Spc Nickel Corp.TSXV: SPC

SPC Nickel Completes Detailed Modelling of HELITEM Data, Defining Priority Drill Targets at the Muskox Cu-Ni-PGM Project, Nunavut

· Issued by SPC Nickel Corp. via CNW

GREATER SUDBURY, ON, Oct. 7, 2026 /CNW/ -- SPC Nickel Corp. (TSXV: SPC) ("SPC Nickel" or the "Company") is pleased to provide an update on completed detailed geophysical modelling and next steps at the Company's 100%-owned, Muskox Cu-Ni-PGM Project ("Muskox" or the "Project") in Nunavut, Canada. The Company has completed detailed conductor modelling of its 2025 HELITEM airborne electromagnetic (EM) dataset, resulting in improved target definition and enhanced understanding of the controls on Cu-Ni-PGM mineralization across the project. The updated interpretation provides a refined framework for prioritizing targets ahead of the proposed 2027 diamond drill program.

Highlights

  • Detailed modelling of the 1,410 line-km HELITEM (2025) dataset has refined and prioritized Cu-Ni-PGM targets across the 496 km2 Muskox Project.
  • Detailed modelling of the mid to late channel EM data (Channels 10-25) has outlined 60 High-priority (Class A) Targets, 52 within the main Muskox Intrusion and 8 within the related Feeder Dyke.
  • Mid-to-later channel HELITEM EM anomalies are considered highly prospective to represent sulphide mineralization and are considered valid exploration Drill Targets in the Muskox context given the presence of high-grade copper, nickel and PGM mineralization (see "About the Muskox Intrusion" section below).

Grant Mourre, President and CEO of SPC Nickel, commented: "This is the first time Muskox has been imaged with modern airborne EM at this scale, and the results are compelling. Sixty Class A conductors give us a set of drill targets in a system that has already returned high-grade copper, nickel and PGM intercepts. Our ground EM survey results will now sharpen those targets, and our MT survey results will look deeper for new ones. With this foundation established, and further survey results to come, we are building toward a 2027 drill program with genuine discovery potential."

Detailed Conductor Modelling and Target Generation

The 2025 HELITEM airborne survey (1,410 line-km) identified 529 EM anomalies across the main Muskox Intrusion and the Feeder Dyke (see news release dated December 8, 2025). To prioritize these anomalies down to the strongest targets, the Company engaged a third-party consultant to conduct an extensive line-by-line review of the HELITEM data, focusing on the mid-to-late channels that are best suited to identifying potential sulphide-bearing targets in magmatic Cu-Ni systems.

That review generated plate models providing 'best-fit' 3D representations of the measured EM response, along with the size, orientation and conductance in siemens (S) of each anomaly. The resulting 359 discrete conductors along the main Muskox Intrusion and the Feeder Dyke have each been ranked A, B or C by modelled conductance as summarized in Table 1. Class A conductors, of which there are 60, are considered priority drill targets.

See figures 1 and 2 for the location of the modelled conductors.

Table 1: Modelled Conductor Ranking

Conductor Ranking1,2

Count

High (S)

Low (S)

Average (S)

MI – Class A

52

1,850

160

550

MI – Class B

92

820

65

265

MI – Class C

163

330

10

110

FD – Class A

8

1,700

570

930

FD – Class B

10

760

180

435

FD – Class C

34

330

24

130

     1.  MI = Main Intrusion
     2.  FD = Feeder Dyke

Next Steps

The HELITEM conductor modelling provides the geophysical framework for target ranking across the Project. The next stage of targeting draws on the Company's 2026 ground programs. The ground EM survey, completed over priority HELITEM conductors along the base of the Muskox Intrusion and the Feeder Dyke, will refine the location, geometry and conductance of those targets ahead of drilling. The ground magnetotelluric (MT) survey, which images conductivity to greater depth than airborne or ground EM, will be used to identify further targets, including deeper conductors beyond the reach of the airborne survey. Results from both surveys are forthcoming and will be reported in subsequent releases. They will be integrated with the airborne modelling into a three-dimensional model of the Muskox Intrusion. That model will finalize the ranked targets to focus the 2027 drill campaign on the highest-quality conductors along the main Muskox Intrusion and the Feeder Dyke. Targeting will be based on the first fully integrated, modern geophysical dataset produced at Muskox.

