VMS:TSX.V

Explorer to Producer

NAN: TSX.V

The World’s Next Nickel Belt

John Tumazos Very Independent Research Conference

October 2-3, 2012

Discovering High Grade Copper Deposits in Manitoba, Canada

FORWARD-LOOKING STATEMENTS

NOTE:

Some of the statements contained herein may be forward-looking

statements which involve known and unknown risks and uncertainties.

Without limitation, statements regarding potential mineralization and

resources, exploration results, and future plans and objectives of the

Company are forward-looking statements that involve various risks. The

following are important factors that could cause the Company’s actual

results to differ materially from those expressed or implied by such

forward-looking statements: changes in the world wide price of mineral

commodities, general market conditions, risks inherent in mineral

exploration, risks associated with development, construction and mining

operations, the uncertainty of future profitability and the uncertainty of

access to additional capital. There can be no assurance that forward-looking

statements will prove to be accurate as actual results and future

events may differ materially from those anticipated in such statements.

VMS Ventures Inc. undertakes no obligation to update such forward-looking

statements if circumstances or management’s estimates or opinions

should change. The reader is cautioned not to place undue reliance on

such forward-looking statements.

VMS VENTURES INC.

CAPITAL STRUCTURE(as at September, 2012)

Issued & Outstanding: 129,668,399Warrants: 163,333Options: 7,484,850Fully Diluted: 137,316,582

Well funded junior with approximately $10.5M in the treasury.

Discovered the copper rich Reed Copper deposit in Manitoba in 2007.

• JV Partner HudBay Minerals (T.HBM) is project operator; VMS costs carried to production. Project ownership is 70% HBM & 30% VMS.

Reed Copper deposit Prefeasbility announced in April 2012. Indicated Reserve: 2.2M Tonnes of 3.83% Cu, 0.48 g/t Au, 6.02 g/t Ag

Large, highly prospective land package in the prolific Flin Flon – Snow Lake Greenstone Belt of Manitoba

VMS owns ~27M sharesof North American Nickel

QUICK FACTSVMS - TSX.V

4

Rick Mark, M.Ed (Admin) CEO & Chairman VMS & NAN: Rick has over 25 years experience in the public market place. He is also CEO & Chairman of Harvest Gold Corporation (HVG-TSX.V), a December 2005 "spin off" from VMS, and is the President and CEO of Pancontinental Uranium Corp. (PUC-TSX.V).

Neil Richardson P. Geo. COO, VMS& NAN: Neil has a long history of mineral exploration and mining experience with HudBay Minerals and others. As the COO of both companies, Neil is responsible for developing and implementing exploration programs .

Mark Fedikow, HBSc., M.Sc., Ph.D., P.Eng., P. Geo., C.P.G. : President & Director NAN, VP Exploration VMS: Mark has 35 years of industry and government experience including Chief Geologist of the Mineral Deposits Section in Manitoba. He is a recipient of the Canadian national award for outstanding geoscientific achievement.

John Roozendaal B.Sc, President of VMS, Director of NAN: John was the founding director of VMS Ventures Inc. He has 20 years of Mineral Exploration experience and was directly involved in the Reed Copper discovery.

John Pattison, P. Geo., B.Sc. Chief Geologist VMS and NAN: John worked with Falconbridge Limited and associated companies for 19 years managing base metal, PGE and gold exploration projects throughout Canada and southern Africa. He is the lead project geologist for the Maniitsoq, Greenland nickel project.

VMS/NAN MANAGEMENT

Independent Directors:

Don Whalen, Director & Audit Committee Chair, VMS: Don was Executive Chairman and Director of High River Gold Mines. Before joining High River, he held numerous marketing, technical and management positions over a 29 year career with IBM Canada Ltd.

Jim Clucas, Director & Audit Committee Member, NAN: Jim was Chief Financial Officer of Inco’s Canadian operations and has been involved in the development of several mineral deposits, including the Snow Lake Mine (High River Gold Mines), Montana Tunnels (Pegasus Mining) and the Fenix Project in Guatemala. He was the founder of International Nickel Ventures Inc. which acquired and developed the Santa Fe/Ipora Nickel Laterite deposit in Brazil. Jim is currently President and CEO of Search Minerals

Advisory Board

Cashel Meagher B.Sc. P. Geo.: Cashel is currently Vice President South America Business Unit of Hudbay Minerals. He has worked with the technical and management teams at VMS Ventures and North American Nickel through the Reed Lake joint venture with VMS. Prior to joining Hudbay, Cashel held management positions with Vale Inco in exploration, technical services, and mine operations.

