FERGUSON LAKE PROJECT - High-grade Base Metals and Platinum Group Metals World-class Resource Potential - Canadian North Resources
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Nunavut FERGUSON LAKE PROJECT Canada High-grade Base Metals and Platinum Group Metals World-class Resource Potential Febr Airstrip – Camp Platinum Nickel Palladium Rhodium Copper Cobalt INVESTOR PRESENTATION CNResources.com June 2021
NOTE TO READER This Investor Presentation contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation about Canadian North Resources Inc. (“CNR”). Forward-looking information includes, but not limited to, statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of metals, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable at the date hereof, are subject to unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including but not limited to, the risks inherent to the mining industry, adverse economic and market developments. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this Investor Presentation is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. CNR disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This Investor Presentation has been completed by CNR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws. Although CNR believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and its related costs and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. The scientific and technical information contained in this Investor Presentation has been reviewed by Trevor Boyd, Ph. D., P. Geo, an independent consultant and a Qualified Person as defined in the National Instrument 43-101 for the Standards of Disclosure for Mineral Projects within Canada. INVESTOR PRESENTATION CNResources.com 2
WHY CANADIAN NORTH RESOURCES Strategic Metals for the Clean-energy and High-tech Industries ASSET GROWTH FERGUSON LAKE PROJECT* Indicated and Inferred Resources Large palladium, platinum, High-potential PGM and rhodium (PGM) plus Cu-Ni-Co resource growth Palladium copper, nickel, and cobalt and discoveries over 787,000 oz indicated (Base Metal) project. >15 km of target zones 1,146,000 oz inferred 100% ownership of along mineralized horizon. Platinum contiguous 96.9km2 Moving on to pre- 127,000 oz Indicated mining leases. feasibility development. 185,000 oz Inferred C$140+ million spent in Copper exploration and metallur- gical tests. FINANCE 345 Mlb 665 Mlb Indicated Inferred Strong shareholder support. Nickel TEAM 226 Mlb Indicated Experienced, seasoned, Well funded. 446 Mlb Inferred and dedicated. Cobalt 27 Mlb Indicated * These are historical estimates provided for information only, originally from Starfield Resources Inc. 33 Mlb Inferred Nov. 2011, Technical Report filed on SEDAR but now outdated, no longer valid and not to be relied upon as being 43-101 compliant. A significant re-evaluation at today’s gold prices and economic conditions would have to be completed to upgrade this historic estimate as current mineral resources. INVESTOR PRESENTATION CNResources.com 3
FERGUSON LAKE - HIGH VALUE ASSETS Economic Base Metal and Strong PGM Upside OPEN PIT/HIGH-GRADE METAL RESOURCE* STRONG PGM UPSIDE Resources* modeled at only Cu+Ni+Co West Zone - Open Pit - 1.1 Mt at: West - Underground - 14.7 Mt at: NSR cutoffs: C$75 (open pit); C$110 Palladium 1.54 g/t Palladium 1.88 g/t (underground) and at 2011 metal prices . Platinum 0.22 g/t Platinum 0.31 g/t Potential to add significant PGM resources Copper 0.97 % Copper 1.23 % using a PGM-included cutoff grade. Nickel 0.63 % Nickel 0.71 % Cobalt 0.06 % Cobalt 0.08 % Mineral deposit modeled for massive sulfides (>50 %); but significant PGM Intercept Rh Pd Pt are hosted in low-sulfide (3-25%) zones. Rhodium Potential g/t g/t g/t m Potential for significant PGM resources by FL02-132 0.10 2.58 3.69 0.01 exploiting the zones with low sulfide FL02-101 W1 0.14 1.11 5.37 2.39 content. FL02-101 W5 0.16 0.71 42.58 5.62 FL04-195 1.25 0.46 1.59 0.01 RPA* had No PGM Production, Mill Feed FL05-230 1.50 0.40 0.62 0.05 Output or Recovery Included. RPA ‘s Preliminary Economic Assessment (2011)* Recent tests by Canadian North Resources indicate high recovery of PGMs. Pre-tax NPV at 10% discount US $692 mm Pre-tax NPV at 15% discount US $123 mm * Source from Technical Report by Rosco and Postle Associates Inc. (RPA) filed by Starfield Resources on SEDAR (2011). INVESTOR PRESENTATION CNResources.com 4