SPC Nickel Attains DTC Eligibility

SPC Nickel is also pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States. DTC eligibility allows the Company's shares to be traded and settled electronically through U.S. brokerage accounts, simplifying trading for U.S. investors and broadening access to the Company's shares.

About the Muskox Intrusion

Originally discovered in the 1950s by Inco, SPC Nickel's Muskox Project, located in Nunavut, Canada, represents one of the most prospective greenfield polymetallic copper, nickel, and PGM projects globally. The district-scale land package (496 km²) covers the majority of the Muskox Intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the world's most significant copper-nickel-PGM deposits, such as the massive Norilsk-Talnakh deposit.

The Muskox Intrusion is one of the largest and least deformed layered mafic to ultramafic bodies in the world. It was emplaced during a large magmatic event (Mackenzie Magmatic Event) in the Proterozoic by mantle plume volcanism related to the widespread Coppermine River Group flood basalts. The intrusion is broadly composed of two distinct, but related, components called the main Muskox Intrusion and the Feeder Dyke, which combined are exposed over a length of 125 km, and range in width from 200 to 600 metres in the Feeder Dyke to 11 km in the Main Body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a 60-year period identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the intrusion or in the adjacent footwall, like the Sudbury and Norilsk-Talnakh camps. Historical drill highlights from the Muskox Project include:

  • 7.50 metres @ 6.14% Cu, 2.76% Ni and 9.06 g/t PGM (Pt+Pd+Au)1 by Silvermet Corporation (2007); and
  • 13.74 metres @ 5.04% Cu, 2.21% Ni and 5.63 g/t PGM2 by Equinox Resources Ltd. (1987).

These results, combined with an extensive footprint of magmatic sulphide mineralization, historical high-grade drill intercepts, untested geophysical targets and limited modern follow-up, underscore the Project's discovery potential.

Length refers to downhole length. Insufficient work has been completed to assess true thickness.

References

1.

Vivian, Gary (2007). Muskox Project, Nunavut, 2007 Drill and Geophysical Survey Program Annual Report for Prize Mining, Assessment report. 57 p., 8 data Appendices.

2.

Page, J.W., Culbert, R.R. and Martin, L.S. (1988). Geochemical, geophysical and diamond drill reports on the Muskox property, NWT. Equinox Resources Ltd. DIAND Assessment report 082562. 56 p., 3 data Appendices.

Quality Assurance, Quality Control and Qualified Persons

The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo. (PGO), CEO and President of SPC Nickel Corp. and a Qualified Person under National Instrument 43-101.

The historical information shown in this news release was obtained from historical work reports filed by Equinox Resources Ltd. and Silvermet Corporation and has not been independently verified by a Qualified Person as defined by NI 43-101.

About SPC Nickel Corp.

SPC Nickel Corp. is a Canadian public corporation advancing high-potential Cu-Ni-PGM projects in Tier-1 jurisdictions across Canada. The Company's principal assets are its district-scale Muskox Cu-Ni-PGM Project in Nunavut and the Lockerby East Project in the Sudbury Mining Camp, which includes the West Graham Resource and the LKE Resource.

Cautionary Note on Forward-Looking Information

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 regulations, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Attached document

Contents
  1. SPC Nickel Identifies Extensive High Conductivity EM Targets at the Muskox Copper-Nickel-PGM Project, Nunavut · page 1
  2. Survey Highlights · page 1
  3. HELITEM Survey Results · page 1
  4. Muskox Intrusion Grid Results · page 2
  5. Muskox Intrusion Test Area (Figure 4) · page 2
  6. Feeder Dyke Grid Results · page 3
  7. Feeder Dyke Test Area (Figure 5) · page 3
  8. About the Muskox Intrusion · page 3
  9. Reference · page 4
  10. Quality Assurance, Quality Control and Qualified Persons · page 4
  11. About SPC Nickel Corp. · page 4
  12. Cautionary Note on Forward-Looking Information · page 4

