Magna Mining Corp.

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Advancing Nickel Assets inthe Sudbury RegionExploration Portfolio

April 2020

Cautionary Statement

This presentation may include certain “forward-looking statements”. All statements other than statements of historical fact, included herein, including, without limitation,statements regarding future plans and objectives of Magna Mining Corp. (the "Company” or “Magna”), the feasibility study results, in-situ value, exploration results, futureprospects of the Shakespeare or surrounding property and estimate of future metal prices, are forward-looking statements that involve various risks, assumptions,estimates and uncertainties. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currentlyavailable to the Company. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially fromthose anticipated in such statements. All of the forward looking statements contained in this presentation are qualified by these cautionary statements. Furthermore, allsuch statements are made of the date this presentation isgiven.

An investment in the Company is speculative due to the nature of the Company's business. The ability of the Company to carry out its growth initiatives as described in thisPowerPoint presentation is subject to various risks and uncertainties. Investors should not place undue reliance on forward-looking statements as the plans, intentions orexpectations upon which they are based might not occur. Investors and others who base themselves on the Company's forward-looking statements should carefullyconsider such risk as well as the uncertainties they represent and the risk they entail. The Company also cautions readers not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this report are expressly qualified by this cautionarystatement.

This presentation shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of securities in any province, state or jurisdiction inwhich such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

Data and technical information in this document is extracted from the NI 43-101 technical report entitled ‘2019 Mineral Resource Estimate Update for The ShakespeareNi-Cu-PGE Sulphide Deposit, Shakespeare Project, Ontario, Canada “ prepared for Magna Mining Corp.’, written by SGS Canada Inc., dated April 3, 2019. Allan Armitage,Ph.D., P.Geo,. is the Qualified Person as defined by National Instrument 43-101.

Peter C. Lightfoot, Ph.D., P.Geo,. is the Qualified Person as defined by National Instrument 43-101, is the Vice President of Exploration of the Company and has reviewedand approved the technical information in this document.

All dollar amounts are in CAD unless otherwise noted.

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Magna Mining – Active in a World Class District

Shakespeare Flagship Asset

Seasoned Team • Proven operational and capital markets experience • Well rounded team with broad industry experience• Strong exploration team with Sudbury discovery success

Regional Growth Opportunities • Organic growth through exploration

• Exploration targets at Hanover, P-4 and Palladium Valley properties• Targeting non-core deposits in the downturn of the

market

• Feasibility stage project with excellent exploration potential• Low risk

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• Robust economics and low capex• All major permits for construction

Executive Team – Strong Track Record in Sudbury

Vern Baker, P.Eng., MBA, ChairmanMr. Baker has over 30 years of experience in the mining sector, with 20+ years as a GeneralManager or above. He is currently the CEO of Jaguar Mining (TSX), prior served as GeneralManager of Goldcorp’s Cerro Negro Mine, VP Operations at FNX Mining and President at DuluthMetals.

Jason Jessup, MBA, CEO & DirectorMr. Jessup has over 23 years of experience in the mining industry, the majority committed tomining operations management, corporate development and project evaluation. He is a founderand President of Mine Management Partners. Formerly, FNX Mining, Sandstorm Gold, BridgeportVentures and INCO.

Peter Lightfoot, Ph.D, P.Geo, Vice PresidentDr. Lightfoot has over 30 years of experience in the nickel industry. Formerly, Chief Geologist- BaseMetals Division, Chief Geologist - Nickel Global Technical Services, Principle Geologist - NickelSulphide, Global Project Generation each at Vale. He is also the founder of Lightfoot Geoscienceand Hutchinson Visiting Professor at the University of Western Ontario

Derrick Weyrauch, CPA, CA, CFO & DirectorMr. Weyrauch is an experienced mining CEO, CFO and corporate director with 27+ years in theCanadian and United States capital markets, and operational expertise in scaling andrestructuring companies. Currently CEO of Palladium One(TSXV). Formerly CFO of Jaguar Mining(TSX) and Andina Minerals Inc. (TSX).

