Canada Nickel is Awarded $500,000 from Ontario's Critical Minerals Innovation Fund to Advance NetZero Metals Inc.

TORONTO, Jan. 15, 2025 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that it has been awarded $500,000 from the Government of Ontario's Critical Minerals Innovation Fund ("CMIF") to support the development of its nickel processing facility ("the Project") through its wholly owned subsidiary, NetZero Metals Inc. This commitment reinforces Ontario's commitment to building a sustainable and reliable battery metal supply chain while reducing carbon emissions and fostering innovation in critical minerals processing.

The Project, expected to be located near Canada Nickel's flagship Crawford Nickel Sulphide Project ("Crawford") close to Timmins, Ontario, aims to develop and validate a process flowsheet for converting Crawford's nickel concentrate and third-party feeds into nickel and nickel-cobalt products essential for battery plants in southern Ontario. Leveraging cutting-edge technology, the proposed facility will utilize biochar, a locally sourced, renewable reductant, to replace conventional coal-based materials such as coke and anthracite, thereby minimizing carbon intensity. Once operational, the plant is expected to produce over 75,000 tonnes of nickel annually when fully ramped up, marking a significant step forward for nickel's domestic supply chain.

Mark Selby, CEO of Canada Nickel, expressed his gratitude for the Government of Ontario's support, "This commitment highlights the province's leadership in fostering innovation and advancing clean technology solutions. By supporting our efforts to develop a low-cost, low-carbon nickel processing facility, Ontario is strengthening the foundation for a sustainable battery metal supply chain that will drive economic growth and contribute to the global energy transition."

Canada Nickel is collaborating with industry leaders, such as Kingston Process Metallurgy, to advance the design and testing of this innovative processing technology. The funding from CMIF will play a crucial role in validating the process design through lab and pilot-scale metallurgical testing using representative feed samples and Ontario-produced biochar.

Mike Cox, CEO of NetZero Metals, emphasized the transformative potential of the project, "The NetZero Metals Inc. facility represents a first-of-its-kind approach in the Western world to use biochar-based reductants in pyrometallurgical nickel processing. This innovation not only addresses the growing demand for low-carbon battery metals but also reinforces Ontario's position as a leader in clean and sustainable resource development."

"As our economy grows with an increased need for critical minerals, our government is strengthening a made-in-Ontario supply chain, ready to fuel the technologies of tomorrow," said George Pirie, Minister of Mines. "Companies like Canada Nickel, and others working on Critical Minerals Innovation Fund projects showcase our province's unique talent and potential to build a competitive critical minerals industry."

Together with the Government of Ontario, Canada Nickel and NetZero Metals Inc. are driving innovation and creating a more sustainable future for the province and beyond.

About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel™, NetZero Cobalt™, NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com

About NetZero Metals Inc.
Canada Nickel has launched wholly-owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and holds trademarks for NetZero Nickel™, NetZero Cobalt™ and NetZero Iron™ across several jurisdictions. Over three phases, the nickel processing plant is expected to reach a capacity of more than 80,000 tonnes of nickel annually, which is expected to make it the largest nickel processing facility in North America. Subject to permitting approvals, the plant plans to begin production by the start of 2027 utilizing third party feeds. The facility is expected to be further expanded with the startup and expansion of Canada Nickel's Crawford Nickel Sulphide Project. This plant is expected to utilize proven, low environmental footprint technology to produce high-quality nickel products, catering to the needs of both the stainless-steel/superalloy and the electric vehicle markets. For more information, please visit www.canadanickel.com/#netzero 

About the Critical Minerals Innovation Fund
The Critical Minerals Innovation Fund (CMIF) provides funding to projects that help strengthen Ontario's critical minerals sector. The CMIF supports projects that involve research, development and commercialization of innovative technologies, techniques, processes and solutions for critical minerals and relate to Ontario's key priority areas. For more information, please visit https://www.ontario.ca/page/critical-minerals-innovation-fund#section-0

Media, please contact:
Melanie Paradis
Phone: 416-399-7400
Email: [email protected] 

Sydney Oakes, Director of Indigenous Relations and Public Affairs
Phone: 905-929-7151
Email: [email protected]

Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the construction of processing facilities, the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canada Nickel Company Inc.