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Disclaimer

This presentation (“Presentation”) is being issued by Class 1 Nickel and Technologies Limited (the “Company”) for information purposes only. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.

Cautionary Statements Concerning Forward-Looking Statements

Certain information set forth in this Presentation contains “forward-looking statements” and “forward-looking information” under applicable securities laws (referred to herein as forward-looking statements), which include management’s assessment of future plans and operations and are based on current expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “continue”, “target”, “estimate”,

“proposed”, “preliminary” and similar expressions. Such forward-looking statements include, but are not limited to, production capacity and timing, mining and processing methods, by-products, product pricing, capital and operating cost estimates, project economics, future plans, the growth in the electric vehicle market and its impact on the demand for nickel and cobalt, and future supply of nickel and cobalt. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. Readers are advised to consider such forward-looking statements in light of the risks set forth in the Company’s continuous disclosure filings as found at www.sedar.com.

Cautionary Note to U.S. Readers Regarding Estimates of Mineral Resources

This Presentation uses the terms “Measured" and “Indicated" Mineral Resources and “Inferred" Mineral Resources. The Company advises U.S. investors that while these terms are recognized and required by Canadian securities administrators, they are not recognized by the U.S. Securities and Exchange Commission. The estimation of “Measured" and “Indicated" Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. The estimation of “Inferred" Mineral Resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources. It cannot be assumed that all or any part of a “Measured", “Indicated" or “Inferred" Mineral Resource will ever be upgraded to a higher category.

Scientific and technical information disclosed in this document has been reviewed and approved by Dr. William Stone, P.Geo. and Eugene Puritch, P.Eng., both Independent Qualified Persons as defined in NI 43-101.

EXCLUSION OF LIABILITY – Without limitation to the foregoing and to the maximum extent permitted by law, each of the Company and its Representatives accepts no liability (except wilful negligence or misrepresentation) for any loss or damage suffered or incurred by the recipient or any other person however caused relating in any way to this IM, including any omissions, except to the extent stated in a definitive agreement with such person when, as, and if it is executed.

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Investment Highlights

Compelling investment attributes, with two past producing strategically-located nickel projects in Canada.

Advancing Two Past-

Producing Nickel Sulphide

Projects in Canada

Ø Flagship Alexo-Dundonald Project is a past-producing project in the Timmins Camp in Ontario, where Class 1 Nickel is completing a 10,000 m drill program this year to upgrade and expand the existing NI 43-101 Resource.

Ø Class 1 Nickel’s second project, the Somanike Project, is a high-grade nickel-copper sulphide mine in Quebec, which includes the famous Marbridge Mine, previously operated by Falconbridge.

Alexo-Dundonald Project is

Strategically-Located in

Timmins, Ontario, Canada

Ø The Alexo-Dundonald Project includes 20km2 land package located 45km from Timmins, Ontario, close to road, power, and infrastructure.

Ø Pro-mining region known for some of Canada’s most significant mining operations such as Bell Creek and Timmins West (Pan American), Hoyle Pond (Newmont), Taylor (Kirkland Lake), and Kidd Creek (Glencore).

Low-Cost Advantage Given

Local Processing Options

Ø Multiple local processing options for Alexo-Dundonald, which could reduce upfront capex. Mineralized material was previously sent to Glencore’s Strathcona processing facility near Sudbury, and the Kidd Metallurgical Site is

~30km away.

Ø The concentrate can be transported by rail from Sudbury to the Port of Quebec City for shipping offshore.

Upside to Peer Group of

Nickel Companies

Ø At current market cap, Class 1 Nickel has upside to the peers in North America, such as Talon and Canada Nickel.

Ø Class 1 has superior Ni Mineral Resource grade of 1.0% at Alexo-Dundonald Project when compared to the peer group.

Compelling Nickel Market

Fundamentals

Ø Nickel is a key component to batteries in Evs and EVs are expected to double nickel demand by 2030, from 2.0 Mt to 4.5 Mt.

Ø Last year Elon Musk called on mining companies to “please mine more nickel” and at the Tesla battery day, reiterated this request. Tesla is developing cathodes that will contain higher nickel and no cobalt.

