disclaimer...this presentation (“presentation”) is being issued by class 1 nickel and...

DisclaimerThis presentation (“Presentation”) is being issued by Class 1 Nickel and Technologies Limited (the “Company”) for information purposes only. Reliance on this Presentation for the purpose of engaging in any investmentactivity may expose an individual to a significant risk of losing all of the property or other assets invested.

Cautionary Statements Concerning Forward-Looking Statements

Certain information set forth in this Presentation contains “forward-looking statements” and “forward-looking information” under applicable securities laws (referred to herein as forward-looking statements), which includemanagement’s assessment of future plans and operations and are based on current expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements maybe identified by words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “continue”, “target”, “estimate”, “proposed”, “preliminary” and similar expressions. Such forward-lookingstatements include, but are not limited to, production capacity and timing, mining and processing methods, by-products, product pricing, capital and operating cost estimates, project economics, future plans, the growth in theelectric vehicle market and its impact on the demand for nickel and cobalt, and future supply of nickel and cobalt. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions thatcould cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effectsof the plans and events described herein. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in thefuture. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required under applicablesecurities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. Readers are advised to consider such forward-looking statements in light of the risksset forth in the Company’s continuous disclosure filings as found at www.sedar.com.

Cautionary Note to U.S. Readers Regarding Estimates of Mineral Resources

This Presentation uses the terms “Measured" and “Indicated" Mineral Resources and “Inferred" Mineral Resources. The Company advises U.S. investors that while these terms are recognized and required by Canadian securitiesadministrators, they are not recognized by the U.S. Securities and Exchange Commission. The estimation of “Measured" and “Indicated" Mineral Resources involves greater uncertainty as to their existence and economicfeasibility than the estimation of proven and probable reserves. The estimation of “Inferred" Mineral Resources involves far greater uncertainty as to their existence and economic viability than the estimation of othercategories of Mineral Resources. It cannot be assumed that all or any part of a “Measured", “Indicated" or “Inferred" Mineral Resource will ever be upgraded to a higher category.

Scientific and technical information disclosed in this document has been reviewed and approved by Dr. William Stone, P.Geo. and Eugene Puritch, P.Eng., both Qualified Persons as defined in NI 43-101.

EXCLUSION OF LIABILITY – Without limitation to the foregoing and to the maximum extent permitted by law, each of the Company and its Representatives accepts no liability (except wilful negligence or misrepresentation)for any loss or damage suffered or incurred by the recipient or any other person however caused relating in any way to this IM, including any omissions, except to the extent stated in a definitive agreement with such personwhen, as, and if it is executed.

January 2021 | Page 2class1nickel.com CSE: NICO OTCQB: NICLF

http://www.sedar.com/

On a Fast Track Back to Nickel-Cobalt Sulfide ProductionCompelling Investment Attributes include:

Enviable location, logistics and infrastructure: Situated in a safe and reliable mining jurisdiction located only 45 km northeast of Timmins, Ontario, Canada, the project enjoys year-round road access, availability of local skilled workforces and access to several operating process plants that are currently available to accept feedstock into their operations.

Strategic geological land package: We have assembled several highly sought after and difficult to find komatiite-hosted nickel-copper-cobalt sulfide Mineral Resources into one valuable 20 km2 land package. The company’s Timmins projects envelope a large 14 km “Z”-shaped komatiite fold (komatiite rocks are a type of ultramafic volcanic rock that contain nickel sulfide) hosted in a mixed group of The Kidd-Munro assemblage rocks (OGS 1991). The company also holds an option to the Somanike komatiite hosted nickel project in Quebec, which includes the famous Marbridge mine.

Existing nickel Mineral Resources: 1.25M Indicated Tonnes at 1.0% Ni and 2.01M Inferred Tonnes at 1.0% Ni , comprised of four foundation resources at the Alexo-Dundonald Project in Timmins: Alexo North, Alexo South, Dundonald North and Dundonald South. A large portion of the property remains untested by drilling and modern geophysics.

