NiCAN

What NiCAN does

NiCAN Limited is a publicly listed junior mineral exploration company headquartered at 130 King St West in Toronto, Ontario, with securities trading on the TSX Venture Exchange (NICN), OTCQB (NILTF), and the Frankfurt Stock Exchange (W8Y). The company was incorporated in 2022 by experienced mining executives and listed on the TSX-V in August 2022. NiCAN focuses exclusively on nickel-copper and gold exploration in established mining jurisdictions in Manitoba, Canada, operating two principal projects: the Wine Project in the Flin Flon-Snow Lake Greenstone Belt (which has returned high-grade intersections including up to 3.67% NiEq over 3.9 metres in Hole WINE-22-05) and the Pipy Project in the Thompson Nickel Belt, situated 10-20 km from Vale's operating Thompson Nickel Mine. Recent drilling at Pipy South intersected 1.54% nickel over 1.45 metres and established a new near-surface gold discovery of 27.6 metres at 1.25 g/t Au — the latter noted as unique within the Thompson Nickel Belt.

NiCAN's exploration toolkit combines diamond drilling with high-resolution geophysical methods, including VTEM airborne surveys, a high-definition UAV aeromagnetic platform flown over the Wine property in 2021, reprocessing of historical airborne and ground magnetic data into 3D subsurface models, and downhole 3D electromagnetic surveys capable of imaging up to 200 metres off-hole. The Pipy South land position was tripled to 45.75 km² in March 2026 following the new discoveries. Operational footprint includes a $300,000 grant from the Manitoba Mineral Development Fund and an Exploration Agreement signed with Nisichawayasihk Cree Nation (NCN) that governs community engagement on the Pipy Project. NiCAN has a 1-10 person senior team supported by an advisory bench that includes former CEOs of Trevali Mining, QMX Gold, Crowflight Minerals and Crocodile Gold, plus the former Global Director of Nickel/PGM Exploration at Falconbridge/Xstrata.

The business model is pre-revenue: NiCAN raises capital through non-brokered and bought-deal private placements — including flow-through share offerings — to fund drilling and geophysics, with the explicit goal of defining a mineral deposit that can be joint-ventured, royalty-sold, or acquired by a major mining operator such as Vale, Hudbay, or other nickel-copper producers operating in Manitoba. As of March 2026, strategic investor Michael Gentile held 19.99% of common shares on a non-diluted basis alongside 21,400,000 warrants. Cumulative disclosed funding since inception totals approximately CAD $5.4 million across five events (a $300,000 grant in June 2023, a $1.5-1.83 million Stifel-underwritten bought deal in February 2024, a $1.5 million non-brokered placement in October 2025, and a $1.27 million placement in March 2026).

Name

NiCAN

Legal name

NiCAN Limited

Website

https://nicanltd.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

NiCAN Limited is a Toronto-listed junior mineral exploration company focused on identifying and advancing nickel-copper and gold projects in the Thompson Nickel Belt and Flin Flon-Snow Lake Greenstone Belt of Manitoba, Canada, raising equity capital to fund drilling with the goal of partnering with or selling discoveries to major mining operators.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Nickel Mining & Concentrates (IMAKAFAB)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Mineral exploration
• Nickel-copper projects
• Gold exploration
• Diamond drilling services
• Mining exploration Manitoba

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral Exploration: NiCAN is a pre-revenue mineral exploration company. The company does not currently generate revenue from mineral production. It raises capital through equity financings to fund exploration activities with the goal of discovering economically viable mineral deposits that can be developed through joint ventures, partnerships, or sale to larger mining companies.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

NiCAN Limited is a mineral exploration company that identifies, acquires, and advances nickel-copper and gold exploration projects in established mining jurisdictions in Manitoba, Canada. The company funds and conducts diamond drilling programs, geophysical surveys, and geological interpretation at its two flagship projects, the Wine Project and the Pipy Project, with the strategic goal of discovering economically viable mineral deposits that can be joint-ventured, partnered, or sold to major mining companies.

