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NORTH AMERICAN NICKEL INC

TSX V: NAN

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Appendix I – Project Details (Slide 17)Appendix II – Nickel Markets (Slide 38)Appendix III – Greenland (Slide 43)

APPENDIX I

PROJECT DETAILS

Project Summary

Slide 18

Deposit type:

Minimum deposit size:

Location:

Property status:

Infrastructure:

Previous work:

Exploration rationale:

Magmatic Ni+Cu+Co+PGM sulphide

10 to 15 Mt @ 1.2% Ni equivalent

Southwest Greenland

4,983 km2 in two exclusive mineral exploration licences.

None but most targets are <50 km from ice‐free tide water.

Prospecting and shallow drilling (average hole length <55 m) discovered numerous high grade Ni showings in 1960’s and 70’s. Airborne and surface geophysical surveys by Cominco and Falconbridge in the1990s failed to identify any drill targets.

Very possible that economic deposits were missed as 1990’s geophysical technology had difficulty in the rugged terrain that characterizes the project area. Modern helicopter TEM flown perpendicular to strike at low altitude will have a much better chance of locating Ni+Cu+Co+PGMdeposits.

Maniitsoq Ni‐Cu‐Co‐PGM ProjectSouth West Greenland

Project Milestones

Project Milestones

2011 Identified Maniitsoq as favourable for nickel sulphide deposits and acquired large land position. Compiled all geological and historical exploration data in digital GIS format. Located key historical showings and drill holes in the field. Confirmed effectiveness of helicopter TEM by flying terrain‐hugging helicopter EM survey over selected areas: 25 new

conductors detected

2012 Acquired additional ground based on positive 2011 results. Completed helicopter TEM and magnetic surveys of high priority areas (totaling 860 km2): over of 50 new conductors

detected. Commenced checking conductors on the ground. Drilled nine holes totaling 1,551 m to test conductors in three areas; made significant, multi‐element intersections at two

areas and encountered anomalous mineralization at the third. Geological Survey of Denmark and Greenland identified Maniitsoq meteorite impact site within NAN’s tenements.

Plans for 2013 Drilling to expand mineralized zones intersected in 2012 and locate new zones of mineralization. Mapping, prospecting, sampling and geophysical surveys over selected conductors, showings and other targets to delineate

and prioritize additional drill targets. Mineralogical and petrographic studies of the mineralization and host rocks. Begin scoping and environmental study plan in preparation for future environmental impact studies.

Slide 19


Location

Situated in a safe, stable, transparent, mining‐friendly jurisdiction.

Straight forward permitting process.

No land claims issues.

Mine development activities nearby including proposed road and deep water port construction (London Mining’s Isua Iron project).

Project Location


World Class Nickel Potential

High‐grade, multi‐element diamond drill intersections over long intervals.e.g. 123.94 m @ 0.81% Ni, 0.21%Cu, 0.03% Co and 0.26 g/t PGMincl. 24.20 m @ 1.75% Ni, 0.34% Cu, 0.06% Co and 0.52 g/t PGM(NAN 2012 DDH: MQ‐12‐005)

Underexplored (previous hole lengths averaged < 55 m) but lots of high‐grade historical assays with consistent high sulphide Ni tenor (6‐8%).

Mafic intrusions hosting the mineralization are contaminated mantle melts and appear to have been part of a long‐lived, dynamic magma conduit system triggered by a large impact (possibly the largest yet recognized on Earth).

Centred on major, long‐lived, deep seated structures that were active from the Archean to the Jurassic (2.8 billion years).

New helicopter geophysical technology is proving far more effective than techniques used in the past; over 75 conductive zones identified to date.


World Class Nickel Potential

World Class Nickel PotentialManiitsoq Ni‐Cu‐Co‐PGM Project

South West GreenlandRegional Geological Setting

MANIITSOQ

NORTH ATLANTICCRATON

Located in the Archean (3.8 – 2.55 Ga) North Atlantic craton of southern Greenland.

Correlates with Nain province in Labrador. Maniitsoq area comprised of about 80%

retrogressed 3.4 – 2.9 Ga granulite faciesgneisses intercalated with supracrustal rocks (15% amphibolites of volcanic origin and 5% layered mafic complexes). The supracrustalrocks occur in belts up to 6 km wide folded into dome and basin patterns.