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Strategic Advisors

Dr. Catharine Farrow, AdvisorDr. Catharine Farrow is a director of Franco-Nevada and President of FarExGeoMine Ltd. (a private consultancy). Dr. Farrowpreviously served as founding Chief Executive Officer and a Director of TMAC Resources Inc. and Chief Operating Officer ofKGHM International Ltd. (formerly FNX Mining Company Inc.). She holds a Doctorate in Earth Sciences from CarletonUniversity, a Master’s degree in Geology from Acadia University, and a Bachelor of Science degree in Geology from MountAllison University.

Carl DeLuca, AdvisorMr. Carl DeLuca was the Chief Legal Counsel for Detour Gold until the acquisition by Kirkland Lake Gold. He has more than 13years of experience with Vale (Inco) in various roles including Head of Legal, Corporate and Assistant Secretary. He isexperienced in significant business transactions including complex M&A, JV and financing of projects.

Gord Morrison, AdvisorMr. Gord Morrison is an Executive Advisor for TMAC Resources. Previously he served as President and Chief TechnologyOfficer of TMAC, Chief Technology Officer of KGHM International Ltd and SVP of Exploration for FNX Mining. Prior to FNXMining, Mr. Morrison worked 32 years for INCO Ltd. Mr. Morrison is an acknowledged expert in the exploration of theSudbury Basin and played an integral part in numerous major discoveries in the Sudbury Basin.

Mynyr Hoxha, AdvisorMr. Hoxha has 30 years of experience in the mining and exploration industry, with over 10 years working in the SudburyBasin for FNX Mining. He has a PhD in Structural Geology and was responsible for the discovery of numerous deposits at theMcCreedy West Mine throughout his tenure there. Currently he is the Chief Geologist at Alamos Gold’s Young-Davidson Mine.

Dan Wilton, AdvisorMr. Wilton is an experienced mining corporate financier and investor. Currently he is the CEO of First Mining Finance Corp.while previously, he was a Partner at Pacific Road Capital, a mining private equity investment fund with $800 million undermanagement. Prior to that he was Managing Director and Head of Global Mining at National Bank Financial.

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Shakespeare – Next To A World Class Mining Camp

SUDBURY BASIN

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Victoria

Shakespeare Mine

Strathcona Mill

Clarabelle MillCopper Cliff Smelter

Totten Mine

Creighton Mine

Strathcona Mine

McCreedy West Mine

Victoria Mine

Nickel Rim Mine

Garson Mine

Copper Cliff South Mine

Agnew Lake Mine

Shakespeare Project – Overview

Past producing Mine:

• Operated as an open pit operation from May 2010 to February 2012, ore, mining over 490,000 tonnes of ore at an average grade of 0.33% Ni, 0.38% Cu, 0.9 g/t PGM + Au

• Put on care and maintenance at end of toll milling agreement

Current Resource :

• 2019 NI 43-101 Resource estimated global Indicated and Inferred resources at 21.5Mt1

Fully Permitted

• Major permits in force for construction of a 4,500 tpd open-pit mine, processing plant and TSF

Polymetallic deposit with multiple revenue streams, low capex and proven metallurgy

• Strong leverage to Nickel prices, plus exposure to Cu, Pd, Pt, Au and Co price increases

• CAD $150mm Capex (2019 internal BFS cost update estimate)

• Two concentrates (Ni + Cu), excellent recoveries (74.9% Ni recovery to nickel conc) clean, high grade Ni & Cu concentrates (11.7% Ni and 30% Cu)

Outstanding exploration targets with district potential (see slide 9 onwards)

• Large, underexplored land package - 123km2

• 5 key exploration targets based on VTEM are believed to have significant discovery potential

• 1 See resource table in appendix

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Exploration Potential

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5 high priority exploration targets - 123 km2 land package - airborne geophysics (VTEM, Heli-Grav and magnetics) - planned exploration in 2020.

1. Palladium Valley: District Scale Palladium Targets • Open pit target is 2 to 5 g/t PGE (Pd + Pt + Au)• 2019 surface samples returned of up to 9.6 g/t Pd

2. Hanover and P4 Targets • High conductance EM plates (up to 100x higher than at the Shakespeare West deposit) using

VTEM data• Known occurrences of Ni, Cu & PGE sulphides in the area. • Could represent $2,100/t in situ value rock in localized massive sulphide zones• Open pit target of 2Mt to 5 Mt each with 20 to 30% sulphides• High-grade feed would dramatically improve Shakespeare NPV and IRR.