Page 1

SPC Nickel Identifies Extensive High Conductivity EM Targets at the Muskox Copper-Nickel-PGM Project, Nunavut

Sudbury, Ontario – (December 8, 2025) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel” or the “Company”) is pleased to report results from its high-resolution HELITEM airborne electromagnetic (“EM”) survey, which has outlined multiple high-priority targets across the Company’s 100%-owned, 496 km2 Muskox Cu-Ni-PGM Project (“Muskox” or the “Project”) in the Kitikmeot Region of Nunavut. This modern EM dataset provides the first project-wide coverage of both the Muskox Intrusion and its Feeder Dyke in more than 20 years and has significantly expanded the pipeline of compelling exploration opportunities.

The survey has outlined numerous strong conductors, many located along the margins of the Muskox Intrusion and within the Feeder Dyke, that either coincide with known surface Cu-Ni-PGM mineralized zones or define new exploration targets. Preliminary analysis of selected ‘Test Areas’ has identified several high-priority, high-conductance targets, extending for several hundred metres, that remain untested by drilling. Together, these results reinforce both the scale and prospectivity of the Muskox system and position the Company to advance a focused, data-driven exploration program.

Survey Highlights

• Eighty-five strong electromagnetic conductors identified at the Muskox Project in 1,410 line-km airborne electromagnetic survey data collected by the Xcalibur HELITEM low-frequency timedomain system.

• Many of the strongest EM conductors coincide with the margins of the Muskox Intrusion or occur within the Feeder Dyke and align with zones of known Cu-Ni-PGM sulphide mineralization or represent new exploration targets.

• The modeled anomalies within the two Test Areas indicate very conductive sources that are at or near the upper limits of the conductance resolution of the HELITEM EM system.

Grant Mourre, President and CEO of SPC Nickel commented, “The results from this first modern propertywide EM survey mark another important step forward in our understanding of the Muskox system and confirming the immense prospectivity of the district. For the first time in more than two decades, we have a modern, high-resolution geophysical dataset that shows how numerous strong, high-conductance EM targets are distributed along the margins of the Muskox Intrusion and within the 60-kilometre Feeder Dyke, many of which are coincident with locations of high-grade Cu-Ni-PGM mineralization that was identified during our 2025 field program. Taken together with the results from our summer mapping and sampling program, the scale, strength, and broad distribution of these conductors have significantly expanded our pipeline of high-quality, drill-ready targets. SPC Nickel is now positioned to advance a focused, data-driven exploration program in 2026 that we believe can unlock meaningful new discoveries across the Project.”

HELITEM Survey Results

The survey was flown between August 18 and September 2, 2025 with Kugluktuk, Nunavut serving as the base of operations. Survey coverage consisted of 1,203 km of traverse lines, flown in two separate blocks (North and South Blocks) with a spacing of 200 metres, and 207 km of tie lines for a total of 1,410 km.

Electromagnetic anomalies were picked, examined and ranked by Xcalibur’s proprietary software based on a number of geophysical parameters (X & Z EM responses, decay information and magnetic response). On this basis, each anomaly is assigned a conductor grade between 1 and 6 with 6 being the strongest and 1 being the weakest. A (Conductivity-Thickness-Product) (CTP) value is then calculated that indicates the strength of each anomaly.

Page 2

Further modeling of selected conductors within Test Areas in both the North and South Block grids has been completed to refine estimates of their size, conductance, and spatial positions (these Test Areas are shown in Figures 4 and 5). This work serves as an initial test and will be expanded to encompass all priority conductors across both grids. These modeled conductors are being integrated with the 2025 mapping and surface sampling results to refi ne target ranking and define areas for follow-up exploration.

