• To enhance project economics, TN launched a phase one 4,000 m drill program in December 2025 to see if the deposit extends along strike (the direction it stretches) and at depth, and to potentially upgrade low-confidence (inferred) resources to measured and indicated categories. Four holes have been drilled so far. Results from three are in, and they suggest potential for a resource upgrade. After the drill program, TN will likely move into a second phase of deeper drilling, followed by a resource update, and an advanced independent economic study (pre-feasibility).
  • The recent spike in silver prices has prompted TN to resume exploration at its Sill Lake project in Ontario. As a former silver-lead producer, Sill Lake benefits from existing infrastructure, making it easier to advance than a greenfield site. We believe advancing Sill Lake adds commodity diversification.
  • The company has recently expanded its footprint by acquiring the 420-hectare Apex claims, located 8 km from, and adjacent to, the Kenbridge main deposit. In addition, TN staked 11 more claims at the Turtle Pond project. We believe these moves further strengthen its regional exploration portfolio, potentially enhancing discovery potential, and creating synergies.
  • TN has strengthened its team with two new advisors: one with strategic leadership and government relations experience, and the other with technical exploration expertise. These appointments signal management’s vision to aggressively advance the company’s portfolio.
  • TN is trading at $0.26/lb NiEq, a 39% discount to the sector average of $0.43/lb. Upcoming catalysts include drill results, and improving sentiment for nickel juniors.

Price and Volume (1-year)

  YTD 12M
TN 38% 74%
CSE 0% 38%

* 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

  • TN has staked 11 additional claims, expanding the Turtle Pond polymetallic project from 2,200 to 3,375 hectares. The project is 70 km from Kenbridge. Management plans sampling and drilling this year to assess its potential. Given the proximity, we believe there are synergies that could allow both projects to be advanced together with a centralized processing facility, improving overall project economics.
  • In December 2025, TN acquired the 420-hectare Apex c laims located immediately south of its 4,304-hectare Kenbridge project, as shown in the map below. Similar to Kenbridge, the Apex c laims are prospective for nickel-copper-cobalt mineralization. The property has seen limited historical work, including 13 drill holes , and surface sampling, and hosts an unverified historical resource of 237 Kt grading 0.56% Ni and 1.03% Cu. Although modest in size, we believe the se grades are potentially economic. As the property remains largely untested , this resource does not reflect the true potential of the project. Management plans to undertake preliminary exploration work to refine targets and support future drilling.

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): 

  • Volatility in nickel and copper prices
  • Exploration and development 
  • Project financing may take longer than expected
  • EIA and permitting
  • No guarantee that the company will be able to simultaneously advance all of its projects
  • Ongoing support from First Nation communities near the project is crucial
Maintaining our risk rating of 5 (Highly Speculative)