3. Significant Untested East Deposit Footwall Anomaly • Gravity inversion anomaly at ~300m depth – similarities to major Sudbury footwall deposits• Target too deep for airborne EM geophysics• Completely untested by EM geophysics or drilling

4. Near Shakespeare, Resource Expansion Targets: • Gap and S13 zone targeting additional 2.5 to 6.2 million tonnes of open pit resource• Significant life-of-mine increase

5. Pipeline of untested EM targets • EM plate targets - need ground truthing and follow-up work

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District Scale Exploration Potential

HanoverConductive plates in magnetic

gabbro with mineralization at depth

Background is TMI3 from 2016 VTEM survey

Regional Cu Trend

Regional PGE Trend

• 20 km strike extent of under-explored geology• Large magmatic system with potential for high grades

and multiple untested new targets

P-4Conductive plates in magnetic

gabbros on trend with Shakespeare

Shakespeare West DepositGap Zone drilling provides

confidence in connecting East and West Deposits – S-13 Zone

untested by modern drilling

Gravity Anomaly Below East Deposit

Palladium Valley>3km strike length with multiple occurrences of PGE values >2gpt reaching upwards of 15gpt TPM

*Geology from OGS map P3596

Palladium Valley - District Scale Palladium Target

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✓ Repeated occurrences of high Pd values✓ Much greater PGE tenors than

Shakespeare✓ 3km strike length is open and essentially

untested (only 3 holes along trend)✓ No focused exploration for low sulphide styles

of mineralization✓ No exploration since 2002

Main SkarnSamples up to

9 gpt Au, & 0.15% Co

Brunne-TurcotteSamples up to: 13.6 gpt Pd1.86 gpt Pt0.2 gpt Rh

Ridge ShowingSamples up to

1.37 gpt TPM & 0.25% Cu

Brunne-Turcotte

2019 sample 3555860.18% Ni0.62% Cu7.7 gpt Pd0.17 gpt Rh9.1 gpt TPM

2019 sample 3555850.23% Ni0.45% Cu9.6 gpt Pd0.25 gpt Rh11.43 gpt TPM

Historic high grade sample 368151 @ 8.77 gpt TPM, 0.137% Ni, &

0.65% Cu

Historic channel composite0.14% Ni, 0.63% Cu, 7.2 gpt TPM

1m

Shakespeare

Palladium Valley Target

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Ridge Showing

BT Trenches

Main Skarn

Historic SampleNo Follow up

Low Sulphide High PGE

Low Sulphide High PGE

LDI Pd Valley

Brecciated Gabbro Contacts

PegmatiodalGabbros

High Grade Pd associated with low sulphides

Extensive Footprint

Extensive Exploration

Known Resources

• Historical sampling covers a 3km trend

• Prospective ground over 5km strike length

• Geological setting compares favorably to Lac Des Iles (LDI) Mine (low sulphide, high Pd showings)

• For comparison; 2018 LDI M&I resource of 41.2Mt @ 1.69 gpt Pd, 0.19gpt Pt, & 0.12 gpt Au (Roby Zone)

Geological and Exploration Comparison to Lac Des Isles Mine

Hanover Massive Sulphide Target

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400m

534 Siemen Plate

116 Siemen Plate

2019 sampling at 0. 05% Ni, 0.45% Cu, & 0.58 gpt TPM,

(Sample taken 150m East of plate location)

+200m

+100m

+300m

Modeled from 2015 VTEM survey – maximum detection limit of 150m – 200m below surface

Historic drill hole did not test plate, reports

mineralization; no assays

+400m

+300m

+200m

+100m

West Deposit “In-Pit” ResourceIndicated: 2,801,000 tonnes

@ 0.30% Ni, 0.34% Cu, 0.81 gpt TPMInferred: 121,000 tonnes

@ 0.20% Ni, 0.35% Cu, 0.92 gpt TPM

+300m

150m

500m

45 Seimen Plate

99 Seimen Plate

Magnetic iso shellsLooking Northwest

Looking West

Hanover

P-4

Hanover

P-4 has two untested, moderate-high conductance plates, known mineralization in area and covered by sedimentary rocks

