developing the next great canadian base metal...

ROYAL NICKEL CORPORATION

Developing the Next Great Canadian Base Metal Mine

November 2015

TSX: RNX

2

Disclaimer

Cautionary Statements Concerning Forward-Looking Statements This presentation contains "forward-looking information" including without limitation statements relating to the outlook for the nickel market, concentrate anticipated to be produced at the Dumont project and the nickel price. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Dumont, or any of RNC’s other property interests , will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities at Dumont and exploration activities at Aer-Kidd and West Raglan; project delays; inability to raise the funds necessary to achieve the milestones or complete development of Dumont and inability to raise the funds necessary to advance exploration activities; general business, economic, competitive, political and social uncertainties; future prices of metals; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com. Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. NI 43-101 Compliance The technical information pertaining to the Dumont project feasibility study in this presentation is based on RNC’s technical report dated July 25, 2013 that describes the results of the Dumont project feasibility study and was prepared in accordance with Canadian regulatory requirements by, or under the supervision of, Paul Staples, P. Eng. of Ausenco Limited, Sébastien Bernier, P.Geo. of SRK Consulting (Canada) Inc. and David A. Warren, Eng. of Snowden Mining Industry Consultants, all of whom are independent Qualified Persons as set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The Mineral Resource estimate set out in this presentation was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (November 2010) by Sébastien Bernier, P. Geo (OGQ#1034, APGO#1847), Principal Consultant – Resource Geology at SRK. The Mineral Reserve estimate set out in this presentation was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (November 2010) by David A. Warren (OIQ 121481), Principal Consultant – Mining at Snowden. All other technical information in this presentation has been prepared by or under the supervision of Alger St-Jean, P. Geo., Vice President, Exploration of RNC and Johnna Muinonen P. Eng., Vice President, Operations of RNC, each a Qualified Person as defined in NI 43-101. Reference is made to the full Dumont feasibility study and West Raglan report, each prepared as an NI 43-101 compliant technical report, which are available under RNC’s profile on SEDAR at www.sedar.com. Information concerning third parties in this presentation is taken from sources that RNC believes to be reliable, but RNC has not verified the information and does not assume responsibility for such third party information.

All currency references in U.S. dollars, unless otherwise stated.

3

Highly Experienced Management Team and Board

5

Nickel to Enter Multi-Year Structural Deficit in Supply

Nickel demand continues to be robust - growing at an average of 6.3% since 2010 Nickel demand grew by more than 5% in 2014. Strong demand expected to continue in 2015 Large increase in LME stocks more than compensated by massive destocking in China

The Indonesia ban removes 25-30% of global nickel supply - equivalent to ALL OF THE OPEC GULF STATES CEASING OIL PRODUCTION (29% of supply). RNC believes the ban unlikely to be overturned. Indonesia commitment to ban remains resolute. Philippines – possible ban? What level of exports ? China took 6 years to get to current NPI levels – how many $ billions and how long in Indonesia given lack of

infrastructure. Indonesia to become world’s largest nickel producer but will be mid-2020s at least to get there

Existing sources of nickel supply will struggle to provide required overall supply Supply to decline in 2015-2016 and net supply growth of just over 2% by 2020 “Big 15” nickel operations are shrinking with little prospect of potential expansions “Tidal Wave” of projects started in 2007-2010 continue to struggle Project cupboard largely “empty” and pace of discoveries a fraction of what’s required -now need

~2 Voisey’s Bay and 3-4 Nova-Bollinger EACH year

The nickel “project cupboard” was “emptied” during prior peak and few new projects have been developed to replace them resulting in long-term structural supply shortfall 2013 marked a milestone as the last of the “tidal wave” of new projects launched in peak in prior nickel cycle

began commissioning. A number of these projects continue to struggle

Nickel prices could return to 2006-2007 ranges of $30-50,000+ per tonne as prices will once again have to rise to force demand in line with available supply

6

Evolution of Chinese Nickel Demand

As an economy industrializes, demand moves from more basic materials like carbon steel into stainless steels and ultimately into specialty alloys that require a lot of nickel and will drive non-stainless nickel consumption in China

Source: World Steel Association, INSG, World Stainless Steel Statistics, Woodmac, Macquarie Research, RNC Analysis

203

441 503

0

100

200

300

400

500

600

3.8

18.4

13.5

0

5

10

15

20

0.2

1.1 1.1

0

0.5

1

1.5

Carbon Steel Stainless Steel Nickel

China 2013

2010 Kg/capita consumption 2010 Kg/capita consumption 2010 Kg/capita consumption

China 2013

China 2013

China 2010

China 2010

China 2010

7

China & Indonesia – A Critical Relationship China NOT Self-Sufficient in Nickel

<5%

15% 18%

29%

54% 57%

67%

85%

PlatinumPalladium

Nickel Copper Iron Ore(62% Fe-eq)

Lead Aluminium(Bauxite)

Tin Zinc

Chinese Self-Sufficiency Mine Supply as a % of Demand (2012)