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Capital Structure

Exchanges & Tickers CSE: NICO / OTCQB: NICLF Share Price (Mar 5, 2021) C$0.85

Shares Outstanding (Basic) 103.8M

Warrants/Options Outstanding 2.9M (avg strike C$[•])

Market Cap (Basic) C$89M

Cash (as of [•], 2021) [C$5M]

Debt Nil

Enterprise Value C$84M

Major Shareholders Over 70% owned by management, the board, and institutions

Class 1 Nickel has a tight and clean capital structure, with over 70% of Class 1 Nickel’s shares owned by

management, the board and institutions. Strong balance sheet with [C$5M] in cash and no debt.

0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20

$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20

Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21

Volume (MM)

Price (C$)

Note: Market information as of March 5, 2021.

Share Price Chart Since Listing in August 2020

4

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Management and Board

David Fitch

President & Director § CEO & joint major shareholder of the Fitch Group, major shareholder of QEM Limited and a Director of DBRB Property Group

§ Extensive experience in commercial negotiations, business operations and asset management Tony Donaghy

Principal Geological Consultant

§ Internationally recognized expert in nickel, copper, cobalt and PGEs with 25 years experience

§ Formerly with Falconbridge Exploration team in Sudbury, and prior to joining mining industry consultants CSA Global, he was the Global Commodity Leader for Nickel and Platinum with Anglo American Exploration

Alan King

Chief Geophysicist § Well known and respected in the Mineral Resource industry with particular expertise in Nickel exploration.

§ Previously employed by Inco /Vale as a senior geophysicist and then as Manager of Geophysics with responsibility for global exploration.

William Stone

Independent Geological Consultant

§ Dr. William (Bill) Stone is an economic geologist with over 30 years of experience as a modelling and interpretation specialist of nickel- copper-cobalt (PGM) sulfide, platinum-group metal, gold and zinc-lead-copper VMS mineral deposits, in a wide variety geological settings and mining operations.

Eugene Puritch

Independent Consultant § A professional mining engineer with over 40 years experience in the engineering and operations of open-pit and underground mines with a focus on gold, silver, base metal, PGM, and iron deposits.

Mathew Gibertson

Director § Over 25 years of management experience within the mining and technology sectors

§ Currently engaged as a turnkey consultant, specializing in operational efficiency and economic optimization David Crevier

Director

§ Partner of the law firm Colby Monet LLP, in Montreal Quebec

§ He has practiced as a lawyer since 1975, primarily in the area of commercial law, assisting public and private companies the natural resource and technology sectors

Mathew Fitch Director

§ Co-founder of Fusion Capital, which incorporates Bustech Group (Australia’s largest privately owned manufacturer of diesel, electric and hydrogen Buses), Brabham Automotive, HeliostatSA and EVANT

§ CFO and Joint Managing Shareholder of the Fitch Group – a group of companies with assets in excess of $250 million spread across the commercial and residential property, manufacturing, retail, hotel and childcare industries in Australia

Class 1 Nickel has been able to attract highly regarded and credentialled career experts who possess vast nickel

exploration, development and mining experience.

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Projects

Alexo-Dundonald Project, Ontario

§ Nickel-Copper-Cobalt Project located in Timmins Camp

§ Past-producing mine

§ Indicated Mineral Resource 1.25 Mt at 0.99% Ni (27.4 M lbs Ni) and Inferred Mineral Resource of 2.01 Mt at 1.01% Ni (44.5 M lbs Ni)

§ Resources remain open for expansion (along strike and at depth)

§ Signed MOU with Matachewan First Nation in March 2021

§ Preparing to complete a 10,000 m expansion drilling campaign

§ PEA in Q1 2022

1

Somanike Project, Quebec (see Appendix for details)

§ Nickel sulphide project located 25 km from the mining centre of Malartic, 40 km from Val-d’Or, and 60 km from Rouyn-Noranda

§ Located 60 km from Dumont Nickel Deposit (owned by Waterton), the largest nickel sulphide resource globally

§ Includes formerly-producing Marbridge Mine operated by Falconbridge Nickel, producing 0.7 Mt at 2.28% Ni and 0.1% Cu over a five-year period

§ Currently reviewing options and the report commissioned for The Somanike Project, including evaluating the advancement strategy for the historical Marbridge Mine

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Class 1 Nickel owns two past producing high-grade nickel sulphide mines in prolific Canadian mining camps:

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Alexo-Dundonald Project, Ontario

§ Property size: 20 km2 parcel of land

§ Located 45 km northeast of Timmins, Ontario, the project consists of four deposits: Alexo North, Alexo South, Dundonald North and Dundonald South

§ Consists of two advanced high-grade nickel sulfide deposits with a combined NI 43-101 and historical Mineral Resource containing nickel–copper-cobalt-platinum and palladium (historical 2.0%- 4.0% Ni head grade).

