Canada Nickel Company (CNC) investor relations material

Market dynamics and nickel demand

• Nickel demand is projected to double by 2030, driven by electric vehicles and stainless steel growth, with annual growth rates of 7% since 2019, outpacing other base metals.

• Indonesia now controls 67% of global nickel supply, surpassing OPEC's historical oil dominance, and is actively managing supply and prices.

• Indonesian supply discipline, including quota restrictions and export bans, has led to a $5,000/tonne increase in nickel prices and a tightening global market.

Crawford project highlights

• Crawford is a large-scale, long-life, low-cost nickel sulphide project, fast-tracked as a national priority by Canadian federal and provincial governments.

• The project is located in a premier mining jurisdiction with direct access to infrastructure and skilled labor, reducing execution risk.

• Crawford ranks #2 globally by nickel reserves (3.8Mt contained Ni) and is set to be the largest nickel sulphide operation in the Western world.

• FEED results increased NPV to $2.8B and IRR to 17.6%, with only a 5% capex increase and significant risk reduction.

• Life-of-mine net C1 cash cost is US$0.39/lb, placing it in the first quartile of global producers.

Financials and capital structure

• Market capitalization stands at C$327M, with C$14M in cash and C$56M in debt as of April 2026.

• Strategic shareholders include Agnico Eagle (9.1%), Samsung SDI (6.5%), Anglo American (5.7%), and Taykwa Tagamou Nation (6.5%).

• A clear US$2.5B funding plan is in place, leveraging significant non-dilutive government support and equity from strategic partners.