Class 1 Nickel and Technologies Ltd. announce an updated mineral resource estimate (?MRE?) for the Alexo North Nickel Deposit (?A-N Deposit?). The A-N Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project (the ?Project?), which covers approximately 1,895 hectares (18.95 km2). An update to the Alexo South Deposit was announced 24 April 2024 and updates to the remaining 2 nickel deposits contained within the Project (Dundonald South and North) will be completed over the coming months.

Class 1 Nickel completed its Phase 1 diamond drilling program on the Alexo-Dundonald Nickel Project (?A-D Project?) in 2021, with 6,396 m in 33 holes (683 core samples) completed at Alexo North. The updated MRE combines the new drill hole data with historical drilling (3,942.20 m in 29 holes) completed on the A-N Deposit by previous operators including the most recent drilling by Canadian Arrow (2,581.40 m in 27 drill holes, 2004). The updated MRE for the A-N Deposit was completed by Caracle Creek Chile SpA (?Caracle?) and their strategic partner Atticus Geoscience Consulting Ltd. (?Atticus?) (together the ?Consultants?).

This MRE replaces the 2020 mineral resource estimate completed by P&E Mining Consultants Inc. (Stone et al., 2020) which is filed on SEDAR+. The current MRE has been completed in accordance with National Instrument 43-10 (?NI-43-101?), and a technical report in support the MRE will be filed on SEDAR+ within 45 days from the date of this news release. As stated in the Company?s recent news releases dated 18 April and 24 April 2024, the primary objectives of the Company are to expand known mineralization and resources at its 4 existing magmatic nickel sulphide deposits within the Alexo-Dundonald Nickel Project.

Furthermore, the Company will be launching an exploration program to examine the as yet underexplored areas of the Project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by recently completed airborne geophysics and historical drilling, with new ground geophysics and remote sensing surveys being planned.