Vancouver, British Columbia – October 31, 2025 – CaNickel Mining Limited (the "Company") has entered into a Purchase and Sale Agreement (the "Sale Agreement") dated October 31, 2025, with LJ Resources Co. Ltd. (the "Purchaser"), a private corporation, pursuant to which the Company has agreed to sell its entire partnership interest in Welichem Research General Partnership (the "Partnership"), a general partnership formed under the laws of British Columbia (Corporate Registry No. FM0849190), to the Purchaser. The transaction closed simultaneously on October 31, 2025.
Under the terms of the Sale Agreement, the Company has sold its entire interests in the Partnership, comprising of 10,000,000 Class A Preferred Units and 50 General Units (collectively, the "Partnership Interest") to the Purchaser for cash consideration of C$400,000, which was received by the Company upon closing. The Purchase Price of C$400,000 was paid in full by wire transfer of immediately available funds at closing. No commissions, finder’s fees, or other transaction-related compensation were paid.
The Partnership Interest was carried on the Company’s books at a nominal value. The sale resulted in a modest accounting gain and is not expected to have a material impact on the Company’s consolidated financial position or operations.
The board of directors of the Company (the "Board") unanimously approved the Sale Agreement and the disposition of the Partnership Interest by way of a board meeting and resolution signed on October 25, 2025. None of the directors of the Company had a disclosable interest (as defined under the Business Corporations Act (British Columbia)) in the transaction (the "Sale Transaction") or the Sale Agreement.
The Board, acting in good faith and after due inquiry, made the following determinations:(i) the Sale Transaction is in the best interests of the Company, as seller; (ii) neither the fair market value of the Partnership Interest, nor the fair market value of the purchase price, exceeds 25% of the amount determined by the directors in good faith to represent the fair market value of the Company’s outstanding assets (given that the Company’s Bucko Lake Mine asset is worth the bulk of the Company’s valuation); and (iii) the Sale Agreement, the execution and delivery of the Sale Agreement by or on behalf of the Company, and the sale of the Partnership Interest as provided therein, are authorized and approved in all respects.
This Sale Transaction allows the Company to streamline its operations and focus on safeguarding its mining assets in Manitoba. The Company intends to use the net proceeds of C$400,000 for general working capital purposes.
About CaNickel Mining Limited
CaNickel Mining Limited is a Canadian junior mining company that owns the Bucko Lake Nickel Sulphide Mine, currently on care and maintenance, near Wabowden, Manitoba. From 2009 to 2012, nearly 450,000 tonnes of mineralized material were mined to produce 6.9 million pounds of nickel. Today, the Bucko Lake Mine and surrounding satellite deposits continue to host significant nickel sulphide resources grading over 1% Ni.
The Company is currently holding the Bucko Lake Mine and associated assets for sale.
For further information, please contact:
Shirley Anthony
Chief Executive Officer
Phone: 778-999-2771
E-mail: