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 increasingly concentrated in Indonesia, which now controls more supply than OPEC did for oil at its peak, introducing significant political and supply risks.

• Indonesian ore constraints and high-grading practices are reducing ore quality and availability, with local prices aligning with Chinese prices and imports from the Philippines peaking.

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 18 properties drilled with a 98% success rate in intersecting mineralization.

• Crawford is the world’s second-largest nickel reserve and is expected to be the third-largest nickel sulphide operation globally, with a 41-year mine life and robust production metrics.

• Initial resources for Reid and Deloro have been published, with six more resources expected by mid-2025, and the Reid project alone has the potential to surpass Crawford in size.

Crawford project economics and sustainability

• Crawford’s bankable feasibility study (BFS) shows an after-tax NPV8 of US$2.5 billion (US$2.8 billion post-FEED), IRR of 17.1% (17.6% post-FEED), and 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, with an AISC of US$1.54/lb.

• The project is estimated to produce 2.3 tonnes CO2 per tonne of nickel, 89% lower than the industry average, and can store 1.5 million tonnes of CO2 annually via IPT Carbonation, generating substantial carbon credits.