Alan King, Geophysical Consultant of SPC Nickel commented, “The modeled anomalies at the north end of the Feeder Dyke and the anomalies along the western margin of the main Muskox Intrusion both indicate very conductive sources that are at or near the upper limits of the conductance resolution of the HELITEM EM system. The simplest models of these targets are very conductive flat sheets, but which may also represent the flat tops of thicker conductive bodies that cannot be penetrated by conventional pulse airborne electromagnetic systems. The presence of such strong conductors is highly encouraging from an exploration perspective.”

Muskox Intrusion Grid Results

The main body of the Muskox Intrusion was covered by the north grid, consisting of 750 line-km flown on east-west lines spaced 200 metres apart. A total of 780 EM anomalies were identified within this grid, summarized in Table 1 and illustrated in Figure 1. These anomalies have been graded and categorized according to their assigned CTP values, and a filtering process was applied to remove responses interpreted to originate from serpentinized ultramafic lithologies that dominate the central portion of the Intrusion. Post-filtering a total of 490 anomalies are interpreted to be related to prospective horizons within the Muskox Intrusion and the surrounding footwall lithologies (Figure 2).

Table 1: 2025 Main Intrusion EM Anomalies (filtered and unfiltered) graded by Xcalibur and categorized by their CTP values.

Conductor Grade1Conductor CTP Range (S)2Number of ConductorsNumber of Conductors Passing Filter
6>5022483
520-50252142
410-2011079
35-1010699
21-58685
10-122
Total780490

1. Conductor Grade determined by Xcalibur Multiphysics proprietary software (6 = Strong, 1 = Weak).

2. CTP values measured in siemens (S).

Muskox Intrusion Test Area (Figure 4)

The 500-metre-long test area encompasses a series of high-conductivity airborne EM conductors associated with a pronounced embayment of the intrusion contact along the western margin of the Muskox Intrusion. Detailed modeling of the airborne EM anomalies (Figure 4) on Line 20370 of the north grid shows two untested, large high-conductivity features coincident with the contact of the Muskox Intrusion and highgrade mineralization at surface.

• Anomaly 1 (A1) is modeled as a plate measuring 400 metres by 180 metres with a thickness of 50 metres at a depth of 30 metres below surface. The strength of the anomaly, measured in siemens (S), is 500S.

• Anomaly 2 (A2) is modeled as a plate measuring 180 metres by 140 metres with a thickness of 50 metres at a depth of 30 metres below surface. The strength of the anomaly is 800S and is interpreted to represent the high-conductivity core of the anomaly.

Page 3

Feeder Dyke Grid Results

The 60 km long Feeder Dyke was covered by the south grid, consisting of 660 line-km flown on east-west line spaced 200 metres apart. A total of 39 EM anomalies were identified within this grid, summarized in Table 2 and illustrated in Figure 3. These anomalies have been graded and categorized according to their assigned CTP values. No filtering process was applied to the data as serpentinized ultramafic are not present in the survey area (Figure 3).

Table 2: 2025 Feeder Dyke EM Anomalies graded by Xcalibur and categorized by their CTP values.

Conductor Grade1Conductor CTP Range (S)2Number of Conductors
6>502
520-502
410-207
35-1012
21-516
10-10
Total39

1. Conductor Grade determined by Xcalibur Multiphysics proprietary software (6 = Strong, 1 = Weak).

2. CTP values measured in siemens (S).

Feeder Dyke Test Area (Figure 5)

At the northern end of the south grid, a cluster of moderate to high-conductivity anomalies was observed along a 1,150-metre section of the Muskox Feeder Dyke. These anomalies occur within the Feeder Dyke and are aligned parallel to its inferred internal lithological layering.

Show more of the filing

• Anomaly 1 (A1) is modeled as a plate measuring 200 metres by 75 metres with a thickness of 100 metres at a depth of 80 metres below surface. The strength of the anomaly is 500S and is interpreted to represent the high-conductivity core of the anomaly.

• Anomaly 2 (A2) is modeled as a plate measuring 400 metres by 65 metres with a thickness of 50 metres at a depth of 130 metres below surface. The strength of the anomaly is 75S.

