NorthX Nickel Announces Closing of Sudbury Portfolio Sale, Conversion of Subscription Receipts and Leadership Transition

Core Viewpoint - NorthX Nickel Corp. has successfully completed the sale of its Sudbury Properties to Magna Mining Inc., allowing the company to focus on its Grasset Nickel property in Quebec, which is considered a promising nickel asset in North America [1][3][4] Group 1: Transaction Details - The sale of the Sudbury Properties includes all related property, assets, rights, and obligations, marking a significant milestone for NorthX [1] - The company has also completed a non-brokered private placement of 26,000,000 Subscription Receipts at $0.05 each, raising gross proceeds of $1,300,000, which were partially used to meet cash payment requirements for the transaction [2] Group 2: Grasset Nickel Property - The Grasset deposit is one of Canada's largest nickel sulphide deposits, with an Indicated Mineral Resource Estimate of over 50,000 contained tonnes of nickel and an average nickel equivalent (NiEq) grade exceeding 1.5% [4] - An updated mineral resource estimate in 2021 indicated a resource of 5.5 million tonnes grading 1.53% NiEq and an inferred resource of 217,000 tonnes grading 1.01% NiEq [5] - The Grasset Ultramafic Complex remains largely underexplored, with significant nickel sulphide showings discovered along a 23-kilometre belt [6] Group 3: Leadership Transition - The company announced the resignation of Tom Meyer as President & CEO, with Simon Marcotte now serving as Executive Chairman [21][22] - Marcotte praised Meyer for his leadership and contributions, particularly in securing financing and advancing the Grasset Project [22] Group 4: Future Focus - NorthX aims to concentrate on the exploration and development of its nickel sulphide properties, particularly the Grasset Project, which is positioned in a stable pro-mining jurisdiction [24][25]