Kenbridge hosts high-grade open-pittable/underground resources totaling 146 Mlbs Ni, and 78 Mlbs copper. The property hosts class 1 nickel, essential for lithium-ion batteries in electric vehicles/EVs. Although EV metal prices have weakened due to slower EV sales growth, and rising supply, we maintain a positive long-term outlook on the EV sector. Battery and EV manufacturers, along with miners, are actively seeking stable and long-term supply sources of EV metals. A 2022 Preliminary Economic Assessment (PEA) on the Kenbridge project returned an After Tax-NPV5% of $109M, and an AT-IRR of 20%, using US$10/lb nickel vs the current spot price of US$7/lb. The project’s break-even nickel price is US$8/lb for a minimum 8% IRR. Nickel prices are down 11% YoY amid a higher supply surplus, and a stronger US$. With the market expected to stay in a supply surplus in 2025, we foresee nickel prices remaining soft in the near term. However, we anticipate long-term prices to range between US$8-US$10/lb, as most large undeveloped nickel projects cannot generate attractive economics if prices fall below US$8/lb. Although near-term EV prospects are impacted by Trump’s policy changes and reduced incentives, global EV sales growth forecasts remain robust (15-20% in 2025 vs. 25% in 2024). While Trump’s tariff threats create uncertainties, we anticipate demand for consolidating EV metal sources in North America to reduce reliance on China. TN is trading at $0.12/lb NiEq vs the sector average of $0.19/lb, a 40% discount. Upcoming catalysts include completion of the all-season road, resource upgrade/expansion drilling, and M&A prospects. Price Performance (1-year) YTD 12M TN -14% 36% CSE -8% -32% Portfolio Summary Owns three polymetallic projects in Ontario Kenbridge Nickel Project Located in an emerging nickel region, home to several advanced-stage nickel juniors, presenting opportunities for consolidation Notably, Talon Metals (TSX: TLO, MCAP: $70M) has an offtake agree