#1Introduction to Canada Nickel Company Delivering the Next Generation of Nickel Sulphide Projects TSX-V: CNC November 5, 2020 www.canadanickel.com CANADA NICKEL COMPANY#2Forward Looking Statements CANADA NICKEL COMPANY 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 statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of nickel, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks inherent to the mining industry, adverse economic and market developments. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this Presentation is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. CNC disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. 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. Foreign Exchange Assumptions All amounts discussed herein are denominated in CAD dollars unless otherwise specified. www.canadanickel.com 2#3Why Invest in Canada Nickel? CANADA NICKEL COMPANY Canada Nickel (CNC) owns 100% of the Crawford Nickel-Cobalt Sulphide project: A new nickel discovery with large scale potential in an established mining camp adjacent to existing infrastructure north of Timmins, Ontario, Canada. Updated resource in the top 10 nickel sulphide resources globally Initial mineralogy test results demonstrate 89% of nickel is contained in nickel sulphide and nickel-iron alloy minerals in higher grade resource area Nickel mineralization now discovered in Main, East and West Zones, with total strike length of ~6 km Separate PGM Zone discovered and extended by 1.5km in recent drilling on Main Zone, and discovered parallel to East Zone Significant expansion potential; only a fraction of flagship Crawford property tested to date. Additional regional properties added with similar ultramafic structures Canada Nickel has launched wholly-owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron - has applied for trademarks NetZero Nickel TM, NetZero Cobalt TM, NetZero Iron™ Canada Nickel is completing a PEA on the Crawford Project by year-end 2020, FS by year-end 2021 Canada Nickel is well timed - nickel appears to be entering a supercycle which occur every 15-20 years. While extraordinary price peaks are never sustained, prices should remain at relatively high levels for an extended period to incent new supply to meet already strong demand growth further accelerated by substantial requirements from electric vehicles Nickel has limited investible opportunities Prior supercycle in 2005-2007 largely emptied project pipeline outside Indonesia. * Mineral Resource Estimate prepared by Caracle Creek International Consulting Inc. www.canadanickel.com 3#4Board and Management Team CANADA NICKEL COMPANY David Smith Director P.Eng., C.Dir. John Leddy Director LL.B. Mike Cox Director B.Sc., MBA Russell Starr Director MA, MBA Jennifer Morais Director BA, MBA, CFA Kulvir Singh Gill Director B.Comm., ICD.D Francisca Quinn Director M.Sc. • • • • Senior VP, Finance and CFO of Agnico Eagle Mines Limited; Chartered Director, Director of Sprott Resource Holdings 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 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 Wendy Kaufman CFO CPA, CA >25 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 Steve Balch VP, Exploration P.Geo. 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) >20 years as senior executive in private equity, alternative finance, mining finance and management consulting; previously with TPG Capital, CPPIB, OMERS, Hatch and CIBC 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 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 Jessie Liu-Ernsting VP, Corp Dev & IR P.Eng., MBA Pierre-Philippe Dupont VP, Sustainability M.Sc. Christian Brousseau Project Director ing. www.canadanickel.com • • 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 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 Close to 20 years of experience in mining capital projects engineering, capital markets, private equity and corporate strategy Previously with Hudbay