§ Project is centred on the past-producing Alexo North & Alexo South Mines (2004 to 2005)

§ The property remains under-tested by drilling and geophysics o Current shallow mineralization extends along strike and down

dip

§ Signed MOU with Matachewan First Nation in March 2021

§ Class 1 is planning a 10,000 m drill program to increase the Mineral Resources

§ PEA in Q1 2022, as well as metallurgical testwork, geotechnical drilling and analysis, and consultation/environmental studies

§ Situated 45 km northeast of Timmins with year-round road access. The 92 granted exploration licenses covering 20 km2are located close to operating process plants that are available to accept feedstock into their operations.

Existing infrastructure, power & local skilled labor.

§ Multiple local processing options. Mineralized material was previously sent to Glencore’s Strathcona process plant near Sudbury; the Kidd Metallurgical Site is ~30 km away

§ Mines in the region include Bell Creek and Timmins West (Pan American), Hoyle Pond (Newmont), Taylor (Kirkland Lake), and Kidd Creek (Glencore).

Past-producing Nickel-Copper-Cobalt-PGE Project located in Timmins Camp, one of Canada’s most prolific

mining camps with world-class mining companies such as Glencore, Newmont, and Barrick.

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Alexo-Dundonald – History

• The previous drilling program was completed at the Alexo Mine Project in 2011, and Dundonald in 2005. Previous owners halted production in October 2005.

• Past drilling includes 590 drill holes for a total of 102,883 m (average depth of 174 m) with

>$20 M spent on this project

Note: Alexo = Alexo North; Kelex = Alexo South

Alexo North-Alexo South Site Alexo South Open Pit Mine in 2005 Alexo Crushed Mineralized Stockpile

Previously operated as direct shipping operation at attractive operating costs.

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Actual Figures (1) 2004 2005

Production 14,758 tonnes 2.14% Ni, 0.27%

Cu, 0.07%

15,381 tonnes 1.71% Ni, 0.19%

Cu, 0.07% Co Operating Costs(*) C$41.97/tonne C$48.04/tonne

(1) Source: SEDAR filings of Canadian Arrow Mines Limited in 2004 and 2005. *These figures are historical in nature and have not been verified by a Qualified Person

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Alexo-Dundonald – Resource

• Alexo-Dundonald has a total Indicated Mineral Resource of 1,254 kt with an average grade of 0.99% Ni and a total Inferred Mineral Resource of 2,007 kt with an average nickel grade of 1.01% Ni

ALEXO-DUNDONALD 2020 MINERAL RESOURCE ESTIMATE(*)

Scenario Classification Cut-off

NSR C$/t Tonnes

(kt) Ni

(%) Ni

(Mlb) Cu

(%) Cu

(Mlb) Co

(%) Co

(Mlb)

Pit Constrained Indicated 30 593.4 0.78 10.22 0.04 0.53 0.03 0.34

Out-of-pit

Indicated 90 661.0 1.18 17.13 0.03 0.47 0.02 0.32

Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89

Total

Indicated 30+90 1,254.4 0.99 27.35 0.04 1.00 0.02 0.66

Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89

* View news release dated Dec 1, 2020 to read full table and disclosure of the Mineral Resource Estimate here.

2020 NI 43-101 Mineral Resource containing nickel, copper, and cobalt, with favourable nickel grades.

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Alexo-Dundonald – Exploration

The Alexo-Dundonald Project sits on a 14 km strike-length, folded komatiite unit containing several nickel-copper-cobalt Mineral Resources.

Alexo-Dundonald is on trend with Montcalm and Kidd Creek as part of the Kidd Munro Assemblage Geology. The Alexo-Dundonald host rocks are part of a regional geophysical trend that extends tens of km westward and includes the giant Kidd Creek base metal VMS mine and the former Montcalm nickel mine, both near Timmins.

Decades of capital expenditure and investment into the project by previous owners has resulted in the discovery and delineation of four nickel Mineral Resources that occur along the folded komatiite unit.

A total of 102,883 m of drilling has been completed on and around the komatiite fold which confirms the existence of numerous high-grade occurrences situated between and alongside the four known Mineral Resources.

Multi-phase drill program with a total budget of $8 M:

Phases 1 ($2M) and 2 ($6M) includes compilation/evaluation of historical data, modelling and interpretation of the new VTEM anomalies and historical borehole EM anomalies, and a diamond drilling programs to expand and upgrade Mineral Resources; and

The Phase 2 work will continue from Phase 1 and drill test the highest priority targets for potential new nickel massive sulphide deposits.

