Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - Infinico Metals Corp. (TSXV: INFM) ("Infinico" or the "Company") announces that drilling operations have finished at its Nicobi Project, located 160 kilometres northeast of Val d'Or, Québec. The program did not yield any significant drill results.

Nicobi Drill Program

Five boreholes totalling 1,272 m of drilling was conducted at the Nicobi nickel, copper and cobalt Project. The program was designed to follow up on and test the northern down plunge extent of mineralization identified in the Phase 1 drill program conducted in January 2024, as detailed in the February 27, 2024, press release, and BHEM geophysical features identified in BHEM surveys, as detailed in the April 24, 2024, press release. No significant mineralization was identified in the drill program and the main area of known mineralization is now considered closed off.

Future Work

The area of known mineralization in the east of the Nicobi property, known as "Showing A", which was the focus of historic work and has been drill tested by Infinico, is approximately 0.15 km2 in size. The Company will now focus on expanding its exploration efforts outside of Showing A on a regional scale across the rest of the largely un-explored Nicobi claim package, totalling 59.52 km2 (Figure 1.). Several untested showings and structural corridors exist within the property and have yet to be explored. The Company will work towards identifying and developing drill targets across the property, undertaking geological and geophysical surveys with the existing exploration funds.

Sam Walding, Infinico's CEO, commented: "It is disappointing that the Phase 2 drilling did not identify further mineralization at the Nicobi Showing A. Despite these results, the Company and its team have demonstrated their ability to efficiently and cost-effectively generate and test targets to the full extent. The Company will continue to generate new targets in the wider area to test through drilling, with the objective of making technically, socially, and economically robust discoveries."

Figure 1. Map displaying the Nicobi claim package and the location of Showing A which was the focus of historic work and has been drill tested by Infinico

About the Nicobi Project

The Nicobi Project is located approximately 160 kilometres northeast of Val d'Or, Québec, Canada. The project is 59.52 km2 in size and host to a cluster of magmatic nickel sulphide occurrences within a mafic-ultramafic intrusive complex. Drilling of a surface showing known as "Showing A" in the 1960's by Noranda revealed disseminated to massive nickel sulphide mineralization. In January 2024 Infinico Metals conducted a 1,167 m drill program at Showing A and intercepted 51.94 m at 1.37% Ni, 0.38% Cu, 418 ppm Co & 0.16 g/t Pt+Pd from 6.10 m.

Qualified Person

Szabolcs Orban, MSc, EFG, EurGeol (#1883), OGQ (AS-1617) is Vice President of Exploration for Infinico Metals Corp. and Qualified Person as defined by NI 43-101 has reviewed and approved the scientific and technical content of this news release.

About Infinico Metals Corp.

Infinico Metals Corp. is a public company on the TSX Venture Exchange (TSX-V: INFM) focusing on the exploration for critical metals in the province of Québec. The Company has signed an option agreement on the Nicobi Project, hosting magmatic Ni-Cu-Co sulphide mineralization.

Forward Looking Statements

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.

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, drilling results from the Company's Phase 2 program, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfil the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.