Minerals, Resource Capital Funds, CIBC, Hatch and Golder Associates >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 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#5Nickel Demand A Leader Among Metals CANADA NICKEL COMPANY Nickel demand a leader among metals over the last decade (5%) driven by continued strong growth in stainless steel (5.4%) with little contribution from electric vehicles to date. Base Metals & Other Metals Demand CAGR% (2007-2017) 5.2% 5.0% 3.8% 5.4% 2.4% 2.2% 2.1% 4.2% 1.8% Aluminum Nickel Lead Copper Zinc Stainless Carbon Steel Cobalt Molybdenum Source: Macquarie www.canadanickel.com 5#6Electric Vehicles to Drive Significant Additional Demand CANADA NICKEL COMPANY Recent Glencore presentation highlights massive growth expected in nickel demand from electric vehicles Electrification of transport relies on the large scale replacement of ICE with EVs The mobility transition is a major new source of material demand: >140M EVS forecast on the road by 2030 (1) Copper: +3Mtpa by 2030 Contained copper in EVs (Mt)2) 1.1 0.2 0.3 3.0 2018 2020F 2025F 2030F EV Cu demand as % of 2018 Cu supply 4.5% 1.3% 0.8% 2018 2020F 2025F Bank of America Merrill Lynch 2019 Global Metals, Mining & Steel Conference Nickel: +1.3Mtpa by 2030 Contained nickel in EVs (Mt)2) 0.40 0.11 0.06 Cobalt: +263ktpa by 2030 Contained cobalt in EVs (kt)(2) 1.30 2018 2020F 2025F 2030F EV Ni demand as % of 2018 Ni supply 12.6% 2030F 18% 5% 3% 2018 59% 2020F 2025F 2030F 26 14 131 263 2018 2020F 2025F 2030F EV Co demand as % of 2018 Co supply 219 11% 2018 2020 104% Source: (1) BNEF Long-Term Electric Vehicle Outlook 2018. (2) Glencore estimates, Wood Mackenzie, CRU, BNEF. Does not include the copper, nickel or cobalt required for other parts of the EV supply chain Including charging Infrastructure, energy storage systems, grid www.canadanickel.com 209% 2025 2030 GLENCORE 6#7Nickel Demand EVs Going to Multiply Demand Requirements CANADA NICKEL COMPANY By 2025, EV + 4% trend demand growth (slower than 5% trend) requires nearly 1 Mtpa of new supply. By 2030, 2.5 million tonnes (or double today) is required. 2.5 Mt would require (at best) - $50-$75 billion of new investment this decade. Incremental Nickel Demand (Mt) 2025 and 2030 vs 2018 2.5 Mt All Where is new project supply going to come from? Laterites - HPAL? Other (4% pa) Laterites - FeNi? 0.9 Mt NPI? EV Sulphides? 2025 2030 Using copper as comparison, adding 100% of current nickel supply is equivalent to adding 20 Escondidas Source: CRU, CNC Analysis www.canadanickel.com 7#8Tesla: "Please mine more nickel..." CANADA NICKEL COMPANY "...please mine more nickel... Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way." - Elon Musk, Co-Founder and CEO, Tesla Earnings Call July 22, 2020 Estimated Carbon Footprint (tonnes CO2/tonne of Nickel produced) Selected Types of Nickel Production - Existing Projects/Producers 100 90 88 80 70 60 50 40 34 30 20 7 10 2 0 Lower Grade Sulphide Source: Serpentine (concentrate) Wood Mac Nickel Industry Costs, Canada Nickel analysis High Grade Nickel Sulphide HPAL Asia (intermediate) Coal-Powered NPI Production Indonesia www.canadanickel.com 8#9Nickel Supply - Significant Political Risk Is there an ONEC in our future ?? CANADA NICKEL COMPANY Nickel supply facing increasing political risk as Indonesia now dominates nickel supply growth. Just 3 countries are expected to control as much of the nickel supply as OPEC did of global oil supply at its peak in 1973 Nickel Supply Concentration (2020) vs Oil Supply Concentration at OPEC peak (1973) 54% Other OPEC Persian Gulf 37% Oil 1973 52% New Caledonia Philippines Indonesia 28% These 3 countries: Face revenue shortfalls ■ Have intervened directly into mining sector Nickel 2020 Source: U.S. EIA, Red Door Research, Company analysis www.canadanickel.com 9#10Crawford Nickel-Cobalt Sulphide Project CANADA NICKEL COMPANY One of largest nickel-cobalt sulphide resources located in a well established mining camp with