NiCAN - Additional Assays from New Near Surface Gold Discovery in Thompson Manitoba, Intersecting 19.45 Meters Averaging 1.0g/t Au and 12.2 g/t Ag

The most recent news release (February 18, 2026) reports additional assay results from a new near-surface gold discovery at the Pipy South project in Thompson, Manitoba. Key highlights include hole PIPY25-08, which intersected 19.45 meters averaging 1.0 g/t Au and 12.2 g/t Ag starting from 17.9 meters depth. This follows a February 9, 2026, announcement of 27.6 meters of 1.25 g/t Au in hole PIPY25-04. The company notes that gold mineralization is hosted in silicate facies iron formation and remains open in all directions. This discovery is distinct from the nickel-bearing massive sulphides also recently identified on the same property (1.54% Ni over 1.45m reported February 17, 2026).

The news is Material - Positive for several reasons: - Resource Diversification: NiCAN has successfully identified a secondary commodity (Gold/Silver) in an area historically explored only for Nickel. This provides a hedge against nickel price volatility. - Near-Surface Potential: The intercepts are shallow (starting as high as 6.4m to 20m depth), which typically implies lower eventual extraction costs. - Continuity: The Feb 18 results confirm the discovery from Feb 9 was not an isolated hit, showing consistent widths (19-27 meters) and grades (1.0-1.25 g/t Au) that suggest a bulk-tonnage opportunity. - Strategic Location: The project is located near the City of Thompson and Vale’s Thompson Nickel Mine, providing significant infrastructure advantages.

However, from a critical perspective, while the widths are impressive for an initial discovery, the grades (approx. 1.0 g/t Au) are relatively modest and will require significant scale or higher-grade "sweet spots" to be economically viable in a standalone scenario.

NiCAN Limited is a Canadian explorer focused on nickel-copper-cobalt and now gold in Manitoba. - Pipy South (Flagship): Located north of Thompson, MB. Historically explored by INCO. Recent drilling has identified both high-grade nickel (1.54% Ni) and a new gold system (1.0-1.25 g/t Au). - Wine Project: Located near Snow Lake, MB. This project has shown higher-grade nickel-copper results (e.g., 20.3m @ 2.85% NiEq) and was the primary focus before the Pipy South discovery.