Canada Nickel : Investor Presentation - September 2023

Canada Nickel Company

Delivering the Next Generation of Nickel

TSX-V: CNC

September 2023

Forward Looking Statements

This Presentation contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation about Canada Nickel Company Inc. ("CNC"). Forward looking information includes, but is not limited to, the results of the Crawford preliminary economic assessment ("PEA") including statements relating to net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs, timing for permitting and environmental assessments, realization of mineral resource estimates, capital and operating cost estimates, project and life of mine estimates, ability to obtain permitting by the time targeted, size and ranking of project upon achieving production, economic return estimates, the timing and amount of estimated future production and capital, operating and exploration expenditures and potential upside and alternatives. Readers should not place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The PEA results are estimates only and are based on a number of assumptions, any of which, if incorrect, could materially change the projected outcome. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable.

This Presentation has been completed by CNC. Certain corporate projects referred to herein are subject to agreements with third parties who have not prepared, reviewed or approved this Presentation. The Presentation is not intended to reflect the actual plans or exploration and development programs contemplated for such projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CNC disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CNC believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The scientific and technical information contained in this Presentation has been reviewed by Steve Balch, P. Geo, (VP Exploration) and a Qualified Person within the meaning of National Instrument 43-101. The PEA, prepared by Ausenco Engineering Canada Inc. in accordance with National Instrument 43-101. The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. See Appendix for the Crawford PEA assumptions and the press release of CNC dated May 25, 2021.

Foreign Exchange Assumptions

All amounts discussed herein are denominated in CAD dollars unless otherwise specified.

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Summary

Canada Nickel is the leader in the next generation of large scale nickel supply and one of few new sources of potential supply outside Indonesia/China

Nickel market fundamentally short of nickel in medium and long-term - little to no supply growth outside Indonesia/China - potential supercycle emerging which occurs every 15-20 years

- Corporate activity increasing, EV market waking up to this reality and actively pursuing offtake

Canada Nickel consolidation of a substantial new nickel district in established Timmins mining camp represents the Next Generation of Nickel - large scale, lower grade, open pit nickel sulphide projects with potential for zero carbon production led by its rapidly advancing Crawford Nickel Sulphide Project

• Anglo American a cornerstone investor - 9.8% ownership stake in Canada Nickel.
• Feasibility study expected this month - multiple improvements, fully incorporating IPT Carbonation enabling
  1 Megatonne of annual carbon storage. Over 90% increase to 9.8 million tonnes contained nickel in resource
• Permitting process underway - First phase of federal permitting process successfully completed. Impact Statement underway. Groundbreaking impact assessment agreements with First Nations
• Project financing discussions underway led by Scotiabank/Deutsche Bank, Cutfield Freeman. Significant government funding further expanded by federal government in March 2023
• Consolidated 42 km2 of ultramafic/mag highs - ~50X the scale of 0.85 km2 mag anomaly footprint of Crawford Main Zone
• • Successfully tested Reid, Midlothian, Texmont, Sothman, Bannockburn, Deloro, Mann Northwest
• 11 targets > footprint than Crawford - Current drilling confirms a large scale discoveries at Reid, delineating a mineralized footprint already 90% of the Crawford footprint. Other larger footprint targets successfully targeted include Midlothian, Mann Northwest

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Capital Structure

Analyst Coverage

Share Price Performance

Capital Structure as of August 30, 2023

Basic Shares Outstanding	137.7
Stock Options and RSUs	14.0
Warrants and Compensation Options	0.5
Fully Diluted Shares Outstanding (M)	152.2

Source: S&P Capital IQ, Bloomberg

1. Cash balance as of April 30, 2023 (most recent quarter)
2. Includes volume traded on TSXV and OTCQX

Capitalization as of August 30, 2023

Ticker		TSXV: CNC
Share Price	(C$)	$1.16
Market Capitalization	(C$M)	$160
Cash & Equivalents(1)	(C$M)	$15
Market Data
20-Day VWAP	(C$)	$1.29
52-Week High / Low	(C$)	$2.20 / $1.18
30-Day Avg. Daily Volume(2)	(000's)	362.6

9.8%

Management and Board

5%

Research Coverage

• Cantor Fitzgerald
• Cormark Securities
• Echelon Wealth Partners
• Haywood Securities
• Red Cloud Securities
• Research Capital

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Management and Board

Mark Selby	▪	Previous CEO of Royal Nickel Corporation	David Smith	▪ Senior VP, Finance and CFO of Agnico Eagle Mines
CEO	▪	Corporate development, strategy, business	Chair
	Limited;
B.Comm.		planning and market research Executive with	P.Eng., C.Dir.
	▪	Chartered Director, Director of Sprott Resource
		Quadra Mining and Inco
				Holdings
	▪	Nickel market expert
Wendy Kaufman	▪	>25 years of experience leading mining	Francisca Quinn	▪	Co-founder and President of Quinn & Partners Inc., a
CFO		companies in project finance, capital structure,	Director
		recognized advisory firm advancing sustainability in
CPA, CA		capital markets, accounting and internal controls,	M.Sc.
		business and capital markets;
	tax, financial reporting and public disclosure;
			▪ Previously with Carbon Trust and WSP Global
		completed $4 billion finance for Cobre Panama
Steve Balch	▪	Geophysicist with 35 years experience specializing	Jennifer Morais	▪ >20 years as senior executive in private equity,
VP, Exploration		in Ni-Cu-PGE deposits including for Inco Ltd in the	Director
		alternative finance, mining finance and management
P.Geo.		Sudbury Basin and Voiseys Bay	BA, MBA, CFA
		consulting; previously with TPG Capital, CPPIB,
▪
	Active in developing geophysics technology used
			OMERS, Hatch and CIBC
		in exploration globally
John Leddy	▪	Senior Advisor, Legal and Strategic Matters at	Kulvir Singh Gill	▪ 20 years of experience in innovation and sustainability
Senior Advisor,		Karora Resources Inc. (formerly RNC Minerals);	Director		in mining; lead innovation and growth projects for
Legal	▪	Over 20 years' experience as a business lawyer	B.Comm., ICD.D		Fortune 500 clients across the mining, O & G and
LL.B.		and former Partner at Osler			heavy industrial sectors
Pierre-Philippe	▪	>15 years of experience in successfully obtaining	Mike Cox	▪ Managing Partner at CoDa Associates; previously
Dupont		environmental, community stakeholder and First	Director
		head of Vale UK and Asian refineries following over 30
VP, Sustainability		Nation approvals for mining projects, including	B.Sc., MBA
		years in senior leadership roles in Base Metals with
	permitting Dumont Nickel and Canadian Malartic;
M.Sc.				Inco and Vale
	former Director of Sustainability at Glencore
Desmond Tranquilla	•	>32 years supporting major capital projects.	Christian Brousseau	▪ 30 years of experience with engineering, design and
VP, Projects	VP, Innovation &		construction in mining, including >6 years as project
	Experience with both major greenfield and
P. Eng.		Technical Services		Director for the Dumont Nickel Project, three years as
	brownfield infrastructure projects, including
		the Engineering and Construction Manager for Detour
		Detour Gold project delivered on-time,on-budget	P.Eng., MBA, ing.
			Gold
Chris Chang	•	17 years Investment Banking & Capital Markets.
VP, Corporate		Institutional Equities Mining Specialist Sales;
Development		Macquarie, Raymond James. Helped raise over $1
		billion of equity funding for junior	and mid cap			5
		mining companies