infrastructure. . World-class jurisdiction in Ontario, Canada Established Timmins mining camp with 100-year history of mining Access to all major infrastructure including zero-carbon hydroelectricity Active permitting and development of mines • Lower Sturgeon Generating Station N 655 500 kV Transmission Line 115 kV Transmission Line Crawford Township Kidd Mine (Glencore) Kidd Met Site (Glencore) ☑ A 10 km Timmins Long history of downstream processing www.canadanickel.com 101 101 10 10#11Part of Relatively Underexplored Property D www.canadanickel.com CANADA NICKEL COMPANY Why Crawford undiscovered until now? A few drill holes by Inco in 1960s in each large anomaly Minimal exploration in 1970/1980s Land owned by forestry company for several decades until acquired by Noble in 2011 Little outcrop on land package 11#12· • • Updated Mineral Resource - Crawford CANADA NICKEL COMPANY Crawford's updated resource ranks as one of the 10 largest nickel sulphide resources globally Higher grade core of M&I Resource of 281 Mt at 0.31% Ni, 0.013% Co, and 0.037 g/t Pd + Pt Within an overall M&I resource of 657 Mt at 0.26% Ni and 0.013% Co Higher grade inferred resource of approximately 141 Mt at 0.28% Ni and 0.013% Co within an overall inferred resource of approximately 646 Mt at 0.24% nickel and 0.013% cobalt Mineral Resource Estimate Contained DOMAIN CLASS TONNES (Mt) Ni (%) Co (%) Fe (%) S (%) Pd (g/t) Pt (g/t) Ni (kt) Co (kt) Fe (Mt) Pd (koz) Pt (koz) MAIN HIGHER GRADE ZONE MAIN LOWER GRADE ZONE Measured Indicated Mea+Ind Inferred Measured Indicated 152.7 128.6 281.3 0.32 0.013 6.25 0.20 0.029 0.012 140.5 63.0 264.8 Mea+Ind 327.8 Inferred 292.6 Measured 25.9 Indicated 22.0 EAST ZONE TOTAL Mea+Ind Inferred Mea+Ind Inferred 47.9 213.2 657 646 0.30 0.013 6.37 0.16 0.027 0.013 0.31 0.013 6.30 0.18 0.028 0.012 0.28 0.013 6.73 0.08 0.024 0.013 0.22 0.013 6.82 0.05 0.21 0.013 6.90 0.04 0.21 0.013 6.89 0.04 0.21 0.013 6.96 0.05 0.26 0.012 6.03 0.39 0.26 0.013 6.21 0.04 0.26 0.013 6.11 0.04 0.24 0.013 6.64 0.03 0.26 0.013 6.58 0.10 0.028 0.012 0.24 0.013 6.81 0.05 0.024 0.013 485.4 20.0 392.3 16.5 8.2 877.7 36.5 17.7 395.7 18.2 125.3 8.3 9.5 141 57 111 52 253 109 9.5 107 56 4.3 533.6 34.8 18.3 658.8 43.2 22.6 661.0 38.2 20.4 67.7 3.2 1.6 56.6 2.8 1.4 124.3 6.0 2.9 504.6 27.4 14.2 1,660.8 85.7 1,561.2 83.8 44.0 43.2 253 109 107 56 Mineral Resource Estimate prepared by Caracle Creek International Consulting Inc., in accordance with the National Instrument 43-101 ("NI 43-101") and CIM Definition Standards on Mineral Resources and Reserves. Refer to Canada Nickel TSX-V Announcement dated October 21, 2020 www.canadanickel.com 12#135408600 N 5408400 N 5410200 N 5410000 N 5410400 N 5409800 N 1.5 km 5409600 N 5409400 N 5409200 N 5409000 N 5408800 N 472000 E 5410600 N 472200 E 472400 E 472600 E CR20-32 472800 E 473000 E 473200 E Updated Mineral Resource - Crawford CANADA NICKEL COMPANY East Zone Discovery and Main Zone resource more than doubles the known extent of nickel resource to more than 4 kilometres Crawford Nickel-Cobalt Project Main Zone & East Zone Nickel Resources - Plan View Current Resource overlain on total field magnetic intensity 625W Main Zone 100E 375E www.canadanickel.com 473400 E 473600 E 473800 E 47 4000 E 474200 E 4744C0 E 474600 E 474800 E 475000 E 473700E East Zone Nickel Resource 2.1 km 2.8 km Nickel Resource 200 m N 13 475200 E 475400 E 475600 E 475800 E 476000 E 476200 E#145106100 N 172400 E 5109 200 N 5409000 N 5108600 N Updated Mineral Resource - Crawford CANADA NICKEL COMPANY Key objective of extending and better defining higher grade zone was achieved 473000 E 473400 E Plan View of Main Zone - Comparison of Current and Prior Mineral Resource & Grade Shells Prior Main Zone Current Main Zone 5106600 N Resource Boundary 0.30% Grade Shell 96 Mt @ 0.34% NI 200 m 0.35% Grade Shell 28 MI @ 0.38%Ni 473600 E 172-100 E 5409200 N 5409000 14000 172600 E 5408600 N Resource Boundary 5402400 N www.canadanickel.com 200 m 0.30% Grade Shell 201 Mt 