Significant exploration potential, with Phase 1 10,000 m drill program imminent

10

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Alexo-Dundonald – Exploration (Continued)

• The project comprises four foundation NI 43-101 Mineral Resources;

Alexo North, Alexo South, Dundonald North and Dundonald South, which are situated on the near-continuous folded komatiite- ultramafic unit that can be traced on the property for at least 14 kilometres. All Mineral Resources are all open at depth and along strike.

• Recent validation of the Mineral Resources as well as intensive modelling of available data have evaluated a series of previously known deeper diamond holes which have intersected considerable nickel sulphide mineralization between surface and approximately 650 m deep.

• A recent airborne VTEM survey discovered more than 14 new untested and under-tested anomalies.

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Alexo South & North Mineralized Zones

• The Alexo North and Alexo South Mineral Resources

extend along strike and depth and down-plunge and will

be extension drilled to add more tonnage to the current NI

43-101 Mineral Resource Estimate.

• The majority of drilling and mining in the past has been

shallow work (less than 100 m vertical depth below

surface).

March 2021 | Page 12 class1nickel.com CSE: NICO OTCQB: NICLF

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Dundonald South Mineralized Zone

March 2021 | Page 13 class1nickel.com CSE: NICO OTCQB: NICLF

Many parallel vertical mineralized lenses located proximal to the contact between komatiites

and mafic-felsic volcanic rocks

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Dundonald South Cross Sections

• Nickel sulphide mineralized zones have good continuity along strike and at depth. Mineralization extends to

approximately 300 m depth and the mineralized zones are open along strike and down-dip.

14

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Dundonald North Cross Section and Plan

• Mineralization at Dundonald North begins near surface and has been intersected in drilling to approximately 600 m in depth

and is open at depth.

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Alexo-Dundonald – Processing Options

Several processing options exist for ore from Alexo-Dundonald, potentially reducing costs.

Source: S&P Global Metals and Mining. 16 Alexo-Dundonald

Sudbury

Ontario Quebec

Location and Mill Operator Throughput

Timmins Region

Kidd Creek Metallurgical Site Glencore 12,500 tpd

Redstone Mill Northern Sun 2,000 tpd

Sudbury Region

Strathcona Process Plant Glencore 7,500 tpd 1

• Alexo-Dundonald has numerous processing options at mills near Timmins, Ontario, such as the Kidd Metallurgical Site, located 30 km from the Alexo-Dundonald site, which also processes ore from the Kidd Creek Mine, an underground base metal mine operated by Glencore.

• The previous operator of Alexo processed mineralized material at Glencore’s Strathcona Process Plant near Sudbury, Ontario, approx. 300 km to the south of the Alexo-Dundonald Project. Currently, the Strathcona Process Plant receives mineralization from Glencore’s two mines in Sudbury and third-party customers. Strathcona produces two concentrate streams: 1) nickel-copper concentrate for smelting; and 2) copper concentrate for smelting and refining.

2 3

2

3 1 Timmins

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$39 $40 $46 $48

$89

$141

$266

$406

$466

Giga

Metals Nickel Creek Platinum

Tartisan

Nickel Clean Air

Metals Class 1

Nickel FPX Nickel Canada

Nickel Talon

Metals PolyMet

Value Proposition

0.12% 0.21% 0.25% 0.30% 0.43%

0.74% 0.82%

1.0%

2.76%

FPX Nickel PolyMet Giga

Metals Canada

Nickel Nickel Creek Platinum

Tartisan

Nickel Clean Air

Metals Class 1

Nickel Talon Metals Median = $95M

Median = 0.36%

Market Capitalization (C$MM) Ni Eq Grade (%)

Undervalued relative to peers, especially given superior nickel equivalent grades present at Alexo-Dundonald.

Note: Market caps as of March 5, 2021.

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2021 Outlook

Ø Class 1 Nickel plans to drill 10,000 m at the Alexo-Dundonald Project

• Two-phase drill program with total budget of $8 M

• Includes compilation of historical data, modelling and interpretation of new anomalies, and

diamond drill program to expand and upgrade Mineral Resources

Ø Undergo PEA in Q1 2022 for Alexo-Dundonald Project

• In conjunction with the PEA, Class 1 Nickel plans metallurgical testwork, geotechnical drilling

and analysis, and consultation/environmental studies

Ø Review and project report commissioned for the Somanike Project (see Appendix for more

information), including an advancement strategy for the historical Marbridge Mine Project.