Source: USGS, Wood Mackenzie Ltd., Macquarie Research, RNC Analysis

China to struggle to replace Indonesian ore as nickel is one of the metals in which China is least self-sufficient

8

New Nickel Supply Fundamental Issue: An Empty “Project Cupboard”

Even without the strict implementation of the ban, the fundamental issue facing the nickel industry in 2015–2016 is an empty “project cupboard”. Nickel supply has to come from Indonesia but expect will take until the 2020s to meet demand. In the early 2000s, the “project cupboard” was very full, many projects known for decades Today’s picture is very, very different, setting the stage for an exciting nickel cycle

Project Cupboard 2001 (20+kt)

TOTAL: 500+ kt

Project Cupboard 2014 (20+kt)

TOTAL: ~200kt

Barro Alto Weda Bay

Koniambo DUMONT Onca Puma Enterprise

Tagaung Taung Kabanga

Ambatovy Nova-Bollinger

Goro

Ramu

Ravensthorpe

Weda Bay

Talvivaara*

Kabanga

Voisey’s Bay Sulphide

Laterite (HPAL)

Laterite (ferronickel)

Sulphide

Laterite (leach)

*bioheapleaching process

www.royalnickel.com 9

Philippines Providing Little Additional Ore to Market

YTD October ore imports from Philippines are down from 2014 and have not been materially different than in prior years

Chinese Nickel Ore Imports from Philippines

(2012-2015)

Source: GTIS

Philippines Nickel Ore Exports to China (Mt)

30.5 29.6

36.5

25.6 25.2

31.3 29.9

0

5

10

15

20

25

30

35

40

2012 2013 2014 2015

Full Year YTD Oct

0

1

2

3

4

5

6

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Nic

kel O

re (

Mill

ion

s o

f to

nn

es)

2014

2013

2012

2015

10

Post Indonesian Ore Export Ban, Massive Destocking of Ore in China

NPI production levels only sustained through massive destocking of implied consumer ore stocks in China – stockpiles can only be used once. Ore stockpiles continue to be drawn down in 2015 – even during peak Philippine shipping season – which has significant implications for subsequent NPI production levels.

-20

-10

0

10

20

2013 2014 YTD Oct 2015

Port Stocks Consumer Stocks

Change in Chinese Nickel Ore Port Stocks and Implied Consumer Stock Change1 (Mt)

Source: Ferroalloynet, GTIS, Macquarie, RNC Analysis 1. Implied Consumer Stock Change is difference between ore consumption, net imports, and change in port stocks

11

Chinese Refined Nickel and Ferronickel Imports Surging

In 2015, Chinese refined nickel and ferronickel imports have surged as high grade Indonesian laterite nickel ore stockpiles are largely depleted

Chinese Refined Nickel and Ferronickel Net Imports

(2010-2015)

Source: GTIS

-10

0

10

20

30

40

50

60

70

80

00

0s

of

ton

nes

Ferronickel

Refined Nickel

“Qingdao” effect results in movement of nickel from China into LME warehousing system

FeNi imports have surged as high grade portside ore stocks have reached critical lows


LME + SHFE Inventories Are Declining, Open Inventories Have Declined Steadily

Note: SHFE nickel inventory was 38,712 t, of which cancelled inventory was 8,697 t, as of November 27, 2015. Source: metalprices.com

LME + SHFE Nickel Inventories (Jan 1, 2015 – Nov 27, 2015, Kt)

0

50

100

150

200

250

300

350

400

450

500

2-Jan-15 2-Feb-15 2-Mar-15 2-Apr-15 2-May-15 2-Jun-15 2-Jul-15 2-Aug-15 2-Sep-15 2-Oct-15 2-Nov-15

Nic

kel

(kt)

86

kt 179

kt

232

kt

329

kt

LME Open

Inventory

LME Cancelled

Inventory: more

than doubled in

2015

415kt

450 kt

Peak 481 kt

Headline Inventories appear to have peaked and open inventories have declined as cancelled warrants have increased to record levels

SHFE Inventory 39 kt

Nickel Price Cycle Analysis — Explosive Price Moves

Nickel price moves have always been explosive even without China. Again, why would it be different this cycle? Remember that a 150-300% price increase from a $8,000 trough is $20-$32,000 !!

13

84%

595%

157% 184% 301%

371%

221%

0%

100%

200%

300%

400%

500%

600%

700%

Q4 1982Q2 1985

Q1 1987Q1 1988

Q3 1993Q1 1995

Q4 1998Q1 2000

Q4 2001Q1 2004

Q4 2005Q2 2007

Q4 2008Q1 2011

Q4 2015?

