CleanTech Vanadium Mining Corp. — Capital/Financing Update 2023

Feb 22, 2023

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1 Name and Address of the Company

Flying Nickel Mining Corp. (" Flying Nickel ") Suite 1610 - 409 Granville Street Vancouver, British Columbia V6C 1T2

Item 2 Date of Material Change

February 15, 2023

Item 3 News Release

A news release with respect to the material change referred to in this report was disseminated by Flying Nickel and subsequently filed on the System for Electronic Document Analysis and Retrieval (SEDAR) on February 16, 2023.

Item 4 Summary of Material Change

On February 16, 2023, Flying Nickel announced that it has closed an oversubscribed private placement for gross proceeds of $859,200 and provides an update on the Plan of Arrangement.

Item 5 Full Description of Material Change Particulars of the Arrangement

On February 16, 2023, Flying Nickel Mining Corp. (“ Flying Nickel ” or the “ Company ”) (TSX-V:FLYN, OTCQB:FLYNF) announces that, further to its news releases dated January 26, 2023, it has closed (the “Closing”) the previously announced private placement offering (the “Offering”).

Pursuant to the Closing, the Company issued an aggregate of 5,370,000 Units at $0.16 per Unit for aggregate gross proceeds of $859,200. Each Unit consists of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.20 per share for 36 months from Closing (the “Units”).

The Company also announces that Sparta AG and Blackstone Minerals Limited have participated in the Offering, and each has become a shareholder owning more than 5% of common shares of the Company.

In connection with the Closing, the Company issued 332,150 Units as Finders’ Fees. Each Finder’s Unit will consist of one common share of the Company and one nontransferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.20 per share for 3 years.

The securities issued as part of the Offering will be subject to a 4-month hold period.

Proceeds of the Offering are expected to be used for the 7,081-meter (from 97 drill holes) Minago PGM assay program, and general corporate purposes.

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Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102 Not applicable. Item 7 Omitted Information Not applicable. Item 8 Executive Officer John Lee Interim Chief Executive Officer Telephone: 1.877.664.2535 Item 9 Date of Report February 21, 2023

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