Press Release for Early Warning Report Filed Pursuant to NI 62-103

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Toronto, Ontario--(Newsfile Corp. - April 18, 2024) - This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issuers ("NI 62-103") in connection with the filing of an early warning report by Paul Reid as a result of the acquisition by Mr. Reid of common shares ("Common Shares") of Core Nickel Corp. (the "Issuer") (CSE: CNCO).

On April 8, 2024, Mr. Reid acquired an aggregate of 1,000,000 Common Shares through the facilities of the Canadian Securities Exchange at an average price of $0.05 per Common Share for aggregate consideration of $50,000 (the "Acquisition"). The Acquisition resulted in Mr. Reid exercising control or direction over more than 10% of the Issuer on a partially-diluted basis.

Prior to the Acquisition, Mr. Reid owned and controlled an aggregate of 2,000,000 Common Shares and 1,000,000 common share purchase warrants (the "Warrants"), representing approximately 6.7% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 9.7% of the Common Shares on a partially-diluted basis (assuming the exercise of all of the Warrants).

Following completion of the Acquisition, Mr. Reid owns and controls 3,000,000 Common Shares and 1,000,000 Warrants, representing approximately 9.98% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 12.9% of the Common Shares on a partially-diluted basis (assuming the exercise of all of the Warrants).

All references in this news release to the percentage of Common Shares issued and outstanding is based on information provided by the Issuer to Mr. Reid effective April 18, 2024.

All securities of the Issuer owned or controlled by Mr. Reid are held for investment purposes and Mr. Reid has no present intention to dispose of or acquire further Common Shares. In the future, Mr. Reid may, from time to time, increase or decrease its ownership, control or direction over securities of the Issuer held by it through market transactions, private agreements or otherwise, depending on market conditions, the business and prospects of the Issuer, and other relevant factors.

Mr. Reid will be filing a report on Form 62-103F1 - Required Disclosure under the Early Warning Requirements in accordance with NI 62-103, which will also be available under the Issuer's SEDAR+ profile at www.sedarplus.com. The head office of the Issuer is Suite 204, 75-24th Street East Saskatoon, Saskatchewan, S7K 0K3. For further information or a copy of Mr. Reid's early warning report, please contact the Issuer at 306-668-6927 or by email at [email protected]; Attention: Misty Urbatsch, Chief Executive Officer.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206153

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