0.34% NI 0.35% Grade Shell 57.9 Mt @ 0.36%NI A/CEAX) E Legend 100% Grece Sil 35% Grece Steel Res 30.ndory#155408600 N 5408800 N 5408400 N N A 200 m 5409000 N 472400 E 5409200 N 472600 E 472800 E 473000 E Higher Grade Core - Crawford Main Zone Clearly Defined in Resource CANADA NICKEL COMPANY A higher grade core of 201 Mt of 0.34% Ni including 58 Mt at 0.36% was defined within resource. Remains open to the west. High Grade Zone Boundary Resource Boundary 0.30% Grade Shell 201 Mt @ 0.34% Ni 0.35% Grade Shell 57.9 Mt @ 0.36%Ni Refer to Canada Nickel Company's press release dated October 21, 2020 for more information. www.canadanickel.com 473200 E 473400 E 473600 E 473800 E 474000 E Legend 0.30% Ni Grade Shell 0.35% Ni Grade Shell High Grade Zone Resource Boundary The higher grade core has been defined for: 1.8 km long 150-220 m wide Up to 650 m deep Infill hole CR20- 42 averaged 0.42% Ni 15#16• • Third New Discovery Confirms Reinforces Geophysical Understanding CANADA NICKEL COMPANY All four drill holes intersected mineralized dunite across width of 800 m, strike length of 425 m in 2.5 km by 400-800 m wide geophysical anomaly approximately 850 m northwest of Main Zone. Fourth hole ended in mineralization (0.31% nickel, 0.09% sulphur, 0.06 g/t PGM, 0.014% Co, 7.37% Fe across 21 metres) with more assays pending. 5411000N Legend Dunite 0.30% Ni Grade Shell 0.35% Ni Grade Shell 472000E Main -Higher Grade Zone and West Zone Discovery Holes CR20- 69 through CR20-72 over top of gravity gradient (Crawford Township airborne gravimetric survey completed in 2018) 5410000N 425 m 2.5 km CR20-71 CR20-72 @ 352.5 metres, 10 mm field of view CR20-70 CR20-69 800 m 850 m N 5409000N 500 m CR20-72 0.31% Ni over 21m (EOH) CR20-72 @ 370 metres, 10 mm field of view 473000E 1.8 km 150-220 m 474000E#17Very Encouraging Initial Mineralogy Results Crawford's initial mineralogy results have been positive CANADA NICKEL COMPANY Initial Mineralogy Results Higher Grade Lower Grade Core Zones # samples 44 45 % Ni in nickel sulphide and 89% 59% nickel-iron alloy minerals % Ni in silicates 11% 41% % Nickel 0.31 0.19 % Sulphur 0.14 0.03 % Magnetite 8.7 6.9 Breakdown of Nickel Sulphide Higher Grade and Nickel-Iron Alloy Minerals Core Zones Pentlandite 40% 51% • Heazlewoodite 57% 38% Awaruite 3% 11% Initial Electron Microprobe % Ni % Co % Fe Results - Selected Elements (12 samples) Pentlandite Heazlewoodite Awaruite Magnetite 35.0 5.1 27.0 71.5 0.0 1.5 75.2 1.4 23.2 0.1 0.0 70.9 Lower Grade 89% of the nickel in the Higher Grade Core of the resource is contained in nickel sulphide and nickel-iron alloy minerals. 59% of the nickel in the Lower Grade Zones is contained in nickel sulphide and nickel-iron alloy minerals. Both the higher and lower grade areas contain significant quantities of magnetite. In the Higher Grade Core, the magnetite content averaged 8.7% and in the Lower Grade Zones averaged 6.9%. Refer to Canada Nickel TSX-V Announcement dated March 12, 2020 www.canadanickel.com 17#185408400 N 472200E PGM Zone - Significant Potential CANADA NICKEL COMPANY PGM Zone adjacent to both Main and East Zones tested from near surface to depth of 400+ metres across multi-kilometre strike length. Recent drilling yielded multiple PGM Zones and highest grade intersections to date: 2.6 g/t Pd + Pt over 7.5 m from 123 metres. Plan View of Crawford PGM Zones Plan view of recent drilling overlain on total field magnetic intensity Cross-Section PGM Zone (East) Simplified Geology Holes CR20-31, 37 CR20-32 2.6 g/t across 7.5 m within 1.8 g/t across 12m from 123 m 1.9 g/t across 3 m from 242 m 1.6 g/t across 6 m from 280 m East Zone CR20-36 CR19-28 0.4 g/t across 4.5 m from 432 m 1.7 g/t across 4.5 m from 180 m CR20-41 1.8 g/t across 4.5 m from 321 m CR20-37 CR20-38 2 g/l across 3 m from 283.5 m 1.5 km 1.8 g/t across 4.5 m from 189 m CR20-34 1.8 g/t across 4.5 m from 463,5 m CR19-16 1.7 g/t across 7.5 m from 48 m CR20-59 1.5 g/t across 9 m from 461 m incl. 1.8 g/t across 3 m from 465 m