• Hanover has the same 400m footprint as the Shakespeare West Deposit (2.9Mt) and is near surface - with EM platesmore than 100 times the conductance

• The 534 Siemen EM plate at Hanover (compared to 4.5 at Shakespeare) could be attributed to 3 causes; man made conductor, graphite or massive sulphides; first two are extremely unlikely

• Chalcopyrite dominated disseminated sulphides sampled 150m east of 116 Sieman plate proves the presence of sulphides in the area

Shakespeare

534 Siemen Plate 116 Siemen Plate +200m

+100m

+300m

Looking West

Conductive Corridor Target400mx20mx100m for ~2.5 Mt

Estimated Grades as Percentage of Sulphides in Rock**Calculations based off estimated metal tenors from sample 356051

Sulphide % Ni% Cu% Co% Pd gpt Pt gpt Au gptIn-situ

US($) / t

10% 0.17 1.65 0.04 0.62 0.46 0.32 $ 210

15% 0.25 2.48 0.06 0.94 0.69 0.49 $ 315

30% 0.51 4.95 0.13 1.87 1.39 0.97 $ 630

50% 0.85 8.25 0.21 3.12 2.32 1.62 $ 1,051

100% 1.69 16.5 0.43 6.24 4.63 3.24 $ 2,102

Surface Pd

400m

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0m

Hanover Target Potential

13Prices (US$) used for in-situ value calculations; $7.00/lb Ni, $2.70/lb Cu, $17.00/lb Co, $2,000/oz Pd, $950/oz Pt, $1,500/oz Au

GS-100: 0. 005% Ni, 0.007% Cu, 0.53gpt Pd, 0.06 gpt Pt, 0.05 gpt Au

0.61 gpt TPM

356051: 0. 05% Ni, 0.45% Cu, 0.23gpt Pd, 0.17 gpt Pt, 0.12 gpt Au 0.58 gpt TPM

Potential for Low Sulphide, High Precious Metal(LSHP) Zones of Mineralization as Indicated by Sample GS-100 from 2000

EM Plates

• At 30% average sulphide content, a 2.5Mt resource could have an in-situ metal value of US$1.5B

• Potential for deep mineralization; to be tested by surface EM geophysics

P-4 Target Potential

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400m

534 Seimen Plate

116 Seimen Plate

+200m

+100m

+300m

Hanover has two, untested, high conductance plates, known mineralization with anomalous grades, in the

same footprint as the West Deposit

+400m

+300m

+200m

+100m

West Deposit “In-Pit” ResourceIndicated: 2,801,000 tonnes

@ 0.30% Ni, 0.34% Cu, 0.81 gpt TPMInferred: 121,000 tonnes

@ 0.20% Ni, 0.35% Cu, 0.92 gpt TPM

P-4 EM Plates

• Modeled from 2015 VTEM data

• The two EM plates at P-4 are both larger and 10x – 20x more conductive than the EM plate at the Shakespeare West deposit

• Associated with a large magnetic high

• In close proximity to surface but covered by a sedimentary rock unit

• Potential for an additional open pit deposit to enhance Shakespeare project economics

+300m

150m

500m

45 Seimen Plate

99 Seimen Plate

Magnetic iso shellsLooking Northwest

Long Section Through P-4 Target Area

P-4Shakespeare

Untested East Deposit Footwall Target

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Bird’s Bane

Blebby Trench

Bird’s Bane

Trench

Blebby Trench

Fall 2019 Channel Sample @0.18% Ni, 0.85% Cu, 1.94 gpt TPM

1.22mMore sampling required over >4m

mineralized zone

156021

0.26% Ni

0.65% Cu

1.28 gpt TPM

500m

0m

-500m

Potential for disseminated and massive sulphide associated with gravity anomaly

Approximate VTEM depth of penetration

Gravity inversion anomaly

East Deposit Resource Pit Shell

East Deposit Resource Wireframe

• Mineralization outside of resource in FW, associated with a mega-breccia discovered in 2019