Nickel Price Increase (Trough to Peak)

Trough Peak

Source: MetalPrices.com, RNC analysis

150%=$20,000

300%=$32,000

84%=$14,720

15

Dumont Nickel Project Structurally Low Cost Project in Excellent Jurisdiction

16

Dumont Nickel Project Structurally Low Cost, Large Scale Project

Reference is made to the full Technical Report on the Dumont Ni Project, Launay and Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and on www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

17

Dumont One of Largest Nickel Sulphide Discoveries Ever and Largest Since 1960

RNC’s Dumont Project

Source: Vale presentation at the Metal Bulletin 3rd International Nickel Conference , London, April 29, 2015

18

RNC’s Dumont Nickel Project: A Billion Dollar Opportunity

Source: Company reports and Wood Mackenzie Ltd. (December 2011); RNC 105ktpd (LOM) vs 2012 production for other projects

19

Substantial Upside Nickel Leverage, Significant Benefits from Lower $C, Oil Prices

19

+ $1/lb Long Term Nickel Price

= $0.5

Billion NPV8%

U

Significant Leverage to Nickel Price

Positive Impact of Lower Long Term C$ and Oil Price

(@ US$/C$0.75 exchange rate, $40/bbl Oil)1

$4.31/lb

$3.60/lb

Source: RNC news release dated June 17, 2013 1. Dumont Project Sensitivities: +$1/lb long term nickel price = +$494 million NPV8% ; -$10/bbl oil price = + $30 million NPV8% and -$0.04/lb C1 cash cost; - $0.05 US$/CDN$

exchange rate = +$149 million NPV8% and -$0.17/lb C1 cash cost

(Feasibility study assumes long term nickel price of $9/lb)

(Feasibility study assumes long term oil price of $90/bbl

and exchange rate of US$/CDN$ $0.90)

$0.6 Billion NPV8%

C1 Cash Cost

($/lb)

Oil

Exchange Rate

20

Well-positioned on Cost Curve


21

Low Capital Intensity

Source: RNC technical report dated July 25, 2013, publicly available disclosure, Wood Mackenzie Ltd. (figures shown to two significant digits)

22

Developing the Next Great Canadian Base Metal Mine

Based on RNC analysis. All mines based on reported 2012 production with exception of Dumont (technical report-July 25, 2013) expected Phase I and Phase II life of mine production, Gibraltar Expansion (Taseko website) life of mine production. Ni-eq., Cu-eq production calculated using the average long-term prices per tonne as of May 31, 2013 based on the 4 of 5 analysts who cover RNC and regularly publish commodity forecasts : Au: $1,250/oz, Cu: $6,283, Mo: $29,542, Ni: $19,842, Zn:$2,315 .

23

Dumont Profitable at Current Spot Prices and Provides Tremendous Leverage to Nickel

23

11%

17%

25%

10 Yr AnnualAvg Low-2009

($14,700/t)

ConsensusLong-term($19,051/t)

Woodmac Long-term

($25,570/t)

Dumont Project IRR (Unlevered)

After adjusting for current spot prices, Dumont’s flexed cash cost of $7,950 /t ($3.60/lb) makes it highly profitable even at today‘s low nickel prices

Nickel Prices @

$250

$380

$570

10 Yr AnnualAvg Low-2009

($14,700/t)

ConsensusLong-term($19,051/t)

WoodmacLong-term($25,570/t)

Dumont Project EBITDA Annual Average

($ millions)

Source: Technical Report on the Dumont Ni Project, Quebec, Canada, July 25, 2013 and RNC news release dated June 17, 2013 Spot prices as of June 3, 2015 used in flexing calculation as follows: CDN$:US$ exchange rate 0.81; Oil (WTI) 57.15/bbl. EBITDA sensitivity calculated in CDN$ and converted to US$ at spot exchange rate. See slide 34 for Dumont sensitivity tables.

($6.67/lb) ($8.64/lb) ($11.60/lb) ($6.67/lb) ($8.64/lb) ($11.60/lb)

24

Upside Opportunity - Roasted Sulphide Concentrate

RNC’s strategic alliance with Tsingshan, led to the development of the first integrated nickel pig iron (“NPI”) plant to directly utilize nickel sulphide concentrate as part of the stainless steel production process by roasting the concentrate

Significant potential benefits to producers of suitable nickel sulphide concentrate feed such as RNC’s Dumont Project: Lower costs due to simpler processing compared to traditional smelting and refining Higher payability than traditional smelting and refining Greater flexibility for more potential partners and customers

Roasted nickel concentrate is effectively a very high grade laterite ore feed – creates new source of demand for nickel sulphide concentrate, notably at a time when many NPI and ferronickel producers face feed shortages as a result of Indonesia’s nickel ore export ban

Poseidon Nickel recently announced that Tsingshan had acquired 4,000 tonnes of nickel concentrate for feed in addition to existing feed contracts

Ferronickel button produced from Dumont concentrate sample

25

(2015)

26

Continuing to Advance Project Toward Construction Only Financing Remains

27

Financing Options

RNC continues to advance project financing despite weak market conditions. Focus remains on options that minimize shareholder dilution as it did during the feasibility study stages

Swedbank, a leading Scandinavian investment bank, engaged as advisors for senior bond financing of $US600 million

Swedbank has successfully raised more than $7 billion of this product in last 24 months

Active discussions ongoing with multiple potential financing sources for balance of capital

Quebec government (Investissement Quebec)

Equipment suppliers

Private equity/pension funds - subordinated debt structures, metal streams

Japanese trading houses – sale of minority interest in project, offtake financing

Trading companies - offtake financing

28

A Leading Base Metal Project Shovel Ready for Coming Development Cycle

Values above sourced from latest publicly available technical reports filed on each project and reflects the base case pricing used in each report. Producing properties sourced from financial statements for recent periods selected when pricing consistent with long-term average pricing. Sources are detailed on slide 36 of this presentation.