Low OPEX: Class 1 Nickel intends to re-enter direct shipping process plant feed operations ( nickel – cobalt – PGE’s) leveraging its close proximity to operating process plants and suitability to traditional environmentally sustainable production methods.

Due to the quality of the projects which have remained unworked for a considerable period of time, Class 1 Nickel has been able to attract highly regarded and credentialled career nickel experts who possess vast nickel exploration development and mining experience.

Tight and clean capital structure.

class1nickel.com CSE: NICO OTCQB: NICLF

KeyPersonnel

BEN COOPER DAVID FITCH

Over 22 years of frontline capital market experience including raising over $200 million for public companies. Expertise in exploration management, resource development and PFS mine study operations for nickel, copper and iron ore assets.

CEO & joint major shareholder of the Fitch Group, major shareholder of QEM Limited and a Director of DBRB Property Group. Extensive experience in strategic planning, commercial negotiations, business operations and asset management.

President, CEO & Founder Director

Strong financial market experience and driven leadership


Operational Management

TONY DONAGHY WILLIAM STONEALAN KING EUGENE PURITCH

Highly regarded nickel experts with vast experience in resource exploration and development

Internationally recognized expert in the global search for nickel, copper, cobalt and PGEs with more than 25 years experience covering all continents and all stages of project development.

Dr. William (Bill) Stone is an economic geologist with over 30 years of experience as a modelling and interpretation specialist of nickel-copper-cobalt (PGM) sulfide, platinum-group metal, gold and zinc-lead-copper VMS mineral deposits, in a wide variety geological settings and mining operations.

Well known and respected with over 44 years of exploration and resource development expertise in nickel exploration.

A professional mining engineer with over 40 years experience in the engineering and operations of open-pit and underground mines with a focus on gold, silver, base metal, PGM, and iron deposits.

Principal Geological Consultant Independent Geological ConsultantChief Geophysicist Independent Consultant


Executive Management

MATHEW GIBERTSON David Crevier

Board with strong financial backing and driven leadership in a rising class 1 nickel and cobalt market

Mathew has over 25+ years’ of management experience within the mining and technology sectors. He is currently engaged as a turnkey consultant, specializing in operational efficiency and economic optimization

David is a Partner of the law firm Colby Monet LLP, in Montreal, Quebec and a member of the Barreau du Quebec. He has practiced as a lawyer since 1975, primarily in the area of commercial law, assisting public and private companies in the natural resource and technology sectors

Director Director


MONIQUE HUTCHINS

Monique is the Managing Director of DSA Corporate Services Inc. and has over 15 years of corporate secretarial, corporate governance, client relationship and marketing experience.

Corporate Secretary

Alexo-Dundonald Nickel-Copper-Cobalt & PGE Projects• A past production operation that consists of two advanced high-grade nickel sulfide

deposits with a combined NI 43-101 and historical resource containing nickel–copper-cobalt-platinum and palladium (historical 2.0%-4.0% Ni head grade).

• The project consists of four deposits: Alexo, Alexo South, Dundonald North and Dundonald South.

• Situated 45 km northeast of Timmins with year-round road access. The 92 granted exploration licenses covering 20 km2 are located close to operating process plants that are available to accept feedstock into their operations. Existing infrastructure, power & local skilled labor.

• The property remains significantly untested by drilling and geophysics. Current shallow mineralization extends along strike and down plunge.

• The last drilling program was completed at the Alexo Mine Project in 2011, and Dundonald in 2005. Previous owners halted production in October 2005 due to low nickel prices.

• Class 1 Nickel & Technologies is on a trajectory to produce direct shipping plant feed operation (nickel–cobalt–PGE’s).

• Class 1 will use the latest technology, geophysics and extensive expansion drilling campaigns to focus on increasing the current NI 43-101 Mineral Resource Estimate and to support a future Preliminary Economic Assessment.