• Mega-breccia’s are uncommon and have been associated with large magmatic Cu-Ni-PGE deposits

• December 2019 inversion of Heli-Grav data identified an anomaly in the FW of the East Deposit that could represent a deeper, massive sulphide mineralized system

• Potential for stacked Shakespeare type intrusions

• Density of anomaly consistent with a mineralized body (much denser than the Shakespeare Deposit)

• This area of the FW has never been tested by geophysics or drilling (too deep for VTEM)

• Plan is to use penetrating surface EM to identify drill targets and the test them

• Could deepen existing drill holes to use as borehole geophysical platform

Voisey’s Bay Analogy - Disseminated Halo, Massive Core

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Disseminated sulfide at Voisey’s Bay was related to the Eastern Deeps; massive sulfides at the base of the intrusion

• The Eastern Deeps Massive Sulphide Deposit at Voisey’s Bay was near the base of the Eastern Deeps Intrusion, covered by 650m of meters of low grade, disseminated sulphides

• It was found only by extensive drilling of deep stratigraphic holes which intersected the massive sulphides

The current Shakespeare Deposit covers a strike length of 1.7km with only 20 holes testing below 300 meters, & most of these are concentrated in the extreme eastern portion of the known deposit

Resource Expansion Targets: Gap and S-13 Zones

• Previously Ursa Major focused on exploration to expand the East Deposit• West Deposit received little modern exploration drilling until 2018• Magna plans a 4,000m drill program in 2020 focused on the Gap Zone and S-13 areas which could

add 2.5-6.2 Mt to the Shakespeare Resource

Viewed looking NW

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Blebby mineralization

2019 Resource Wireframe

Gap-zone

S-13

East section

Pit shell

N SWest section

Pit shell

N S

Gap-zone

S-13

West Resource Pit

East Resource Pit

Zone open at depth

0.75-1.0 Mt Expansion Target

1.8-5.3 Mt Expansion Target

Potential for additional resources

15m width = 750,000 tonnes20m width = 1,000,000 tonnes

*Cartoon inclined section showing projection of possible resource expansion

East PitWest Pit

Known Resource

Target Resource Expansion

MMC-18-04: 0.34% Ni, 0.33% Cu, 0.89 gpt TPM10.81m

S-21: N/A% Ni, 0.05% Cu, N/A TPM6.9m

N S

Resource Expansion Targets: Gap Zone Potential

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Gap Zone caused by 4 holes drilled in 1951• Missing Ni assays from mineralized intervals• No consistent sampling of mineralization • 2018 drilling confirmed mineralization near one of these holes

~175m depth

Melagabbro projection

Metasediments projection

EastWest

0.32% Ni, 0.61% Cu, 1.57 gpt TPM

N S

~200m depth?

?

Resource Expansion Targets: S-13 Zone Potential

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Potential for additional resources20m width = 1,750,000 tonnes50m width = 5,250,000 tonnes

Looking East

*Illustrative section showing projection of S-13 resource expansion and melagabbro projection

EastWest

Known Resource

Target Resource Expansion

~200m depthS-13

?

Poorly understood geology with potential for multiple, mineralized zones

0.42% Ni, 0.47% Cu, 1.24 gpt TPM

• 1947 drilling intersected >100m mineralized zone – no assays for Co or PGE’s

• No follow up drilling since 1947• 2019 sample identified mineralization up-dip of this zone

on surface, demonstrates potential for new zone parallel to the known Shakespeare resource

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Pipeline of Untested EM Targets

• Magna reviewed and reprocessed 2015 airborne geophysics data resulting in a number of new targets

• Geophysics has identified additional targets based on magnetics and gravity that warrant further investigation

• All shown EM plates require follow-up work (ground truthing, ground geophysics, drill testing) and have potential to be a significant discovery

Hanover (PGE, Ni, Cu)

P-4 (Ni, Cu, PGE)

Background is TMI3 from 2016 VTEM survey

Stumpy Bay Ext. (Cu, Co, Ag)

Northern Lights 1 (PGE, Ni, Cu)

Northern Lights 2 (Ag, Au, Cu)