29

RNC’s Dumont Project Compares Favourably to Recent Independence Group Acquisition of Sirius Sirius Resources Royal Nickel

Nova Bollinger Dumont

Acquisition / Development Cost 1 ($US billion)

$1.4 billion $1.2 billion

C1 Cash Cost (US$/lb) N/A $3.85

Rank 2 12th 11-15th

Production (ktpa) 3 26 Phase I – 33 Phase II - 54

Project Life (years) 10 33

Reserve (contained Ni, kt) 273 3,149

Recoverable Nickel, kt 243 1,354

Resources (including reserves, kt) 325 5,730

Reserve (Mt) 13 1,179

Reserve (grade, % Ni) 2.10 0.27

Recovery (Life of Project, %) 89 43

Source: RNC technical report dated July 25, 2013, publicly available disclosure, Wood Mackenzie Ltd. and RNC analysis

12X

3X

25- 100%

6X

RNC Market Cap is

<$US 25 million

18X

1 Acquisition cost is acquisition price for Sirius Resources quoted by Independence Group in its news release dated May 25, 2015 converted to $US on that date. Assumes no further funding required for Nova Bollinger. Development cost is Dumont feasibility study cost in $US plus RNC’s current market capitalization of $31 million converted to $US. 2 Nova Bollinger cash cost rank from Independence Group investor presentation dated May 25, 2015. RNC cash cost rank based on WoodMac 2015 C1 cost dataset dated Q4 2014. 3 Dumont production Phase I is approximately 5 years, Phase II is approximately 20 years. Life-of-mine production over 33 years is 41kt.

30

RNC’s Dumont Project Also Compares Favourably to Existing TSX and ASX mid-tier nickel producers

0.00

1.00

2.00

3.00

4.00

5.00

6.00

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

10

20

30

40

50

60

Annual Nickel Production (kt)

Nickel Reserves (kt contained)

C1 Cash Cost (US$/lb)

Based on publicly reported 2015 guidance for producing assets and feasibility study results for development assets. Independence Group is pro forma Sirius acquisition and post development of Nova-Bollinger.

Based on latest publicly reported attributable reserve statements.

Based on publicly reported 2015 guidance or latest reporting period for producing assets and feasibility study results for development assets. A$ amounts converted to US$ at May 25, 2015rate of 0.76. Dumont C1 cash costs are flexed for spot Ni, Co, PGM, Oil and US$/C$ exchange rate as of May 25, 2015. Poseidon, Independence PF and Western Areas not reported due to absence of company-wide guidance or comparable cost methodology.

Recoverable

Phase II

31

West Raglan Project Location Rich Nickel, PGE District

68% interest in True North Nickel (TNN has 100% interest in West Raglan Project)

Well-positioned on Cape Smith Belt hosting shallow high grade Ni-Cu-PGE mineralization

High-grade sulphide lense outcroppings

Two operating mines on Belt: Raglan and Nunavik Nickel

Raglan ore grades among the highest of significant global nickel deposits (14.5Mt @ 3.21% Ni M&I1 )

West Raglan located 40 km from Glencore’s Raglan Mine Property

Raglan is a first quartile cash cost operation2

The proximity to Glencore’s Raglan Mine and Jilin Jien Nickel’s Nunavik Mine does not mean the West Raglan project will obtain similar results. West Raglan is an exploration project without a current resource estimate and there is no certainty that any such estimate will ever be established. 1. http://www.mineraglan.ca/FR/Operations/Documents/Raglan_FS_Eng_Feb%202013_web.pdf 2. According to Q1 2014 Wood Mackenzie report

Map of northern Quebec highlighting the position of the True North Nickel, West Raglan property. (Nickel Occurrences © Gouvernement du Québec) Image provided by TNN

http://www.mineraglan.ca/FR/Operations/Documents/Raglan_FS_Eng_Feb 2013_web.pdf



32

West Raglan – Discovery of New High Grade Ni-Cu-PGE Sulphide Mineralization at Surface

2015 program provided new evidence of untapped potential at West Raglan

West Raglan Property: 2015 New High Grade Ni-Cu-PGE Discoveries and Drill hole locations

Prospecting along 29 km of strike length of the North (Raglan) trend resulted in 3 new high grade discoveries CDC Zone: 2.86% Ni, 1.40% Cu, 4.80g/t Pd and 1.17g/t Pt Boomerang Zone: 1.35% Ni, 0.35% Cu, 1.61 g/t Pd, and 0.70g/t Pt Beverly Zone: 1.11% Ni, 0.40% Cu, 1.31 g/t Pd and 0.46 g/t Pt

Reference is made to RNC news release dated September 29, 2015 and the full Technical Report on the West Raglan Ni Project, Quebec, Canada, filed on July 29, 2014, available at www.royalnickel.com and on www.sedar.com.

