Canada Nickel Company (CNC) Investor presentation summary

Strategic positioning and market outlook

• Positioned as a leading next-generation, large-scale nickel supplier outside Indonesia/China, with a focus on zero-carbon production and unlocking the Timmins Nickel District for significant new supply potential.

• Nickel demand is forecast to double by 2030, driven by electric vehicle (EV) growth, while supply outside Indonesia/China remains limited, potentially triggering a supercycle.

• Indonesia's dominance in nickel supply introduces significant political and ore-grade risks, with local ore prices aligning with Chinese prices and constraints on ore availability.

Crawford Nickel Sulphide Project highlights

• Crawford is the world’s 2nd largest nickel reserve and resource, with a 41-year mine life and robust economics: after-tax NPV8% of $2.5B (rising to $2.6B with carbon credits) and IRR of 17.1–18.3%.

• Peak annual production: 48kt nickel, 0.8kt cobalt, 13koz PGMs, 1.6Mt iron, 76kt chrome; average annual EBITDA of US$811M and free cash flow of US$546M during peak years.

• Life-of-mine average net C1 cash cost of US$0.39/lb and AISC of US$1.54/lb, placing Crawford in the first quartile of global nickel cost curves.

• Estimated carbon footprint of 2.3 tCO2/t nickel, 89% lower than industry average, with potential to store 1.5Mt CO2 annually via IPT Carbonation.

• Environmental Impact Statement filed, with permits targeted by fall 2025 and construction decision expected the same year.

Timmins Nickel District and exploration

• Consolidated over 20 ultramafic targets with a 42km² geophysical footprint, 25 times the scale of Crawford, aiming to publish eight project resources by mid-2025.

• Bannockburn F-Zone discovery yielded 3.95% nickel over 4m, with ongoing drilling and follow-up geophysics.

• Initial resources published for Deloro and Reid, with successful metallurgical tests at additional properties.