Vancouver, British Columbia, January 27, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company“) is pleased to announce the Company will be showcasing high-grade NI-CU-PGE drill core from the Fortin Sill Zone at the Vancouver Resource Investment Conference on January 29-30 2023. Conference attendees are invited to visit the QNI representatives at booth 511 during the two-day event to review some of the impressive high-grade Ni-Cu-PGE core drilled in 2022 and discuss the Company’s 2023 exploration plans.

The Québec Nickel team, along with its many contractors and service providers, accomplished a substantial amount of work in 2022, all of which returned exciting results:

2022 Highlights

• Completion of a 1,717 line-kilometer helicopter-borne VTEMTM survey that identified numerous electromagnetic-magnetic anomalies across the project area
  Completion of the Company’s inaugural exploration program that saw more than 21,000 metres drilled across the property, and is highlighted by the high-grade Ni-Cu-PGE core intersections at the Fortin Sill Zone including:
  18.50 metres @ 0.44% Ni, 0.51% Cu, 193 ppm Co and 0.69 g/t Pt-Pd-Au in hole QDG-22-09
  9.00 metres @ 0.70% Ni, 0.79% Cu, 271 ppm Co and 1.71 g/t Pt-Pd-Au in hole QDG-22-10
  11.80 metres @ 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au in hole QDG-22-29
• Completion of the first ever diamond drilling at the Ducros Ultramafic Sill
• Complex target area confirming the occurrence of prospective ultramafic intrusives and sulphide-bearing country rocks
• Collection of almost 100 channel samples from the Fortin Sill Zone discovery outcrop that expanded the previously known surface Ni-Cu-PGE mineralization by several orders of magnitude
• Completion of a 2,054 line-kilometer airborne gravity survey which resulted in the identification of numerous Ni-Cu-PGE drill targets
• Flying of over 3,000 line-kilometers of detailed drone-based magnetic surveys which greatly enhance the interpretation and understanding of the Ducros project geology
• Collection of over 800 biogeochemical samples across the Ducros project area that has identified multiple target areas that warrant follow-up work
• Thin section and micro-XRF studies of Fortin Sill Zone Ni-Cu-PGE-mineralized rocks that clearly demonstrate the nickel-copper and PGE mineralization is hosted within sulphides and not silicate mineralogy
• Obtaining a Re-Os age date of the sulphide mineralization at the Fortin Sill Zone
• Refining and updating of the geological and emplacement model of the Fortin Sill Zone Ni-Cu-PGE mineralized intrusion

Following significant results from last year’s exploration activities, the Company successfully completed a brokered financing at the end of 2022 which raised over $8.5 million dollars. The proceeds of the financing will fund its 2023 exploration work programs. In addition to receiving support and participation from its existing shareholders, the Company acknowledges the new participation and support from three Québec-based institutional funds during this financing, including SIDEX L.P., Société de Développement de la Baie-James (“SDBJ”) and the Caisse de dépôt et placement du Québec (“CDPQ”).

Additionally, the Company reports the official launch of its 2023 winter drilling program at the Ducros property which began on January 20th at the northern portion of the Ducros Ultramafic Sill Complex (“DUSC”) with the start of hole QDG-23-001. There is a second drill on the property which is expected to be active on the multiple coincident geophysical anomalies at the southern margin of the large Ducros Gabbro target area in the coming days (see November 16, 2022 News Release for details).

QUALIFIED PERSON

Gary DeSchutter, M.Sc., P.Geo., Vice-President of Exploration for Québec Nickel Corp., and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed, and approved the scientific and technical content of this press release.

ABOUT QUÉBEC NICKEL CORP.

Québec Nickel Corp. is a well-financed mineral exploration company focused on the acquisition, exploration, and development of high grade sustainable nickel projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Directors

David Patterson
Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com.web2.sogetel.net

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors should change.