NiCAN Confirms New Gold Discovery in Thompson Manitoba, Intersecting 27.6 Meters of 1.25g/t Gold /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen5{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen3{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen4{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid } .prngen6{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen2{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid } .prnml4{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT } .prnbcc{ BORDER-COLLAPSE: COLLAPSE } Canada NewsWire TORONTO, Feb. 9, 2026 /CNW/ - NiCAN Limited ("NiCAN" or the "Company") (TSXV: NICN) (OTCQB: NILTF) (FRA: W8Y) has confirmed a new near surface gold discovery in Thompson Manitoba intersecting 27.6 metres (m) of 1.25 g/t Au and 12.5 g/t Ag (Table 1). A total of four shallow diamond drill holes were completed late in 2025 to confirm results from a historical diamond drill hole (see press release dated January 27, 2026). Diamond drill hole PIPY25-04, the first to test the target, intersected mineralized silicified biotite gneiss and silicate facies iron formation with disseminated pyrrhotite, pyrite and minor visible galena. A 27.6m section returned 1.25 g/t Au and 12.5 g/t Ag from 20.4m downhole, including 14.2m averaging 2.14 g/t Au and 19.8 g/t Ag. Table 1. Highlights from Diamond Drill Holes PIPY25-04 and PIPY25-05 on the Pipy South Property Hole # From (m) To (m) Length (m) Gold g/t Silver g/t PIPY25-04 20.4 48.0 27.6 1.25 12.5 PIPY25-04 incl. 21.4 35.7 14.3 2.14 19.8 PIPY25-04 incl. 33.7 35.7 2.0 5.39 7.10 PIPY25-05 9.6 19.1 9.5 0.65 8.40 Brad Humphrey, President and CEO of NiCAN, commented, "NiCAN is very excited by this new gold discovery within the Thompson area. With gold prices at or near all-time highs, this discovery adds compelling value to the Company's exploration portfolio. The gold mineralization appears to be open in all directions and is notably unique within the Thompson Nickel Belt. NiCAN has already initiated a geophysical program and is preparing for follow-up diamond drilling to advance and further define this emerging gold system." Diamond drill hole PIPY25-05 was drilled to the west and above PIPY25-04 and is interpreted to have overshot the zone but still returned 9.5m averaging 0.65 g/t Au and 8.4 g/t Ag. The 50-gram fire assay results were subsequently verified by photon assaying on approximately 500-gram samples. The correlation between the two-assay methods was very high with the photon assaying of PIPY25-04 returning 1.28 g/t Au over 27.6m and PIPY25-05 returning 0.66 g/t over 9.5m. The correlation between the 50-gram and 500-gram samples suggest a well disseminated mineralized body with a low nugget effect on the gold. Holes PIPY25-07 and PIPY25-08 were drilled 25m to the south and both intersected a broad zone of silicification and mineralization. Assays are pending. The zone is interpreted to strike to the north, remains open in all directions, and appears to dip steeply to the west. NiCAN's work permit applied to a single area, limiting the Company's ability to drill beyond the confirmation hole. The Company is currently in the process of permitting a number of additional drill pads in this area for follow-up drilling. The gold mineralization is hosted within a silicate facies iron formation and a silicified biotite gneiss, which visually contains an estimated 1% to 5% disseminated pyrrhotite as well as up to 1% galena and minor chalcopyrite. Alteration is marked by bleaching and silicification that has not been completely defined by the limited 2025 drilling and hole PIPY25-07 displayed alteration along its entire length of over 80m. The presence of gold mineralization in iron formation and associated alteration is analogous to other iron formation hosted gold camps including Homestake, Musselwhite, Geraldton, Back River, and many others around the world. The iron formation hosting the gold mineralization is magnetic and can be traced throughout the property utilizing an h