North American Nickel Closes Oversubscribed Non-brokered Private Placement Financing Raising $1.99 Million

Vancouver, British Columbia--(Newsfile Corp. - April 20, 2021) - North American Nickel Inc. (TSXV: NAN) (CUSIP: 65704T 405) (the "Company") is pleased to announce that it has closed the previously announced and oversubscribed non-brokered private placement consisting of an aggregate of 8,290,665 units of the Company (the "Units") at a price of $0.24 per Unit, for aggregate gross proceeds of $1,989,759.60 (the "Placement"). Each Unit is comprised of one common share (a "Common Share", and each Common Share comprising part of a Unit, a "Unit Share") in the capital of the Company and one-half of one common share purchase warrant of the Company (each whole warrant, a "Unit Warrant"). Each Unit Warrant will entitle the holder thereof to acquire one Common Share of the Company at any time prior to 5:00 p.m. (Toronto time) on the date that is twenty-four (24) months following its issuance date, at an exercise price of $0.35.

The Unit Warrants shall be callable by the Company if the closing market price of the Common Shares on the TSX Venture Exchange ("TSXV") is greater than $0.60 per Common Share for a period of ten (10) consecutive trading days any time after the four-month anniversary of the closing of the Placement, then the Company may deliver a notice (the "Acceleration Notice") to the holder notifying the holder that the Unit Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Unit Warrants will expire at 5:00 p.m. (Toronto time) on the thirtieth (30th) calendar day after the date of the Acceleration Notice.

In connection with the Placement, the Company has paid eligible finders (the "Finders"): (i) cash commission equal to 6% of the gross proceeds raised from subscribers introduced to the Company by such Finders, being an aggregate of $57,189.62, and (ii) a number of common share purchase warrants (the "Finder Warrants") equal to 6% of the Units attributable to the Finders under the Placement, being an aggregate of 238,289 Finder Warrants. Each Finder Warrant entitles the Finder to acquire one Common Share of the Company at any time prior to 5:00 p.m. (Toronto time) on the date that is twenty-four (24) months following its issuance date, at an exercise price of $0.35.

The Units (and securities underlying the Units) and the Finder Warrants issued under the Placement will be subject to a four-month and one day hold period from the date of closing. The closing of the Placement is subject to, among other things, approval of the TSXV.

The Company intends to allocate a portion of the gross proceeds of the Placement for continued investment in Premium Nickel Resources, further exploration in Morocco, activities to be completed at the Company's Maniitsoq project in Greenland and for general corporate and working capital purposes. The Company continues to evaluate ways to increase its participation in Premium Nickel Resources.

This press release does not constitute an offer of securities for sale in the United States or to "U.S. persons" ("U.S. persons"), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"). The securities being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.

About North American Nickel

North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019 the Company became a founding shareholder in Premium Nickel Resources ("PNR") a private Canadian company, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR completed a Memorandum of Understanding to acquire the assets, in liquidation, formerly operated by BCL Limited in Botswana. In addition, the Company is expanding its area of exploration interest into Morocco and building a relationship with the Office National des Hydrocarbures et des Mines ("ONHYM"), the leading resource crown corporation and the single largest permit holder in Morocco.

The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Chief Executive Officer
North American Nickel Inc.

For more information contact:

North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
+1 (604) 770-4334
Toll Free: 1-833-770-4334

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the future prospects of any assets or properties of the Company, the intentions of management of the Company with respect to PNR; the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

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THE UNITED STATES

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