Atlantic Nickel Strategic Positioning

3 Key achievements since Appian acquisition. Advanced stage copper-gold asset currently under construction and benefiting from all major permits in place MINERAÇÃO VALE VERDE 12 Project overview Appian acquired 100% of MVV in March 2018 and completed a DFS in early 2019 that outlined a high margin, low capital intensity mine - Over US$80m invested by previous owners Ongoing optimisation efforts and focus on value resulted in updated DFS in November 2019 Progress in line with plan, 95% overall project completion EM Erection progressing well and 100% of detailed engineering complete Majority of key contracts in place with 91% of the Capex awarded ■ All major permits in place Equity fully underwritten by Appian Droforrod offtaker colectod Milestones achieved since Appian acquisition Q1 2018 ■ DFS completed resulting in attractive project economics and favorable construction decision ■ New management team with proven track record of project development in Brazil ■ Land acquisition program completed ■ Installation License renewed by the Environmental authority ■ Civil works and EM Erection Completed on Dry area Today TSF construction completed 230 kV Power Supply Energizing Completed 10,000m+ infill drilling covering first few years of operation completed 2,000+ person team on site including third party contractors ■ Attractive offtake terms secured with preferred offtaker selected • Financing process completed Commissioning works in line with plan CONFIDENTIAL INFORMATION

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