Mike Muzylowski: Mike has played key roles in the discovery of 15 Canadian mines, 13 in Manitoba, during his distinguished career as a geologist, geophysicist and senior mining executive.

James M. Patterson B.A. D.I.C. Ph.D. P. Geo.: Jim a former VP Exploration for FNX Mining Company, has over 40 years experience in mineral exploration with major and junior exploration companies, government and international development agencies.

5

INDEPENDENT DIRECTORS & ADVISORY BOARD

REED MINE RIBBON CUTTING CEREMONY, AUGUST 2012

REED COPPER DEPOSIT

VMS-HudBay JV

• VMS owns 30% and is carried to production

• Prefeasibility report indicates 2,157,000 tonnes of 3.83% Cu, 0.59% Zn and 0.48 g/t Au

• NPV 8% @ $3.75 Cu = $191,361,000; IRR 68.40%

• Borehole Pulse Electromagnetic targets indicate the deposit is open at depth

Open down plunge

ORE BODIES TEND TO GROW IN THE FLIN FLON BELT

After K. Gilmore (Hudbay Minerals), 2007

REED COPPER DEPOSIT: CASH FLOW WITHIN SIGHT

The high grade nature of the Reed Copper deposit gives the project strong leverage to copper prices.

The following table shows a copper price sensitivity analysis based on the operating parameters set

out in the prefeasibility. Prefeasibility 3 Year HistoricalBase Case (1) Average Price Case (2) Cu = $3.75/lb USD (3)

Price and Exchange AveragesCopper

(USS/lb) $2.95 $3.20 $3.75

Gold (US$/oz) $1,269.00 $1,235.00 $1,235.00

Silver (US$/oz) $24.78 $22.85 $22.85

US$/CDN$ 0.95 0.94 0.92Pre-tax

Cash Flow $102,426,000 $182,975,000 $300,964,000NPV 8% $57,443,000 $109,904,000 $191,361,000

IRR 34.70% 46.60% 68.40%

(1) Prefeasibility Base Case metal prices projections compiled by HudBay based on 11 well-known financial institutions.(2) Bloomberg three year historical average (December 1, 2008 to December 1, 2011)

(3) $3.75 copper price for perspective on valuation impact of copper price

VMS VENTURES – HUDBAY JV & OPTIONS PROJECTS

VMS-Hudbay JV

• 30-70 joint venture, VMS carried to production.

• Hudbay is operator.• NI 43-101 Geological

Resourced April, 2011• Prefeasibility announced

April 2012• Reed Copper Deposit

opening Ceremony August 2012

• Production slated to begin in Q4 2013

4 Option Agreements• HudBay is operator.• $2.6 M in cumulative

expenditures to earn 70%.

Prefeasibility study completed on Reed Copper project Bulk sample and underground development permits in placeReed Copper Deposit Opening Ceremony, August 2012

2012 HIGHLIGHTS

Reed Copper deposit

Reed North zone

VTEM COVERAGE OVERVMS’ 100% OWNED PROJECTS

• Many recent discoveries, including VMS’s Reed Lake Deposit, were made with VTEM

• VMS Ventures has flown over 17,000 line-km of VTEM over its projects, majority flown at 100 m line spacing.

• 5 years and $13 million in work – Targets ready to drill.

VMS 2012 ACTIVITIES

HudBay JV: The Reed deposit, Manitoba’s next copper mine

• Prefeasibility report announced April 2, 2012• Mine Portal entrance established• Reed Copper Deposit opening ceremony August 14, 2012• Production commences Q4 - 2013

VMS 100% Owned Properties

Manitoba Projects• Recently acquired Reed/East West project has eight new targets for drilling in

winter 2012.

Sudbury Projects• Golden Pine, Black Creek & Terra Incognita scheduled for prospecting/trenching

in Q2, auger drilling and diamond drilling in Q3 – Q4

North American Nickel (VMS owns ~27M shares)

Maniitsoq project is being drilled; own VMS or NAN for discovery upside

Slide 13

NORTH AMERICAN NICKEL INC.

