Combined Company Presentation, January 2014


Published on

Published in: Business, Technology
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Combined Company Presentation, January 2014

  1. 1. TSX.V:VMS TSX.V:NAN Combined Company Presentation, January 2014 VMS OWNS 23.9% OF NAN North Shore Mining Group
  2. 2. Forward Looking Statements: TSX-V : VMS TSX-V : NAN Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. and North American Nickel undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements. 2
  3. 3. VMS Ventures: Overview  Reed Copper Deposit discovered 2007  June 2010: Joint Venture signed with HudBay Minerals as operator(T.HBM); 70% HBM & 30% VMS carried to production.  Reed Copper Deposit Prefeasibility Mineral Reserves: 2.16M tonnes of 3.83% Cu, 0.48 g/t Au, 6.02 g/t Ag  Underground development continues; Full production to begin 2014; cash flow expected in 2015  Well funded; over $6M in the treasury  Market Cap: ~ $30M  Other assets :   VMS owns 23.9% of North American Nickel (NAN.TSX.V) (current value ~ $10M) Large 100% owned land package in the Snow Lake-Flin Flon Greenstone Belt in Manitoba, Canada; CAPITAL STRUCTURE (as at January, 2014) Issued & Outstanding: Warrants: Options: Fully Diluted: 52 Week High/Low YTD Performance Current Price 129,730,899 163,333 8,692,500 138,586,732 $0.28/$0.15 29.0% $0.245 3
  4. 4. Reed Copper Project 4
  5. 5. Reed Copper Project VMS-HudBay Reed Project Mine  VMS owns 30% of the project and is financed to production  Borehole Pulse Electromagnetic targets indicate the deposit remains open at depth.  First production of 7000 tonnes completed in September  4500 tonnes of ore milled during the month of September  Full production to begin 2014  Cash flow expected in 2015 Open Down Plunge 5
  6. 6. Reed Copper Mine: Cash Flow Expected In 2015  The high grade nature of the Reed Copper deposit gives the project strong leverage to copper prices.  The following table shows a copper price sensitivity analysis based on the operating parameters set out in the Prefeasibility Study Published in May 2012: PFS VMS Ventures VMS Ventures Inc. VMS Ventures Inc. VMS Ventures Inc. VMS Ventures Inc. Cu = $3.25/lb USD Cu = $3.00/lb USD Cu = $3.30/lb USD Cu = $3.50/lb USD Cu = $4.00/lb USD Prices and Exchange Rate Copper (USS/lb) Gold (US$/oz) Silver (US$/oz) US$/CDN$ $3.25 $3.00 $3.30 $3.50 $4.00 $1,500.00 $1,300.00 $1,300.00 $1,300.00 $1,300.00 $30.00 $22.00 $22.00 $22.00 $22.00 1 1 1 1 1 $43,228,000 $29,530,000 $44,278,000 $54,110,000 $78,691,000 Pre-tax VMS Reed Cash Flow 6
  7. 7. Assets and Opportunities Why Own VMS The Reed Copper Mine  Cash flow expected to commence 2015  Underground drill stations will explore for additional ore bodies and further define the size of the deposit.  Full production 2014. $6M and cash flow coming = New Opportunities  We are actively seeking an advanced stage project and are continuously reviewing prospective projects. The current business climate is favorable for high value acquisitions as companies struggle to raise money and finance projects. North American Nickel (VMS owns 23.9% of NAN Shares)  The world’s next nickel sulphide camp? NAN is exploring a camp scale property near Maniitsoq, on the S.W coast of Greenland. 7
  8. 8. North American Nickel: Overview  Acquired the (Sudbury Basin sized) Maniitsoq property in Greenland in August, 2011; 100% owned.  High grade nickel sulphide mineralization (locally over 7% nickel at Imiak Hill) intersected in 2013 drilling  Over 100 conductive target zones identified through Helicopter EM (VTEM) geophysical surveys  Extensive prospective belt (15km x 75km) hosting mineralized intrusions within a large meteor impact structure  $8M invested to date; Cash position today $6.2M  VMS Ventures holds 23.9% of NAN shares CAPITAL STRUCTURE (as at January, 2014) (the Sentient Group manages over $2.7B in quality Issued & Outstanding: Warrants: ($0.21 - $1.00) metal, mineral and energy assets across the globe.) Options: Fully Diluted: 52 Week High/Low YTD Performance Current Price  Sentient Group holds 39.04% of NAN shares. 140,576,584 25,431,144 7,887,500 173,895,228 $0.47/$0.12 87.5% $0.30 8
  9. 9. Nickel Supply/Demand: In Our Favor  The Nickel market is likely to face large deficits in 2nd half of this decade – only a doubling of NPI output could balance it (difficult given Indonesian ore constraints combined with Chinese cost pressures) Nickel prices, as in 2005‐2007, will likely have to rise to force demand in line with available supply.  China is going to need 1+ MILLION tonnes more nickel annually during this decade and ROW will also need more.  Supply response will be structurally insufficient as current projects under construction only provide half this requirement (at best, as many are struggling) and “project cupboard” is largely empty ‐ underpinned by 35+ years of underdevelopment.  Limited interest in new HPAL projects, no new high grade (>2%) FeNi projects in 30 years.  Few sulphide projects discovered/developed. Courtesy of Royal Nickel Presentation Jakarta, Sept. 2013 Website: 9
