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Developing the next major nickel project in Brazil

Regulatory Notice

Technical and Scientific Information

Unless otherwise specified, David J. Hall, the Chairman of the Company and a qualified person as defined in Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the technical and scientific information with respect to the Company’s material properties contained in this website.

The technical and scientific information contained in this website is qualified entirely and is subject to the information contained in the technical reports of the Company. For additional information, including with respect to the mineral resources and mineral reserves and economic parameters discussed herein on the Araguaia and the Vermelho projects, and the key assumptions and risks associated thereto, please refer to the Company’s technical reports entitled Feasibility Study for the Araguaia Nickel Project Federative Republic of Brazil NI 43-101 Technical Report’, dated November 2018 and Pre-Feasibility Study (‘FS’) for the Vermelho Nickel-Cobalt Project Federative Republic of Brazil NI 43-101 Technical Report, dated October 2019 available at and available on this website.

Cautionary Note to U.S. Investors

This scientific and technical information contained in this website was prepared in accordance with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this website are Canadian mineral disclosure terms as defined in accordance with NI 43-101  under the guidelines set out in the  Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the CIM Standards that are required under NI 43-101. Investors are cautioned that while the above terms are “substantially similar” to the corresponding CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under the SEC Modernization Rules. Readers are cautioned that “inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term “resource” does not equate to the term “reserves”. Readers should not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically mineable.

Cautionary Notes & Forward-Looking Information

This website may contain certain information that constitutes “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (both terms are collectively referred to herein as “forward-looking statements” unless otherwise stated). Forward-looking statements include, but are not limited to: information with respect to the future prices of nickel and other minerals; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the results of economic studies; the timing and amount of estimated future production; costs of production; capital expenditures; financing requirements; costs and timing of the development of new and existing deposits; implementation, timing and success of drilling and other exploration activities; permitting time lines; the completion and success of acquisitions; currency exchange rate fluctuations; requirements for additional capital; government regulation of mining operations; environmental risks; remediation and reclamation procedures and expenses; title disputes or claims; and limitations on insurance coverage. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “would”, “possible”, “goals”, “targets” and other similar words, or statements that certain events or conditions “may” or “will” occur.

All forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking statements are also subject to a variety of important risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, risks inherent to operating in foreign countries such as Brazil and other factors described in the Company’s most recent Annual Information Form under the heading “Risk Factors” and other continuous disclosure filings which have been filed electronically at Except as required by applicable law, the Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. If we update any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and the reader is cautioned not to place undue reliance on forward-looking statements. All of the forward-looking statements contained in this website are qualified by these cautionary statements.

Non-GAAP Measures

This website may contain certain disclosures in respect to measures that are non-GAAP measures. These measures have no standardized meaning under International Financial Reporting Standards.


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