Atlantic Nickel Strategic Positioning

1 Appian Capital Brazil - Asset overview APPIAN CAPITAL ADVISORY LLP Atlantic Nickel - Santa Rita mine Ownership: Commodity Life of mine Annual production Cash cost: 100% Nickel-Copper-Cobalt 8 years OP + 26 year UG expansion OP: ~20 ktpa(1) UG: ~30 ktpa(1) $2.32/lb Ni Eq (1st quartile) Relevant notes: 1) Assumed pricing for NI 43-101 1 Brazil Mineracao Vale Verde - Serrote Project Ownership: Commodity Life of mine Annual production Cash cost: 100% Copper-Gold 14 years (initial case) 20000t Cu eq(1) US$ 1.54/lb Cu (2nd quartile) Belo Horizonte Corporate Office STRICTLY PRIVATE AND CONFIDENTIAL

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