PGM AND COBALT MARKETS Strong PGM Trends and Cobalt Market Dynamics Charts1 2018 2019 2020 2021 Palladium, platinum, rhodium, and cobalt Spot Price* Palladium USD/oz are used increasingly in the clean-energy $2,367.85 2750 2500 2250 Forecasts and high-tech sectors, worldwide. 2000 1750 1500 (USD/oz) 1250 $2,900 (2021)2 1000 750 500 Automotive demand with usage growth and Pd shortfalls. USD/oz Anticipated upward trajectory in demand and price. Spot Price* Platinum 1100 $1,251.06 1000 Forecasts 900 800 (USD/oz) Automotive as the largest Pt segment is positive. 700 $1,250 (2021)2 600 Rarity, distinctive qualities, and unique properties. USD/oz Spot Price* Rhodium 20000 $22,300.00 17500 15000 Leading emission-cutting Rh usage driven by regulations. Forecasts 12500 10000 (USD/oz) 7500 For glass, chemical, alloys, medical, and aircraft sectors. $19,075 (2021)3 5000 2500 Rarest of the PGMs and one of the rarest metals on Earth. USD/T Spot Price* Cobalt 90000 Prices in 2021 hit record of $22,300/oz, surpassing 2008. 80000 $47,000.00 70000 Forecasts 60000 Strategic in commercial and industrial uses. (USD/T) 50000 40000 $39,700 (2021)4 Geopolitics driving ethically-mining outside of the Congo. 30000 Notes: 1 – TradingEconomics.com, 2 - UBS, 3 – Investing.com, 4 – Investing.com, and * Feb. 17, 2021 – TradingEconomics.com INVESTOR PRESENTATION CNResources.com 5
COPPER AND NICKEL TARGET MARKETS Copper and Nickel Market Foundations and Future 2018 2019 2020 2021 Copper is used in automotive, building, USD/lb Charts1 3.500 Copper 3.250 electric vehicles (EV), energy storage Spot Price* 3.000 2.750 $3.83 (ES), electrical, electronics, machinery, Forecasts (USD/lb) 2.500 2.250 transport, and many other uses. $4.50 (2021)2 2.000 USD/T Global metal market for copper is the largest, Nickel 18000 behind iron and aluminum. 17000 Spot Price* 16000 15000 $18,772 14000 4-times the copper in EVs as compared to Forecasts (USD/T) 13000 12000 gasoline vehicles. $17,000 (2021)3 11000 10000 Lack of new significant discoveries, and very low investment in exploration. Nickel is used in stainless steel, alloys, plating, foundry, EV batteries, Goldman Sachs raised their 12-month forecast to $4.50 lb, up from $3.40 lb. energy storage, and in chemicals. Demand for infrastructure and construction. China’s demand for most metals has had a major impact on copper prices. High demand for EVs and energy storage (ES). Clean tech sectors seen to easily boost global Sustained market from China (>50% global annual copper demand by 10% - 15% by 2030. demand) and other developing regions. Notes: 1 – TradingEconomics.com, 2 – Goldman Sachs and CitiGroup, By 2040, demand for nickel in EVs and ES is 3 – Investing.com, and * Feb. 17, 2021 – TradingEconomics.com predicted to be 31% of global market (4% in 2018). INVESTOR PRESENTATION CNResources.com 6
NUNAVUT KIVALLIQ REGION – EMERGING MAJOR MINING DISTRICT With the Development of the Meadowbank and Meliadine Au Mines Nunavut FERGUSON LAKE PROJECT N Arcelor Mittal Mary River Canada 96.9 km2 Mining Leases Roche Bay Agnico Eagle Hope Bay K2 Gold De Beers MMG Limited Izok Corridor Fraser Bay Chidliak Nunavut Territory Advanced Project Glencore Hackett River Exploration Projects & Mines Ekati Sabina Black River Commodity Diavik Agnico Eagle Amruq Agnico Eagle Meadowbank Base Metals SnapLake Aberdeen Lake Glencore Orano Group Kiggavik Raglan Diamonds Gold Agnico Eagle Meliadine CNRI Jien Canada Nuvavik Iron ValOre Angilak Ferguson Ferguson Uranium Lake Lake Project Significant mining and development projects in Nunavut and areas in the North. INVESTOR PRESENTATION CNResources.com 7
