TORONTO, July 13, 2026 /CNW/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce it has entered into a Binding Letter of Intent with Noble Mineral Exploration Inc. ("Noble") (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) signed on July 13, 2026 to sell the Lucas Gold Project to Noble and has acquired property within the Crawford Nickel Project overall footprint.
Mark Selby, CEO of Canada Nickel said, "We are pleased to position the Company to generate value from a non-core property with Noble Mineral Exploration and wish them well with their exploration activities."
Lucas Transaction Structure
Noble will issue 5,000,000 units in the capital of Noble (the "Units"), with the Units being valued at $0.06 per Unit. Each Unit will consist of one Common Share and one half non-transferable Common Share Purchase Warrant. One Common Share Purchase Warrant will be exercisable allows at $0.15 per share for a period of two (2) years;
Canada Nickel will be granted the right (the "Back-in Right") to purchase from Noble a 25% interest in the Property, at any time beginning on the Trigger Date (as defined below), by making a payment to Noble equal to four (4) times the expenditures incurred by Noble for the exploration and maintenance of the Property (including any costs of geological, scientific and other analyses and reports) ("Exploration Expenditures"). The "Trigger Date" will be the date that is the earlier of: (1) 36 months from the closing of the transaction; (2) the date when at least $5 Million of Exploration Expenditures have been incurred on or with respect to the Property (including any adjacent properties); and (3) the date when Noble enters into a binding agreement for the sale of the Property, or the date when a change of control occurs with respect to Noble, unless the Back-in Right is not affected by such transaction.
The transactions under the letter of intent remain subject to the parties negotiating a definitive agreement, as well as to compliance with legal requirements and any requirements of the TSX Venture Exchange. As such, Canada Nickel and Noble will announce further details as work on the transaction proceeds.
Other Property Acquisitions
Canada Nickel has acquired a 100% interest in a set of mining claims in Lucas Township and are within the Company's proposed Crawford project overall footprint. The purchase includes the issuance of 60,000 Canada Nickel common shares (subject to a 4 month hold) and a Net Smelter Return (NSR) of 1.5%, 50% of which can be bought down for $500,000 (thus reducing the NSR to 0.75%).