Only 20% of property covered by 2015 exploration program, remainder largely unexplored Same geological setting and mineralization very similar to Raglan mine

Appendix 1

Sources and Additional Information

34

35

Dumont Feasibility Study Highlights

35

After-Tax NPV8% (US$ millions) $1,137

After Tax IRR 15.2%

Initial Capital1 (US$ millions) $1,191

Project Life (years) 33

52.5 ktpd 2016-2020

105 ktpd 2021-20362

Stockpile 2036-2049

Average

Ni Production (kt/year) 33 51 31 41

Net (C1) Cash Costs (US$/t) $8,840 $10,100 $8,750 $9,502

Concentrator Nickel Recovery 53% 48% 34% 43%

Strip Ratio 0.66 1.22 - 1.13

NSR (US$/t) $30.90 $22.63 $13.67 $19.40

Site Operating Costs (US$/t) $11.39 $10.31 $5.34 $8.27

Reference is made to the full Technical Report on the Dumont Ni Project, Launay and

Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and

on www.sedar.com. Mineral resources that are not mineral reserves do not have

demonstrated economic viability.

1. Excludes first fills of $14 million initial capital

2. 2036 is a transition year.

36

Feasibility Study Capital and Operating Cost Summary

36

($ millions) Initial

Capital Expansion

Capital LOM

Capital3

Mine 304 194 879

Process Plant 523 472 1,220

Tailings 32 55 242

Infrastructure 83 24 107

Indirect Costs4 149 73 222

Contingency5 100 73 173

Total 1,191 891 2,843

Operating Costs

$ per tonne

$ per tonne2

Mining 3,285 3.50

Processing 4,034 4.30

G & A 441 0.47

Total Site Cost 7,760 8.27

TC / RC 2,800

By-products (1,058)

Total 9,502

Capital Cost Summary 1,2

2 $/tonne ore milled . Mining cost $/tonne material mined $1.49

Operating Cost Summary

1. Accuracy of capital cost estimates are +/- 15% 2. Infrastructure costs for sustaining capital are included in

process plant costs 3. Life-of-mine capital includes $761 million of sustaining capital 4. Excludes first fills of $14 million initial capital and $7 million

expansion capital and the associated $20 million release in sustaining capital at the end of the project life

5. Initial capital contingency of $100 million plus growth component of $29 million for an initial contingency of $129 million representing 12% of costs at risk in the initial capital figure

37

Risk Reduction – Redesigned Site Layout RNC’s Dumont Nickel Project: 1 Billion Tonne Reserve + Upside Potential

37

Resources Grade Contained Metals

(Mt) (%) (Bln lbs) (Mt)

Proven 179.6 0.32 1.274 0.578

Probable 999.0 0.26 5.667 2.571

Total 1,178.6 0.27 6.942 3.149

Resource Estimate (SRK April 30, 2013) inclusive of Mineral Reserves


Reserve Estimate (Snowden June 17, 2013)

Reference is made to the full Technical Report on the Dumont Ni Project, Launay and Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and on www.sedar.com.

Resources Grade Contained Metals

(Mt) (%) (Bln lbs) (Mt)

Measured 372.1 0.28 2.310 1.050

Indicated 1,293.5 0.26 7.441 3.380

Measured + Indicated

1,665.6 0.27 9.750 4.430

Inferred 499.8 0.26 2.862 1.300

38

Reference is made to the full RNC technical report dated July 25, 2013, available on www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Resource Category Quantity Grade Contained Nickel Contained Cobalt

(000 t) Ni (%) Co (ppm) (000 t) (Mlbs) (000 t) (Mlbs) Measured 372,100 0.28 112 1,050 2,310 40 92 Indicated 1,293,500 0.26 106 3,380 7,441 140 302 Measured + Indicated 1,665,600 0.27 107 4,430 9,750 180 394 Inferred 499,800 0.26 101 1,300 2,862 50 112

Resource Category Quantity Grade Contained Palladium Contained Platinum

(000 t) Pd (gpt) Pt (gpt) (000s ounces) (000s ounces) Measured 372,100 0.024 0.011 288 126 Indicated 1,293,500 0.017 0.008 720 335

Measured + Indicated 1,665,600 0.020 0.009 1,008 461

Inferred 499,800 0.014 0.006 220 92

Resource Category Quantity Magnetite Contained Magnetite

(000 t) (%) (000 t) (Mlbs)

Measured

Indicated 1,114,300 4.27 47,580 104,905

Measured + Indicated 1,114,300 4.27 47,580 104,905

Inferred 832,000 4.02 33,430 73,702

Mineral Resource Statement (inclusive of mineral reserves), Dumont Nickel Project, SRK Consulting (Canada) Inc., April 30, 2013

