Atlantic Nickel Strategic Positioning

1 Appian - A leading metals & mining long-term value investor leading and differ ~$2.0bn Assets under management 9 Investments made invest ม deep technic 2 Exits 6 Mines brought into production Dedicated mining-focused investors Experienced and focused investment technical team In-house development, financing, and operational expertise and ☐ 30 Investment professionals ས Fully committed discretionary long-term capital, with co-investment pool Fund consists of small group of long-term investors suited to mine development timelines Nine strategic investments made, with six mines financed and in production 30 person global team with Tier 1 expertise and 300+ years of cumulative mining industry experience Careers with BHP Billiton, Anglo American, Rio Tinto, Barrick and JPMorgan 80% engineers and geologists (miners talking to miners, geologists talking to geologists) APPIAN CAPITAL ADVISORY LLP 2,600 Employees Proven track record of mine finance and value creation through the cycle, able to support management through development Built, operated, and expanded 60+ mines globally across commodities and geographies Executed and advised on >US$250bn of mining transactions worldwide Long-term, collaborative, value maximizing investor Long-time horizon (12+ years), matching long-term capital with a long-term industry Enabling operational development by providing full funding solution and technical expertise to management teams ■ Able to achieve better debt financing terms given cornerstone fully funded nature Source: Appian Capital Advisory LLP STRICTLY PRIVATE AND CONFIDENTIAL

View entire presentation