MANIITSOQ IMPACTMELT ZONE (APPROX.)

Regional Setting

Slide 23

Property is centred on a giant, Archean‐age (~3.0 Ga) impact structure.

Possibly the largest impact yet identified on Earth (Garde et al., 2012*).

Impact structure is cored by a 35x50 km area of comminuted, homogenised and variably melted rocks previously mapped as granitic gneiss and now referred to as the Finnefjeld Domain.Finnefjeld

Domain

DavisStrait

ManiitsoqProject

Maniitsoq Impact

Garde A.A., McDonald, I., Dyck, B. & Keulen, N. 2012: Searching for giant, ancient impact structures on Earth: the Mesoarchaean Maniitsoq structure, West Greenland. Earth and Planetary Science Letters 137–138, 197–210.


*

Post impact events included…

Intrusion of nickeliferous norites of the Greenland Norite Belt over a time period spanning at least one complete geomagnetic reversal.

3 episodes of lamprophyre intrusion (1800, 1200 and 600 Ma) with the latest involving emplacement of kimberlite.

Intrusion of the Qaqarssuk carbonatite complex at 165 Ma.

All these events occurred along deep seated, long‐lived structures created by the impact.

QaqarssukCarbonatite


Regional Setting

Slide 25

14 significant showings; most hosted by noriteintrusions, which are concentrated in the Greenland Norite Belt (GNB) outlined here by purple dashed lines.

All showings were discovered by Kryolitselskabet Øresund A/S (KØ) between 1962 and 1973 through surface prospecting.

KØ made numerous intersections including:

9.85 meters averaging 2.67% Ni and 0.60% Cu at Imiak Hill

12.89 meters averaging 2.24% Ni and 0.63% Cu at the Fossilik showing.

KØ drilled 119 holes totalling 6,287 m (i.e. average hole <55 m long) to test outcropping norites, exposed sulphide mineralization and shallow electromagnetic (EM) anomalies directly associated with exposed mineralization.

Historic Ni‐Cu Showings


DISTINCT APPEARANCE Rounded hills covered with brownish‐grey, often

rusty, coarse gravel. Individual bodies range from <2 m2 to 8 km2. Many appear to be emplaced along 060° trending

structures. Multi‐phase: compositions range from quartz

diorite, through norite, to lherzolite. Gabbronoriteis the most common phase.

POST KINEMATIC Massive, little or no foliation except at margins. Contacts often crosscut country rock foliation.

COUNTRY ROCK ASSIMILATION Country rock xenoliths with reaction rims. Minimal insitu differentiation (dynamic system).


Noritic Intrusions

Consists of monoclinic pyrrhotite, pyrite, pentlandite and chalcopyrite.

Often coarse‐grained. Likely to produce a clean

concentrate. Inclusion‐bearing sulphide

(i.e. sulphide breccia) is a common texture and indicates a dynamic system.

Pingo

Imiak Hill

Imiak Hill

Quagssuk


SulphideMineralization

Consistently High Nickel Tenor

Sulphides have a relatively consistent nickel tenor of 6 to 8% Ni recalculated to 100% sulphide.

Presence of pyrite means there is more S for a given amount of sulphide than in typical magmatic sulphide deposits consisting mainly of pyrrhotite‐pentlandite and chalcopyrite.

Typical 100% sulphide mixtureof Po+Cp+Pn contains 35.7% S

Kerr, 2003

After Shore, 2000(Falconbridge Limited)

Nic

kel w

t. %

Sulphur wt. %

Ni vs. S for Historical GNB Drill Core

DRILL CORE


Nickel Tenor

Giant impact triggers mantle melting.

Hot ultramafic magma flows to surface through a “conduit system” comprised of restricted conduits and larger magma chambers.

Country rock is assimilated by the hot magma resulting in sulphur saturation and production of a sulphide liquid.

Ni + Cu ± PGE sulphide collects in zones of lower velocity within the conduit system.

Continual magma flow upgrades the nickel tenor of sulphide already deposited.

Magmatism eventually ceases and conduit system is preserved as noritic rock.