About the Muskox Intrusion

Originally discovered in the 1950s by Inco, SPC Nickel’s Muskox Project, located in Nunavut, Canada, represents one of the most prospective greenfield polymetallic copper, nickel, and PGM projects globally. The district-scale land package (496 km2) covers the majority of the Muskox Intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the world’s most significant coppernickel-PGM deposits, such as the massive Norilsk-Talnakh deposit.

The Muskox Intrusion is one of the largest and least deformed layered mafic to ultramafic bodies in the world. It was emplaced during a large magmatic event (Mackenzie Magmatic Event) in the Proterozoic by mantle plume volcanism related to the widespread Coppermine River Group flood basalts. The intrusion is broadly composed of two distinct, but related, components called the Main Muskox Intrusion and the Feeder Dyke, which combined are exposed over a length of 125 km, and range in width from 200-600 metres in the Feeder Dyke to 11 km in the Main Body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a roughly 60-year period identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the intrusion or in the adjacent footwall, similar to the Sudbury and Norilsk-Talnakh camps. Historical drill highlights from the Muskox Project include:

• 7.50 metres @ 6.14% Cu, 2.76% Ni and 9.06 g/t PGM (Pt+Pd+Au)1 by Silvermet Corporation (2007) and

• 13.74 metres @ 5.04% Cu, 2.21% Ni and 5.63 g/t PGM2 by Equinox Resources Ltd. (1987).

Page 4

These results, combined with an extensive footprint of magmatic sulphide mineralization, historical highgrade drill intercepts, untested geophysical targets and limited modern follow-up, underscore the Project’s discovery potential.

Reference

1. Vivian, Gary (2007). Muskox Project, Nunavut, 2007 Drill and Geophysical Survey Program Annual Report for Prize Mining, Assessment report. 57 p., 8 data Appendices.

2. Page, J.W., Culbert, R.R. and Martin, L.S. (1988). Geochemical, geophysical and diamond drill reports on the Muskox property, NWT. Equinox Resources Ltd. DIAND Assessment report 082562. 56 p., 3 data Appendices.

Quality Assurance, Quality Control and Qualified Persons

The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo. (PGO), CEO and President of SPC Nickel Corp. and a Qualified Person under National Instrument 43-101.

The historical information shown in this news release was obtained from historical work reports filed by Equinox Resources Ltd. and Silvermet Corporation have not been independently verified by a Qualified Person as defined by NI 43 101.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for high-grade polymetallic Cu-Ni-PGM mineralization in Nunavut and within the world-class Sudbury Mining Camp. SPC Nickel is currently exploring its unique district-scale polymetallic Muskox Project in Nunavut where the team recently completed its 2025 summer field program. The Company is also advancing its 100%-owned exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp, which includes the West Graham Resource and the LKE Resource. SPC Nickel is committed to advancing high-potential polymetallic projects in Tier-1 jurisdictions across Canada with an emphasis on Nunavut and Sudbury.

Further information is available at www.spcnickel.com and/or by contacting:

Grant Mourre P.Geo. Chief Executive Officer SPC Nickel Corp. Tel: (705) 669-1777 Email: info@spcnickel.com

Cautionary Note on Forward-Looking Information

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Page 5

Figure 1: Geological map of the main Muskox Intrusion displaying the flightlines of the 2025 HELITEM survey and all the EM conductors color coded based on conductor grade as well as the Test Area (Figure 4).

Page 6

Figure 2: Geological map of the main Muskox Intrusion displaying the flightlines of the 2025 HELITEM survey and the filtered EM conductors color coded based on conductor grade as well as the Test Area (Figure 4).

Page 7

Figure 3: Geological map of the Feeder Dyke displaying the flightlines of the 2025 HELITEM survey and the EM conductors color coded based on conductor grade as well as the Test Area (Figure 5).

Page 8

Figure 4: Main Muskox Intrusion ‘Target Area’ showing the location and properties of the modeled HELITEM anomalies.

Page 9

Figure 5: Muskox Feeder Dyke ‘Target Area’ showing the location and properties of the modeled HELITEM anomalies.

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