COMPANY INFRASTRUCTURE Provides an All-season Productive Working Environment All-season 55-person field Equipment garages, work camp for housing, board shops, parts, and storage All-year 825 x 30 metre gravel airstrip, south-west of the Field Camp services, offices, and amenities Caterpillar Dozer, Grader, Skid- Snowmobiles, pick-up Satellite Network Steer, Front Loaders, Excavator, trucks and Bombardier Articulating, and Haul Trucks Snow Cat Office and work areas Portable Slag Dining and Ball Rock Crusher common Extensive core storage areas INVESTOR PRESENTATION CNResources.com 8
FURGUSON LAKE HISTORY Extensive Exploration, Infrastructure, and Resource Potential Over C$140 million has been spent on ground with 191,000 metres in 623 holes completed. 1950’S – INCO INC. (SUBSIDIARY ) 2013 – TODAY CANADIAN NORTH RESOURCES INC. $3 million in exploration 30,000m drilling,173 holes $millions in expenditures East, West, and Central Zones Regional reconnaissance prospecting Examined surface mineralized zones 1999 TO 2012 – STARFIELD RESOURCES INC. Rock chip and till sampling $136 million in expenditures Ground geophysics 158,528m drilling Metallurgical tests Assay of rock chip, till, and selected All-season 55-person Field Camp core samples All-year airstrip (DHC-5 Buffalo level) Data verification and re-evaluation Geochemical, geological, and ground NI43-101 technical report and airborne geophysical surveys Camp maintenance Extensive metallurgical work INVESTOR PRESENTATION CNResources.com 9
MINERAL RESOURCES Historic Resources and Vast Exploration Potential BASE METAL (NICKEL, COPPER, AND COBALT ) AND PGM (P LATINUM AND PALLADIUM) RESOURCES West Zone Models INDICATED RESOURCES* ZONE Tonnes Cu Ni Co Pd Pt Fe S Underground (UG) Main Mt % % % g/t g/t % % West Pit Main West Pit 1.1 0.97 0.63 0.07 1.54 0.22 36.34 19.95 Main West UG 14.7 0.99 0.65 0.08 1.55 0.25 36.16 20.97 West Zone 3D View of Wire Frames, Total Indicated 15.8 0.99 0.65 0.07 1.55 0.25 38.04 20.90 Drill Holes & Block Model Outline INFERRED RESOURCES* ZONE Tonnes Cu Ni Co Pd Pt Fe S Mt % % % g/t g/t % % Main West Pit 0.2 0.90 0.57 0.07 1.40 0.17 33.96 18.40 Main West UG 5.9 0.82 0.59 0.07 1.34 0.20 36.15 19.59 West Zone Ext. 14.7 1.23 0.71 0.08 1.88 0.31 41.63 23.14 East Zone 9.4 0.76 0.65 NE NE NE 38.41 21.16 Total Inferred 30.2 1.00 0.67 0.05 1.18 0.19 39.49 21.79 West Zone Plan View of Palladium *Starfield Resources Inc. – Ferguson Lake, November 30, 2011. These are historical estimates (Pd) Blocks Within the Block Model provided for information only, originally filed on SEDAR but are now outdated, no longer valid and not to be relied upon as being 43-101 compliant. Preliminary Economic Assessment of Ferguson Lake Project, Nunavut, Canada, by RPA (Roscoe Postle Associates Inc.). A significant re-evaluation at today’s metal prices and economic conditions would have to be completed to upgrade this historic estimate as current mineral resources. INVESTOR PRESENTATION CNResources.com 10
TARGET MINERALIZATION ZONES Extensive Mineralization Zones, Extensions, and Trends Magmatic Cu-Ni-Co sulfide ores with high-grade PGM. Ten (10+) sulfide zones drill tested and numerous mineralized sites discovered. Three (3) massive sulfide zones drilled for resources estimates, as intervals (West Zone): Hole FL01-84: 46.9m @1.10 %-Cu, 0.64 %-Ni, 0.07 %-Co and 1.60 g/t Pd, 0.29 g/t Pt Hole FL05-237: 103.7m @ 1.29 %-Cu, 0.73 %-Ni, 0.08 %-Co and 1.94 g/t Pd, 0.38 g/t Pt Hole FL06-261: 75.9m @0.93 %-Cu, 0.49 %- Ni, 0.06 %-Co and 1.21 g/t Pd, 0.28 g/t Pt East Zone II West Zone West Zone East Zone I Extension Pit Area “M” Zone 119 Zone Central Zone West Zone Anomaly 51 South South Discovery Zone >15 km Long Mineralized Zone (Resource estimates on < 6 km) INVESTOR PRESENTATION CNResources.com 11