Total Mineral Resources of 1.25 Million Indicated Tonnes at 0.99% Ni and 2.01 Million Inferred Tonnes at 1.01% Ni

Alexo-Dundonald is on Trend with Montcalm & Kidd Creek Projects• Alexo-Dundonald is on trend with Montcalm and Kidd Creek as part of the

Kidd Munro Assemblage Geology. The Alexo-Dundonald host rocks are part of a regional geophysical trend that extends tens of kilometres westward and includes the giant Kidd Creek base metal VMS mine and the Montcalm nickel mine near Timmins.

• The regional trend corresponds to the komatiite-bearing Kidd-Munro assemblage, which has been subject to very little modern airborne electromagnetic surveys and systematic mineral exploration for nickel sulfide deposits. The potential for discovery of additional nickel sulfide deposits under cover along this favourable trend remains high.

• The Alexo-Dundonald Property is located within 2 km of a main highway. Regional powerlines are located

Local Geology & Mineralized Zones• The Alexo-Dundonald Project sits on a 14 km strike-length, folded komatiite

unit containing several nickel-copper-cobalt and PGE Mineral Resources.

• Decades of successful capital expenditure and investment into the project by previous owners has resulted in the discovery and delineation of four nickel Mineral Resources that occur along the folded komatiite unit.

• A total of 102,883 metres of drilling has been conducted on and around the komatiite fold and a valuable data set has been assembled, which confirms the existence of numerous high-grade deposits and mineralized lenses that occur between and alongside the four Mineral Resources.

• The Alexo-Dundonald Project was previously mined via a direct shipping model, and Class 1 intends to design the project with similar principles.

• Class 1 is currently fielding interest from battery and EV companies seeking to invest and form downstream partnerships.


Alexo-Dundonald Deposits & Location


• The project comprises four foundation 43-101 Mineral Resources; Alexo North, Alexo South, Dundonald North and Dundonald South, which are situated on the near-continuous folded komatiite-ultramafic unit that can be traced on the property for at least 14 kilometres. All Mineral Resources are all open at depth and along strike.

• Modern validation of the Mineral Resources as well as intensive modelling of available data have evaluated a series of previously known deeper diamond holes which have intersected considerable nickel sulphide mineralization between surface and approximately 650 m deep.

• A recent airborne VTEM survey discovered more than 14 new untested and under-tested anomalies.

Alexo-Dundonald Mineral Resources

ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE(*)

Scenario Classification Cut-offNSR C$/tTonnes

(kt)Ni(%)

Ni(Mlb)

Cu(%)

Cu(Mlb)

Co(%)

Co(Mlb)

Pit Constrained Indicated 30 593.4 0.78 10.22 0.04 0.53 0.03 0.34

Out-of-pitIndicated 90 661.0 1.18 17.13 0.03 0.47 0.02 0.32

Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89

TotalIndicated 30+90 1,254.4 0.99 27.35 0.04 1.00 0.02 0.66

Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89


* View news release dated Dec 1, 2020 to read full table and disclosure of the Mineral Resource Estimate here.

Alexo-Dundonald has a total Indicated Mineral Resource of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel

https://www.class1nickel.com/2020/12/01/class-1-nickel-reports-further-increase-to-ni-43-101-ni-cu-co-mineral-resources/

Dundonald South Cross Sections

The multiple parallel vertical mineralized zones are located proximal to the contact between komatiites and mafic volcanic rocks. The mineralized zones have good continuity both along strike and at depth. Mineralization is approximately 300 m in depth and the mineralized zones are open along strike and down dip.

class1nickel.com CSE: NICO OTCQB: NICLF January 2021 | Page 12

Dundonald North Cross Section and Plan


Mineralization begins near surface and has been drill defined to approximately 600 m in depth and is open at depth.

Alexo North & South MinesDirect Shipping Operation 2005-2011


Alexo North & South Mineralized ZonesThe Alexo North and Alexo South Mineral Resources extend along strike and depth and down plunge and will be drilled to extend and add more tonnage to the current NI 43-101 Mineral Resource Estimate.

