Flying Nickel And Nevada Vanadium Continue To Work Towards Business Combination, Provide Project Updates

Vancouver, British Columbia–(Newsfile Corp. – October 5, 2022) – Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (“Flying Nickel“) and Nevada Vanadium Mining Corp. (formerly 1324825 B.C. Ltd.) (“Nevada Vanadium“) announce that further to their joint press release dated August 23, 2022, Flying Nickel and Nevada Vanadium continue to work diligently with their respective advisors towards execution of a definitive transaction agreement in respect of the proposed acquisition of all of the issued and outstanding common shares of Nevada Vanadium by Flying Nickel by way of a court-approved plan of arrangement (the “Transaction“). Flying Nickel and Nevada Vanadium currently expect that a definitive transaction agreement will be executed by the parties within the next two weeks.

In addition, Nevada Vanadium is pleased to provide the following update:

The Notice of Availability for the Draft Environmental Impact Statement (“DEIS”) for Nevada Vanadium’s Gibellini Project located in Eureka County, Nevada, was published in the Federal Register on July 22, 2022, for a 45-day public review and comment period. A virtual public meeting was held on August 10, 2022, and open house public meetings were held on August 16-17 in Eureka and Ely, Nevada, and at the Duckwater Reservation on August 31. The meetings had participation from the BLM, the US Environmental Protection Agency (EPA), the Duckwater tribal leaders and community members, Eureka County officials, and members of the public. The public review and comment period ended on September 6, 2022, and the BLM received total of 12 individual comment letters on the DEIS for the Project. The Draft EIS is under revision to incorporate the comments into the Draft Final EIS for BLM and the cooperating agencies review in October 2022.

Upon completion of these reviews, the Final EIS (FEIS) will be developed, and the Notice of Availability (NOA) will be submitted to BLM and the Department of Interior (DOI) Headquarters for final review prior to publication in the Federal Register to start the 30-day public comment period for the FEIS. Upon completion of the response to public comments, the EIS Record of Decision (“ROD”) will be developed completing the EIS in early 2023. Operating permits from the State of Nevada are on track to be received on the same timeline as the ROD.

A renewable energy alternative was added to the EIS in response to EPA and DOI review. This alternative includes 6 MW of solar panels and a 10 MW vanadium flow battery to provide 100% of the Gibellini project’s net electrical power demand. If selected by the BLM, the Gibellini project would be the first mine in the US completely powered by renewable energy. The Gibellini project would also be the first primary vanadium mine in the U.S.

“We have reached an important permitting milestone for the Gibellini project” Ron Espell, CEO of Nevada Vanadium noted. “The fact that we received only 12 public comment letters during the draft EIS public review and comment period is a testament to close and ongoing collaboration between Nevada Vanadium, project stakeholders, the local community and the environmental NGO’s. Development of the Draft Final EIS by the BLM and ICF based on stakeholder and public participation for the Gibellini Project is critical for the EIS process to work. We are looking forward to the Record of Decision, completing the State permitting, and moving towards project financing and the start of construction.”

Further, Flying Nickel announces that it has submitted additional technical information and an executive summary regarding the Minago Nickel Project in June 2022 as part of the Notice of Alteration (“NOA”) filed in late 2021 involving a minor change to the plant layout to an approved 2011 Environmental Act License. Flying Nickel now anticipates the NOA review to complete by year end. A rectified Environmental Act License will permit a 10,000 tonne-per-day open-pit mining operation at Flying Nickel’s 100% owned Minago nickel project at the Thompson nickel belt in Manitoba.

About Nevada Vanadium Mining Corp.

Nevada Vanadium Mining Corp. is a Canadian reporting issuer, holding a 100% interest in the Gibellini Vanadium project in Nevada, United States.

About Flying Nickel Mining Corp.

Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company. Flying Nickel is advancing its 100% owned Minago Nickel project in the Thompson nickel belt in Manitoba, Canada.

For further information, please contact:

Flying Nickel Mining Corp.
John Lee
Chief Executive Officer and Director
Flying Nickel Mining Corp.
1.877.664.2535 / 1.877.6NICKEL

Nevada Vanadium Mining Corp.
Ron Espell
Chief Executive Officer
Nevada Vanadium Mining Corp.