RESOURCE EXPANSION POTENTIAL World-class Copper, Nickel, and PGM Potential Over the Area Expand PGM resource potential – by re-modelling Central Zone palladium and platinum using a PGM grade cutoff. 10 drill holes with Low-sulfide PGM enriched zones – will add to significant intercepts the PGM resource and will be included in the resource re-estimation. 2% Ni-Cu and 1.51 g/t PGM Copper-nickel-cobalt-PGM – massive (>50%) sulfide (over 17.4 metres) zones are open at depth and along the strike. Significant intersections – of massive sulfides in 10 holes along the Central Zone will add resources. Thick disseminated – sulfide copper, nickel, cobalt, and PGM zones will add significant resources. Seven (7+) mineralization zones – to be drilled for Cu-Ni-Co-PGM resource definition. New discoveries – from surface sampling. Massive sulfides Looking west on West Zone INVESTOR PRESENTATION CNResources.com 12
MASSIVE SULFIDES WITH ULTRA-MAFIC INTRUSIONS High-grade Potential Across Main Mineralized Horizon Base Metals (Cu-Ni-Co) and PGM (Pd-Pt-Rh) N Target Zones on TEM anomalies Meters O 2000 4000 Outcrop of ultramafic intrusion Meters N O 200 400 Ultramafic intrusions with massive sulfides Outcrop of massive sulfide ore bodies Projected massive sulfides with mafic–ultramafic intrusions INVESTOR PRESENTATION CNResources.com 13
HIGH POTENTIAL WITH ULTRAMAFIC INTRUSIONS Potential for More High-grade Massive Sulfides Ore Bodies Significant potential – for more high-grade Base Metal (copper, nickel, cobalt) and PGM mineralization with mafic to ultramafic intrusions. Previous exploration – focused on massive sulfide lenses in upper gabbros, not on the footwall structures. Geochemical study – indicates massive sulfides are related to higher Mg contents in ultramafic rocks at footwall. N Ultramafic Intrusions Cu (%) + Ni (%) x Core Length Composite Contours Open Open Meters O 500 1000 West Zone – Longitudinal Section showing high-grade mineralization open along the strike and at depth. INVESTOR PRESENTATION CNResources.com 14
LARGE AND HIGH-GRADE PGM SYSTEM Potential for High-value PGM Orebodies High-grade PGM values in Drillhole Significant Pd Pt Cu Ni Co No. Intercepts low-sulfide zones, up to 103g/t g/t g/t % % % palladium and 43.36g/t platinum. FL00-41 71.31 m 0.90 0.15 0.66 0.38 0.05 Rhodium (up to 2.5g/t) and gold FL00-66 21.38 m 1.55 0.29 0.64 0.62 0.073 assays in historic exploration. 1.43 m 25.76 6.62 0.64 0.15 0.021 FL01-101 0.35 m 103 28.71 -- -- -- Very thick (up to 71.3m) PGM FL01-74 64.45 m 1.40 0.24 0.96 0.53 0.064 mineralization zones associated with stringer/disseminated sulfides. FL02-109 0.21 m 56.79 5.99 0.02 0.01 0.002 FL02-135 10.2 m 3.48 2.32 0.01 0.03 0.004 Occurs in footwall structures of the 3.3 m 12.16 8.10 0.08 0.2 0.03 northeast-dipping gabbro units. FL03-157 15.5 m 3.82 3.1 0.02 0.06 0.02 Gabbro units host low-sulphide PGM FL04-181 4.5 m 5.16 2.85 0.02 0.02 0.004 targets in 10 Zones (West, East, FL04-195 3m 12.69 1.48 0.02 0.02 0.003 Central, M- Zones, etc.). FL06-285 1.25 m 21.91 9.71 0.20 0.31 -- Continuity over an east-west strike FL04-189 1.23 m 2.02 29.09 0.09 0.10 0.015 length of main mineralized horizon FL04-165 1.00 m 32.23 8.54 0.16 0.18 0.03 0.9 m 2.41 43.36 0.10 0.15 0.22 more than 15km. -- Not analyzed INVESTOR PRESENTATION CNResources.com 15
UNTAPPED PGM POTENTIAL Potential for World-class PGM Discoveries PGM found from surface to a depth >1,200 m at West Extension Zone. PGM associated with: Massive sulphides (>50%) – resource estimate based on Cu-Ni-Co NSR only. Host stringer or disseminated sulfides Massive sulfides outcrop (