The majority of drilling and mining in the past has been shallow (less than 100 m vertical depth below surface).


NICKEL INTERSECTIONS FROM PREVIOUS DRILLING

Hole ID Year DrilledFrom (m)

To (m)

Downhole width

(m)

Ni (%) Zone

LAX-01-04 2004 40.4 42.8 2.4 1.70 Alexo North LAX-05-04 2004 64.6 69.5 4.9 2.30 Alexo NorthIncluding 64.6 65.5 0.9 6.50LAX-08-04 2004 75.9 77.5 1.6 1.00 Alexo NorthLAX-09-04 2004 82.9 84.7 1.8 1.70 Alexo NorthLAX-13-04 2004 62.2 66.7 4.5 2.20 Alexo NorthIncluding 2004 62.8 64.1 1.3 4.70LAX-24-04 2004 72.6 72.8 0.2 2.13 Alexo North (East)

LAX-26-04 2004 130.5 131.0 0.5 3.79 Alexo North (East)

Alexo-Dundonald Historical Drilling

590 drill holes for a total of 102,883 m (average depth of 174 m) with >$20M spent on this project


Alexo Mine drilling Alexo stockpile (~1.5% Ni) Alexo crushed mineralized stockpile

Local Processing Options – No CAPEX Required


• The previous operator of Alexo began mining and stockpiling nickel bearing massive sulfides from the Alexo South Mine and the mineralization was custom processed at Glencore’s Strathcona Process Plant near Sudbury, ON, Canada.

• The Strathcona Process Plant receives mineralization from Glencore’s two Sudbury mines as well as third-party custom feed. It produces two concentrate streams: nickel-copper concentrate for smelting, and copper concentrate for smelting and refining.

• The Sudbury Smelter currently smelts nickel-copper concentrate and processes custom-feed materials in the form of concentrates and secondary products.

• Kidd Creek Mine is an underground base metal mine 24 km north of Timmins. It is the deepest base metal mine on the planet. Owned and operated by Swiss Multinational Glencore Inc. The mine was discovered in 1963, and sold in 1986 to Falconbridge Ltd., which in 2006 was acquired by Xstrata, which in turn merged with Glencore in 2013. Ore from the Kidd Creek Mine is processed into concentrate at the Kidd Metallurgical Site, located 30 km from our mine site in Timmins.

• Other smaller operators in the Timmins area operate process plants on a toll basis.

Proposed Alexo-Dundonald DS Concept


• Canada’s infrastructure with good rail and road allowing the minerals to be transported long distances at modest cost whether that be to local smelters, as finished goods going to local or export markets, or often shipping to Asia as semi-finished products.

• Mineralized material from Alexo-Dundonald can be transported to Sudbury for processing and the concentrate can be transported by rail from Sudbury to the Port of Quebec City for shipping offshore.

Port of Sept-Îles• The Port of Sept-Îles is the most important ore handling port in Canada. Open year-

round, the port is characterized by its deep waters and 10 km wide semi-circular bay.

• The Port of Sept-Îles is comprised of 13 docks, 8 of which belong to it. Each year, nearly 23 million tons of merchandise is handled, comprised mainly of iron ore, alumina, aluminum, petroleum coke, limestone and other merchandise transit through the port, along with more than 400,000 tons of petroleum products.

• The Port of Sept-Îles is well-positioned on the national arena, either by the nature and importance of its business activities, or its role of transition zone for different export and import products.

• Its privileged location, at the heart of the main maritime routes between North America, Europe and Asia, as well as year round access to the St Lawrence, are at the origin of its rating amongst the most important Canadian ports and of its traffic of nearly 80% of its merchandise destined for international markets.


Somanike Project - Quebec

• The Somanike Project consists of 172 granted exploration licenses covering 45.3 km2including the famous Marbridge Mine, Quebec’s first ever nickel mine.

