Canada Nickel Company Inc · TSXV:CNC
Canada Nickel — Investor Presentation (January 2026)
32 slides from Canada Nickel's investor presentation, January 2026
Slide 1: Canada Nickel Company: Delivering the Next Generation of Nickel
Canada Nickel Company Delivering the Next Generation of Nickel TSX-V: CNC January 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This Presentation contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation about Canada Nickel Company Inc. (“CNC” or the "Company"). All statements, other than statements of historical fact, are forwar
Slide 3: Summary
Summary Canada Nickel is the leader in the next generation of large-scale nickel supply and one of few new sources of potential supply outside Indonesia/China • Crawford Nickel Sulphide Project Referred to Major Projects Office by Government of Canada “Canada Nickel’s Crawford Project will anchor Ca
Slide 4: Capital Structure and Analyst Coverage
Capital Structure Analyst Coverage Share Price Performance Pro Forma Capitalization Ticker TSXV: CNC Share Price (C$) $1.81 Market Capitalization (C$M) $422 Cash & Equivalents (1) (C$M) $7 Debt (1) (C$M) $41 Market Data 20-Day VWAP (C$) $1.47 52-Week High / Low (C$) $1.88 / $0.73 30-Day Avg. Daily V
Slide 5: Management and Board
Management and Board Mark Selby ▪ Previous CEO of Royal Nickel Corporation David Smith ▪ Senior VP, Finance and CFO of Agnico Eagle Mines CEO ▪ Corporate development, strategy, business Chair Limited; B.Comm. planning and market research Executive with Inco P.Eng., C.Dir. ▪ Chartered Director, Direc
Slide 6: Nickel Demand Growth to Remain Elevated from EVs
Nickel Demand Growth to Remain Elevated from EVs Nickel demand growth continues to be underestimated – demand increased by more than 7% annually in first 4 years of decade (3-4X other base metals) and forecasted by CNC to double by 2030 to 5+ Mt and potentially > 6 Mt. Global Nickel Demand (Mtpa) 20
Slide 7: Nickel Supply – Significant Political Risk
Nickel Supply – Significant Political Risk “ONEC” becomes a reality Indonesia now controls more nickel supply than OPEC did at its peak in 1973. With reduction in mining licenses to 1 year (from 3 years) and “forestry violations” leading to closures, Indonesia now going to more aggressively manage s
Slide 8: Indonesia now flexes its "ONEC" muscles…
Indonesia now flexes its “ONEC” muscles… Nickel prices increased by nearly $2/lb ($4,500/tonne) as Indonesia signals serious approach to managing supply (about a year later than I originally thought) • Indonesia has taken a number of steps to signal it is serious about managing supply – Cut mining l
Slide 9: Indonesia Facing Real Ore Constraints
Indonesia Facing Real Ore Constraints Local Indonesian ore prices now largely in-line with Chinese prices Indonesia supply measures just in time for steep seasonal drop in Philippine ore supply. Source:Macquarie 9
Slide 10: Crawford Nickel Sulphide Project Location & Infrastructure
Crawford Nickel Sulphide Project Location & Infrastructure One of the largest nickel sulphide resources located in a well-established mining camp with infrastructure ▪ Major support infrastructure in place ‒ Roads, power, water ‒ Rail connection ▪ Rich mining history and skilled, local workforce ▪ L
Slide 11: Crawford Bankable Feasibility Study Highlights
Crawford Bankable Feasibility Study Highlights The Crawford BFS demonstrates strong financial returns based on a large resource with significant upside potential. ▪ US$2.5 billion after-tax NPV8; ($2.6 billion including expected Robust Carbon Capture & Storage tax credit) Economics ▪ 17.1% after-tax
Slide 12: Crawford BFS Operating Costs & Capex
Crawford BFS Operating Costs & Capex Two phase production plan peaks at nickel production of 48ktpa with a life-of-mine AISC of US$1.54/lb ($3,395 per tonne) Unit Phase I Phase II Phase III Life-of-Mine (Years 1 – 3.5) (Years 3.5 – 29) (Years 30 – 41) (Years 1 – 41) Mill Capacity ktpd 60 120 120 120
Slide 13: Crawford FEED Results
Crawford FEED Results Front End Engineering and Design (“FEED”) activities for the Crawford Project were completed by the Company’s consultants: • Engineering activities focused on the initial capital cost • The mine plan was also re-sequenced to accelerate delivery of higher value ore from the East
Slide 14: Crawford: 1st Quartile Net Cash Cost Producer
Crawford: 1st Quartile Net Cash Cost Producer Based on BFS results, Crawford is expected to be a low-cost producer with 1st quartile Net C1 Cash Cost and All-in Sustaining Costs. Crawford's Net C1 Cash Cost vs 2023 Net C1 Cash Cost of Global Nickel Operations Source: Wood Mackenzie 14
Slide 15: Second Largest Nickel Operation & Project Globally (Reserves)
Second Largest Nickel Operation & Project Globally (Proven & Probable Reserves) Crawford contains the world’s 2nd largest nickel reserves Largest Global Nickel Operations and Projects by Reserves (Mt Contained Nickel) Source: Wood Mackenzie, Company fillings 15
Slide 16: Crawford Nickel Sulphide Project
Crawford Nickel Sulphide Project Crawford is expected to be the 3rd largest nickel sulphide operation globally, based on bankable feasibility study results Largest Global Nickel Sulphide Operations Based on 2022 Annual Production Source: Wood Mackenzie, Company fillings 16