Sutherland Bay (PGE, Ni, Cu)

Springer Showing (Cu, Co, Au, Ag)

Springer Extension (Cu, Co, Au, Ag)

Stumpy Bay (Cu, Co, Ag)

C-1 (Cu, Co, Au, Ag)

EM PlatesHigh Conductance (>150 Siemens)Moderate Conductance (75-150 Siemens)Low Conductance (<75 Siemens

West Extension (Ni, Cu, PGE)

Top 5 Priority EM Targets1. Hanover 2. P-43. Stumpy Bay4. Northern Lights 15. Sutherland Bay

Shakespeare Exploration – Next Steps

• Regional and Deep Target Follow-Up▪ Drill testing of deep EM targets at Shakespeare

▪ Further groundwork on pipeline of regional EM targets

▪ Geophysical surface (EM & IP) on pipeline targets

▪ Drill Testing of New High Priority Pipeline Targets

• Geophysics and drill test targets to expand resourceat Shakespeare▪ Deep penetrating EM to identify conductive targets

below 200m depth

▪ Expand the West deposit through shallow drilling to increase open pit resources

▪ Follow-up on historic drill hole with +100m mineralized intercept

Shakespeare property aerialview

Aerial view of orepile

Dumptruck transportingore during operations

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• Test high priority regional exploration targets▪ Mapping and sampling of Palladium Valley trend

▪ Trenching and sampling on surface at Hanover

▪ Surface EM survey over Hanover and P-4

▪ Drill test EM plates at Hanover and P-4

Capital Structure

• Magna Mining is a private company headquartered in Ontario

Capital Structure

Shares Issued & Outstanding 22,770,783

Options 2,272,000

Warrants -

Fully Diluted Shares Outstanding 25,042,783

Major / Notable Shareholders

Founders (Jessup/Weyrauch) 47%

David Elliott (Clients) 14%

Vern Baker 9%

David Elliott (Haywood) 6%

Dan Wilton 5%

Nickel Creek Platinum 3%* As at Dec. 18, 2019

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Magna Mining Corp.

Derrick Weyrauch | CFO & Director

derrick.weyrauch@magnamining.com

416.317.3773

Jason Jessup | CEO & Director

jason.jessup@magnamining.com

705.665.0262

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Appendix

Shakespeare Project – 2019 NI 43-101 ResourceUpdate

• Magna completed an updated mineral resource (1) estimate in 2019 following Fall 2018 drill program

• Significant increase over the 2006 Indicated resource (12.430 Mt at 0.35% Ni, 0.37% Cu) as a result of:

▪ Inclusion of additional drilling from 2010 & 2018

▪ Detailed wireframing of all four mineralized domains

▪ Inclusion of channel samples in eastern portion of West Deposit

▪ Inclusion of a secondary mineralized zone below West pit area

(1) Mineral Resources are exclusive of material mined; CIM definitions were followed for Mineral Resources; Mineral Resources are classified as Indicated and Inferred based on drillhole spacing and geologic continuity; Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relativeaccuracy of the estimate. Composites have been capped where appropriate; Open pit mineral resources are reported at a cut-off grade of 0.2% NiEq within a conceptual pit shell;Underground Mineral Resources are estimated from the bottom of the 2018 pit and mineral resources are reported at a cut-off grade of 0.5% NiEq; NiEq Cut-off grades are basedon metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for copper, 71% for Co, 74.8% forPt, 42.4% for Pd and 38.4% forAu. The resource estimate was prepared by Allan Armitage of SGS Geostat to NI 43-101 specifications.

Category Tonnes (Mt) Ni (%) Cu (%) Co (%) Pt g/t Pd (g/t) Au (g/t) NiEq. (%)

Open Pit (0.2% NiEq. cut-offgrade)

Indicated 14,427 0.34 0.37 0.02 0.34 0.37 0.19 0.63

Inferred 1.682 0.29 0.31 0.02 0.27 0.30 0.17 0.54

Underground (0.5% NiEq. cut-offgrade)

Indicated 2.489 0.33 0.38 0.02 0.31 0.35 0.19 0.62

Inferred 2.905 0.34 0.39 0.02 0.34 0.37 0.21 0.64

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