CAPITAL STRUCTURE(as at September, 2012)

Issued & Outstanding: 77,230,193Warrants: 39,733,950Options: 7,633,000Fully Diluted: 124,597,143

NAN - TSX.VAcquired the large, prospective Maniitsoq

property in Greenland in August, 2011

High-grade nickel intercepts in historic drill holes:

9.85 m at 2.67% Ni and 60% Cu at Imiak Hill12.89 m averaging 2.24% Ni and

0.63% Cu at Fossilik

Drill program underway at Maniitsoq. Approx. 2,000 m of diamond drilling planned.

Over 3,500 line kilometres flown in a VTEM Plus survey in July.

Sudbury Ontario land position includes the Post Creek, Halcyon and Wahnapitae properties.

VMS owns ~27M shares.

QUICK FACTS

MANIITSOQ PROJECT, GREENLAND

100% interest in a giant property covering 4,983 km2 of the highly prospective, but underexplored, Greenland Norite Belt.

Located on tide water (navigable year-round) on the southwest coast of Greenland, near the village of Maniitsoq.

Maniitsoq (looking east towards the project area)

Slide 15

Maniitsoq Project

• Underexplored (previous hole lengths averaged < 60 m) but lots of high-grade historical assays (e.g. 9.85 m @ 2.67% Ni and 0.60% Cu).

• Strong evidence of a large-scale, long lived mafic igneous event.

• Major, deep seated structures that were active from the Archean through to the Mesozoic.

• Intrusions hosting the mineralization appear to have been part of a dynamic magma conduit system.

• Proof that modern helicopter geophysical technology is significantly more effective in this rugged terrain than techniques used in the past.

• Over 70 conductive zones identified to date across the entire 75 km Greenland Norite Belt.

A World Class Nickel Camp?

Slide 16

Maniitsoq Project Location

• Situated in a safe, stable, mining-friendly jurisdiction.

• Close to tide water that is navigable year-round.

• Straight forward permitting process.

• No land claims issues.

• Mine development activities nearby including road and deep water port construction (London Mining’s Isua Iron project).

Slide 17

Regional SettingProperty Geology

GREENLANDNORITE BELT

• Abundant Ni-Cu sulphide showings associated with noritic intrusions.

• Norites are concentrated in, but not restricted to, a J-shaped belt 75 km long by up to 15 km wide that wraps around the Finnefjeld Gneiss Complex.

• Intrusion of nickeliferous norites over a period of time spanning at least one complete geomagnetic reversal.

Slide 18

Regional SettingMany Ni-Cu Showings

• 14 significant Ni-Cu showings. Most are concentrated in the Greenland Norite Belt (GNB) outlined here by purple dashed lines.

• All showings were discovered by Kyrolitselskabet Øresund A/S (KØ) between 1962 and 1972 through surface prospecting.

• KØ made numerous intersections including:

9.85 meters averaging 2.67% Ni and 0.60% Cu at Imiak Hill

12.89 meters averaging 2.24% Ni and 0.63% Cu at the Fossilik showing.

• KØ drilled 119 holes totalling 6,287 m (i.e. average hole <55 m long) to test outcropping norites, exposed sulphide mineralization and shallow electromagnetic (EM) anomalies directly associated with exposed mineralization. This was the only drilling for nickel in the GNB.

Slide 19

Deposit Model

Deposition of Ni-Sulphides in a Magma Conduit System

• Superheated noritic magma flows through gneiss and paragneiss in an open system.

• Gneiss is assimilated by the hot magma and triggers sulphide saturation.

• Ni + Cu ± PGE sulphides are deposited in zones of lower velocity within the magmatic plumbing system.

• Continual magma flow upgrades nickel tenor of sulphide.

Modified after Maier et al., 2001

VERTICAL SECTION

PRESENT DAYEROSION LEVEL

Slide 20

Consistently High Nickel Tenor

• GNB sulphides have a relatively consistent nickel tenor of 6 to 8% Ni recalculated to 100% sulphide.

• Presence of pyrite means there is more S for a given amount of sulphide than in typical magmatic sulphide deposits consisting mainly of pyrrhotite-pentlandite and chalcopyrite.

