Disclosure: Tartisan Nickel Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
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Price and Volume (1-year)
* Qualified Person: Dean MacEachern, P.Geo. Consultant to Tartisan Nickel Corp.
* Tartisan Nickel Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
Portfolio Summary
Source: Company / FRC
Owns four polymetallic projects in Ontario
Source: Company / FRC
Located in an emerging nickel district with several advanced-stage nickel projects (shown as red dots on the map), creating strong potential for consolidation and M&A
Kenbridge Nickel Project, Ontario
Located in an Emerging Nickel District
*Talon acquired the Eagle Mine/Mill from Lundin Mining (TSX: LUN) for US$84M.
Source: Company
Talon Metals has an offtake agreement with Tesla for its project in Minnesota, and has received up to US$139M in U.S. government grants
Kenbridge could potentially ship its materials by rail to Talon’s Eagle mill in Michigan, or its proposed processing plant in North Dakota, offering opportunities for synergies and potential M&A
Location Map
Source: Company
Kenbridge is 80 km north of New Gold’s (TSX: NGD) Rainy River gold mine, which has been producing since 2017, showing the region is favorable for mining operations and logistics
In December 2025, TN started a 4,000 m drill program to see if the existing deposit extends sideways and deeper, and to potentially upgrade low-confidence (inferred) resources to measured and indicated categories.
Four holes have been completed so far, with results from t hree showing high nickel and copper grades , up to 4.79% nickel and 1.4 9 % copper , well above typical grades of 0.2–1.0% for nickel mines. Higher grades usually mean more production at lower cost. The results also suggest the mineralization is continuous, which could allow TN to upgrade resources.
Drill Results
]
10.7 m of 1.58% nickel and 0.79% copper (including 3.00% nickel and 1.48% copper)
11 m of 1.05% nickel and 0.33% copper (including 4.79% nickel and 1.25% copper)
3 m of 2.17% Ni and 1.45% Cu
TN intends to drill 5-10 more holes
Resource Estimate
Qualified Person : Dean MacEachern, P.Geo. Consultant to Tartisan Nickel Corp.
Source: Company
The last resource estimate showed a medium-sized deposit (250 m long x 60 m wide x 900 m deep) with high grades
2022 PEA Highlights
Qualified Person : Dean MacEachern, P.Geo . Consultant to Tartisan Nickel Corp.
Source: Company
An independent economic study (PEA) targeted deeper, higher-grade ore, which could be mined first to deliver higher early-stage cash flows
After-tax NPV5% of $109M, assuming US$10/lb nickel and US$3.8/lb cash costs; coincidentally, the current spot nickel price of US$8/lb is also the break-even for an 8% IRR, which we consider the minimum required for a project to advance
After the current drill program, TN will likely release a resource update, followed by an advanced independent economic study (pre-feasibility study).
Recent Property Acquisitions
Total Kenora land package grows to 4,724 ha with Apex claims
Location Map
Source: Company
Sill Lake Project, Ontario
TN plans to resume exploration this year, following the recent spike in silver prices. The property, covering 920 hectares, is a former silver-lead producer, an advantage, as past-producing projects are generally easier to advance than greenfield sites.
Geophysical Map
Located 30 km north of Sault Ste. Marie, Ontario
The site benefits from existing infrastructure, including highway access, power, and water
The solid red line shows a confirmed silver-lead ore vein at the historic mine. The black dashed lines show areas with strong magnetic signals, revealing a larger mineral zone that probably extends past the old mine.
Source : Company
Since the 1970s, at least seven operators have explored the property, identifying four primary targets (zones) : Main Vein, North Trend, Middle Trend, and South Trend. In 2021, TN announced a small, independently verified resource (NI 43-101 compliant) on the Main Vein, totaling 0.5 Moz . Based on older records (not verified or NI 43-101 compliant), the other targets have the potential to host an additional 0.7 Moz.
Four primary targets
2021 Resource Estimate
Qualified Person: Dean MacEachern, P.Geo . Consultant to Tartisan Nickel Corp.
Source: Company
A 2022 geophysical survey suggests the Main Vein (250 m long × 0.6–2 m wide × 100 m deep) could extend up to 2 km southeast, indicating significant expansion potential
TN plans to identify drill targets along the potential 2 km extension
Financials
Source: FRC / Company
Since the end of Q2-FY2025, TN has raised $3.52M through equity financings
FRC Comparables Valuation
Source: FRC / S&P Capital IQ / Various Companies
Juniors with higher grades generally exhibit a higher EV/lb
TN is trading at $0.26/lb NiEq (previously $0.12/lb) vs the sector average of $0.43/lb (previously $0.19/lb), a 39% discount
Applying the sector average to TN’s resources, we arrived at a fair value estimate of $0.53/share (previously $0.30/share)
FRC DCF Valuation
Source: FRC
Our DCF rose from $0.60 to $0.64/share on our higher long-term copper price forecast (US$4/lb vs. US$3.50/lb), partly offset by share dilution
For conservatism, our valuation is solely based on Kenbridge; we are not assigning any value to the company’s other projects
Source: FRC
Our valuation remains highly sensitive to nickel prices
We are reiterating our BUY rating, while adjusting our fair value estimate from $0.45 to $0. 60 /share (the average of our DCF and comparables valuations). Nickel has surged 24% over the past two months, reigniting interest in the sector, while TN’s flagship Kenbridge nickel-copper project in Ontario benefits from its strategic location, and synergies with nearby processing infrastructure. With ongoing drilling showing promise, recent acquisitions expanding its footprint, and TN trading at a 39% discount to peers, we see upside potential from resource upgrades, project advancement, and favorable nickel market momentum.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
Maintaining our risk rating of 5 (Highly Speculative)
