Canada Nickel Pronounces Outcomes of Annual and Particular Assembly of Shareholders

The check outcomes additionally verify the latest flowsheet enhancements, included as a part of metallurgical variability testing for the feasibility research, can ship improved recoveries and improved focus high quality.

Mark Selby , Chair and CEO mentioned, “I’m more than happy with the primary two checks reaching nickel recoveries in extra of 60%.  This newest check is additional affirmation of each vital restoration and wonderful nickel sulphide focus grades notably from a low-grade pattern.  Outcomes from this newest part of testing are indicating that we will obtain grades of 40-50% for the excessive grade nickel focus, nicely above the present 35% goal for this product.  Whereas we are going to check a broad vary of samples throughout the upcoming part of feasibility research work and anticipate a spread of restoration outcomes from 30% to 60+%, this second locked cycle check additional demonstrates the potential to ship enhancements in nickel restoration considerably larger than the 4-5 proportion level enchancment in nickel restoration the Firm is focusing on for the feasibility research. Every proportion level of enchancment in nickel restoration would yield a US$92 million enchancment within the worth of the NPV _8% of the challenge, based mostly on the Preliminary Financial Evaluation (“PEA”) metrics.”

Mr. Selby continued, “Moreover, the Firm has continued to make additional additions to its land holdings within the Timmins district and continues to make good progress with the strategic investor course of  for which the method is predicted to be efficiently concluded throughout the first quarter..  The Firm has additionally set its date for its annual normal assembly.”

Flowsheet Improvement program
A key focus of the feasibility research actions is the continued enchancment in flowsheet efficiency given its potential so as to add vital worth to the challenge, notably as lower than one 12 months of labor had been accomplished on the challenge earlier than outcomes of the PEA had been introduced on Might 25, 2021 . Since releasing the PEA, two phases of optimization work have been accomplished: Part 1 targeted on growing recoveries, whereas Part 2 has targeted on growing focus high quality at elevated restoration. The situations and flowsheet used on this check replicate optimizations for each focus high quality and restoration.

This locked cycle check (“LCT”) used the optimized flowsheet which the corporate expects to take ahead into the following part of metallurgical testing for the feasibility research. The check was performed at XPS Knowledgeable Course of Options, a Glencore Firm (“XPS”), and was the second LCT accomplished since releasing the PEA. The LCT was accomplished to measure the influence of flowsheet enhancements revamped the previous eight months. The pattern chosen for testing was a decrease grade heazlewoodite (Ni ₃ S ₂ ) dominant pattern which additionally contained small quantities of awaruite (Ni ₃ Fe). The top grades for the pattern had been 0.19% nickel, 0.07% sulphur, and seven.7% iron. This pattern was chosen to check the robustness of the present flowsheet on a decrease grade pattern from the deposit.

The flowsheet utilized on this check included modifications to reagents, grind sizes, and place of magnetic separation within the flowsheet.  No additional particulars are being supplied right now because the Firm believes these enhancements are a proprietary aggressive benefit.

Desk 1 – Locked Cycle Assessments – Abstract of Outcomes utilizing Up to date Flowsheet

As anticipated, 100% of the nickel restoration within the flotation focus reported to the Excessive Grade Focus product as a result of heazlewoodite and awaruite had been the first minerals on this pattern.  The nickel focus grade of 46% is 11 proportion factors larger than our goal 35% grade for this product. The iron and MgO content material of the flotation focus was 7.3% and 13% respectively. PGM assays are pending for this check.

As anticipated, the cobalt restoration for this pattern was low as a result of cobalt doesn’t sometimes affiliate with the minerals heazlewoodite and awaruite.

The outcomes of the earlier launched locked cycle check had been reported within the information launch dated October 5, 2021 .