• The historic Marbridge Mine site is located 40 km NW of Val D’Or and 60 km SE of Royal Nickel’s Dumont Nickel Deposit, the largest nickel sulphide resources in the world today.

• The Marbridge deposits were operated by Falconbridge Nickel, producing 702,366 tonnes grading 2.28% Ni and 0.1% Cu over a five-year period. The ore was processed at the Canadian Malartic located 25 km to the south and had an estimated average recovery of 88% producing a concentrate grade reported at 11.9% Ni. Mineral Resources are unknown at this time.

• Production halted at Marbridge in 1968. Since then, various expert groups have conducted reviews of the four mined zones and unanimously concluded that very good potential exists to define a contiguous geological resource down plunge and along strike of the four zones.

• Class 1 holds an option over the Somanike project pursuant to an obligation to complete a final 750m of drilling and payment of $75,000 CAD to the vendor.

• After 60 years, Class 1 Nickel Limited is about to drill the Marbridge Mine deeper and drill test the areas around it for possible extensions and new discoveries.


Includes Quebec’s first nickel sulphide mine

Somanike Project - QuebecClass 1 Nickel has taken advice from leading mining consultants CSA Global, former Falconbridge management geologists who worked on the project previously and has also reviewed independent expert reports published. The unanimous conclusion is that there is a continuity of mineralization down-dip or along strike and therefore an opportunity to expand the historical geological resource. Historically two shafts mined four deposits over a strike length of 1,000 m and data proves that mining ceased “in mineralization”.


Marbridge Mine – Location Map


Dumont

Marbridge

20km

• Located in Abitibi Greenstone Belt in northwestern Quebec

• Close to mining centres of Malartic, Val d’Or, & Rouyn-Noranda

• 60 km by highway from Dumont Deposit

• 20 km to nearest railway

• 3 km from Highway # 409 & high voltage hydro power corridor

• 2 patented mining claims (1.6 km x 1.6 km in size)

• Mining & surface rights are held 100% by Xstrata Nickel

• RNC has strategic claims adjoining Marbridge including 2 recently staked claims

• RNC in conversation with other claim holders

• No farmland on or adjacent to property

• Nearby communities support and understand the mining industry.

Marbridge Mine – Regional Geology


Marbridge Property – occurs within a large NW-trending ultramafic complex that hosts several Ni-sulphide occurrences.

from Globex Mining Enterprises after M. Rive, MRN, Quebec, 1980

Marbridge Mine - Summary


Isometric view of the Marbridge Mine Deposits looking northeast

Metals Ni - Cu

Deposit Type Ultramafic Magmatic Sulphides, similar to Raglan, Kambalda

Location 60 km by Highway to Dumont, 50 km by Highway to Val D’Or

Infrastructure Very Good – Road, Hydro, Rail (20 km)

Property 2 Mining Claims, 243 ha (1.6 km x 1.6 km)

Ownership 100% Quebec Precious Metals Limited, no royalties

SensitivitiesMinor -- limited to remnants of surface infrastructure

No mill, No tailings

History1957 Discovery; 1962 – 1968 Production;

1969 – 1992 Inactive &1992 – 1996 Falconbridge drills 9 holes

Production 1962 – 1968 702,366 Mt @ 2.28% Ni and 0.1% Cu; 35.2 Mlbs of Ni

#1 Mine 493,697 Mt (70%) #1 Shaft to 430 m (10 Levels to 1500L)

#2 Mine 148,013 Mt (21%) #2 Shaft to 236 m (4 Levels to 600L)

#3 & #4 Mines 60,656 Mt (9%) Connected to #1 shaft on 300L

Zone Trends Strike NW, Dips -50o, Plunges 40o E

Ore Massive Sulphide, Stringers, Disseminations, re-mobilized

Mineralogy Po, Pn, Mill, Viol, Cpy, Mag,


Marbridge Mine - Summary

Marbridge Mine – #1 Mine Cross-Section


• Upper portion of #1 Mine

• Shows re-mobilized sulphides along gabbro/sedimentary rock contact.