Over time, uplift and erosion expose parts of the magma conduit system and some of the Ni+Cu±PGE sulphides.

Modified after Maier et al., 2001

SCHEMATIC CROSSSECTION

COUNTRY ROCK


Deposit Model

Previous Exploration Stymied by Lack of Conductive Targets

Cominco 1995 – 1996• 20,446 line‐km of airborne GeoTEM EM and magnetic surveying.

– Lines 200‐400 m apart oriented 080 (subparallel to of many of the norites resulting in poor coupling).

– Large fixed wing aircraft had difficulty hugging the rugged terrain resulting in noisy data.

– Very few anomalies associated with norites.– Ground follow‐up prospecting, minor surface geophysics (<30 line‐km) but no drilling.

Falconbridge 1993 & 2000• 100 line‐km of UTEM over Imiak, Spotty and part of Fossilik.

– Lines 200 to 400 m apart.– No conductors detected and no drilling done.


Previous Geophysics

Regional SettingManiitsoq Ni‐Cu‐Co‐PGM ProjectSouth West Greenland

Helicopter TEM• SkyTEM and VTEM helicopter‐borne TEM surveys flown by NAN in 2011 and 2012 have detected over 75 conductive zones (circled in red on the adjacent map).

• This technology was not available to previous explorers.

• NAN has flown the areas outlined in green, which total 860 km2 and cover a major portion of the Greenland Norite Belt.

• To date over 75 conductive zones have been identified (circled in red on map).

2012 Drill Program: Confirmation and Discovery

IMIAK HILL HOLE MQ‐12‐001 15.39 to 16.60 m

Spotty Hill – 1.00% Ni eq* /123.94 mincl. – 2.12% Ni eq* / 24.20 m

Imiak Hill – 1.18% Ni eq* / 26.98 mincl. – 1.60% Ni eq* / 16.64 m

1,551 METERS in 9 HOLES

Ni eq = Ni equivalent calculated based on spot prices for Ni, Cu, Co,Pd and Pt on Jan. 27, 2013.*


2012 Drill Program

Fjord


Spotty Hill Drilling

Slide 34

Spotty Hill Drilling

PURPOSE:To test near vertical, pipe‐like VTEM con‐ductor located along SW edge of a large exposure of disseminated sulphides hosted in norite.

RESULTS:123.94 m of high grade sulphides in hole MQ‐12‐005.

119 m of anomalous mineral‐ization in MQ‐12‐009, which was drilled outside the conductor 75 m NW of MQ‐12‐005.

SPOTTY HILLSURFACE PLAN MAP

X-SECTION LOOKING NWMQ-12-005

MQ-12-005

MQ-12-009

1213

3

4

910

11

13

12

56

78

34

12

ModelConductorPlates

123.94 m @ 0.81% Ni, 0.21% Cu, 0.03% Co, 0.26g/t PGM*Incl. 24.20 m @ 1.75% Ni, 0.34% Cu, 0.06% Co, 0.52 g/t PGMIncl. 8.20 m @ 2.39% Ni, 0.21% Cu, 0.07% Co, 0.60 g/t PGM

119.00 m @0.17% Ni

* PGM=Pt+Pd+Au


Imiak Hill Drilling

Imiak Hill Drilling

Slide 35

MQ-12-001MQ-12-00126.98 m @ 0.98% Ni, 0.44% CuIncl. 16.64 m @ 1.36% Ni, 0.52% Cuand 5.12 m @ 2.20% Ni, 0.55% Cu

26.98 m @ 0.98% Ni, 0.44% CuIncl. 16.64 m @ 1.36% Ni, 0.52% Cuand 5.12 m @ 2.20% Ni, 0.55% Cu

MQ-12-002MQ-12-00266.08 m @ 0.55% Ni, 0.20% CuIncl. 5.15 m @ 1.22% Ni, 0.49% Cuand 14.18 m @ 1.33% Ni, 0.38% Cu

66.08 m @ 0.55% Ni, 0.20% CuIncl. 5.15 m @ 1.22% Ni, 0.49% Cuand 14.18 m @ 1.33% Ni, 0.38% Cu

MQ-12-00126.98 m @ 0.98% Ni, 0.44% CuIncl. 16.64 m @ 1.36% Ni, 0.52% Cuand 5.12 m @ 2.20% Ni, 0.55% Cu


PURPOSE:To drill conductors associated withmineralization perpendicular to strike.