Desk 2 – Locked Cycle Take a look at – Magnetite Focus High quality

The magnetite focus from the present check had an iron grade of 51%, which is a considerable enchancment over the modelled grade of the 47.5% iron utilized within the PEA.  The chromium grade of 1.2% is decrease than the three.3% chromium grade that was modelled within the PEA and the chromium restoration of 17% was decrease than goal restoration within the PEA of 27%.   Of the overall nickel restoration of 63%, 7 proportion factors of the overall restoration reported to the magnetite focus.  Given the nickel and chromium content material of this magnetite focus, it’s anticipated to be utilized within the manufacturing of chrome steel and different alloys the place the nickel and chromium are a priceless feed.

Determine 1 – Nickel Restoration – Present Locked Cycle Take a look at, Beforehand Launched Locked Cycle and Open Cycle Assessments Using Flowsheet Enhancements Since PEA

HZ = Heazlewoodite, PN = Pentlandite, AW = Awaruite

See Information Launch dated December 2, 2021 for abstract of outcomes on the Pattern 1

See Information Launch dated October 5, 2021 for locked cycle check outcomes on Earlier LCT, Pattern 2, Pattern 3, Pattern 4 and Pattern 5.

Determine 1 summarizes the restoration outcomes for the 2 locked cycle checks in addition to 5 open circuit checks which had been accomplished with numerous phases of flowsheet enhancements because the PEA.

The open circuit check restoration outcomes, which ranged from 42% to 62% on samples with nickel head grades between 0.22% to 0.43% nickel don’t embody any restoration of nickel to the magnetite focus.

Pattern Location
This pattern was taken from drill gap CR21-175 from the North Low Grade Zone of the Crawford East Zone.

Determine 2 – Location of Pattern utilized in Locked Cycle Take a look at

Subsequent Steps in Flowsheet Improvement
Metallurgical check work by the rest of 2022 will give attention to finalizing and evaluating a flowsheet for the Feasibility Research which is predicted to be accomplished by the fourth quarter of 2022.

Nickel restoration from the slimes circuit was not included within the reported outcomes and represents an extra alternative to enhance flowsheet efficiency and shall be evaluated throughout this part of feasibility work.

For additional particulars, together with key assumptions, parameters and strategies used to estimate the outcomes of the PEA, and knowledge verification, please refer the “Crawford Nickel-Sulphide Mission Nationwide Instrument 43-101 Technical Report and Preliminary Financial Evaluation”, with an Efficient Date of Might 21, 2021 , as filed July 12, 2021 , and obtainable for viewing on the Firm’s web site www.canadanickel.com .

Company Replace

The Firm is saying that its annual normal assembly of shareholders (“AGM”) shall be held on Wednesday, April 20, 2022 . On account of the continued influence of the COVID-19 pandemic and in accordance with continued public well being measures, the Firm will host its AGM in a virtual-only format.

Holders of file of widespread shares of the Firm as of the shut of enterprise on March 11, 2022 shall be entitled to obtain discover of and vote on the AGM. Detailed directions for shareholders about the right way to take part within the AGM and the right way to duly appoint a proxyholder, shall be supplied to shareholders in a discover of assembly upfront of the AGM.

Buy or Choice of Timmins-Space Properties

The Firm can be happy to announce that it has entered into 4 buy or possibility agreements masking sure properties positioned within the Timmins, Ontario nickel-sulphide mining district. Beneath these agreements, Canada Nickel has agreed to situation the shares and pay the money listed within the desk beneath, and has agreed that every of the sellers will retain a internet smelter royalty (“NSR”) that ranges between 1% and a couple of%, with Canada Nickel having the best to re-purchase 50% of the royalty for $500,000 (with respect to a 1% NSR) or $1 million (with respect to a 2% NSR).

Canada Nickel additionally needs to make clear, additional to its November 22, 2021 information launch saying a collection of property acquisitions (the “Prior Launch”), that it beforehand entered into a purchase order settlement to amass sure mining claims positioned in extra townships within the Timmins, Ontario nickel-sulphide mining district, which was not particularly disclosed within the Prior Launch. Beneath this settlement, Canada Nickel issued shares and paid money as disclosed within the Prior Launch. No NSR was retained by the seller.