• Continuity of mineralization down-dip

Marbridge Mine – #2 Mine Cross-Section


• At #2 Mine, only the high-grade sulphides at the base of the ultramafic (komatiite) was mined.

• The overlying “halo” portion of the mineralized zone is composed of stringer, net-textured and disseminated sulphides which did not make the 1.5% Ni cut-off;this mineralized material remains unexploited.

• There is opportunity to expand the mineralized potential by determining the nature and extent of this “halo” mineralization.

• An evaluation of this opportunity has been initiated.

MINE WORKINGS

Peer Comparison


Company Name Symbol/ Exchange

Flagship Project Location Mine Cycle Mineralization

Tartisan Nickel Corp TN:CNSX Kenbridge Ontario, Canada Exploration Mafic-ultramafic intrusive-hosted nickel sulfidesGaribaldi Resources Corp GGI:TSXV Nickel Mountain British Columbia, Canada Exploration Mafic-ultramafic intrusive-hosted nickel sulfidesTalon Metals Corp. TLO:TSX Tamarack Minnesota, USA Development Mafic-ultramafic intrusive-hosted nickel sulfidesClass 1 Nickel and Technologies NICO:CNSX Alexo-Dundonald Project Ontario, Canada Development* Komatiitic nickel sulfidesAuroch Minerals Ltd. AOU:ASX Saints Western Australia Exploration Komatiitic volcanic hosted nickel sulfidesSt. George Mining Limited SGQ:ASX Mt. Alexander Western Australia Exploration Mafic-ultramafic intrusive-hosted nickel sulfidesBlackstone Minerals Limited BSX:ASX Takhoa Son La Province, Vietnam Development Mafic-ultramafic intrusive-hosted nickel sulfidesPoseidon Nickel Limited POS:ASX Black Swan Western Australia Development Komatiitic volcanic hosted nickel sulfidesPanoramic Resources Limited PAN:ASX Savannah Western Australia Producer Mafic-ultramafic intrusive-hosted nickel sulfidesLegend Mining Limited LEG:ASX Rockford Western Australia Exploration Mafic-ultramafic intrusive-hosted nickel sulfidesMincor Resources NL MCR: ASX Kambalda Operations Western Australia Producer Komatiitic nickel sulfidesWestern Areas WSA:ASX Cosmos-Forrestania Western Australia Producer Komatiitic nickel sulfidesChalice Gold CHN:ASX Julimar Western Australia Exploration Mafic-ultramafic intrusive-hosted nickel sulfides

$- $200 $400 $600 $800

$1,000 $1,200 $1,400 $1,600

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Capital Structure


Tightly held with over 70% of NICO shares owned by management, the board and institutions

CSE Symbol: NICO

Shares Outstanding: 103,858,059

Options: Nil

Warrants: 2,925,677

Fully Diluted: 106,783,737

Share Price (as Jan 22, 2021): $0.83

Market Capitalization: 98,665,156

Major Shareholders: 70%

• Nickel sulphate which is a derivative of nickel sulfide is used in EV battery cathodes.

• EV companies require battery capacity (raw materials) and the biggest raw material component in batteries is nickel (80% nickel, 10% cobalt and 10% manganese).

• 54% of the cost of the battery is the cathode ( 44% of cathode is nickel).

• Class 1 Nickel significant advantages: high-grade, high purity low cost of production magmatic sulfide, close to surface and close to infrastructure – short lead time back to production.

Nickel is really Tesla’s key battery ingredient –approximately 40 kg of nickel goes into Tesla car and is a key to energy density.

