PresentationAnnual General Meeting

– June 2009 -

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Forward Looking StatementThis presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1933. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from the Company’s expectations are discussed under the heading “Risk Factors” and elsewhere in the Company’s documents filed from time to time with the Toronto Stock Exchange, Canadian, United States and other securities regulators. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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Overview

2008• Decision to suspend production driven

by metal price decline

• Operating achievements position FNI for future development

Lockerby cost & production thresholds met

Lockerby reserves & feasibility studies advanced

• Exploration launched at Belmont, Raglan Hills

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Lockerby Mine - 2008

Metal/Ore production on track at time of shutdown

- 3.8 M lbs Ni after 10 mos vs 3.8-4.4Mlbs full year

Mine operating costs last 4 months

- C$165/t vs budgeted C$236 (-30%)

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Lockerby 2008

Full feasibility announced July 2008

Needed US$10 Ni for robust economics

Resource models recalculated later in year at higher cutoff

Next stage feasibility and engineering studies launched late 2008

Exploration – Southeastern Ontario

Grassroots exploration program

Targets – Voisey’s Bay style nickel copper PGE deposit

Over 40 known nickel-copper occurrences

Under-explored region of Ontario

Drilling in 2009

Sudbury

Toronto

Belmont Project

Raglan Hills JV

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Lockerby 2008 – Still Significant Upside

*

New resources added to upper workings

New resource estimate on Lockerby Depth

East Zone prepared for conversion to reserve and development

High potential for Footwall-hosted mineralization

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West Graham: 2008 Exploration budget of $1.5

million for 2009

FNI will earn 70% interest in property on December 31, 2009

NI 43-101 Resource estimate completed in January 2009 by Scott Wilson RPA

Metallurgical testing completed at SGS Lakefield

6,000 m diamond drill hole program scheduled for 2009

“no seeum” type platinum group element (PGE) mineralization

Footwall remains relatively untested

First Nickel Inc. West Graham Property, Conwest Zone, Tonnes (000’s) Ni% Cu% Co% Au g/t Pt g/t Pd g/t Ag g/t S% Ni Eq%

Indicated Resource

8,550 0.45 0.31 0.01 0.03 0.07 0.02 1.91 2.43 0.55

Inferred Resource

2,000 0.40 0.30 0.0 0.0 0.1 0.0 2.1 2.10 0.50

Boundary Pillar

270 0.57 0.33 0.02 0.02 0.06 0.02 1.29 3.00 0.68

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Lockerby Mine – Recent Work

New Depth resource estimate modeled at 1.5%Nieq cutoff

These resources then used for the new feasibility study

Feasibility to 43-101 standard by GENIVAR incorporated extensive estimating and input from many sources

Results announced in February 2009

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Lockerby Mine: Feasibility Reserves:

1.4 Mt@2.23% Ni, 1.36% Cu, 0.083% Co

Mine Life of 2010-2015 yields:- 51.7 Mlbs payable Ni;

- 34.4 Mlbs payable Cu;

- 1.0 Mlbs payable Co

• Resources will lead to production well beyond 2015

Pre-production Capex: $37.6 M

Sustaining Capex: $32.2 M

Cash Cost/lb Ni: US$4.50

IRR: 40.5%

NPV (10%):$34 M

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Lockeby Mine - Development

Low Risk Project – very conservative plan with room to optimize

Capital plan based upon a tight and well-understood cost model

Consists of extending existing infrastructure in a well-engineered mine

Old fleet to be replaced with new mobile equipment

Improve U/G ore handling and air cooling systems

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New Financing On June 17, 2009 we announced the arranging of a

US$10M Working Capital Facility. After closing this transaction we will:

• Acquire a major investor with impeccable banking and mining finance credentials which adds immeasurably to our stature in financial markets

• Be able to advance Lockerby engineering planning and undertake modest capital projects that will expedite later development

• Have sufficient working capital to cover business needs through the downturn and be positioned to seek full mine financing

Action Plan 2009We plan to:

1. Advance Lockerby scheduling and detailed engineering in anticipation of a late 2009 financing - if appropriate

2. Continue exploration drilling in SE Ontario, Lockerby and West Graham

3. Continue exploration’s generative studies to launch new projects in 2010

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Nickel: Still the Place to Be

Significant production pulled from the market – >300 Kt

Large Southern Hemisphere projects (high Capex) – additional projects may be stalled/abandoned?

China/India long term growth still in place

Marginal cost around the world averages close to US$5/lb excluding capital

>US$7.00/lb Ni is a reasonable long term nickel price (2011+)

-6%

-2%

3%

7%

2000 2001 2002 2003 2004 2005 2006 2007 2008

Data: CRU

Nickel output falls, for the first time in a decade

Low growth rates reflect historic under-investment and operational

underperformance

Chinese nickel pig iron to the

rescue!

Under-performance

continues, cutbacks start

FNI – Looking Ahead

Need to grow beyond a single operation

Pipeline of grass roots to advanced exploration projects

We are actively identifying additional opportunities

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Drivers for Growth

FNI Operations Group:

- G. Bilodeau: VP Operations - M. Bilodeau: Project Manager-Lockerby - C. Lafleur: Chief Engineer-Lockerby - B. Gascon: Mine Superintendent-Lockerby- L. Wilson: HR Superintendent-Lockerby

Lockerby Depth is a good orebody - because we have the right team to manage, execute and deliver the mine plan.

This team is capable, motivated and wants to build the company by developing and building more mines.

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Drivers for Growth

FNI Exploration Group:

- P. Davis: VP Exploration- P. Vicker: Manager Sudbury Geology

The team is responsible for the additional resources at Lockerby. Extensive nickel-copper geology experience, both in exploration and resource definition, and in Canada and internationally. Actively engaged in sourcing new projects.

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Drivers for Growth

Strong board with diverse backgrounds and high level of industry experience

Board direction is to grow the company

A new serious investor coming on board who could potentially support new investment opportunities