SPC Nickel Announces $3,000,000 Private Placement

SUDBURY, June 1, 2023 - SPC Nickel Corp. (TSXV: SPC) ("SPC Nickel" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") of common shares ("Common Shares") and flow-through common shares ("FT Shares"), in any combination to raise aggregate gross proceeds of up to $3,000,000, for a maximum of 33,333,333 shares. Each Common Share will be issued at a price of $0.09 per Common Share. Each FT Share will be issued at a price of $0.105 per FT Share.

The Company may pay to eligible finders assisting in the Offering (i) a cash commission equal to 6% of the gross proceeds raised by such finders; and (ii) such number of compensation warrants ("Compensation Warrants") as is equal to 6% of the total number of Common Shares and/or FT Shares sold by such finders. Each Compensation Warrant shall be exercisable to acquire one Common Share at an exercise price of $0.105 per Common Share for a period of 12 months following the date of issuance.

The gross proceeds from the FT Shares issued in connection with the Offering will be used to advance both the Company's Lockerby East Project, located in the world-class Sudbury Mining Camp, and the Company's Muskox Property, located in Nunavut, NWT. In addition, such gross proceeds will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's mineral properties. Proceeds from the Common Shares issued in connection with the Offering will be used for general working capital purposes.

The Offering remains subject to the approval of the TSX Venture Exchange.

SPC Nickel Corp. is a Canadian public corporation focused on exploring for Ni-Cu-PGMs within the world class Sudbury Mining Camp. SPC Nickel is currently exploring its key 100% owned exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp that includes the West Graham Resource and the Crean Hill 3 property under option from Vale. SPC Nickel also holds three additional projects across Canada including the large camp-scale Muskox Project (located in Nunavut), the past producing Aer-Kidd Project (located in the Sudbury Mining Camp) and the Janes Project (located 50 km northwest of Sudbury). The corporate focus is on Sudbury, and SPC Nickel continues to look for new opportunities to add shareholder value. Additional information regarding SPC Nickel and its projects can be found at www.spcnickel.com.

Neither TSX Venture Exchange nor its Regulation 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.

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of SPC Nickel. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, SPC Nickel expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE SPC Nickel Corp.