NorthX Nickel Corp. provided a summary of the drilling completed and an update on the latest geophysics results for work completed through its 2023- 2024 exploration program at its 100%-owned Grasset Ni-Cu-PGE Project in the Abitibi Greenstone Belt of Quebec, Canada. 2023- 2024 Drill Program: Summary of 2023 drilling: 1. The Phase One program in 2023 consisted of 6 DDH for 5,796 metres drilled between February and July 2023; 2. The first 2 holes were designed as deep sub-vertical pilot-holes that were drilled for directional drilling to test for extensions of the H3 and H1 mineralized horizons at depth, however both were abandoned due to difficult ground conditions; 3. GR23-03, the first hole to reach its planned target, intersected the high-grade H1X Discovery Zone 4. The next 3 holes tested under the H3 mineralized horizon without any significant results; and 5. Two more holes drilled in the Fall of 2023 confirmed the extension at depth of the new H1X Discovery Zone.

Summary of 2024 drilling: 1. GR24-09 was abandoned due to drilling problems trying to test a deep conductive plate 2 km northeast of Grasset; 2. GR24-10A extended the H1X mineralized zone to the east; and 3. GR24-11 missed the ultimate target due to strong deviation of the drill hole. H1X Discovery Zone: The H1X Discovery Zone starts at a depth of 300 metres and is less than 500 metres east of the Grasset deposit (5.5 MT @ 1.53% NiEq). The mineralization within the H1X Zone consists of thicker net-textured and/or disseminated sulphide zones with thin basal massive sulphide intervals that may thicken towards the central part of the interpreted channel structure.

TheH1X Zone is open at depth and laterally for at least 500 metres. In many respects the H1X Zone closely reflects the H3 Horizon which hosts most of the current resource, suggesting ample room for additional nickel mineralization in this zone. .

The H3, H1 and now the H1X Ni-Cu magmatic sulphides are hosted within what appears as subvolcanic ultramafic intrusions. The H1 Horizon is located at the base of the ultramafics and the H3 Horizon within another intrusion higher up in the stratigraphic sequence. They are separated by 10 to 50 metres of weakly mineralized ultramafics.

These subvolcanic ultramafic rocks intrude into sulphide-rich metasediments and both felsic and mafic volcanics. They are cut by quartz porphyry dykes and some shear zones and late faults. The H3 Horizon has been delineated across a strike length of over 500 metres and hosts the bulk of the high-grade Ni-Cu-PGE resources.

In comparison, the H1 Horizon has been delineated across a greater strike length of over 900 metres and although it currently hosts mostly disseminated nickel sulphides. H1X is an extension of the H1 Horizon to the southeast and is thicker, hosting higher Ni, Cu and PGE grades in addition to massive sulphides. In comparison, the nickel grades of the H1X mineralization are higher than the 0.82% Ni average grade of the indicated resources that are hosted by the H1 Horizon.

In general, the mineralized horizons contain disseminated, net-textured and massive sulphides containing the sulphide minerals pyrrhotite, pentlandite, pyrite and chalcopyrite. The mineralized horizons belong to the Grasset Ultramafic Complex ("GUC") which strikes west- northwest in the deposit area, dips subvertically to the northeast and extends for about 10 kilometres to the northwest. The GUC is cut by the south-dipping Sunday Lake Deformation Zone ("SLDZ") to the southeast, allowing for a hidden zone of mineralized GUC rocks in the footwall of the SLDZ.

Airborne Magneto-telluric Survey The entire Grasset property was covered by an airborne magneto-telluric survey conducted by Expert Geophysics Limited in 2023. The survey consisted of 781 line-kilometres of magneto-telluric (MT), magnetics (MAG), and Very Low Frequency Electromagnetic (VLF) over a 148 km2 area, including the Grasset deposit sector (Figure 3). The purpose of the survey was to map bedrock structures and lithology, including possible alteration and mineralization zones reflected in the electrical resistivity and magnetic properties of the rocks.

The data were processed to identify anomalous zones of MT resistivity (less than 600 Ohm-m) and residual magnetic field strength. The resultant processed responses clearly identify the Grasset deposit and, more significantly, a large area just east of the Grasset deposit where coincident magnetic and low resistivity anomalous responses, with similar intensities as the Grasset deposit, have been delineated. Additionally, just north and west of the Grasset deposit, several MAG-MT anomalies occur in areas of sparse shallow historical drilling.

Discrete coincident magnetic and low resistivity anomalies are also clustered farther west of the Grasset deposit area. In the far north-west part of the property, an isolated VTEM anomaly was previously drilled by historical hole JER-15-04 that intersected ultramafic rocks with 3.5 metres of barren semi-massive sulphides (mainly pyrrhotite) at the south-west contact of the ultramafic rocks. The 2023 airborne MT survey detected a deeply buried (800-1,000m), wide, thick (300 to 600m) and isolated flat lying MT-Mag feature of 400 Ohm-m that dips up to the ultramafic intersection in hole JER15-04.

This large conductive zone is a very attractive target to follow-up given that the MT data strongly suggests that the conductive zone connects with the ultramafic rocks intersected in JER-15-04 that hosts 3.5 metres of magmatic semi-massive sulphides. A detailed ground MT survey is proposed to better define this deep anomaly before any further drilling in this area. Basal Till Survey: The Grasset property is an underexplored 23-kilometre-long belt containing abundant favorable ultramafic host rocks but without outcrop.

Quaternary glacial overburden is 50 to 90 metres thick in the southeastern half of the property, and 20 to 50 metres in the northwestern half. Such thick glacial overburden renders the Grasset deposit and other potential mineralization blind to conventional surface geochemical sampling techniques. A 15-hole orientation sonic drill program was therefore performed in 2023 to sample both the basal till, and 2-3 metres of solid bedrock below the overburden.

Geochemical anomalies in the basal till can indicate the proximity to bedrock mineralization. This technique is commonly used with success in exploration campaigns for detecting mineral deposits under thick glacial overburden. It was demonstrated by Veillette et al.

(2005)1 that the oldest and main glacial movement in the Grasset property area was from southeast to northwest. Sonic hole number 4, located just north of theH1 Horizon and directly northwest of the Grasset resource, shows a very high geochemical anomaly in the fines of the basal till.