Grades Contained Metal Category Quantity

(000 t) Ni

% Ni Co

(ppm) Pd

(gpt) Pt

(gpt) Ni

Mlbs Co

Mlbs Pd

000 oz Pt

000 oz Proven 179,600 0.32 114 0.029 0.013 1,274 45 166 77 Probable 999,000 0.26 106 0.017 0.008 5,667 233 550 250 Total 1,178,600 0.27 107 0.019 0.009 6,942 278 716 328

Mineral Reserve Statement, Dumont Nickel Project, Snowden, June 17, 2013

1 Billion Tonne Reserve

39

Parameter 2015 2016 2017 Long Term

Nickel Price ($ per pound) $9.50 $10.00 $10.50 $9.00

Nickel Price ($ per tonne) $20,944 $22,046 $23,148 19,842

US$/CDN$ exchange rate $0.95 $0.95 $0.90 $0.90

Platinum Price ($ per ounce) $1,800 $1,800 $1,800 $1,800

Palladium Price ($ per ounce) $700 $700 $700 $700

Cobalt Price ($ per pound) $14 $14 $14 $14

Cobalt Price ($ per tonne) $30,865 $30,865 $30,865 $30,865

Electricity (CDN$ per kilowatt hour) $0.0445 0.0445 $0.0445 $0.0445

Oil ($ per barrel) $90 $90 $90 $90

Note: Price assumptions for nickel, cobalt, platinum and palladium based on average forecasts for group of five institutions currently covering RNC where published forecasts are available (4 of 5 analysts for long-term nickel price as of April 25, 2013). Oil price assumption based on Thomson Reuters’ analyst consensus estimates.

Price Assumptions

40

Source: : RNC news release dated June 17, 2013, Dumont technical report-July 25, 2013

Dumont Project Sensitivity

Sensitivity NPV8%

($ millions) C1 Cash Cost ($/lb) IRR% + - + - + -

Nickel Price ±$1/lb $494 $505 $0.10 $0.10 2.9% 3.1%

Nickel Price ±10% ($8.10 – $9.90/lb) $451 $461 $0.09 $0.09 2.7% 2.9%

Cobalt Price ±$1/lb $11 $11 $0.02 $0.02 0.1% 0.1%

Platinum Price ±10% $5 $5 $0.01 $0.01 0.0% 0.0%

Palladium Price ±10% $4 $4 $0.01 $0.01 0.0% 0.0%

Oil Price ±$10/bbl $30 $35 $0.04 $0.04 0.2% 0.2%

Sulfuric Acid Price ±10% $6 $6 $0.01 $0.01 0.0% 0.0%

Initial Capital Expenditure ±10% $83 $87 $0.00 $0.00 1.0% 1.1%

Expansion Capital Expenditure ±10% $38 $42 $0.00 $0.00 0.4% 0.4%

Total Capital Expenditure ±10% $140 $141 $0.00 $0.00 1.4% 1.7%

Site Operating Costs ±10% $201 $203 $0.35 $0.35 1.2% 1.2%

TC/RC ±10% $71 $76 $0.13 $0.13 0.4% 0.5%

US$/CDN$ ±$0.05 $149 $151 $0.17 $0.17 1.1% 1.2%

Mill Recovery ±1.0% $105 $101 $0.07 $0.07 0.6% 0.6%

Payable Nickel ±1% $54 $49 $0.04 $0.04 0.3% 0.3%

Sensitivity Average EBITDA per Annum

(CDN$ millions) -10% 0% +10%

Nickel Price CDN$339 CDN$411 CDN$482

Oil Price CDN$414 CDN$411 CDN$407

US$/CDN$ CDN$487 CDN$411 CDN$348

Project Source Price Assumptions Au; Ag; Pd; Pt: $/oz, Others $/lb

Additional Comments

RNC Dumont Technical report dated, July 25, 2013

Long term Ni $9; Co $14; Pt $1,800; Pd $700

All figures based on feasibility study highlights reported in news release.

Inmet, Cobre Panama

Basic engineering report, May 2012

Cu $2.75; Au $1,250; Mo $15.00; Ag $20

All figures quoted directly from basic engineering report except NSR/revenue per tonne, calculated by dividing total project NSR by total ore milled.

Quadra FNX, Sierra Gorda

Technical report, June 8, 2011

Cu $2.50; Mo $12.00 Au $1,000

All figures except NSR directly from technical report. NSR calculated using Table 23.23 by multiplying total payable metals X (base metal price assumptions less treatment charges for each metal outlined in Section 23.4) divided by total ore milled. Site operating costs calculated as operating costs less transport and port costs.

HudBay Minerals Constancia

Technical report, Oct. 15, 2012

Long term Cu $2.75; Mo $14.00; Au $1,150; Ag $23.00

All figures quoted directly from technical report.

Terrane, Mt. Milligan (Thompson Creek)

Technical report, October 23, 2009

Cu $2.00; Au $800; All figures quoted directly from technical report.

Capstone, Santo Domingo

Technical Report, May 22, 2014

Cu $2.85; Fe (65%) $0.85/dmtu; Au $1,275/oz

All figures directly from technical report. Site operating costs calculated as operating costs less port facility costs.