  10. 10. TSX-V : NAN Maniitsoq Project Sulphide Hosted Nickel Copper Cobalt & Precious Group Metals Southwest Greenland 100% Owned 10
  11. 11. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Location Maniitsoq harbour looking east towards the Maniitsoq project on the mainland  Located on the southwest coast of Greenland, which is pack ice free year-round.  Maniitsoq’s mild climate allows for all year round mining & shipping of concentrate.  Greenland is a democratic, pro-mining country with a transparent regulatory system, competitive mining tax regime and no land claims issues. 11
  12. 12. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Property  Greenland’s capital, Nuuk, is 30 minutes by helicopter and provides European standard coastal re-supply and logistics facilities 4 to 6 hours shipping time to Maniitsoq coastline.  Maniitsoq is a greenfields nickel sulphide exploration project with valuable by-products,  NAN owns 100% of Maniitsoq via two contiguous exclusive mineral exploration licences covering 3,336 km2 *.  Maniitsoq has the scale and the potential metal endowment to be the world’s next nickel sulphide province. 12
  13. 13. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Project Geology Nickeliferous Noritic Intrusions  Concentrated in a 75 x 15 km curvilinear belt known as the Greenland Norite Belt.  Range in size from small dykes and plugs to elongated bodies covering up to 8 km2. (Fossilik intrusion, new discovery Sept. 26, 2013)  Xenoliths of crushed orthogneiss and fluidised microbreccia indicate they post date impact.  Believed to conduits. represent open ended magma 13
  14. 14. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Norite Intrusions Distinct Appearance  Rounded hills covered with brownish-grey, often rusty, coarse gravel.  Multi-phase: compositions range from quartz diorite, through norite, to lherzolite. Gabbronorite is most common.  Magmatic and cumulus textures often well preserved. Locally pyroxenes are partially or completely replaced by hornblende. Post Kinematic  Massive, little or no foliation except at margins.  Contacts often crosscut country rock foliation. 14
  15. 15. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Sulphide Mineralization  Consists of monoclinic pyrrhotite, pentlandite, chalcopyrite and pyrite.  Often coarse-grained.  Likely to produce concentrate.  Inclusion-bearing sulphide (i.e. solid sulphide matrix with fragments of host rock) is a common texture.  Disseminated, blebby, net texture and vein sulphides are also common. a clean 15
  16. 16. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Historical Work  Kryolitselskabet Øresund, 1962 to 1973: extensive mapping, prospecting defining the trend and shallow diamond drilling (average hole length <55 m), no subsurface geophysical modelling to orientate drilling but some success: Imiak Hill: 9.85 m @ 2.67% Ni and 0.60% Cu  Cominco & Falconbridge, 1993 to 2000: Cominco flies extensive fixed wing time domain EM unsuited to undulating terrain and hampered by flight path  Falconbridge completed surface magnetic and EM surveys, plus extensive high quality re-analysis of historical core that confirmed historical high-grade assays and establish Maniitsoq nickel tenor.  Neither Cominco nor Falconbridge did any drilling. 16
  17. 17. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Nickel Tenor Ni vs. S for Historical GNB Drill Core The Nickel Calculator   Falconbridge studied core from 119 drill holes around the entire 75km Greenland Norite Belt.  Nickel tenor is the amount of nickel in pure sulphide and it tends to be consistent on a deposit scale. The norite hosted sulphides have a remarkably consistent nickel tenor of 6 to 8% Ni recalculated to 100% sulphide. 17
  18. 18. Maniitsoq Project 2011 / 2012 Advancements 18
  19. 19. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Helicopter TDEM New Technology in an Old Camp  Total of 5,746 line-kilometers of helicopter borne SkyTEM / VTEM covering approximately 860km2 mainly focused on the Greenland Norite Belt (GNB) but small survey also flown over the Pingo showing (about 15 km to the northwest of the GNB).  Nominal flight line spacing of 200 to 100 meters.  102 conductive zones recognized to date.  Map shows total magnetic intensity reduced to pole and electromagnetic anomaly picks over the GNB. The resulting identified conductors are 3 dimensionally modeled, providing low risk sub surface drill targets that returned significant drill intercepts  19
