Canada Nickel Company's NetZero Metals Intends to Develop Downstream Nickel & Stainless-Steel Processing Facilities in Timmins Region

9 February 2024

Canada Nickel Company Inc. announced today its wholly-owned subsidiary, NetZero Metals Inc. ("NetZero Metals" or the "Company"), intends to develop two processing facilities in the Timmins Nickel District: a nickel processing facility and stainless-steel and alloy production facility.

These initiatives are expected to represent an important economic development for the Timmins Nickel District and provide significant additional capacity to fill a critical link in the development of North American critical minerals supply chains and the province's electric vehicle strategy. Each production facility is expected to utilize Canada Nickel's carbon storage capacity at its Crawford Nickel project to deliver zero carbon nickel and stainless steel and alloy production.

The Company is currently at the site-selection stage, considering several sites in the region. The Company is also in the process of choosing engineering firms to complete the design of both facilities and expects to announce the selected firms shortly. Feasibility studies are underway and expected to be completed by year-end, with the nickel processing plant expected to begin production by 2027.

"These processing facilities will position the Timmins Nickel District and Canada at the forefront of the global transition to greener energy and materials," said Mark Selby, CEO of Canada Nickel Company. "We are proud to lead the way in planning the development of new capacity to meet the growing demand for the local supply of critical minerals, and most importantly, zero carbon, environmentally responsible production in North America."

Selby added, "I am excited that we have been able to assemble a global team led by Mike Cox, who has 35 years of nickel processing experience, to build and operate these new facilities. With the growth in electric vehicle manufacturing in Ontario, NetZero Metals provides a zero-carbon solution to produce stainless steel and critical mineral alloys while powering electric vehicles with truly clean nickel."

"We have what the world needs right in our backyard to fuel the electric vehicle revolution," said George Pirie, MPP for Timmins and Ontario Minister of Mines. "Thanks to companies like Canada Nickel that believe in our community's potential, Timmins is poised to become a hub for the clean nickel we need to build the supply chain for electric vehicles. This is another great example of a company committed to working in the Timmins region to create opportunity and local benefits for the people and our economy. Timmins is proud of our world-class mining operations, and we can't wait to add another strong project to the region to grow our community and create prosperity."

"When leaders like Canada Nickel invest in great northern cities like Timmins to expand our mineral processing capacity, it's a momentous day for the entire province," said Greg Rickford, Minister of Northern Development and Minister of Indigenous Affairs. "Our government will be there to support Northern communities as our processing capacity for critical minerals is built out. We have a tremendous opportunity to expand fully integrated supply chains for the electric battery future, and that starts with investments like these that create high quality jobs for hard working men and women."

The NetZero Metals initiative represents a paradigm shift in the nickel and stainless-steel industries. By combining world-class expertise from around the globe, environmentally conscious technology, and made-in-Canada talent and solutions, Canada Nickel is not just envisioning a greener future, but actively pursuing it.

"Since the very beginning of Canada Nickel's journey, our partnership has been based on mutual respect and ensuring our Treaty was honoured with a true seat at the decision-making table," said Chief Bruce Archibald of Taykwa Tagamou Nation. "Our First Nation is proud to see Canada Nickel's continued growth with their future downstream processing facilities, and we'll proudly continue to partner with them based upon the mutual principles we've always shared."

"Today's announcement highlights Timmins' position as a global leader in sustainable and environmentally responsible mining," added Michelle Boileau, Mayor for the City of Timmins. "We are essential to Canada's electric vehicle and critical mineral supply chain. This means long-term direct and indirect job creation to support Timmins Nickel District, which adds to the diversification and stability of our local economy. Canada Nickel's commitment to investing in the Timmins' region will benefit our people and our community."