Core Viewpoint - Canada Nickel Company Inc. has released its 2024 Environmental, Social and Governance (ESG) Report, highlighting its advancements in carbon storage, Indigenous partnerships, local economic development, health and safety, and environmental stewardship, positioning itself as a key player in Ontario's Critical Minerals Corridor [1][2]. Indigenous Partnerships and Engagement - The company has deepened its collaboration with Indigenous Nations, establishing a landmark contracting agreement with Flying Post, Matachewan, and Mattagami First Nations for infrastructure construction [9]. - Taykwa Tagamou Nation has invested $20 million in a critical minerals project, securing an equity stake and the right to appoint a director to Canada Nickel's Board [9]. - Indigenous partnerships are integral to the company's operations, focusing on equity ownership and direct investment in local infrastructure [3]. Environmental Stewardship and Climate Innovation - Canada Nickel's In-Process Tailings (IPT) Carbonation technology has the potential to permanently store up to 1.5 million tonnes of CO₂ annually, making the Crawford site one of North America's largest proposed carbon sinks [9]. - Water intensity in drilling operations decreased to 0.38 m³/metre drilled in 2024 from 0.48, despite a 464% increase in drilling, achieved through water recycling and tracking [9]. - The company recorded no environmental non-compliance incidents, demonstrating strong environmental performance [9]. Local Economic Contributions - In 2024, 60% of new hires were local, and 37% of $32.5 million in procurement was spent on local suppliers in the Timmins region [6]. Governance and Leadership - Female representation on the company's Board was 33%, and 34% across the broader workforce, which is more than twice the industry average [7]. Reporting and Transparency - Canada Nickel has produced three consecutive ESG reports aligned with the United Nations Global Compact, Global Reporting Initiative, and the United Nations Sustainable Development Goals [10].

Project Overview - Jaguar Project aims to become the Western World's next major nickel sulphide mine [1] - The project boasts a Tier-1 scale Mineral Resource of 138.2 million tonnes containing 1.2 million tonnes of nickel [4, 9] - It also has a 52 million tonnes Ore Reserve containing 406,100 tonnes of nickel [4, 9] - The project is moving towards a Final Investment Decision (FID) in H1 2026 [7, 61] Financials and Operations - The project anticipates a Life-of-Mine (LOM) Post-Tax operating cash flow of US$2 billion (A$3.12 billion) [10] - It has a Post-Tax Net Present Value (NPV) of US$735 million (A$1.15 million) and a 34% Internal Rate of Return (IRR) [10] - The capital payback period is estimated at 1.8 years [10, 48] - The project targets an average nickel production of 22,600 tonnes per annum (tpa) in the first 7 years [9, 45] - The Life-of-Mine All-In Sustaining Cost (AISC) is projected to be US$4.43/lb Ni (payable basis) [4, 9, 19, 48] Environmental and Approvals - All key environmental approvals have been received, including EIA approval and Preliminary & Installation Licences (LP & LI) [6, 54] - The project has a low carbon footprint, with a forecast of 6.54 tonnes of CO2 per tonne of Nickel [9, 10, 56]

Safety and Sustainability - The company's 12-month lost time injury frequency rate (LTIFR) was 0.05 as of the end of June 2025 [4] - There were 186 million work hours registered in the twelve months to 30 June 2025, with one lost time injury (LTI) occurring [4] - The company's 12-month rolling total recordable injury frequency rate (TRIFR) was 129 as of the end of June 2025 [4] Production and Sales - RKEF nickel metal production reached 30,463 tonnes [7] - HPAL attributable production included 2,075 tonnes of nickel and 188 tonnes of cobalt in MHP, exceeding nameplate capacity by 38% [7] - Mining operations achieved record ore sales of 3,021,678 wmt, a 6% increase compared to the previous quarter [7] Financial Performance - HPAL attributable EBITDA was US$108 million, a 51% decrease from the March quarter [7] - Mining EBITDA amounted to US$414 million, a 33% increase from the March quarter [7] - RKEF Adjusted EBITDA was US$337 million, a 24% decrease from the March quarter [7]

