Vancouver British Columbia, December 11, 2024 (Global Newswire) – NICKEL NORTH CORP. (TSX-V:NNX) (the “Company” or “NNX”) announce that, further to its news release of August 13, 2024, it has entered into an option agreement (the “Option Agreement”) with 1844 Resources Inc. (“1844”), pursuant to which Nickel North has granted options to the Company to acquire up to a 100% interest, free and clear of all encumbrances, except for an underlying net smelter returns royalty (the “Underlying Royalty”),[1]  in the Hawk Ridge property in Quebec (the “Hawk Ridge Property”). The Option Agreement is subject to the approval of the TSX Venture Exchange (the “Exchange”).

The transactions contemplated under the Option Agreement do not involve any “Non-Arm’s Length Party” as such term is defined in the Policies of the Exchange and no finders fees are payable by Nickel North.  

Option Agreement

Upon execution of the Option Agreement, Nickel North received from 1844 a non-refundable cash payment of $12,000. Additionally, within five business days of the effective date (the “Effective Date”) that is defined in the Option Agreement as two business days following receipt of the final acceptance by the Exchange, 1844 will be required to pay to Nickel North $200,000 and issue to Nickel North 5,000,000 common shares in the capital of 1844 (“EFF Shares”).

First Option

Pursuant to the terms of the Option Agreement, the Company granted 1844 an option (the “First Option”) to earn an 80% interest in the Hawk Ridge Property by:

1. 1.  Paying to the Company in cash:
      1. $250,000 on the date that is the one year anniversary of the Effective Date (the “First Anniversary”);
      2. $250,000 on the date that is one year following the First Anniversary (the “Second Anniversary”);
      3. $250,000 on the date that is one year following the Second Anniversary (the “Third Anniversary”);
      4. $250,000 on the date that is one year following the Third Anniversary (the “Fourth Anniversary”); and
      5. $300,000 on the date that is one year following the Fourth Anniversary (the “Fifth Anniversary”);
   2. Issuing to the Company:
      1. 3,000,000 EFF Shares on the First Anniversary;
      2. 3,000,000 EFF Shares on the Second Anniversary;
      3. 3,000,000 EFF Shares on the Third Anniversary;
      4. 3,000,000 EFF Shares on the Fourth Anniversary; and
      5. 4,000,000 EFF Shares on the Fifth Anniversary; and
   3. Incurring on the Hawk Ridge Property:
      1. $500,000 of exploration expenditures before the First Anniversary;
      2. $1,000,000 of exploration expenditures before the Second Anniversary;
      3. $1,500,000 of exploration expenditures before the Third Anniversary;
      4. $1,500,000 of exploration expenditures before the Fourth Anniversary; and
      5. $1,500,000 of exploration expenditures before the Fifth Anniversary.

A summary of the foregoing option payments is included in the chart below.

Event	Cash Payment	EFF Shares issued	Exploration Expenditure	Interest Earned (cumulative)*
Option signing	$12,000	-	-	-
Exchange approval	$200,000	5,000,000	-	10%
First Anniversary	$250,000	3,000,000	$500,000	20%
Second Anniversary	$250,000	3,000,000	$1,000,000	30%
Third Anniversary	$250,000	3,000,000	$1,500,000	40%
Fourth Anniversary	$250,000	3,000,000	$1,500,000	60%
Fifth Anniversary	$300,000	4,000,000	$1,500,000	80%
Total	$1,512,000	21,000,000	$6,000,000	80%
* If 1844 does not complete the full first option, 1844 will forfeit its interest in the Hawkridge Property in exchange for common shares of Nickel North at a monetary value determined pursuant to the terms of the Option Agreement.

Second Option

Additionally, the Company granted to 1844 a further option (the “Second Option”), following 1844’s exercise of the First Option, to earn the remaining 20% interest in the Hawk Ridge Property, subject to the Underlying Royalty and the NSR Royalty (as defined below), by paying to Nickel North an additional $2,000,000 before the date that is one year following the Fifth Anniversary. If 1844 exercises the Second Option, 1844 will grant to Nickel North a 2% net smelter returns royalty from all mineral production from the Hawk Ridge Property (the “NSR Royalty”).

About Nickel North Exploration

Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 km². Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development. For more information on the company, please visit www.nnexploration.com or follow Company on Twitter at https://twitter.com/nickelnorth.

Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals value chain by Quebec's Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 (quebec.ca), which is part of Quebec's Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling

Per:    "Tony Guo"   

Nickel North Exploration Inc. Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480) E-mail: tonyguo@nnexploration.com

North America IR / PR Jemini Capital Kevin Shum kevin@jeminicapital.com Tel: +1 (647) 725-3888 x702

FORWARD LOOKING INFORMATION

his news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

For further information please visit http://www.nnexploration.com

This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward- looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.