Elon Musk, the single largest buyer of batteries on the planet, said in 2016, “Our cells should be called nickel-graphite cells [there’s] a little bit of lithium in there, but it’s like the salt on the salad”.

class1nickel.com CSE: NICO OTCQB: NICLF

[email protected]

+1.416.454.0166

@Class1Nickel

@Class-1-Nickel

Montreal Office: 600 - 2075 Robert-BourassaMontreal, QC, H3A 1L1

Toronto – Head Office: 82 Richmond Street EastToronto, ON, M5C 1P1

https://twitter.com/ClassNickelhttps://www.linkedin.com/company/class-1-nickel/

Battery & EV Market


Currently, battery manufacturers make up less than 5% of the global 2 Mt nickel

market

Roughly half of the 2 Mt market is derived from the mining of nickel sulfide ore which

then gets converted into Class #1 nickel products

Given the duration and expense of exploration and development, which is at least 10 years from discovery to construction, where will the nickel for the EV market come from??

Large scale adoption will require more EV infrastructure; governments are increasingly pushing for a green

economy that includes renewable energy and EV adoption

In 2018, Glencore commissioned CRU to model the metal requirements of a 30%

adoption rate of EVs in the global vehicle market by 2030. Results were:

• c4.1Mtpa of copper (18% of 2017 supply)• c1.1Mtpa of nickel (55% of 2017 supply) • 314ktpa of cobalt (332% of 2017 supply)

Alexo South Pit Loading - 2005

Class #1 Versus Class #2 Nickel


• In nickel laterite mines (Class 2 Nickel), the ore is mined and then processed through a high-pressure acid leach (HPAL) circuit, which is then further processed to produce nickel sulphate. The HPAL process is more complex, requiring more steps and, it has higher carbon footprint due to emissions from the process.

• Nickel and cobalt are used in the most dominant battery chemistries for electric vehicles (EVs) – NCM (Ni Co Mg) and NCA (Ni Co Al). Cathode and battery manufacturers are moving towards higher nickel and lower cobalt chemistries (migration from NMC111/622 to NMC811).

• McKinsey and Co stated in their November 2017 report entitled “Nickel a Class Act” that lithium-ion battery demand for high-purity Class 1 nickel may increase significantly from 33 Kt in 2017 to 570 Kt in 2025.

• In August 2020 Elon Musk, the CEO of Tesla called for more nickel production to meet demand (Reuters: Melbourne/Beijing July 23, 2020).

• A high percentage of nickel sulfide exploration is concentrated in cold climates (Russia, Finland, Greenland and Canada) as most of the discoverable nickel sulfide deposits found around the equator or in hotter and wetter climates have mostly been converted, by nature, into nickel laterite deposits. Thus, nickel laterite deposits account for up to 70% of the known crustal nickel deposits on the earth.

Nickel Use Class #1 Nickel

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Mine Concentrate Sulphate Class 1 Nickel Product

Crushed and sorted nickel-cobalt mineralization from the Alexo Mine in

Timmins, ON, Canada.

2% to 4% nickel with associated copper-cobalt & PGE.

Dundonald South Zone Highlights & Nickel-Bearing Sulfide Zones (G*)• G Zone was traced for a strike length of 600 m, is open to the east and has four high-grade

nickel shoots all plunging southwest and open down plunge.

• The eastern shoot is about 12 m wide and plunges 25° to the west. It starts at a vertical depth of 65 m and is open below a vertical depth of 100 m. Historically Falconbridge returned 1.49% Ni over 7.9 m when testing part of the shoot.

• The central east shoot which is 15 m wide, begins below a vertical depth of 65 m and has a moderate plunge of 45°. It is open both up and down plunge and has returned encouraging historical intercepts including 4.67% Ni over 1.7 m.

• The central west shoot is 15 m wide and begins at a vertical depth of 100 m and has a moderate southwest plunge of 45° and is open below a vertical depth of 160 m. Two significant historical drill intercepts in the shoot are 5.91 % Ni over 3.6 m and 4.37% Ni over 1.8 m. Falconbridge NS05-75 historical drill hole intersected a massive pentlandite zone over 0.3 m that assayed 42.8% Ni, the highest ever nickel drill intersection to date on the Alexo-Dundonald Project.

