Canada Nickel : Investor Presentation - April 2022

Canada Nickel Company

Delivering the Next Generation of Nickel

TSX-V: CNC

April 2022

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.

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

• - ROW nickel consumers facing shrinking supply for past 6 years - supply increasingly dominated by China/Indonesia

• - 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

• - Canada Nickel completed PEA on May 25th, which confirms robust economics - US$1.2 billion after-tax NPV8% and 16% after-tax IRR.

• - Feasibility study expected Q4-2022 with substantial upside resource potential, improved recoveries, and other initiatives to be included

• - Well-funded into 2023 after completion of $51 million financing

• - Groundbreaking, mutually beneficial MOUs signed with local First Nations

• - Consolidated 37km2 of ultramafic/mag highs - 40X the scale of 0.85 km2 mag anomaly footprint of Crawford Main Zone (containing 1.56 Mt of M&I nickel and a further 0.76 Mt of inferred nickel)

• - 10 targets > footprint than Crawford, 9 targets confirmed same host mineralization as Crawford

Management and Board

Mark Selby Chairman, CEO B.Comm.	 Previous CEO of Royal Nickel Corporation  Corporate development, strategy, business planning and market research Executive with Quadra Mining and Inco  Nickel market expert	David Smith Director P.Eng., C.Dir.	 Senior VP, Finance and CFO of Agnico Eagle Mines Limited;  Chartered Director, Director of Sprott Resource Holdings
Wendy Kaufman CFO CPA, CA	 >25 years of experience leading mining companies in project finance, capital structure, capital markets, accounting and internal controls, tax, financial reporting and public disclosure; completed $4 billion finance for Cobre Panama	Francisca Quinn Director M.Sc.	 Co-founder and President of Quinn & Partners Inc., a recognized advisory firm advancing sustainability in business and capital markets;  Previously with Carbon Trust and WSP Global
Steve Balch VP, Exploration P.Geo.	 Geophysicist with 35 years experience specializing in Ni-Cu-PGE deposits including for Inco Limited in the Sudbury Basin and Voiseys Bay  Active in developing geophysics technology used in exploration globally	Jennifer Morais Director BA, MBA, CFA	 >20 years as senior executive in private equity, alternative finance, mining finance and management consulting; previously with TPG Capital, CPPIB, OMERS, Hatch and CIBC
John Leddy Senior Advisor, Legal LL.B.	 Senior Advisor, Legal and Strategic Matters at Karora Resources Inc. (formerly RNC Minerals);  Over 20 years' experience as a business lawyer and former Partner at Osler	Kulvir Singh Gill Director B.Comm., ICD.D	 20 years of experience in innovation and sustainability in mining; lead innovation and growth projects for Fortune 500 clients across the mining, O & G and heavy industrial sectors
Pierre-Philippe Dupont VP, Sustainability M.Sc.	 >15 years of experience in successfully obtaining environmental, community stakeholder and First Nation approvals for mining projects, including permitting Dumont Nickel and Canadian Malartic; former Director of Sustainability at Glencore	Mike Cox Director B.Sc., MBA	 Managing Partner at CoDa Associates; previously head of Vale UK and Asian refineries following over 30 years in senior leadership roles in Base Metals with Inco and Vale
Christian Brousseau VP, Capital Projects P.Eng., MBA, ing.	 30 years of experience with engineering, design and construction in mining, including >6 years as project Director for the Dumont Nickel Project, three years as the Engineering and Construction Manager for Detour Gold	Russell Starr Director MA, MBA	 Previously in senior roles with RBC Capital Markets, Scotia Capital, Orion Securities, and Blackmont; SVP and Director of Cayden Resources (acquired by Agnico for $205M)

Capital Structure Analyst Coverage

Share Price Performance

Capitalization as of April 27, 2022
Ticker	TSXV: CNC
Share Price	(C$)	$2.08
Basic Shares Outstanding	(M)	109.70
Market Capitalization	(C$M)	$228
Total Debt	(C$M)	$0
Cash & Equivalents(1)	(C$M)	$40M
Market Data
20-Day VWAP	(C$)	$2.68
52-Week High / Low	(C$)	$4.20 / $2.06
30-Day Avg. Daily Volume	(000's)	464.56(2)

Capital Structure as of April 27, 2022

Basic Shares Outstanding	109.70
Stock Options and RSUs	10.12

Warrants and Compensation Options

0.50

Fully Diluted Shares Outstanding

120.32

Source: S&P Capital IQ

• (1) Cash balance as of January 31, 2022 (most recent quarter) with pro forma addition of recent $51M financing net of fees and repayment of Auramet loan

• (2) Includes volume traded on TSXV and OTCQX

Management and Board 5%

Research Coverage

•  Cantor Fitzgerald

•  Cormark Securities

•  Echelon Wealth Partners

•  Haywood Securities

•  Red Cloud Securities

•  Research Capital

•  Roth Capital Partners

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