Canada Nickel Company (CNC) Investor presentation summary

Market opportunity and nickel supply dynamics

• Nickel demand is forecast to double by 2030, driven by electric vehicle (EV) growth, with annual demand potentially exceeding 6 million tonnes, outpacing other base metals by 3-4 times.

• Nickel supply is highly concentrated, with Indonesia now controlling more supply than OPEC did at its peak, introducing significant political and supply risks.

• Indonesian ore constraints and supply management are tightening, with ore grades declining and local prices aligning with Chinese prices.

Project portfolio and resource scale

• The Timmins Nickel District has over 20 ultramafic targets, with a consolidated geophysical footprint 25 times larger than Crawford, and 98% drilling success in intersecting mineralization.

• Crawford is the world’s 2nd largest nickel reserve and is expected to be the 3rd largest nickel sulphide operation globally.

• Initial resources for Reid and Deloro have been published, with six more resources expected by mid-2025.

• Bannockburn F-Zone yielded a massive sulphide discovery with grades up to 3.95% nickel over 4.0 metres.

Crawford project economics and development

• Crawford’s bankable feasibility study (BFS) shows an after-tax NPV8 of US$2.5 billion and IRR of 17.1%, with FEED results improving NPV to US$2.8 billion and IRR to 17.6%.

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

• Projected 41-year mine life with peak annual production of 48kt nickel, 0.8kt cobalt, 13koz PGMs, 1.6Mt iron, and 76kt chrome.

• Initial capital cost is US$2.0 billion, with a total capital requirement of US$3.5 billion.