• The west shoot is the most continuous and the longest shoot of the four. It is 120 m long and 15 m wide. It plunges 45° to the southwest and remains open. Two historical drill hole intersections in this shoot include FNS05-30 with 11.19% Ni over 3 m, including a massive sulfide section of 23.7% Ni (5.1 g/t. PGE’s) over 1.3 m; and FNS05-40 with 5.99% Ni over 4.85 m including a massive sulfide section of 11.79% Ni (4.5 g/pt PGE’s) over 1.3 m.

• Other notable high-grade historical nickel intersections in G Zone are FNS05- 73 with 18.7% Ni over 1.1 m, FNS05-79 with 7.63% Ni over 5.7 m and FNS05-91 with 5.29% Ni over 3 m.


HOLE NUMBER

% NI % CU LENGTH (M)

FND04-01 0.62 0.0 2.30

65-29 5.74 0.24 8.83

FND04-34 0.56 0.02 6.10

HUF09-01 3.26 0.17 7.65

HUF10-01 4.95 0.11 1.55

FND04-29 4.90 0.19 16.4

• “G Zone” High-Grade Historical Lenses of 115,000 tonnes to 140,000 tonnes @ 3.1% to 3.2% Ni (Non- NI 43-101 Compliant).

• Mineral Resource definition work will follow these plunging high-grade shoots down dip and add tonnage and grade to the global project resource .

* The reader is cautioned that Class 1 Nickel has not done sufficient work to validate or classify the historical grades at the Dundonald Project. The historic grades are not NI 43-101 compliant and should not be relied on by investors. It is uncertain if further exploration will result in a Mineral Resource.

Dundonald South Zone Highlights* & Nickel-Bearing Sulfide Zones (H*)• H Zone is the stratigraphic highest of the nickel sulfide zones. It is a discontinuous zone typically located 30 m north of the

southern Dundonald Sill. It is comprised of fine-grained disseminations to blebs of pyrrhotite/pentlandite within the upper spinifex textured thin peridotite flows (m-scale) of the central komatiitic peridotite flow rocks. Historical nickel values typically range from 1% to 2.76% and are lower than the F and G zones. The highest nickel intersection was 5.57% Ni over 0.4 m and 1.06% Ni over 7.17 m.

Dundonald North Zone (formerly Dundeal)

• This nickel zone is located on the north side of a west-plunging antiform, 2.2 km southeast and along strike from the Alexo deposit. The mineralization occurs at the base of the Empire Komatiite Flow and is apparently controlled by a channel or depression in the footwall volcanic rocks. The zone has been traced along strike for 800 m and to a depth of 700 m below surface. It is presently unclear what the exact orientation of this channel is, but it is indicated to plunge moderately to the northeast near surface and steepen with increasing depth, parallel to that at the Alexo Deposit to the north. Average true width of the mineralized interval is 2.4 m with the best historical mineralized intersections in the centre of the channel (with grades up to 3.04% Ni).

• Blebby and disseminated sulfides are the most common forms of nickel mineralization followed by occasional net-textured intervals and finally as rare massive veinlets in the footwall. Pyrrhotite and pentlandite occur in sub-equal amounts along with minor chalcopyrite and rarely sphalerite.

• The most significant historical nickel intercept returned from the near surface extent of the Dundonald North Zone was 1.86% Ni over 2.2 m core length. Two holes were drilled to test a deeper portion of the Dundonald North Zone returned historical results including 2.41% Ni over 4.25 m, 1.11% Ni over 9.5 m, and 1.34% Ni over 12.0 m (~7.6 m true width) including 1.61% over 8.0 m (~ 5.0 m true width).


* The reader is cautioned that Class 1 Nickel has not done sufficient work to validate or classify the historical grades at the Dundonald Project. The historic grades are not NI 43-101 compliant and should not be relied on by investors. It is uncertain if further exploration will result in a Mineral Resource.

disclaimer...this presentation (“presentation”) is being issued by class 1 nickel and...

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