41

Summary of Source Information

www.royalnickel.com

Appendix 2

Nickel Market

42

43

Nickel – Portside Ore Stocks and Prices

Source: Ferroalloynet.com, Macquarie

Laterite 1.8% Ni Ore (12-18% Fe)

Indonesian ore stocks declined 15.2 Mt from the peak (170 kt nickel) in February 2014 and 2.7 Mt from the start of 2015 to end of May 20151

0

5

10

15

20

25

Chinese Portside Nickel Ore Stocks Total (Mt)

14-Feb-2014 Peak 18.9 Mt

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

US$

/wm

t FO

B

Nickel Ore Prices

Laterite 1.5% Ni Ore (Philippines 25-30% Fe)

Philippines ore (mid-low grade)

Indonesia ore (high grade)

Mid-high

Low

Limited build of ore stocks during height of shipping season

9.5

6.3

29-May-2015: 3.7 Mt

1. From June 2015 forward, ore stocks reported as low and mid-high grade


NPI Production Beginning to Decline and Declines Expected to Continue

Source: Antaike, RNC analysis

Chinese Nickel Pig Iron Production (Annualized Monthly Production, Kt)

0

100

200

300

400

500

600

Jan-1

3

Feb

-13

Ma

r-1

3

Apr-

13

Ma

y-1

3

Jun-1

3

Jul-1

3

Aug-1

3

Sep-1

3

Oct-

13

No

v-1

3

De

c-1

3

Jan-1

4

Feb

-14

Ma

r-1

4

Apr-

14

Ma

y-1

4

Jun-1

4

Jul-1

4

Aug-1

4

Sep-1

4

Oct-

14

No

v-1

4

De

c-1

4

Jan-1

5

Feb

-15

Ma

r-1

5

Apr-

15

Ma

y-1

5

Jun-1

5

Jul-1

5

Aug-1

5

Sep-1

5

20

15 f

ore

cast

186 kt decline; ~9% of global supply

111 kt decline;

~6% of global

supply

297 kt decline;

~15% of

global supply

NPI production has declined from peak 2014 levels


What Happened to Nickel in 2014 ?

Nickel’s relationship with stainless steel consumers creates significant volatility and leads to violent stocking/destocking cycles Nickel prices moved way ahead of themselves in Q2 2014

Still had hundreds of thousands of tonnes of nickel in ore, NPI, other inventories

Led to double-digit gain in stainless production as consumers restocked (briefly)

Led to sharp rise in scrap availability (one-time)

Drop in nickel prices in September, combined with pessimism on Philippines ore exports and Q2 oversupply of stainless led to steep destocking in Q4-2104/Q1-2015

Q4-2014 stainless very weak quarter due to destocking, particularly in West.

Exacerbated by EU anti-dumping duties on China in late 2014/early 2015

When prices turn – expect sharp change in prices again as stainless consumers and supply chain restock


248

242

Nickel SupplyIn Construction

2011-15

Potential Supply 2010-2020

490

Nickel Supply — “Tidal Wave” Projects

Source: Wood Mackenzie Ltd., RNC Analysis 2014F based on Q3 2014 data

New supply growth from the “tidal wave” of new projects is still ~50% of capacity and RNC expects that it can only reach 60%+ by 2020

Project

Annual Capacity

2012

WoodMac 2013F

Actual 2013

WoodMac 2014F

RNC Forecast

2015 2020

VNC (Goro) 60 4 27 16 18

Ambatovy 60 0 33 25 38

Koniambo 60 0 16 1 14

Onca Puma 55 6 2 2 22

Talvivaara 50 13 22 9 10

Barro Alto 40 22 31 25 28

Ravensthorpe 39 33 41 38 30

Ramu 33 5 13 11 20

Taganito 30 0 0 0 23

Santa Rita 26 19 18 16 9

Eagle 17 0 0 0 4

Niquelandia 10 0 5 0 10

Kevitsa 10 4 10 9 9

Total 490 106 218 153 235 280 345

Nickel Supply “Tidal Wave” Ramping Up or In Construction 2010-2015 (Kt)

Specifics Removed Higher risk

Lower risk


“Tidal Wave” Cleaned out the Cupboard

The bulk of the current wave of projects have been known for many decades: either discovered/developed too late during the 1965–75 period or inferior to other projects that were developed

Most of the “Tidal Wave” sat “in the cupboard” for many decades (even back to the beginning of the last century)

Project Discovery

Koniambo Early 1900s

Goro Early 1900s

Ramu Early 1960s

Ambatovy Early 1960s

Barro Alto Early 1960s

Onca Puma Mid 1970s

Talvivaara Early 1980s


Significant Nickel Discoveries by Decade

A Fraction of the Required Pace

1990s 2000s 2010s

Voisey’s Bay Eagle Nova Bollinger

Enterprise Nickel Rim South

Musgrave

Araguia

Sakatti

Pace of discovery is only a fraction of what’s required to meet demand – now the equivalent of ~ 2 Voisey’s Bay or 4 Nova-Bollinger discoveries EACH YEAR

Industry has only managed to deliver a few discoveries per DECADE

Appendix 3

True North Nickel and

Sudbury Platinum Corp.

