Updated Mineral Resource - Crawford

Nickel 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

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