SPC Nickel Launches 2026 Field Season at the Muskox Cu-Ni-PGM Project, Nunavut

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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.

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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.

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.

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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.

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.

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SPC Nickel Identifies Large-Scale Geophysical Targets at the Muskox Copper-Nickel-PGM Project, Nunavut

Sudbury, Ontario – (January 26, 2026) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel” or the “Company”), is pleased to report results from its 1,109 line-km MobileMT electromagnetic geophysical (“MobileMT” or “MMT”) survey at the Company’s 100%-owned, 496 km² Muskox Cu-Ni-PGM Project (“Muskox” or the “Project”) in the Kitikmeot Region of Nunavut.

The MobileMT survey, the first of its kind at Muskox, has successfully outlined multiple large-scale, highpriority conductive target areas across the Muskox Project, significantly enhancing the Company’s understanding of the subsurface architecture of the Muskox Intrusion and highlighting compelling targets for future ground-based exploration and ultimately drill testing.

Survey Highlights

• Identification of a large, shallow, north-plunging stratiform conductive horizon with a strike length exceeding 27 kilometres, interpreted to represent serpentinized ultramafic rocks occupying the central core of the Muskox Intrusion (Figure 1).

• Delineation of several discrete high-conductivity (low-resistivity) anomalies, ranging from approximately 1 km² to 5 km² in surface area, that extend to depths beneath the interpreted limits of the serpentinized ultramafics. These anomalies are considered prospective for sulphide mineralization and remain open at depth and untested by drilling (Figure 2).

• Many of the high-conductivity anomalies are spatially associated with the basal contact of the Muskox Intrusion and the underlying Feeder Dyke, geological environments known to host highgrade Cu-Ni-PGM mineralization elsewhere within the system.

• A number of priority conductive anomalies are coincident with major regional structures, including the Canoe Lake, Sinister, and Valley Faults, which may have acted as structural conduits and traps for sulphide mineralization.

Grant Mourre, President and CEO of SPC Nickel commented, “The results from our MobileMT survey represent a significant step-change for Muskox. For the first time in more than two decades, we now have modern, property-wide geophysics that provides a much clearer view of the system at depth and helps us separate broad geology from the discrete conductors that matter most. The survey has outlined a major, district-scale conductive horizon and multiple kilometre-scale, high-conductivity anomalies that remain open and untested, with several sitting along the basal contact and near the intersection of the main intrusion and the Feeder Dyke - proven environments that are consistent with Cu-Ni-PGM mineralization identified elsewhere at Muskox. This dataset enables us to sharpen our targeting and move into 2026 with a focused, data-driven program aimed at testing the strongest conductors and advancing the next phase of discovery across the Project.”

Survey Results

Analysis of the MobileMT data has outlined multiple exploration targets, characterized by strong, deep conductive anomalies coincident with interpreted structural features, suggesting a potential for sulphide mineralization associated with basal contact of the Muskox Intrusion and the underlying Feeder Dyke. The Company now has a robust dataset of new airborne surveys, including MobileMT, HELITEM, VLF as well as magnetic datasets, providing a comprehensive understanding of both shallow and deep portions of the Muskox Intrusion and related Feeder Dyke. This multi-layered geophysical framework enhances the ability to vector toward high-priority Cu-Ni-PGM targets with increased confidence. The Company is actively integrating these results with historical data to refine and prioritize future exploration and potential drill targets.

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MobileMT Survey

SPC Nickel contracted Expert Geophysics Limited to perform large-scale geophysical surveys with the objective of providing comprehensive coverage of the highly prospective Muskox Intrusion. Particular focus was given to determining the overall three-dimensional shape and morphology of the Muskox Intrusion and for identifying both large conductive regions and regional structure associated with the basal contact of the Muskox Intrusion and the extensive Keel Zone target, a Voisey’s Bay analogue. The survey was the first of its kind completed over the highly prospective Muskox Intrusion.

The survey was flown between July 28^th and August 3^rd, 2025 with Kugluktuk, Nunavut serving as the base of operations. Survey coverage consisted of 1,031 km of traverse lines, flown in two separate blocks (North and South Blocks) with a spacing of 200 to 500 metres, and 78 km of tie lines for a total of 1,109 km.

MobileMT uses naturally occurring electromagnetic fields in the frequency range of 25 Hz – 20,000 Hz to map the variations in the electrical conductivity of the subsurface. MobileMT is the most advanced generation of airborne audio-magnetotelluric survey that combines the latest achievements in electronics, advances of modern airborne system design, and sophisticated signal processing techniques. MobileMT is capable of delivering geoelectrical information from shallow to >1 km depth range with high spatial and resistivity resolution. The MobileMT system detects resistivity contrasts of geology structures and boundaries of any shape and in any direction due to total field (three-component) measurements.

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).

These results, combined with an extensive footprint of magmatic sulfide mineralization, historical highgrade 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.

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.

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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.