Canada Nickel additionally needs to make clear, with respect to one of many agreements disclosed within the Prior Launch, that (i) the consideration payable to the relevant vendor on closing was 110,000 shares, fairly than the 115,000 shares that’s mirrored within the desk of mixture consideration (Desk 10) which is included within the Prior Launch, and (ii) as much as an extra $15,000 and 25,000 shares could also be supplied to such vendor if sure royalty targets are met.

The widespread shares described on this information launch are topic to a four-month maintain interval from the date of their respective issuances. Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

Certified Individual and Information Verification
Arthur G. Stokreef , P.Eng (ON), Supervisor of Course of Engineering & Geometallurgy and a “certified individual” as such time period is outlined by Nationwide Instrument 43-101, has reviewed and authorized the technical data on this information launch on behalf of Canada Nickel Firm Inc.

About Canada Nickel
Canada Nickel Firm Inc. is advancing the following era of nickel-sulphide tasks to ship nickel required to feed the excessive progress electrical automobile and chrome steel markets. Canada Nickel Firm has utilized in a number of jurisdictions to trademark the phrases NetZero Nickel™, NetZero Cobalt™ and NetZero Iron™ and is pursuing the event of processes to permit the manufacturing of internet zero carbon nickel, cobalt, and iron merchandise. Canada Nickel gives buyers with leverage to nickel in low political danger jurisdictions. Canada Nickel is at present anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Mission within the coronary heart of the prolific Timmins – Cochrane mining camp. For extra data, please go to www.canadanickel.com .

For additional data, please contact:
Mark Selby , Chair and CEO
Telephone: 647-256-1954
Electronic mail: [email protected]

Cautionary Assertion Regarding Ahead Trying Statements
This press launch accommodates sure data which will represent “forward-looking data” underneath relevant Canadian securities laws. Ahead trying data contains, however just isn’t restricted to, the metallurgical outcomes, the timing and outcomes of the feasibility research, the outcomes of Crawford’s PEA, together with statements referring to internet current worth, future manufacturing, estimates of money value, proposed mining plans and strategies, mine life estimates, money circulate forecasts, metallic recoveries, estimates of capital and working prices, timing for allowing and environmental assessments, realization of mineral useful resource estimates, capital and working value estimates, challenge and lifetime of mine estimates, skill to acquire allowing by the point focused, dimension and rating of challenge upon reaching manufacturing, financial return estimates, the timing and quantity of estimated future manufacturing and capital, working and exploration expenditures and potential upside and options. Readers mustn’t place undue reliance on forward-looking statements.

Ahead-looking statements contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of Canada Nickel to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. The PEA outcomes are estimates solely and are based mostly on a lot of assumptions, any of which, if incorrect, may materially change the projected end result. There aren’t any assurances that Crawford shall be positioned into manufacturing. Elements that might have an effect on the end result embody, amongst others: the precise outcomes of growth actions; challenge delays; incapacity to lift the funds essential to finish growth; normal enterprise, financial, aggressive, political and social uncertainties; future costs of metals or challenge prices may differ considerably and make any commercialization uneconomic; availability of different nickel sources or substitutes; precise nickel restoration; conclusions of financial evaluations; modifications in challenge parameters as plans proceed to be refined; accidents, labour disputes, the supply and productiveness of expert labour and different dangers of the mining business; political instability, terrorism, riot or struggle; delays in acquiring governmental approvals, essential allowing or within the completion of growth or development actions; mineral useful resource estimates referring to Crawford may show to be inaccurate for any motive by any means; extra however at present unexpected work could also be required to advance to the feasibility stage; and even when Crawford goes into manufacturing, there isn’t a assurance that operations shall be worthwhile.

Though Canada Nickel has tried to establish essential components that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to vary from these anticipated, estimated or supposed. Ahead-looking statements contained herein are made as of the date of this information launch and Canada Nickel disclaims any obligation to replace any forward-looking statements, whether or not on account of new data, future occasions or outcomes or in any other case, besides as required by relevant securities legal guidelines.

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SOURCE Canada Nickel Firm Inc.