METALLURGICAL RECOVERY High Recoveries to Support Mine Development Previous metallurgical tests were completed on massive sulfide ores only. PGM recoveries were not included in the Preliminary Economic Assessment prepared by RPA (2011) 1. Recent tests by Canadian North Resources indicate high recovery of PGMs. Comprehensive studies support potential processes with economic recoveries, stable tailings, and energy-efficient recoveries for remote operations. Historical* Recent: Canadian North Resources Inc. Hydrometallurgical Hydrometallurgical Flotation plus Processes 2 Processes 3 Platsol (Starfield 2012) (CNR 2013) (CNR 2016) Copper 97 % 99 % 99 % Nickel 94 % 94 % 87 % Cobalt 89 % 91 % 90 % Palladium NA 77 % 90-95 % Platinum NA 50 % 90-95 % Massive sulfide ore at Note: 1: Roscoe Postle Associates Inc. *All tests completed by SGS. 2: Historical, Hydrometallurgical process for nickel, copper, and cobalt. 3: Recent, Hydrometallurgical Methods plus final PGM-base metal surface of the West Zone element extraction from residue using Platsol process. NA – not available. INVESTOR PRESENTATION CNResources.com 17
PGM EXPLORERS TO PRODUCERS Comparables Base Metal and PGM Mining Companies Mining Explorer/ Market Mining Resource 1,2 Metals Other Property Base Metals PGM Base Metals PGM Developer/ Producer Cap Stage Estimates 3 Millions, Cu Ni Co Pd Pt Cu Ni Co Pd Pt 4 PGMs Location Reported Mt CAD $ % % % g/t g/t kt kt kt koz koz Canadian North Pre- Indicated 15.8 0.99 0.65 0.07 1.55 0.25 156 103 12 787 127 Private Pt-Pd-Rh Cu-Ni-Co Canada Resources Inc. * development Inferred 30.2 1.00 0.67 0.05 1.18 0.19 301 202 15 1,146 185 Clean Air TSXV:AIR 49.3 Pt-Pl Cu-Ni-Co Exploration Canada Historic 8.46 0.25 0.18 0.014 0.98 1.04 -- -- -- 267 283 Metals Palladium One TSXV:PDM 66.8 Pt-Pd Cu-Ni Exploration Findland Indicated 10.985 0.15 0.09 -- 0.81 0.27 -- -- -- -- -- Mining Inc. Generation Mining TSX:GENM 136.3 Pt-Pd Cu Development Canada Proven 76.46 0.268 -- -- 0.91 0.254 205 -- -- 2237 625 Limited Canadian Nickel Pre- Measured + TSXV:CNC 287.5 Pt-Pd Ni-Co Canada 281.3 -- 0.31 0.013 0.028 0.012 -- 878 37 253 109 Company Development Indicated Platinum Group TSX:PTM, South Measured + 336.9 Pt-Pd Cu-Ni Production 242.4 0.098 0.181 -- 2.13 2.11 -- -- -- -- -- Metals Ltd. NYSE:PLG Africa Indicated Chalice Gold Mines ASX:CHN 2,389 Pt-Pd-Rh Au-Cu-Ni Exploration Austrialia Not Availaible -- -- -- -- -- -- -- -- -- -- -- Limited Impala Platinum Mineral JSE:IMP 17,227 Pt-Pd -- Production Global 1,819 -- -- -- -- -- -- -- -- 90,000 123,000 Holdings Limited Resources Notes: * For Canadian North Resources Inc. - Historical estimates provided for information only, originally as Indicated and Inferred sources in Starfield Resources Inc. Nov. 2011, Technical Report on SEDAR but now outdated, no longer valid and not to be relied upon as being 43-101 compliant. 1. Data collected December 2020. 2. ASX = Australia Stock Exchange, CSE = Canadian Stock Exchange, JSE = Johannesburg Stock Exchange, NYSE = New York Stock Exchange, TSX = Toronto Stock Exchange, and TSX-V = TSX Venture Exchange. 3. Resource estimates for comparable mining exploration, development, and production companies from the company presentations and technical reports in the public domain. 4. Market data on June 25, 2021. INVESTOR PRESENTATION CNResources.com 18
CAPITAL STRUCTURE Excellent for Public investors and Growth Issued Shares Warrants Preferred Shares: 80,495,661 Warrants:** 7,207,727 Common Shares: 9,093,490 Options: 771,698 Free Trading Shares: 2,618,177 Fully Diluted: 97,568,576 Outstanding Shares: 89,589,151 Common Shares 9,083,490 Preferred Shares 80,495,661 • 2,618,177 free trading common • 14,215,453 issued for the Private Placement.* shares including 1,818,698 issued under the Offering Memorandum** • 66,280,208 issued for the original shareholders and and 799,479 issued to the original investors. investors. • Convertible to Common Shares at 1:1 ratio with certain • 6,475,313 escrowed common shares. conditions after the escrowed period. *Private Placement raised $10.6 million as of April 30, 2021. **Warrants were issued in connection with the Private Placement. Offering Memorandum raised $2,223,698 and closed on April 29, 2021. INVESTOR PRESENTATION CNResources.com 19
