08:05 AM EST, 01/07/2025 (MT Newswires) -- Canada Nickel ( CNIKF ) on Tuesday said it has signed a definitive agreement with the primary surface rights holder in Crawford and surrounding townships n Ontario for 32,000 acres of surface rights to build the Crawford Nickel Sulphide project.

In return, the company will issue 5.5 million shares and transfer 47,750 acres of mining rights in Kingsmill and Mabee townships, where no known exploration targets exist, to the surface rights holder to develop sustainable forestry and wildlife habitat preservation.

"Today's announcements secure access to 32,000 acres of surface rights and is another critical step for the company as we complete our permitting and move toward a construction decision on Crawford in 2025," said Chief Executive Mark Selby.

Canada Nickel ( CNIKF ) and Noble Mineral Exploration, which first announced their partnership last July, have now signed a definitive agreement to facilitate the transfer of certain mining properties, including the existing Mann joint venture, into a new private company (ExploreCo). The move consolidates their respective interests in the portfolio of nickel projects northeast of Timmins, Ontario. Canada Nickel will hold an 80% stake in ExploreCo, with 20% held by Noble.

The transaction and formal formation of ExploreCo is expected to close by Jan. 31.