Canada Nickel Company (CNC) Investor presentation summary

Market opportunity and nickel demand

• 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 in growth rate.

• Nickel supply is highly concentrated, with Indonesia controlling over 50% of global supply and beginning to manage quotas, creating significant political risk and supply constraints.

• Indonesian ore grades and availability are declining after years of high-grading, and local ore prices have aligned with Chinese prices, indicating tightening supply.

Project portfolio and resource scale

• The Timmins Nickel District has been consolidated with over 20 ultramafic targets, potentially making it the world's largest nickel sulphide district.

• Crawford Nickel Sulphide Project is the world's 2nd largest nickel reserve and 3rd largest nickel sulphide operation by production.

• Initial resources for Reid and Deloro have been published, with six more resources expected by mid-2025, and Bannockburn has yielded a high-grade massive sulphide discovery.

Crawford project economics and operations

• Crawford BFS shows a US$2.5 billion after-tax NPV8% (US$2.6 billion with carbon credits), 17.1% IRR, and a 41-year mine life.

• Peak annual production is 48kt nickel, 0.8kt cobalt, 13koz PGMs, 1.6mt iron, and 76kt chrome, with average annual EBITDA of US$811 million during peak years.

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

• Initial and expansion capex totals US$3.54 billion, with a single expansion from 60ktpd to 120ktpd mill capacity.