A 2022 Preliminary Economic Assessment (PEA) returned attractive economics, with an After Tax-NPV5% of $109M, and a high AT-IRR of 20%, using US$10/lb nickel. TN is trading at just 16% of the NPV. For comparison, shares of Talon Metals (TSX: TLO/MCAP: $159M), a comparable advanced-stage nickel junior, are trading at 25% of AT-NPV. TN is trading at $0.10/lb NiEq vs the sector average of $0.27/lb, a 62% discount. TLO is trading at $0.41/lb. Several major producers have suspended production at some of their nickel mines in Australia due to a 19% YoY decline in prices, driven by slower global GDP growth, and rising supply. LME inventories are up 95% YoY. We foresee these production shutdowns exerting upward pressure on prices. We maintain a positive outlook on juniors focused on EV metals. Battery/EV manufacturers/miners are actively seeking stable/long-term supply sources. Early this year, Sumitomo Metal Mining (TSE: 5713) acquired a 10% interest in nickel junior FPX Nickel Corp. (TSXV: FPX). Upcoming catalysts include resource upgrade/expansion drilling (8,000 m), and positive sentiment towards juniors focused on EV metals Price Performance (1-year) YTD 12M TN -16% 45% CSE 32% 30% *See the bottom of this report for important disclosures, ratings, and risk definitions. All figures in US$ unless otherwise specified. Portfolio Summary 100% interest in three polymetallic projects in Ontario, and one in Peru Kenbridge Nickel Project This advanced-stage project, covering 4,108 hectares, is located in the Kenora mining district in northwest Ontario. Located 80 km north of New Gold’s (TSX: NGD) Rainy River gold mine which has been in production since 2017 Favorable location and infrastructure Power can be accessed from a major powerline 40 km from the project. Topography in the area is relatively gentle The company has an exploration agreement in place with First Nations groups in the area. Mineralization, Resources, and PEA The project hosts a high-grade nickel sulphid