Core Insights - Canada Nickel Company has filed an independent technical report supporting the initial mineral resource estimate for its Mann Nickel Sulphide Project, which includes the Mann West and Mann Central Properties [1][2] - The Mann Project is located approximately 40 kilometers northeast of Timmins, Ontario, and is owned 80% by Canada Nickel and 20% by Noble Mineral Exploration Inc. [2] - The report indicates that the Mann Deposits contain over 9.2 million tonnes of Measured and Indicated nickel and 9.5 million tonnes of Inferred nickel, with three additional resources expected to be published by the end of 2025 [3] Company Overview - Canada Nickel Company is focused on advancing nickel-sulphide projects to meet the growing demand for nickel in electric vehicles and stainless-steel markets [5] - The company is pursuing the development of processes for producing net zero carbon nickel, cobalt, and iron products, and has applied for trademarks related to these products [5] - The flagship project of Canada Nickel is the 100% owned Crawford Nickel-Cobalt Sulphide Project, located in the Timmins-Cochrane mining camp [5]

Core Viewpoint - First Quantum Minerals Ltd. reported a net earnings of $18 million for Q2 2025, with significant operational milestones achieved, including the approval of the Preservation and Safe Management plan at Cobre Panamá and progress on the Kansanshi S3 Expansion project, while also initiating gold hedges to enhance financial flexibility [1][2][3]. Financial Highlights - The company reported gross profit of $351 million and EBITDA of $400 million for Q2 2025, with net earnings attributable to shareholders at $0.02 per share, reflecting stronger results compared to Q1 2025 due to higher gold sales volumes and realized metal prices [3][19]. - Cash flows from operating activities reached $780 million, significantly higher than Q1 2025, driven by a $500 million copper prepayment and copper concentrate sales [19]. - Net debt decreased by $334 million to $5,453 million, attributed to the prepayment agreement and EBITDA contributions [19]. Operational Highlights - Total copper production for Q2 2025 was 91,069 tonnes, a 9% decrease from Q1 2025, primarily due to lower production at Kansanshi [5][32]. - Copper C1 cash cost increased to $2.00 per lb, reflecting lower production volumes [5][32]. - Gold production was strong at 37,419 ounces, with significant contributions from upgrades to gravity concentrators [32]. Cobre Panamá Update - The government of Panama approved the Preservation and Safe Management plan, allowing for the export of copper concentrate and the restart of the power plant [6][8]. - P&SM costs averaged approximately $15 million per month, expected to rise to $17 million to $18 million with the power plant's restart in Q4 2025 [9]. Kansanshi S3 Expansion Update - The S3 Expansion project is in the final stages of commissioning, on budget and on schedule for first production in the second half of 2025 [11][12]. - The project achieved 91% construction completion, with operational readiness at 93% [13]. Near-Surface Gold Zone Exploration - The company is evaluating new near-surface gold zone occurrences at Kansanshi, with promising preliminary results leading to accelerated test work and the initiation of a pilot plant [14][15][16]. Hedging Program - The company entered into derivative contracts for copper and gold to protect against price fluctuations, with significant portions of planned production hedged [20][21][22].