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Catalysts include active drill program ongoing and PEA in Q1 2022 at Alexo-Dondonald.

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Why Class 1 Nickel?

Ø Two high-grade past producing projects in prolific mining camps in Canada, close to infrastructure

Ø Existing NI 43-101 Mineral Resource at Alexo-Dundonald with expansion potential and drill program underway

soon

Ø Potential processing options in Timmins and Sudbury to reduce upfront capital costs

Ø Catalysts including upcoming drilling program underway and PEA in Q1 2022

Ø Experienced technical team, with successful track record in nickel exploration

Ø Compelling valuation with upside to peer group

Ø Strong underlying nickel fundamentals, with class 1 nickel demand spurred by rapidly growth in EV market

An undervalued multi-asset nickel company, with past-projects and existing Mineral Resources in Tier-1 locations.

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dfitch@class1nickel.com

+1.416.454.0166

@Class1Nickel

@Class-1-Nickel

Montreal Office:

600 - 2075 Robert-Bourassa

Montreal, QC, H3A 1L1

Toronto – Head Office:

82 Richmond Street East

Toronto, ON, M5C 1P1

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Somanike Project, Quebec

§ Consists of 172 granted exploration licenses covering 45.3 km2 including the Marbridge Mine, Quebec’s first nickel mine

§ Located 40 km NW of Val D’Or and 60 km SE of Dumont Nickel Deposit (owned by Waterton), the largest nickel sulphide Mineral Resources in the world today.

§ Marbridge operated by Falconbridge Nickel, producing 0.7 Mt at 2.28% Ni and 0.1% Cu over a five-year period. The mineralized material was processed at Canadian Malartic located 25 km to the south.

§ Production halted at Marbridge in 1968. Since then, various expert groups have conducted reviews of the four mined zones and unanimously concluded that very good potential exists to define mineralization down plunge and along strike

§ Class 1 Nickel plans to drill the Marbridge Mine deeper and drill test the areas around it for possible extensions and new discoveries.

§ Review and project report commissioned for The Somanike Project, including an advancement strategy for the historical Marbridge Mine Project.

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A second past-producing nickel sulphide mine in Quebec, in proximity to the Dumont Nickel Deposit.

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Somanike Project – Exploration

§

Marbridge Mine occurs within a large NW-trending

ultramafic complex that hosts several additional nickel

sulphide occurrences. Multiple geophysical exploration

targets exist within the Marbridge Mine area and

regionally within the Somanike Project.

§

Class 1 Nickel & Technologies Limited has taken advice

from leading mining consultants CSA Global and P&E

Mining Consultants Inc. as well as former Falconbridge

management geologists who worked on the project

previously, and has also reviewed published

independent expert reports and geophysical data.

§

The unanimous conclusion is that there is appears to be

continuity of mineralization down-dip or along strike of

the past producing Marbridge Mine, and therefore an

opportunity to expand the historically mined zones.

§

At Marbridge, two mine shafts accessed four zones over

a strike length of 1,000 m. Data records show that the

mining ceased “in mineralization”.

Continuation of mineralization is demonstrated from previous mining operation.

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Marbridge Mine – #1 Mine Cross-Section

Upper portion of #1 Mine (Zone 1) shows sulphides remobilized along gabbro/sedimentary rock contact

Mineralization continuous down-dip

Mine workings extend to -200 m below surface and the mineralized zones appear open to down-dip/down-plunge

Sources: Falconbridge (1992), Giovanazzo (2009) Sources: Falconbridge (1992), Giovanazzo (2009) 24

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Marbridge Mine: #2 & #3 Mine Sections

• At #2 Mine (above), only the high-grade sulphides at the base of the ultramafic (komatiite) were mined.

• The overlying “halo” portion of the mineralized zone consists of stringer, net-textured and disseminated sulphides which did not exceed the 1.5%

Ni cut-off; this mineralized material remains unexploited.

• There is opportunity to expand the mineralized potential by determining the nature and extent of this “halo” mineralization.

• At #3 Mine, the mineralization was drilled, however, not mined

• Significant high-grade mineralization is located from surface to a depth of 100 m

• Opportunity exists to significantly expand the mineralized zone

Sources: Falconbridge (1992), Giovanazzo (2009) Sources: Falconbridge (1992), Giovanazzo (2009)

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