Slide 17: Crawford Capital Cost Funding Package
Crawford Capital Cost Funding Package Funding package targeting US$2.5 billion incorporating US$2 billion capital expenditures, cost overrun facility, and pre-cash flow financing costs Equity – US$1.0 billion (40%) – $600 million in Investment Tax Credits • Carbon Capture, Utilization, and Storage (
Slide 18: Carbon Sequestration – Timmins Nickel District
Carbon Sequestration – Timmins Nickel District Canada Nickel has three separate pathways for carbon sequestration, which further supports the Company’s vision for a Zero-Carbon Industrial Cluster in Timmins Drill Core Oct 2021 vs Oct 2020 Spontaneous Carbonation 1) IPT Carbonation – Canada Nickel’s
Slide 19: Crawford Project Milestones
Crawford Project Milestones Start of construction is targeted by year-end 2026 2024 2025 2026 2027/2028 ❑ Initial government ❑ Receipt of final ❑ First ❑ Environmental financing Permits production Impact Statement by year-end filed Nov 2024 ❑ Debt & equity 2028 funding packages ❑ Construction start
Slide 20: Timmins Nickel District
Timmins Nickel District Potential to be World’s Largest Nickel Sulphide District Consolidated 20+ targets with 42km2 of target geophysical footprint 25X the scale of 1.6 km2 at Crawford - 18 properties successfully drilled - 10 properties have target footprint larger than Crawford - 98% success rate
Slide 21: Timmins Nickel District
Timmins Nickel District Eight resources now published containing 10.1 million tonnes of Measured & Indicated nickel (4.3 billion tonnes @ 0.24% nickel) and 12.5 million tonnes of Inferred nickel (5.4 billion tonnes @ 0.23% nickel). • For comparison, the Sudbury nickel district has an estimated nicke
Slide 22: Timmins Nickel District & Canada Nickel: More Contained Nickel than Sudbury
Timmins Nickel District & Canada Nickel More Contained Nickel than Sudbury Timmins Nickel District (25+) Canada Nickel Sudbury Jinchuan Norilsk-Polar Crawford Norilsk-Kola Reid Mann West Mann Central Deloro Texmont Source: Vale presentation at the Metal Bulletin 3rd International Nickel Conference ,
Slide 23: NetZero Metals – Downstream Nickel & Stainless Steel Processing Facilities
NetZero Metals – Downstream Nickel & Stainless Steel Processing Facilities Canada Nickel’s wholly owned subsidiary, NetZero Metals – to develop Downstream Nickel Processing & Stainless Steel Facilities in the Timmins Region • Expected to be the largest nickel processing facility in North America and
Slide 24: Investment Highlights
2025 – Advancing Crawford to Construction Decision, Unlocking Timmins Nickel District Investment Highlights ▪ Crawford Nickel Sulphide Project Recognized as a National Priority Project ▪ Strategic Shareholder Support – Agnico Eagle, Anglo American, Samsung SDI, Taykwa Tagamou Nation ▪ Advancing Craw
Slide 25: Appendix
CANADA NICKEL COMPANY Appendix www.canadanickel.com
Slide 26: Crawford BFS Detailed Summary
Crawford BFS Detailed Summary Phase I Phase II Phase III LOM Ownership: 100% Unit (Years 1 - 3.5) (Years 3.5 - 29) (30 - 41) (Years 1 - 41) Mine Type Type Open Pit Capital Expenditures Initial & Expansion US$ millions $1,943 $1,600 $0 $3,543 Sustaining & Closure US$ millions / year $0 $52 $10 $36 Mi
Slide 27: Crawford BFS Summary – Capital Costs
Crawford BFS Summary – Capital Costs Project construction to be done with single expansion from 60ktpd to 120ktpd mill capacity. Peak capital investment of $1.7 billion for both phases due to Critical Minerals refundable tax credit and expected Carbon Capture & Storage tax credit The bankable feasib
Slide 28: Crawford Proven & Probable Reserves
Crawford Proven & Probable Reserves Crawford Mineral Reserves (effective August 31, 2023) The Mineral Reserve Estimate was prepared in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) by QP Dave Penswick, P.Eng who is an independent consultant. Mineral
Slide 29: Reid Nickel Sulphide Project: Potential to be Larger than Crawford
Reid Nickel Sulphide Project Potential to be Larger than Crawford Initial Reid resource published in December 2024 – resource is only 55% of Reid’s target footprint which is more than twice the size of Crawford project • Significant resource outlined – Indicated Resource of 0.59 billion tonnes gradi
Slide 30: "Three Giants" Reid, Mann West, Midlothian
“Three Giants” Reid, Mann West, Midlothian Figure 3. – Mann W – CNC Drillholes Over Total Magnetic Intensity. Mann West: Highest grade interval to date with 0.63% nickel over 4.5 metres within 18 metres of 0.40% nickel within an entire mineralized core length of 452 metres of 0.27% nickel Midlothian
Slide 31: Bannockburn – Massive Sulphide Discovery
Bannockburn – Massive Sulphide Discovery Massive sulphide discovery at Bannockburn F-Zone: 3.95% nickel, 0.40% Cu, 0.15% Co, 1.08 g/t Pd & Pt over 4.0 metres within 1.61% nickel over 12 metres • First massive sulphide drilled by Canada Nickel in Total Magnetic Intensity and F-zone location Timmins N
Slide 32: Corporate Office
Corporate Office 130 King St West Suite 1900 Toronto ON M5X 1E3 TSX-V: CNC +1 (647) 256-1954 info@canadanickel.com www.canadanickel.com Twitter: @CanadaNickel
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