Flying Nickel Mining Corp. announced the results of an updated Mineral Resource Estimate (MRE) prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (MRMR) (2014) and CIM MRMR Best Practice Guidelines (2019) for its 100% owned Minago nickel platinum group metals (PGM) project (Minago Project) in Manitoba's Thompson Nickel Belt in Canada. The Minago Project MRE, effective date March 18th 2024, was prepared by Mercator Geological Services Limited ("Mercator") and includes a total Measured and Indicated ("M&I") Mineral Resource of 125,700 oz of platinum ("Pt"), 279,330 oz of palladium ("Pd"), and 689.53 million pounds of nickel ("Ni") (43.44 million tonnes grading 0.20 grams per tonne ("g/t") Pd, 0.09 g/t Pt, 0.72% Ni).

Platinum is a key ingredient in hydrogen engines in the next generation electric vehicles planned by GM and Toyota. Hydrogen engines require up to 5 times more platinum compared to amounts required by today's catalytic converters. Minago Project potentially plays an important role in supplying key battery ingredients for the current and future generations of electric vehicles, catering to the North American market.

The updated MRE results in a 41.95% increase in the M&I In-Pit Mineral Resource to 531.31 million pounds of nickel over the previous MRE published in the Company's July 6, 2021 news release (35.97 million tonnes grading 0.67% Ni, 0.08 g/t Pt, 0.18 g/t Pd). The M&I In-Pit resource increase is attributed to the Company's 2022 drill program. The PGM addition to the MRE is based on PGM assays before 2022, additional PGM assays from the Company's 2022 drill program, and the Company's 2023 PGM assay program on historic drill cores.

In total, 4,041 meters from 47 holes (drilled prior to 2021) were assayed for PGM in 2023. This expanded on the existing PGM sample dataset that includes 6 holes and 1,320 meters of PGM sampling completed by Flying Nickel in 2022 and 70 holes and 9,622 meters of PGM sampling completed by previous operators prior to 2021. The Minago Project has been the subject of over $50 million in exploration, a historical feasibility study and environmental permitting expenditures by various previous interests since 1980', the most recent of these being by Victory Nickel Inc. and Flying Nickel since the Company acquired the project in 2021.

On July, 21, 2022, Flying Nickel submitted the Notice of Alteration ("NOA") to Environment Act Licence No. 2981 for the Minago Project. Flying Nickel expects to receive the final decision on the NOA in the fall of 2024.