#1WE HEBEI WENFENG INDUSTRIAL GROUP CO. CORPORATE PRESENTATION Spring 2024#2HEBEI WENFENG OVERVIEW Hebei Wenfeng Industrial Group ("HWIG") is a large-scale, privately owned Chinese conglomerate with businesses spanning steelmaking, alumina refining, industrial parks and ports, mining investments, manufacturing, solid waste management and pharmaceuticals. As of June 2023, HWIG had total assets of US$6.5 Billion and over 10,000 employees in China and overseas. SPECIALIZED STEEL PRODUCTS ALUMINA REFINING WF Hebei Wenfeng Industrial Co. | Corporate Presentation DEEP SEA PORT & INDUSTRIAL FEDERAL R PARK FORAL H HA 5054894 FINANCE Total OVERSEAS INVESTMENTS 2#3SPECIALIZED STEEL HWIG's primary business is specialized hot-rolled heavy and super heavy steel plate production through its significant ownership stake, management and operation of two large steel companies: 1) 49% ownership in Tangshan Medium and Heavy Plate Co. Ltd. (other 51% owner is HBIS Group) which produces steel plates at an annual output of 6 million tons valued at US$3.35 billion. 2) 36% ownership in Tangshan Wenfeng Specialized Steel Co. Ltd. which operates a 2,000 tpa blast furnace steel plant located in Caofeidian Equipment Manufacturing Park, Tangshan, Hebei, China. Its main products include round billets and extra thick plates. Annual iron and steel production capacity of the plant is approximately 5 million tons with value of US$2.8 Billion. WF Hebei Wenfeng Industrial Co. | Corporate Presentation mau 2CA.com 3#4Empty#5SOLID WASTE TREATMENT HWIG is proud to recycle waste products from its steel and alumina factories through its subsidiary Tangshan Wenfeng Resources Comprehensive Utilization Co. Ltd. which operates a large industrial solid waste treatment facility. The treatment facility recycles waste produced from steel production and alumina refining into products which have multiple industrial and agricultural applications. Each year, the treatment plant produces: • 18,000 tons of feed grade zinc carbonate • 92,000 tons of agricultural grade zinc sulfate . 3,000 tons of agricultural grade potassium chloride • 1.59 million tons of dezincification material WF Hebei Wenfeng Industrial Co. | Corporate Presentation GREEN 5#6DEEP SEA PORT Beijing Langfang $53 Qinhuangdao Tangshan G9511 G45 Tianjin Caofeidian Port Bo Hai Baoding $76 HWIG controls a number of berths at a deep sea port located in Caofeidian district in Hebei Province, China. The Caofeidian district is located in the Bohai Sea coastal area and serves as a crucial shipping port for neighboring cities like Beijing and supports heavy industries such as manufacturing and steelworks. HWIG controls a total six 50,000-ton multi-purpose cargo berths and corresponding supporting facilities, covering a total length of 1,600 m of shoreline with annual throughput capacity of 18 million tonnes. WF Hebei Wenfeng Industrial Co. | Corporate Presentation 6#7INDUSTRIAL PARK HWIG also operates an Industrial Park located next to the Caofeidian district port. The park spans 150,000 m² and consists of 24 standard warehouses hosting more than 30 enterprises. A primary use for the Industrial Park is the processing of 2.2 million m3 of imported timber. WF Hebei Wenfeng Industrial Co. | Corporate Presentation ד - וז ודוד 7#8FINANCE HWIG is the largest single shareholder of three banks and one insurance company in Northern China: 1) Hebei Tangshan Rural Commercial Bank Co. Ltd - total assets of US$14.2 Billion 2) Hebei Cangzhou Rural Commercial Bank Co. Ltd. - total assets of US$9.3 Billion 3) Hebei Tangshan Caofeidian Rural Commercial Bank - total assets of US$2 Billion 4) Yanzhao Property & Casualty Insurance Co. Ltd. - total assets of US$376 Million WF Hebei Wenfeng Industrial Co. | Corporate Presentation H 8#9OVERSEAS MINING PROJECTS - CHILE IRON ORE