CR19-13 1.7 g/t over 7.5 m from 78 m CR19-29 Main Zone 1.6 g/t over 1.5 m from 206 m within 0.8 g/t across 4.5 m CR19-12 1.4 km Nickel Resource CR19-15 0.3 g/t across 3 m from 519 m 1.5 g/t over 3 m from 517.5 m and 2.2 g/l over 1.5 m from 510 m within 0.9 g/t across 12 m CR19-31 T 1.6 g/t across 3 m from 525 m CR20-33 1.0 g/t across 3 m from 454 m 1.4 g/l across 1.5 m from 521 m Legend Drill Holes Nickel Resource www.canadanickel.com 200 m 300 RI PGM Potential CR19-28 CR20-34 Surface Overburden 200 RL CR19-28 Dunite 1.7 g/tocross 4.5 m from 180 m Volcanics 100 RI CR19-28 321 m @ 0.27% Ni, 0.013% Co. incl. 55 m @ 0.42% NI, 0.014% Co, 0.2 g/t Pd+Pt, CR20-34 ORL 253.5 m @ 0.26% NI, 0.013% Co Incl. 33 m @ 0.37% NI, 0.015% Co. 0.4 g/t Pd + Pt 00 RL CR20-34 1.8 g/t Pd + Pt across 4/5 m from 463.5 m within 0.7 g/t Pd+ Pt across 18 m from 450 m III Legend Drill Holes Geology Volcanics Dunite Peridotite Русски Le coacbbro NI (%) <0.15% 0.15% -0.2% 0.20% -0.25% 0.25% 0.30% 0.30% -0.50% 0.35% 0.40% > 0.40% 18#19NetZero Metals NetZero Carbon Production Potential CANADA NICKEL COMPANY A number of key technologies are being explored to develop a Zero-Carbon footprint operation Mining • • Utilization of electric rope shovels and trolley trucks which utilize electricity, rather than diesel fuel, as a power source wherever possible Deposition approaches for waste rock and tailings during mining to expose the serpentine rock to air to allow this material to absorb CO₂ through natural mineral carbonation (exact amount and rate at which CO2 can be absorbed from materials mined at Crawford will be analyzed during upcoming phases of work) Milling Large scale processing of lower grade sulphide ores utilizes a significant amount of electricity - local proximity to hydroelectricity provides the potential to minimize carbon emissions for this stage of production. NetZero Metals - Nickel-Cobalt Concentrate Processing Existing pyrometallurgical processes such as roasting, sulphation roasting, and reduction using electric arc furnaces (utilizing natural gas rather than coke or coal as a reductant) with the offgases captured and re-routed to allow the CO2 be captured by the waste rock and tailings Existing hydrometallurgical processes to produce nickel and cobalt products such as the Albion or other similar processes, which generate minimal off-gases to produce nickel and cobalt products. The off-gases will again be captured and treated to ensure CO2 and SO 2 emissions are minimized. NetZero Metals - Magnetite Concentrate Processing Production of iron products utilizing existing direct reduced iron (DRI) processes or reduction in electric arc furnaces utilizing natural gas www.canadanickel.com 19#20Crawford is Largest Nickel Sulphide Discovery Since Early 1970s Discovery of Key Sulphide Deposits CANADA NICKEL COMPANY Contained Ni (Production+reserves+ resources) kt 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 ⚫High grade Low grade ? Crawford 1880 1900 1920 1940 1960 Year of discovery 1980 2000 2020 Source: Vale presentation at the Metal Bulletin 3rd International Nickel Conference, London, April 29, 2015 www.canadanickel.com 20 20#21Significant Exploration Potential >50% Crawford Remaining + 7 New Targets 7 separate nickel-bearing target structures 30km of total strike length and 150 - 600m wide on option properties CANADA NICKEL COMPANY • For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide Historic drilling yielded nickel-bearing intersections on all of the target structures • Kingsmill -0.30% Ni over of 503m from 118m in historic hole KML-12-02 (2012) and 0.31% Ni over 302m from 20m in historic hole 27090 (1966) Nesbitt-North - 0.28% Ni over of 163m from 233m in historic hole 27083 (1966) Mahaffy-Aubin - 0.23% Ni over of 127m from 82m in historic hole 31901 (1966) and of 276m of serpentinized ultramafic mineralization (similar host mineralization at Crawford) in historic hole T2-80-2 (1980) with no assays provided PGM-enriched structures