Class 1 Nickel and Technologies Ltd. announced an updated mineral resource estimate ("MRE") for the Alexo South Nickel Deposit ("A-S Deposit"). The A-S 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). Updates to the other 3 nickel mineral resources contained within the Project will be completed over the coming months.

This work allows to now target for future drilling programs using the most optimal information available with the ultimate goal of expanding mineral resources and moving into economic studies such as a Preliminary Economic Assessment which is planned for 2024. Class 1 Nickel completed diamond drilling on the Alexo-Dundonold Nickel Project ("A-D Project") in 2021 with 9,222 m in 37 holes (869 samples) completed at Alexo South. The updated mineral resource estimate combines the new drill hole data with historical drilling (24,237 m in 184 holes) completed on the A-S Deposit by previous operators including the most recent drilling by Canadian Arrow (10,128 m in 105 drill holes, 2004 to 2005) and First Nickel (985 m in 10 drill holes, 2004).

A cross-section view of the current MRE and optimized pit shell is provided in Figure 2. Location of the Alexo-Dund onald Nickel Project in the Timmins Mining Camp, Ontario and the location of the 4 nickel sulphide deposits. The updated MRE was completed by Caracle Creek Chile SpA ("Caracle") and their strategic partner Atticus Geoscience Consulting Ltd. ("Atticus") (together the "Consultants") and this resource 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.

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. The Company is currently planning a targeted diamond drilling program to outline this deposit type within theAlexo-Dundonald Project. This two-pronged approach - develop "traditional" high-grade nickel sulphide resources and in parallel large-tonnage, low grade nickel deposits - brings together the best of both nickel deposit types which are actively and aggressively being explored for and developed within the Timmins Mining Camp.

Core Handling, Assay and QA/QC Procedures: After visually logging the NQ-size drill core from the 2021 Class 1 Nickel diamond drilling program (Alexo South Deposit), drill core was cut in half at the core logging and cutting facility with one half of the core bagged and the other half saved in the core tray and put into the core tray and put into into the core.