HWIG holds iron ore projects in Chile through its wholly owned subsidiary Minera San Fierro Chile Limitada. The subsidiary controls a total of 500 km² of mining rights, prospecting rights and option in the Atacama Region of Chile. The company has three projects called Oso Negro (Black Bear), Escondida and Morion (Xing Xing 48) - with combined Proven reserves of over 500 million tons of iron ore. The Black Bear iron ore mine is currently producing ~1 million tons of iron ore concentrate with the others in development. Once all three mines are in production, combined annual output of iron concentrate powder is expected to be ~10 million tonnes. WF Hebei Wenfeng Industrial Co. | Corporate Presentation 6#10OVERSEAS INVESTMENTS - CANADIAN NICKEL PROJECT HWIG holds a 38% equity stake in CaNickel Mining Limited, which owns 100% of the Bucko Lake Mine Project located near Wabowden, Manitoba, Canada. From 2009 to 2012, the mine produced 6.9 million pounds of nickel before being placed on care and maintenance due to low nickel prices. The project continues to host significant mineral resources and represents one of the most advanced nickel sulfide projects in North America today. In December 2023, CaNickel announced that it had signed an Option Agreement with Cobalt One Energy Corporation and Australian resource company Blackstone Minerals Limited. Under the Option Agreement, Cobalt One and Blackstone have the exclusive right and option for a 12-month period to purchase the Bucko Lake Mine for total consideration of up to C$80 million. WF Hebei Wenfeng Industrial Co. | Corporate Presentation 10#11KEY EXECUTIVES Mr. Wenfeng Liu – Chairman of the Board of Directors Mr. Liu is a Chinese-Canadian businessman and investor who has numerous business interests. He has held senior positions with Chinese steel producer Hebei Wenfeng Iron and Steel Co., Ltd. from its inception in 2001 to 2021, as well as senior management and executive positions in various other business corporations in China. In Canada, Mr. Liu has served as the Chairman of TSXV listed CaNickel Mining since December 2010 and previously as Director of Welichem Biotech Inc. from January 2008 to March 2009. Shirley Anthony - Executive VP, Corporate Development Ms. Anthony has +17 years of strategic marketing, communications, investor relations and corporate development experience. She previously served as VP Corporate Development of CaNickel Mining Limited (38% held by HWIG), before being appointed CEO in November 2023. Prior to CaNickel, Ms. Anthony served as VP Investor Relations and Corporate Communications for numerous publicly listed companies in North America, including Silvercorp Metals and TVI Pacific Inc. WF Hebei Wenfeng Industrial Co. | Corporate Presentation 11#12CONTACT US HWIG has rapidly established itself as a notable player in China's alumina refinery scene. The company plans to expand its footprint through the development of a new, wholly owned alumina refinery in 2024-25 which will double its production capacity and requirement for bauxite feed. We are currently open to partnership opportunities and welcome bauxite developers and producers to contact us. CONTACT INFORMATION: Shirley Anthony Executive VP, Corporate Development Hebei Wenfeng Industrial Group Co. - Overseas Division (Canada) Cell: +1 778 999 2771 Email: [email protected] WF Hebei Wenfeng Industrial Co. | Corporate Presentation 12#13APPENDIX: BAUXITE IMPORT SPECIFICATIONS The refinery currently imports 15 million tonnes of metallurgical grade bauxite ore in bulk under the following specifications: • Al2O3 (Dry Basis) - 45% basis • SiO2 (Dry Basis) - 3.0% max • CaO (Dry Basis) - 2.5% max Fe2O3 (Dry Basis) - 30% max Ore Size 0-200 mm (Wet Basis) - 99% min Moisture -12% max WF Hebei Wenfeng Industrial Co. | Corporate Presentation 13