Typical 100% sulphide mixtureof Po+Cp+Pn contains 35.7% S

Kerr, 2003

After Shore, 2000(Falconbridge Limited)

Nic

kel w

t. %

Sulphur wt. %

Ni vs. S for Historical GNB Drill Core

DRILL CORE

Slide 21

Previous Exploration Stymied by Lack of Conductive Targets

Cominco 1995 – 1996• 20,446 line-km of airborne GeoTEM EM and

magnetic surveying.– Lines 200-400 m apart oriented 080° (i.e.

subparallel to orientation of norites resulting in poor coupling).

– Large fixed wing aircraft had difficulty hugging the rugged terrain resulting in noisy data.

– Very few anomalies associated with norites.– Ground follow-up prospecting, minor surface

geophysics (<30 line-km) but no drilling.

Falconbridge 1993 & 2000• 100 line-km of UTEM over Imiak Hill and part

of Fossilik.– Lines 200 to 400 m apart.– No conductors detected and no drilling

done.

Slide 22

Regional SettingNow Many Targets Thanks to Modern Helicopter Geophysics

• SkyTEM and VTEM helicopter-borne TEM surveys flown by NAN in 2011 and 2012 have detected over 75 conductive zones (circled in red on the adjacent map).

• This technology was not available to previous explorers in the belt.

• NAN has flown the areas outlined in green, which total 860 km2 and cover a major portion of the GNB.

• Interpretation of the 2012 data is in progress. To date over 75 conductive zones have been identified (circled in red on map).

Slide 23

Slide 24

3D EM Modeling Target B1-J

• 170 m long by 16 m wide conductor that comes to surface and is directly coincident with the Imiak Hill showing.

• The model shows that the mineralization strikes parallel to most of the historical drilling and therefore has not been properly tested.

• The model has very limited dip extent (21 m) but the best intersection on the showing (9.85 m averaging 2.67% Ni and 0.60% Cu) occurs 130 m below surface indicating that strong mineralization at surface is masking the EM response from mineralization at depth. FOOTWALL

CONTACTOF NORITE

9.85m @ 2.67% Ni, 0.60% Cu

STRIKE

9.85m @ 2.67% Ni, 0.60% Cu

TARGET B1-J (IMIAK HILL): 3D VIEW LOOKING WEST

Slide 25

Target B1-J Down hole 3D Model

Slide 26

3D EM Modeling Target B1-L

• Modeled as a 330 x 100 m flat-lying conductor located 160 m below surface within a norite intrusion.

• The conductor is untested but past shallow drilling 100 m above intersected weakly disseminated, nickeliferous sulphides grading up to 0.52% Ni and 0.26% Cu over 12.94 m.

• Clearly, mineralizing processes were at work in the intrusion as indicated by the disseminated near-surface mineralization and the most logical location to look for massive sulphides is at depth.

100 m330 m

TARGET B1-L (SPOTTY HILL): 3D VIEW LOOKING NORTH

~ 160 m BELOW SURFACE(i.e. 100 m BENEATHPREVIOUS DRILLING)

Slide 27

Investor Risk Mitigation

100% ownership; Camp-sized land package (Sudbury) Public Co management/financing experience Technical team is deep Secure political jurisdiction Regional setting; year round exploration Historic exploration data is remarkable ($10M plus) Geology

Abundance of Ni-Cu occurrences at surface & in drilling Undeformed norite host rocks Mineralization: inclusion-bearing sulphides Nickel Tenor – consistent and economic grade

New technologies in “old” camp work– 25 EM targets in 8% of land package

Slide 28

Plans for 2012 & Beyond

2012 – Immediate Priority• 3,000 line-km of helicopter TEM over

prospective norites in southern part of the norite belt.

• Ground truth conductive target zones among 75 identified by SkyTEM and VTEM Plus surveys

• Minimum 2,000 m of drilling.

• Prospecting outside of main norite belt looking for new showings and norites.

• Estimated cost $3.0 million

2013

• Minimum 6,000 m of follow-up drilling on targets derived from 2012 work

• 2,000 line-km of helicopter TEM

• Estimated cost $ 7.5 million.

VMS:TSX.V

Explorer to Producer

NAN: TSX.V

The World’s Next Nickel Belt

John Tumazos Very Independent Research Conference

October 2-3, 2012

Discovering High Grade Copper Deposits in Manitoba, Canada