NLPXF - Noble Proceeds with Agreement to Consolidate Project 81 Nickel Targets into Canada Nickel Company for 3.5 Million Shares

(TheNewswire)

Toronto, Ontario - TheNewswire - November 16, 2021 - Noble Mineral Exploration Inc.( “ Noble ” or the “Company” ) (TSXV:NOB )( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased toannounce that it has signed a purchase and saleagreement for the previously announcedtransaction to sell properties from its Project81 to Canada Nickel Company Inc.(“ Canada Nickel ”).  Pursuant to the agreement, approximately 1, 23 1 patentedproperties and single cell mining claims (the “Properties” ) inCrawford, Lucas, Nesbitt, Aubin, Mahaffy, Kingsmill, Mabee, MacDiarmid, Dargavel and Bradburn Townships.  This transaction was previously announced byNoble in a news release on April 22, 2021.  The Properties are allwithin Noble’s Project 81.

The transaction has received conditional approval fromthe TSX Venture Exchange (the “ TSXV ” ), with completion being subject to final approval of the TSXV.

As previously announced, the transaction is designed toconsolidate all of the key nickel targets within Noble’s Project 81land package such that they will be held by Canada Nickel, whileallowing Noble to focus its exploration activities on gold/VMS targetsin other areas of Project 81, as well as on other properties held byNoble.

The principal terms of the transaction are asfollows:

• - Noble will transfer ownership and title to theProperties to Canada Nickel.

• - The Properties are organized in seven areas (the“ Property Areas ”). Noble will hold a 2% netsmelter returns royalty on approximately 720claims in Mahaffy, MacDiarmid and Bradburn Townships.  Those claimsare located in three of the Property Areas , withthat royalty being subject to a 50% buyback (which, if fullyexercised, would reduce Noble’s royalty to 1%).  The exercise pricefor the buyback is $1.5 Million per PropertyArea if exercised during the first year afterclosing, increasing to $2.5 Million per property area if exercisedduring the second year after closing, and further increasing to $5Million per property if exercised at any time thereafter. Noble will also continue to hold the existingright to acquire a royalty of between 0.25% and 0.875% on a smallnumber of claims in MacDiarmid Township, having acquired that rightwhen it acquired those claims earlier in 2021.  The 250 patented properties that are included in the Properties tobe sold to Canada Nickel in this transaction are not subject to aroyalty held by Noble, but will remain subject to an existing royaltyheld by another party .

• - Noble will be issued 3.5 Million common shares ofCanada Nickel as payment under this transaction.  Those shares willbe subject to a four-month hold period.  Noble has undertaken todistribute those 3.5 Million shares of Canada Nickel as adividend-in-kind to Noble’s shareholders after the expiration of thefour-month hold period.  That distribution remains subject tocompliance with TSXV policies and applicable laws and regulations. The record date, the distribution date, the effective ratio ofCanada Nickel shares per Noble shares that will apply to thedistribution and the other conditions of the distribution will beannounced after the expiration of the four-month hold period.

Vance White, Presidentand CEO of Noble said, “This acquisition effectively consolidatesall of the key nickel targets within Noble’s Project 81 land packagewith Canada Nickel, which is led by Mark Selby and his well-recognizedteam of experts in the nickel industry. It will allow Noble to focuson the multiple gold/VMS targets in its remaining substantial landpackage. The anticipated post-closing dividend by Noble ofapproximately 3.5 million Canada Nickel shares to the Nobleshareholders, which are valued at approximately $11 million based on current market value, would provideNoble’s shareholders with further direct interest (in addition to 10million shares previously distributed) in not only the optionproperties but also the main Crawford Nickel deposit which continuesto be advanced aggressively . In May 2021, Canada Nickel reported a PEA indicating a IRRof ~16% using a nickel price of US$7.75 per lb, the price of which iscurrently US$9.06 per lb, with the potential for additional increasesdue to increased battery and EV demand. Canada Nickel is currentlyundertaking a feasibility study which, I understand, should beavailable later in 2022. Further, the transaction will eliminate theneed for Noble to carry out any downstream financing in order tomaintain a Joint Venture interest in the properties to be sold. Noble will also retain a 2% NSR (subject to buyback terms) on thestaked mining claims in Mahaffy, MacDiarmid and Bradburn Townships.Even after completion of the transaction and distribution of 3.5million Canada Nickel shares, Noble would retain more than 2.4 millionshares of Canada Nickel.”

About Noble Mineral ExplorationInc.:

Noble Mineral Exploration Inc. is a Canadian-basedjunior exploration company which, in addition to its shareholdings inCanada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonaldMines Exploration Ltd., and its interest in the Holdsworth goldexploration property in the area of Wawa, Ontario, holds approximately72,000 hectares of mineral rights in the Timmins-Cochrane areas ofNorthern Ontario known as Project 81 as well asan additional ~11,000 hectares in the Timmins area. Project 81 hosts diversified drill-ready gold, nickel-cobaltand base metal exploration targets at various stages of exploration. It also owns the Buckingham Graphite Property,the Laverlochere Nickel, Copper, PGM property and the Cere-VillebonNickel, Copper PGM property, all of which are in the province ofQuebec. More detailed information is available on the website at www.noblemineralexploration.com

Noble’s common shares trade on the TSXVenture Exchange under the symbol “ NOB ”.

Cautionary Statement:

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release. No stock exchange, securities commissionor other regulatory authority has approved or disapproved theinformation contained herein.

The foregoing information may containforward-looking statements relating to the future performance of NobleMineral Exploration Inc. Forward-looking statements, specificallythose concerning future performance, are subject to certain risks anduncertainties, and actual results may differ materially from theCompany’s plans and expectations. These plans, expectations, risksand uncertainties are detailed herein and from time to time in thefilings made by the Company with the TSX Venture Exchange andsecurities regulators. Noble Mineral Exploration Inc. does not assumeany obligation to update or revise its forward-looking statements,whether as a result of new information, future events or otherwise.

Contacts:

H. Vance White, President

Phone: 416-214-2250

Fax: 416-367-1954

Email: info@noblemineralexploration.com

Investor Relations

Email:ir@noblemineralexploration.com

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