RESULTS:Significant multi‐element intersections in holes MQ‐12‐001 and MQ‐12‐002.

2012 drill results, combined with bore‐ hole EM (BHEM) surveys and historical drill information, indicate mineralization strikes N‐S, dips vertically to steeply east, plunges south and is open at depth.

Historical Intersections

SURFACE PLAN MAP


Imiak Hill Long Section(Looking West)

Slide 36


OPEN

Trend (plunge)of mineralization



Imiak Hill Long Section(Looking West)

Bore hole EM (BHEM) modeled conductor plates show a clear trend / plunge of about 45‐50 degrees south.

BHEM results also indicate the mineralization is open below the deepest hole on the trend (historical hole Im‐9), which intersected 9.85 m @ 2.67% Ni and 0.60% Cu 140 meters below surface.

PURPOSE:To test VTEM conductor associated with the Fossilik II gossan and mineralized historical drill holes FoII‐1 and 2.Also to test VTEM conductor P‐59 located 250 m NW of Fossilik II.

RESULTS:Anomalous mineralization intersected 40 m beneath historical Fossilik II drill holes. BHEM data indicates mineralization is not extensive.Conductor P‐59 was not intersected. BHEM indicates top of VTEM conductor is deeper than originally interpreted. Deeper drilling may be warranted.

Vertical Cross Section (Looking Northeast)

Surface Plan Map

Fossilik II


Fossilik II Drilling

APPENDIX II

NICKEL MARKETS

World Nickel Consumption by First Use*Foundry

3%

Plating7%

Non‐Ferrous Alloys12%

Other7%

Stainless& AlloySteel71%

* Source: Brook Hunt – a Wood Mackenzie company

Stainless Steel Consumption*


Leading Nickel Refinery Production by Country*

Plating7%

Non‐Ferrous Alloys12%

Other7%

*Source: Brook Hunt – a Wood Mackenzie company, 2011**Source: CRU Analysis

Leading Nickel Consumers*

KtKt

434

265 256

156 148111

43

215

661

415

167 13377 60 54 40 21

Global Nickel Resources**

Global Nickel Production**

SULPHIDE(56%)

LATERITE(44%)

SULPHIDE(27%)

LATERITE(73%)

Laterite production stilllags sulphide production

Laterite dominates buttechnologically challenging


Nickel Market Balance

‐ September, 2012


Nickel Market Forecast

‐ September, 2012

PROBABLE PROJECTS ONLY PROVIDE 40% OF REQUIREMENTSTILL NEED 330 kt/a MORE!


APPENDIX I

THE NICKEL MARKET

APPENDIX III

GREENLAND

Greenland

Largest Island in the world (2,166,086 km2). Population 56,800. Autonomous country within the Kingdom of Denmark. Parliamentary democracy within a constitutional monarchy.

General Facts:

Economy: Very dependent on block grant from Denmark Hunting, fishing and tourism account for 93% of export earnings. Strong incentive to grow mining industry as all tax proceeds accrue to

the Government of Greenland and mining only accounts for 1% export earnings..

Public incomes (%)

Source: Greenland government 2012

Export earnings (2010)Export earnings

Fishing & hunting

56%

Mining 1%Industry 6%

Retail, tourism, transport & finance

37%

Maniitsoq

Nuuk


Greenland:

Greenland: Mining Taxation

Nominal Taxation of Mining Operations in 12 Selected Jurisdictions

Table Notes:*Hypothetical Mining OperationGold mine with 12 year life (including 2 years development), 1 million ounces total reserves, annual production of 100,000 ounces sold at USD 650 per ounce, total investment of USD 93 million and annual production costs of USD 300 per ounce.

37%

Distribution of Proceeds from a Hypothetical Mining Operation*

Source: Mineral Strategy 2009, Greenland Bureau of Mineralsand Petroleum.

Source: Mineral Strategy 2009, Greenland Bureau of Minerals and Petroleum


Taxation:Corporate + withholding tax = 37%Royalty = 0%

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