Core Insights - First Atlantic Nickel Corp. has announced the successful completion of its Phase 1 drilling program at the RPM Zone, revealing a significant near-surface mineralized zone of awaruite nickel measuring approximately 400 meters by 500 meters [1][5][10] - The company is now advancing into Phase 2 drilling, which is fully funded and aims to expand the known mineralization footprint and assess the potential for a large-scale resource [1][12][13] Company Overview - First Atlantic Nickel Corp. is a Canadian mineral exploration company focused on developing the Atlantic Nickel Project, which is 100% owned and strategically located in Newfoundland, Canada [30][31] - The project features awaruite, a natural nickel-iron alloy that allows for smelter-free processing, enhancing North America's critical minerals supply chain [30][31] Phase 1 Drilling Results - The Phase 1 drilling program consisted of four diamond drill holes totaling 1,363 meters, all of which intersected broad, continuous zones of mineralization [5][6][10] - Metallurgical testing yielded an average magnetically recoverable nickel grade (DTR Ni%) of 0.13%, with an average magnetic nickel concentrate of 1.41% Ni and a mass pull of 9.1%, indicating a total nickel recovery of 54% based on an initial total nickel grade of 0.24% [1][5][8] Phase 2 Drilling Plans - The Phase 2 drilling program is designed to systematically expand the mineralization footprint, targeting areas to the north, east, and west of the RPM Zone [12][13] - Initial results from the first hole of Phase 2 (AN-25-06) have confirmed the presence of large grain visible awaruite, extending the mineralization eastward [12][13] Awaruite Nickel Significance - Awaruite is noted for its environmentally friendly processing capabilities, as it can be concentrated through magnetic separation without the need for high-temperature smelting or acid leaching [2][19][22] - The U.S. Inflation Reduction Act mandates that eligible clean vehicles must not contain critical minerals processed by foreign entities of concern, positioning awaruite as a strategic resource for North American electric vehicle manufacturers [19][22] Market Context - The development of awaruite resources is crucial given China's dominance in the global nickel market, controlling a significant portion of nickel refining and smelting [22] - Awaruite's unique properties could help reduce North America's dependence on foreign processing, thereby enhancing the security and reliability of the domestic nickel supply chain [22][30]

Core Insights - First Atlantic Nickel Corp. has announced the successful completion of its Phase 1 drilling program at the RPM Zone, revealing a significant near-surface mineralized zone of awaruite nickel measuring approximately 400m x 500m, with all drill holes intersecting broad, continuous zones of mineralization [1][5][10] - The company is now advancing into Phase 2 drilling, which is fully funded and aims to expand the known mineralization footprint and assess the potential for a large-scale resource [1][11][12] Company Overview - First Atlantic Nickel Corp. is a Canadian mineral exploration company focused on developing the 100%-owned Atlantic Nickel Project, which is strategically located in Newfoundland, Canada [29][30] - The project features awaruite, a natural nickel-iron alloy that contains approximately 75% nickel and can be processed without the need for smelting, thus enhancing the resilience of North America's critical minerals supply chain [29][30] Phase 1 Drilling Results - The Phase 1 drilling program consisted of four diamond drill holes totaling 1,363 meters, successfully delineating a substantial zone of disseminated awaruite nickel mineralization [6][10] - Metallurgical testing via the Davis Tube Recovery method yielded an average magnetically recoverable nickel grade of 0.13%, with an average magnetic nickel concentrate of 1.41% Ni and an average mass pull of 9.1%, indicating a total nickel recovery of 54% based on an initial total nickel grade of 0.24% [1][5][8] Phase 2 Drilling Plans - The Phase 2 drilling program is designed to systematically expand the known footprint of the RPM Zone, targeting areas to the north, east, and west, as well as testing greater depths for potential bulk-tonnage resources [11][12] - Initial results from the first hole of the Phase 2 program (AN-25-06) have already confirmed the presence of large grain visible awaruite, extending the mineralization eastward [11][12] Awaruite Nickel Significance - Awaruite's unique properties allow for cleaner processing compared to conventional nickel sources, which often involve environmentally harmful methods [18][19] - The U.S. Inflation Reduction Act mandates that eligible clean vehicles must not contain critical minerals processed by foreign entities of concern, positioning awaruite as a strategic resource for North American electric vehicle manufacturers [18][19][30]

Core Points - Canada Nickel Company Inc. has granted stock options, restricted share units (RSUs), and cash-settled RSUs to its officers and employees, totaling 2,165,000 options, 835,000 RSUs, and 3,495,000 cash-settled RSUs [1][2] - The options have an exercise price of $0.86 per share, a five-year term, and vest annually in equal thirds starting from the first anniversary of the grant [2] - The cash-settled RSUs will fully vest upon board approval to commence construction of the Crawford Project, with alternative vesting conditions if the decision is not made within one year [2] - A new deferred share unit plan (DSU Plan) has been adopted, allowing for a maximum of 10% of total common shares outstanding to be issued under this plan [3] - The company is focused on advancing nickel-sulphide projects to meet the growing demand in electric vehicle and stainless-steel markets, with a flagship project in the Timmins-Nickel District [4]