CORPORATE TEAM Experienced, Seasoned, and Dedicated to Build Asset Value Lee Q. Shim Chairman and Director Dr. Kaihui Yang, PhD CEO, President, and Director Global entrepreneur, founder, investor, and business executive Exploration geologist with 30 years experience as: a senior for over 35 years, Mr. Shim is the founder and Chairman of consultant for Barrick, Inco, Falconbridge, etc., and the World Lee Li Holdings with diverse companies operating in Canada, Bank Group; and a consultant and director for major Chinese US, China, and South East Asia. His portfolio also includes and Canadian mining and investment companies. investment in a Canadian mining company and has been a director and shareholder in a number of notable capital funds. Dr. Yang was an EVP for Zijin Mining Group (CAD$40B, market cap), a Chairman of Sprott-Zijin Joint-Venture Mining Fund, and a founder, director, and president of Canadian public Mike Weeks Director companies and ventures. Over 25 years in the power generation and resource industries. Mike was a founder, president and CEO, and Carmelo Marrelli, CA CFO is presently the executive chairman of Angkor Gold. He has Financial, accounting, and disclosure expert. A director and in an engineering background and holds a First Class Power senior roles with private and publicly-listed companies. He is a Engineering Certificate. Chartered Professional Accountant with 30 years of experience. Rick Brown Director Dr. Xian Jian Guo, PhD Technical Advisor Manages the China desk of Sprott Capital Partners’ Professional Metallurgy Engineer with over 35 years for investors in the resource sectors. With N.Y. banks, experience in process development, plant operation, he completed financings, M&As, and divestitures in the optimization, engineering and he has successfully managed Americas and Europe. Mr. Brown has more than 30 years in the a number of large international mining/mineral projects with financial capital markets. He holds a Bachelor’s Degree multi-billion-dollar capital investments. in Economics and a Master’s Degree in Finance. Has held senior roles globally, as: Chief Engineer of Zijin Mining Group; a VP of Ramu NiCo Management Ltd. in Papua Ms. Aier Wang Director New Guinea; and a Technical Director of Hatch Ltd. Over 20 years business success as an: investment manager in financial, health, and real estate, and wood product Stephen du Toit Advisor businesses; and currently Executive Director of its Over 30 years worldwide operations experience with large conglomerate group. Ms. Wang holds an Executive Master's companies. Stephen is presently the EVP and COO of Degree in business administration. Coca-Cola Canada. He is a Charted Management Accountant (CIMA) and a Fellow of the Procurement Institute of Europe. INVESTOR PRESENTATION CNResources.com 20
TIMELINES AND WORK PLAN Focus on Growth in PGM Resources and Mine Development Accomplishments to Date Private placement financing for Phase 1 Exploration. Completed NI43-101 Technical Report. 2021/22 Follow-up funding for Phase 2 exploration programs Phase 1&2 exploration programs including: Re-model and re-estimate resource to include PGM in the cutoff grades for inferred and indicated potential. Expand metallurgical tests with current and alternative processing technologies for target PGM and Base Metals. Drilling for high-grade nickel-copper massive sulfides with the ultramafic intrusions and high-grade PGM mineralized zones. Establish high-grade resources for PGM in low sulfide zones with definition drilling along the known mineral zones. Environmental / engineering studies and community engagement. INVESTOR PRESENTATION CNResources.com 21
Thank you 299 Courtneypark Drive East 905-696-8288 (Canada) Mississauga, Ontario L5T 2T6 1-888-688-8809 (Toll Free) CNResources.com investor@CNResources.com CANADIAN NORTH RESOURCES INC. WEBSITE - INVESTORS v210628 INVESTOR PRESENTATION CNResources.com 22
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