Canada Nickel Company Inc · TSXV:CNC
Canada Nickel — Investor Presentation (May 2025)
32 slides from Canada Nickel's investor presentation, May 2025
Slide 1: Canada Nickel Company: Delivering the Next Generation of Nickel
Canada Nickel Company Delivering the Next Generation of Nickel TSX-V: CNC May 2025
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 Nickel market fundamentally short of nickel in medium and long-term – little to no supply growth outside Indonesia/China – Indonesia limiting
Slide 4: Capital Structure and Analyst Coverage
Capital Structure Analyst Coverage Share Price Performance Pro Forma Capitalization Ticker TSXV: CNC Share Price (C$) $0.98 Market Capitalization (C$M) $189 Cash & Equivalents (C$M) $23 (1,2) Debt(2) (C$M) $44 Market Data 20-Day VWAP (C$) $0.94 52-Week High / Low (C$) $1.55 / $0.73 30-Day Avg. Daily
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 Accelerating from EVs
Nickel Demand Growth Accelerating from EVs Nickel demand growth continues to be underestimated – demand on track to be up 9- 10% annually in first 3 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) 2020, 202
Slide 7: Nickel Supply – Significant Political Risk
Nickel Supply – Significant Political Risk “ONEC” becomes a reality Nickel supply facing increasing political risk as Indonesia now dominates nickel supply growth. Indonesia now controls more nickel supply than OPEC did at its peak in 1973. Indonesia already beginning to manage supply quotas as nick
Slide 8: Indonesia Facing Real Ore Constraints
Indonesia facing real ore constraints Nearly 20 years of “Triple high-grading” – nickel grade, Fe/Ni ratio, slag chemistry – and RKAB limits taking toll on Indonesian laterite ore availability. Marginal NPI ore feed grade now down to 1.4-1.5% from 1.5-1.6% a year ago. Indonesian Nickel Output – Mine
Slide 9: Indonesia Facing Real Ore Constraints
Indonesia Facing Real Ore Constraints Local Indonesian ore prices now in-line with Chinese prices and Indonesian imports of Philippines ore peaked at 8% of global 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: Crawford: Low Carbon Footprint
Crawford: Low Carbon Footprint Crawford estimated to produce 2.3 tonnes CO2 per tonne of nickel equivalent production: 89% lower than industry average of 34 tonnes of CO2 based on Skarn E0. Nickel GHG Intensity Curve - CO2e Intensity (tCO2e/t NiEq) Crawford 2.3 Source: Skarn Associates Q2-2023 E0 ba
Slide 16: Second Largest Nickel Operation & Project Globally
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 16
Slide 17: 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 17
Slide 18: Accelerated Carbonation Process Achieves NetZero
Accelerated Carbonation Process Achieves NetZero and Generates Substantial CO2 Credits Canada Nickel’s simple carbon storage approach – IPT Carbonation or In-Process Tailings Carbonation – utilizes tailings directly from the mineral processing circuit and conditions them with CO2 for a brief period
Slide 19: Crawford Project Milestones
Crawford Project Milestones Project is less than one year away from target receipt of permits and construction decision 2024 2025 2026 2027 Receipt of final Construction First Environmental permits by fall 2025 production Impact Statement by year-end filed Nov 2024 Debt & Equity funding pa
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: 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 22: Reid Nickel Sulphide Project
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 23: "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 24: 2024/2025 Exploration Objectives
2024/2025 Exploration Objectives Deloro and Reid are two of the eight new nickel resources expected by spring 2025, demonstrating the potential scale of the Timmins Nickel District Resource Targets Discovery Targets Property Drilling Resource Geophysical Property Geophysical Start Timeline footprint
Slide 25: Really?? A New Nickel District?
Really?? A New Nickel District? Nickel resources are very concentrated in just 6 regions – East half Sulawesi (Indonesia), Sudbury (Canada), Taimyr Peninsula (Russia), Eastern Goldfields (Australia), Bushveld (southern Africa), Surigao/Palawan (Philippines), Jinchuan (China) – The transactions dem
Slide 26: 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 27: 2025 – Advancing Crawford to Construction Decision, Unlocking Timmins Nickel District
2025 – Advancing Crawford to Construction Decision, Unlocking Timmins Nickel District Investment Highlights 2025 Advancing Crawford (2nd largest nickel reserve in world) to construction decision 6 Additional Resources Published for Total of 9 Timmins Nickel District Unlocking potential of Timm
Slide 28: Appendix
zg) CANADA NICKEL COMPANY Appendix www.canadanickel.com
Slide 29: 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 30: 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 31: 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 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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