49

50

Creating the Nickel-focused Leader in the Canadian Base Metal Market

The acquisition of a majority interest in True North Nickel built on our earlier acquisition of an interest in Sudbury Platinum Corporation – leveraging combined management strengths will accelerate future growth and support development of the Dumont Nickel Project

RNC will continue to look for acquisitions that create value for shareholders with a focus on nickel, base metals, and stainless steel materials

19% Interest in Sudbury Platinum Corp 68% Interest in True North Nickel Inc. (100% interest in West Raglan Project)

Recent drilling intersected more than 5 feet of 2.47% Ni, 2.47% Cu, 10.2 g/t PGE

SPC has a 100% interest in the Aer-Kidd property

Historic Producing Property in Prolific High Grade Ni-Cu-PGE Sudbury Camp

Well-positioned on Cape Smith Belt hosting shallow high grade Ni-Cu-PGE mineralization

Historic drilling has yielded multiple high grade Ni-PGE intersections (2-3+% Nickel, 2-3+ g/t PGM)

Drilling results from surface to maximum 250 metres

Only 20% of property has been prospected

Source: Sudbury Platinum Corporation news release dated March 2, 2015

Victoria (deep): 14.5 Mt 2.5% Ni, 2.5% Cu, 7.6 g/t PGM2

2. Resource report by KGHM in news release dated January 12, 2012

Totten (deep): 10.1 Mt 1.5% Ni, 1.9% Cu, 4.8g/t PGM1

2. Resource report by Inco Limited in news release dated January 18, 2001

51

West Raglan – Multiple Targets Outcropping Sulphide Mineralization

9 mineralized zones identified across the property

Raglan Trend

South Trend Total Magnetic Field

Outcropping sulphide mineralization across more than 35km of strike, very limited testing Magnetic signatures, lithogeochemistry, and geology same at Frontier and Raglan Outcropping sulphide mineralization across more than 35km of strike, very limited testing Magnetic signatures, lithogeochemistry, and geology same at Frontier and Raglan Strong potential at two new untested zones at surface at Beverly and Red Southern part of property has magnetic and till anomalies suggestive of Nunavik Mine (South Trend) style

mineralization (large tonnage, high Cu and PGM) Reference is made to the full Technical Report on the West Raglan Ni Project, Quebec, Canada, filed on July 29, 2014, available at www.royalnickel.com and on www.sedar.com.

52

West Raglan Multiple High Grade Lens Targets

Frontier Zone High-grade Lenses Five key mineralized lens

clusters 2,500 metre strike extent

has five stacked mineralized target horizons

High-grade (2-3% Ni, 3+ g/t PGE) sulphide lenses outcropping

High priority targets modelled from BHEM and 3D magnetic inversion suggest vast potential remains above 250 metres depth

See slides 53 and 54 for drill hole details

Reference is made to the full Technical Report on the West Raglan Ni Project, Quebec, Canada, filed on July 29, 2014, available at www.royalnickel.com and on www.sedar.com.

53

West Raglan Frontier Zone Drill Results


54

West Raglan Frontier Zone Drill Results (Cont’d)


55

Aer-Kidd – Significant Untested Potential Worthington Offset Longitudinal Section, Looking Northwest

Victoria (deep): 14.5 Mt 2.5% Ni, 2.5% Cu, 7.6 g/t PGM2

2. Resource reported by KGHM in news release dated January 16, 2012

Totten (deep): 10.1 Mt 1.5% Ni, 1.97% Cu, 4.8g/t PGM1

1. Resource reported by Inco Limited in news release dated January 18, 2001

Totten Vale

Aer-Kidd McIntyre

Vale

Victoria KGHM (QuadraFNX)

Untested

Potential

At Depth

2.6 km 4.3 km

Mined Out Massive & Disseminated Sulphide

DDH Pierce Point Mineralized Non-mineralized

Howland Robinson Rosen

Source: Sudbury Platinum Corp.


Corporate Overview

Share Structure:

Basic Shares Outstanding1: 131.1 million Options (average exercise price: C$0.63) 12.1 million Deferred/Restricted Share Units 2.6 million Warrants (exercise price: C$0.80) 4.8 million Warrants (exercise price: C$0.375) 1.2 million Compensation Warrants (ave. price C$0.60) 0.6 million Contingent Shares 7.0 million

Fully Diluted Shares Outstanding: 159.4 million

Directors and Officers Share Ownership: ~7% Largest Shareholders: RAB Special Situations (Master) Fund Limited: ~15% Orion Mine Finance ~8%

Balance Sheet Highlights2: Cash and Cash Equivalents: C$14.4million Working Capital: C$12.2 million Market Capitalization: C$27.5 million

1. Shares outstanding, fully diluted shares outstanding and shareholdings as at November 5, 2015 2. Balance sheet highlights as at September 30, 2015; market capitalization as at November 5, 2015