SPC Nickel De-Risks Sudbury Project, Uncovers Major Exploration Target

SUDBURY, ON – February 27, 2026 – SPC Nickel Corp. (TSXV: SPC) has delivered a significant one-two punch for its ambitions in the world-class Sudbury Mining Camp, announcing highly positive metallurgical results that de-risk its West Graham Project and the discovery of a compelling new exploration target at its nearby LKE Project.

The dual announcements strengthen the company's strategic position in a district dominated by global giants Vale and Glencore. The results suggest a clear path forward for processing West Graham's large, near-surface resource using existing regional infrastructure, while simultaneously unveiling the potential for a major new discovery at depth.

Making the Grade: West Graham's Path to the Mill

A major hurdle for any mining project is proving its ore can be economically processed. SPC Nickel has cleared this obstacle with its West Graham deposit, according to a comprehensive metallurgical study completed by Sudbury-based XPS Expert Process Solutions.

The study confirmed that West Graham's disseminated nickel-copper mineralization responds well to conventional flotation methods already used in the Sudbury Basin. This is a critical finding, as it means the ore does not require specialized or unproven technology to extract its valuable metals.

Locked cycle testing, which simulates a continuous plant process, successfully recovered 70% of the nickel and 85% of the copper from the ore. The resulting combined concentrate graded a respectable 8.8% nickel and 14.8% combined copper and nickel. These recovery rates and grades are consistent with, and competitive against, other ores processed in the region. For instance, Vale's nearby Clarabelle Mill typically produces a nickel concentrate in the 10-11% nickel range, putting SPC's potential product squarely in the acceptable ballpark for local processors.

Critically, the study found no impurities or penalty elements that could complicate smelting or reduce the concentrate's value. Furthermore, lab tests demonstrated that the concentrate could be effectively separated into a high-grade copper product, yielding a final copper concentrate of 26% Cu.

"We are very encouraged by the results of this metallurgical program, which demonstrate that West Graham mineralization responds well to conventional Sudbury flotation flowsheets," commented Grant Mourre, CEO of SPC Nickel, in the company's press release. He noted the results "meaningfully de-risk the project" and reinforce its strategic value.

The ability to produce a clean, standard-grade concentrate opens a direct and cost-effective path to production. Rather than incurring the massive capital cost of building a new mill, SPC Nickel could potentially enter into toll-milling agreements, trucking its ore or concentrate to one of the region's existing facilities. Glencore's Strathcona Mill, for example, is known to process third-party custom feed, and with some of its own mines transitioning, it could represent a logical partner for new feed sources like West Graham.

An Anomaly of Promise: The LKE Project's Deep Target

While the metallurgical results provide a solid foundation for development, the company's exploration update has ignited excitement about the potential for significant resource expansion. At the LKE Project, a deep drill hole, LKE-25-001, has uncovered a powerful electromagnetic (EM) anomaly that points towards a potentially large, undiscovered body of mineralization.

The hole, which reached a final depth of 1,866 metres, intersected a 49-metre zone of 'West Graham style' nickel-copper mineralization. While the grades, including 10.8 metres of 0.52% nickel and 0.42% copper, were encouraging, the true prize was revealed by a follow-up survey conducted down the borehole.

This survey identified a strong off-hole EM anomaly located immediately up-dip from the drill intercept. The anomaly has been modeled as a substantial 350-by-125-metre conductive plate with an estimated conductance of 4,000 Siemens. In the geology of the Sudbury Basin, high-conductance EM anomalies are often the tell-tale signature of massive sulphide deposits—the richest form of nickel-copper ore.

The fact that the anomaly is "off-hole" suggests that LKE-25-001 may have just grazed the edge of a much larger system. This exploration scenario is a classic in the Sudbury camp; the famous Kelly Lake deposit was discovered in the 1990s after geologists chased a similar off-hole EM anomaly.

SPC's technical team has labeled the target "highly compelling" due to its size, strength, and direct association with known mineralization. It now represents a priority target for future drilling campaigns, offering the tantalizing possibility of a major new discovery that could dramatically increase the company's resource base.

A Two-Pronged Strategy for Growth

The combination of a de-risked development project and a high-impact exploration target provides SPC Nickel with a powerful strategic advantage. The company is not solely reliant on the high-risk, high-reward nature of exploration, nor is it limited to simply optimizing a known, finite resource.

The positive metallurgy applies to the substantial maiden resource defined at West Graham in January 2024, which includes an indicated in-pit resource of 19.3 million tonnes grading 0.42% nickel and 0.28% copper. These results provide a credible blueprint for transforming those millions of tonnes into a viable mining operation that could plug directly into the Sudbury ecosystem.

The region's infrastructure, which includes two mills, two smelters, and a nickel refinery, provides a competitive advantage unavailable in more remote jurisdictions. The recent announcement by Wyloo Canada to build a new downstream battery materials processing facility in Sudbury further underscores the region's central role in the future of critical minerals and the electric vehicle supply chain, creating another potential future customer for clean nickel concentrates.

While the market's immediate reaction to the news was muted, SPC Nickel's stock has seen a remarkable 400% increase over the past year, indicating significant underlying investor interest in its Sudbury assets. With these latest results, the company has provided a clear vision for its path forward: advancing the technically sound West Graham project towards a production decision while simultaneously pursuing the game-changing potential of the new discovery waiting at LKE.