Summary of Lifezone Metals (LZM) Update - July 21, 2025 Company and Industry - **Company**: Lifezone Metals (LZM) - **Industry**: Nickel Mining Key Points and Arguments Strategic Developments - Lifezone Metals announced a significant milestone with the first public economic study of the Kibanga nickel project, declaring 52.2 million tons of proven and probable reserves grading 1.98% nickel [5][6] - The company has consolidated 100% ownership of Kabanga Nickel Limited after acquiring BHP's 17% stake, allowing full control over product development and timelines [6][10] Financial Metrics - The feasibility study indicates an after-tax NPV of $1.58 billion with a pre-production CapEx of $942 million and an IRR of 23.3%, with a payback period of 4.5 years [6][22] - The all-in sustaining cost is $3.36 per pound of nickel, positioning Kabanga in the first quartile of global nickel producers [6][21] Project Economics - The project is expected to generate $14.1 billion in life-of-mine revenue and $4.6 billion in after-tax free cash flow [22] - The capital intensity ratio is estimated at $18,800 per ton of annual nickel production, indicating a low overall capital intensity [19] Funding Strategy - Lifezone has initiated alternative financing processes, engaging with tier-one international investment banks for funding options [12][14] - The company is focused on a mix of debt and equity financing, with a projected split of approximately 60% debt and 40% equity [42] Environmental and Social Governance (ESG) - Lifezone is committed to high ESG standards, with a resettlement action plan aligned with IFC performance standards, having already compensated 96% of affected landowners [25][53] - The company aims to minimize its environmental footprint while ensuring community engagement throughout the project [24][25] Government Relations - Lifezone has maintained close communication with the Tanzanian government, ensuring alignment and support for the Kibanga project [27][28] - The government is fully informed and supportive of the project's transition and development [28] Future Outlook - The company is targeting a final investment decision (FID) in 2026, with ongoing preparations for execution readiness and advanced permitting [26][47] - Lifezone is optimistic about the project's potential, emphasizing its strategic importance as a new source of critical metals, particularly nickel, copper, and cobalt [31][32] Market Position - The project is seen as a competitive alternative to Indonesian nickel sources, attracting interest from various stakeholders, including top mining companies and export credit agencies [45][46] - Lifezone is positioned to leverage its strong economic study to negotiate favorable terms with potential partners and investors [84] Additional Important Information - The feasibility study utilized long-term consensus pricing for nickel, copper, and cobalt, ensuring robust economic modeling [51][52] - The company has received positive feedback from shareholders regarding its strategic direction and project developments [29][30]

Core Viewpoint - NorthX Nickel Corp. has successfully completed the sale of its Sudbury Properties to Magna Mining Inc., allowing the company to focus on its Grasset Nickel property in Quebec, which is considered a promising nickel asset in North America [1][3][4] Group 1: Transaction Details - The sale of the Sudbury Properties includes all related property, assets, rights, and obligations, marking a significant milestone for NorthX [1] - The company has also completed a non-brokered private placement of 26,000,000 Subscription Receipts at $0.05 each, raising gross proceeds of $1,300,000, which were partially used to meet cash payment requirements for the transaction [2] Group 2: Grasset Nickel Property - The Grasset deposit is one of Canada's largest nickel sulphide deposits, with an Indicated Mineral Resource Estimate of over 50,000 contained tonnes of nickel and an average nickel equivalent (NiEq) grade exceeding 1.5% [4] - An updated mineral resource estimate in 2021 indicated a resource of 5.5 million tonnes grading 1.53% NiEq and an inferred resource of 217,000 tonnes grading 1.01% NiEq [5] - The Grasset Ultramafic Complex remains largely underexplored, with significant nickel sulphide showings discovered along a 23-kilometre belt [6] Group 3: Leadership Transition - The company announced the resignation of Tom Meyer as President & CEO, with Simon Marcotte now serving as Executive Chairman [21][22] - Marcotte praised Meyer for his leadership and contributions, particularly in securing financing and advancing the Grasset Project [22] Group 4: Future Focus - NorthX aims to concentrate on the exploration and development of its nickel sulphide properties, particularly the Grasset Project, which is positioned in a stable pro-mining jurisdiction [24][25]