commencement of drilling targeting high-conductivity EM anomalies down-dip from this resource, with the expectation of improving grades at depth.

The company's strategy involves systematic exploration using modern geophysics and geological modeling to unlock the potential of these large magmatic sulphide systems.