Class 1 Nickel and Technologies Ltd. announced that Caracle Creek Chile SpA and their strategic partner Atticus Geoscience Consulting Ltd. have completed the first stage of a comprehensive independent review of both the Alexo-Dundonald and Somanike nickel projects. Work is near-complete on the delivery of an updated Mineral Resource Estimate for the Alexo South Nickel Deposit, one of 4 nickel deposits on the Alexo-Dundonald Project, located about 45 km northeast of the City of Timmins, Ontario and covering approximately 1,895 hectares (18.95 km). Updates to the other 3 nickel mineral resources contained within the Project will be completed over the coming months.

To date, the Consultants have made significant progress with the Alexo-Dundonald Project: Geological database compilation (>120,000 m of drilling), review, and validation program. Completion of the Company?s first comprehensive 3D geological model (lithology, mineralization, structure, alteration and metal domains) and detailed interpretation at Alexo South. Targeting for resource expansion at Alexo South as part of the updated MRE.

Targeting for resource expansion at Alexo North initiated. Updated mineral resource estimate for Alexo South, inclusive of results from the 2021 diamond drilling program, pending release. Design and optimization of a new pit shell at Alexo South, forming part of the updated MRE.

Environmental and permitting requirements, initially focusing on Alexo South and Alexo North, are being reviewed with an aim toward evaluating the return to small-scale nickel production. Updated mineral resource estimates for Alexo North, Dundonald South and Dundonald North are underway. Targeting and planning for next drilling programs at Alexo South, Alexo North, Dundonald South and Dundonald North.

Property-wide target generation and drill hole planning outside of the four known deposit areas. Drill hole planning to target and develop large-tonnage, low-grade nickel deposits on the Project. The primary objectives of the Company are to expand known mineralization and resources at its 4 existing magmatic nickel sulphide deposits within the Alexo-Dundonald Nickel Project.

Furthermore, the Company will be launching an exploration program to examine the as yet underexplored areas of the Project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. 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. In addition to the high-grade nickel sulphide (>1.0% Ni) potential it see at Alexo-Dundonald, immense potential exists to target and develop large tonnage, low-grade komatiite-hosted deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project).

The Company is currently planning a targeted diamond drilling program to outline this deposit type within the Alexo-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.