similar to Crawford also identified at Kingsmill • 1.0 g/t PGM over 2m from 96m within 0.3 g/t PGM over 30m from 69m in historic hole KML-12-11 (2012), 0.8 g/t PGM over 5m from 523m within 0.5 g/t PGM over 24m in historic hole KML-12-07 (2012) Airborne magnetic and gravity survey totalling 2,731 l-km currently underway. Kingsmill Airborne survey underway Nesbitt North Mahaffy-Aubin Airborne survey underway MacDiarmid Crawford Main Zone Resource Crawford- Nesbitt- Aubin 500 kV Transmission Line Previous airborne survey Kidd Mine (Glencore) N 5 km Crawford Annex 655 115 kV Transmission Line www.canadanickel.c#22Canada Nickel Undervalued Versus its Peers CANADA NICKEL COMPANY Market Cap (C$ M) 450 400 350 300 250 200 150 100 67 63 44 50 90 90 92 88 166 168 136 317 903 GIGA Metals St George Mining Garibaldi Resources Estrella Resources Cassini Resources FPX Nickel Centaurus Talon Metals Canada Nickel Company Legend Chalice Gold Mining Ni Project Turnagain Hawaii E&L Carr Boyd Ownership % 100 Year Discovered 100 100 100 Yarawindah Brook 96 Decar 100 Jaguar 100 Tamarack Crawford Mawson New Julimar 60 100 70 100 2004 2012 1966 2020 2001 2010 2019 2007 2019 2019 2019 As at November 5, 2020 www.canadanickel.com 22 22#23New Nickel Sulphide Discoveries Have Been Acquired at Significant Valuations CANADA NICKEL COMPANY DIAMOND FIELDS RESOURCES MINES JUBILEE Sirius N. LIONORE RESOURCES Voisey's Bay Cosmos Multiple Mines Nova Bollinger Acquisition C$4.5 B A$3.1 B C$6.8 B A$1.8B Value & Year (1996) (2007) (2007) (2015) Share Price Accumulation 37x 58x 6.5x 15x Reserve (Mt) 0.9 0.09 1.4 0.27 Resource (Mt) 2.1 0.5 4.4 0.3 Production (kt) 50 12 34 26 www.canadanickel.com 23 23#24Ownership Structure CANADA NICKEL COMPANY The Company is well-funded to achieve its next milestone, with a $13 million bought deal financing closed on October 14, 2020. Pro Forma Capital Structure Common Shares (M) 79.8 Warrants (M) 3.0 Options / RSUs (M) 6.6 Fully Diluted Shares (M) 89.1 Management and Board members own ~5% of common shares. www.canadanickel.com 24 24#25Why Invest in Canada Nickel? CANADA NICKEL COMPANY Canada Nickel (CNC) owns 100% of the Crawford Nickel-Cobalt Sulphide project: A new nickel discovery with large scale potential in an established mining camp adjacent to existing infrastructure north of Timmins, Ontario, Canada. Updated resource in the top 10 nickel sulphide resources globally Initial mineralogy test results demonstrate 89% of nickel is contained in nickel sulphide and nickel-iron alloy minerals in higher grade resource area Nickel mineralization now discovered in Main, East and West Zones, with total strike length of ~6 km Separate PGM Zone discovered and extended by 1.5km in recent drilling on Main Zone, and discovered parallel to East Zone Significant expansion potential; only a fraction of flagship Crawford property tested to date. Additional regional properties added with similar ultramafic structures Canada Nickel has launched wholly-owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron - has applied for trademarks NetZero Nickel TM, NetZero Cobalt TM, NetZero Iron™ Canada Nickel is completing a PEA on the Crawford Project by year-end 2020, FS by year-end 2021 Canada Nickel is well timed - nickel appears to be entering a supercycle which occur every 15-20 years. While extraordinary price peaks are never sustained, prices should remain at relatively high levels for an extended period to incent new supply to meet already strong demand growth further accelerated by substantial requirements from electric vehicles Nickel has limited investible opportunities Prior supercycle in 2005-2007 largely emptied project pipeline outside Indonesia. * Mineral Resource Estimate prepared by Caracle Creek International Consulting Inc. www.canadanickel.com 25 25#26Corporate Office 130 King St West Suite 1900 Toronto ON M5X 1E3 TSX-V: CNC +1 (647) 256-1954 [email protected] Twitter: @Canada Nickel www.canadanickel.com CANADA NICKEL COMPANY