Product overview

NiCAN Limited is a mineral exploration company focused on nickel and copper projects in Manitoba, Canada. The company operates two primary exploration projects: the Wine Project (high-grade nickel-copper in the Snow Lake area) and the Pipy Project (gold and nickel in the Thompson Nickel Belt). These projects are at various stages of exploration, with the company conducting drilling programs, geophysical surveys, and land expansion activities to identify mineral deposits.

Differentiator

Problem solved

Functional benefit

Products and services

• Wine Project High-grade nickel-copper exploration project located in the Flin Flon-Snow Lake Greenstone Belt of Manitoba, Canada. The project has returned significant drilling results including up to 3.67% NiEq over 3.9 metres from Hole WINE-22-05, and benefits from proximity to past producers and known mineralized systems with existing mining infrastructure.
• Pipy Project Gold and nickel exploration project located approximately 15 kilometres north of the Thompson nickel deposit in Manitoba, Canada. The project includes the Pipy South and Pipy North areas totaling approximately 57 km² within the Thompson Nickel Belt, and features both a new near-surface gold discovery (27.6m of 1.25 g/t Au) and nickel-bearing massive sulphides (1.54% Ni over 1.45m) within the Pipe Formation that hosts Thompson nickel mineralization.

Quantifiable outcome

• 1.54% nickel intersection over 1.45m confirming nickel-bearing massive sulphides within Pipe Formation at Pipy South
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Nisichawayasihk Cree Nation (NCN)coreStrategic or Co-development Partner · 30 January 2025NiCAN has signed an Exploration Agreement with Nisichawayasihk Cree Nation for the Pipy Project. The agreement governs the relationship as NiCAN conducts exploration activities on traditional territories, with commitments to engage with local communities and First Nations in a respectful manner.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Canada Nickel Company: Canadian junior nickel exploration company focused on the Timmins-Cochrane mining camp. Most directly comparable to NiCAN given both target Tier-1 Canadian sulphide nickel districts with major-producer adjacency narratives.
• Talon Metals: Junior nickel-copper explorer focused on high-grade sulphide deposits in North America (US and Canada). Directly comparable in size, stage, and commodity focus to NiCAN, with similar battery-grade nickel narrative.
• Class 1 Nickel and Technologies: Junior nickel explorer with projects in Manitoba, including the Alexo-Dundonald sulphide nickel project. Closely comparable to NiCAN given shared Manitoba jurisdiction, similar size, and focus on battery-critical nickel sulphides.
• Group Eleven Resources Corp. Junior exploration-stage mining company whose CFO (Shaun Heinrichs) is shared with NiCAN. Comparable in size, structure, and exploration-stage business model, though focused on Irish zinc rather than Canadian nickel.
• Faraday Copper: Canadian copper-focused junior explorer whose VP of IR (Stacey Pavlova) also serves on NiCAN's board. Comparable as a Tier-1 North American critical-metals junior explorer.
• 1911 Gold Corporation: Canadian junior gold explorer with Manitoba operations. Board overlap (Mike Hoffman as Chair at both) and similar small-cap junior mining profile makes it a directly comparable peer.
• Velocity Minerals: Canadian junior gold explorer with shared board members (Mike Hoffman and Mark Cruise). Directly comparable in size, stage, and management philosophy as a small-cap exploration company.
• Fury Gold Mines: Canadian gold-focused junior explorer with board overlap (Mike Hoffman as director). Comparable as a Canadian-listed Tier-1 jurisdiction critical-metals junior.

Broad incumbents

• New Pacific Metals: Larger Canadian-listed precious metals junior explorer. Compares to NiCAN on board pedigree (Stacey Pavlova previously VP IR here) and similar investor-relations-driven capital markets strategy.
• SSR Mining: Mid-tier precious and base metals producer with previous employer overlap (Stacey Pavlova held IR/metal sales/treasury roles). Comparable as a reference point for NiCAN's potential scale trajectory once a discovery is advanced.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nicanltd
• Facebookfacebook.com/NiCan-Ltd-107283491511101
• LinkedInlinkedin.com/company/nican-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NiCAN