Updated Mineral Resource - Crawford

Excellent Initial Metallurgy Results CANADA NICKEL COMPANY Initial metallurgical testing confirmed excellent nickel recovery of 46%, 51% and 52% from the first 3 locked cycle tests using conventional flowsheet similar to other ultramafic deposits 2020 Concentrate Grade (% Ni and % Co) for Global Nickel Sulphide Operations/Projects Compared to Crawford Nickel-Cobalt Project Crawford High Grade* Dumont* Voisey's Bay Mount Keith Raglan Flying Fox Vale - Sudbury Vale - Manitoba Santa Rita Nova-Bollinger % Ni (Source: Wood Mackenzie) % Co Voisey's Bay Dumont* Crawford High Grade* Vale - Sudbury Nova-Bollinger Nkomati Kevitsa Mount Keith Savannah Restart Crawford Standard Grade* Crawford Standard Grade* Glencore - Sudbury Eagle *Denotes development projects. Jinchuan Bindura Restart Glencore - Sudbury Munali Othert t Includes 10 other operations including Raglan South, Leinster, Kevitsa, Jinchuan, Norilsk Leinster Other§ § Includes 10 other operations including Raglan, Norilsk, Raglan South, Eagle, Vale - Manitoba 10 20 30 40 0.50 1.00 1.50 Results also confirm ability to deliver a target 45-50% iron magnetite concentrate with focus on maximizing recovery rather than grade as magnetite is expected to be processed locally. Substantial iron credit - samples recovered 15X and 30X iron to nickel www.canadanickel.com 18

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