  20. 20. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland 2012 Drill Program 1,551 METERS in 9 HOLES in 3 AREAS  Spotty Hill VTEM conductor P-55 tested intercepts:   Imiak Hill VTEM Conductor P-54 tested intercepts:   26.98 m at 0.98% Ni, 0.44% Cu and 0.04% Co incl. 16.64 m at 1.36% Ni, 0.52% Cu and 0.05% Co Fossilik II VTEM conductors P-58 & P-59 tested:  123.94 m at 0.81% Ni, 0.21% Cu, 0.03% Co and 0.26 g/t PGM* incl. 24.20 m at 1.75% Ni, 0.34% Cu, 0.06% Co and 0.52 g/t PGM* Anomalous mineralization and off hole BHEM conductors (future drill target: see Sept. 26, 2013 results) 20
  21. 21. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland 2012 QEMSCAN Mineralogical Study To identify and quantify nickel and copper-bearing minerals in three high-grade samples from Imiak Hill and Spotty Hill and to determine the liberation and association characteristics of nickel and copper sulphides in the samples. The study was performed by SGS Canada Inc. HIGHLIGHTS: Nickel  All three samples show high potential nickel recovery. Mineralogically limiting grade-recovery curves indicate maximum potential nickel grades of 35% at recoveries of 84 to 87%.  Pentlandite is the main nickel-bearing mineral and contains 95.5 to 96.3% of all the nickel in the samples. Silicate hosted nickel comprises less than 1% of all the nickel.  Pentlandite P80 grain sizes range from 53 to 65 μm.  Total potentially floatable pentlandite ranges from 96.3 to 97.6%. Copper Sample Zone Hole # From (m) To (m) Length (m) L163163 Imiak Hill MQ-12-001 15.39 16.00 0.61 L163164 Imiak Hill MQ-12-001 16.00 16.94 L163593 Spotty Hill MQ-12-005 119.41 120.57 Ni (%) Cu (%) Co (%) 4.35 0.14 0.10 0.94 3.28 1.69 3.50 0.20 Entirely hosted by chalcopyrite.  Chalcopyrite P80 grain sizes range from 30 to 40 μm.  Mineralogically limiting grade-recovery curves indicate maximum potential copper grades of 34% at recoveries of 52 to 77%. Total potentially floatable chalcopyrite ranges from 87.1 to 95.4%. 0.14 1.16   Samples selected by NAN that were used in the study (assays by ActLabs) 0.11 21
  22. 22. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Nickel Deportment Pentlandite is the main nickelbearing mineral and contains 95.5 to 96.3% of all the nickel in the samples. Legend Pyrrhotite hosts 2.71 to 4.03% of the nickel Mass (% Ni) Silicates host < 1% of the nickel. Elemental Deportment (Mass % Ni) Sample 22
  23. 23. Maniitsoq Project 2013 Advancements 23
  24. 24. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland 2013 Drill Program Results released to date:  25 holes totaling 4,266 meters completed.  Four significant intersections at Imiak Hill (Aug 23, Sept 4 and Nov 5 news releases).  New zone of near solid to solid sulphides intersected at Imiak North (Sept 12 and Oct 23 news releases).  Fossilik: Potential for tonnage, 9km from Imiak Hill (Sept 26, 2013 news release).  Spotty Hill: additional disseminated mineralization intersected (October 23 news release)  Recognition of the Imiak Hill Conduit Complex  IMIAK HILL  IMIAK NORTH  SPOTTY HILL 24
  25. 25. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Imiak Hill Conduit Complex (IHCC)  12 km2 area at north end of the Greenland Norite Belt  Three mineralized norites within a 2 km radius   Imiak North   Imiak Hill Spotty Hill Only 25 km from nearest tide water at Kangia Fjord 25
  26. 26. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Potential Sulphide Accumulation Sites Deposit Model  Mantle melting in response to a giant impact.  Hot ultramafic magma flows to surface through a “conduit system” comprised of restricted conduits and larger magma chambers.  Hot magma assimilates country rock (locally sulphidic) resulting in sulphur saturation and production of a sulphide liquid.  Ni+Cu+Co±PGE sulphide collects in zones of lower velocity within the conduit system.  Continual magma flow upgrades the nickel tenor of sulphide already deposited.  Magmatism eventually ceases and conduit system is preserved as noritic rock.  in a Magma Conduit Over time, uplift and erosion expose parts of the magma conduit system and some of the Ni+Cu+Co±PGE sulphides. J. Mungall, Ni Short Course Fig 4 26 Modified after Maier et al., 2001
  27. 27. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Imiak Hill Conduit Complex: 3 Mineralized Intrusions 27
  28. 28. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Imiak Hill Longitudinal Section 2013: Oct. 10, 2013 News NAN’s 2013 drilling has intersected Zones 10 and 30 at depth. Deepest intersection is 185m vertically below surface. Zone 30 sulphide mineralization is increasing in intensity with depth.  MQ-13-019: 8.68m  MQ-13-024: 14.90m (8.33 m)* @ 2.67% Ni, 0.39% Cu, 0.09% Co  MQ-13-026: 25.51m (11.94 m)*@ 3.25% Ni, 0.48% Cu, 0.11% Co Incl. 18.62m (8.70 m)* @ 4.31% Ni, 0.62% Cu, 0.14% Co  MQ-13-028: 24.75 m (11.08m)* @ 3.19% Ni, 1.14% Cu, 0.11% Co Incl. 17.91m (8.10 m)* @ 3.80% Ni, 1.42% Cu, 0.13% Co And 2.40 m (1.10 m)* @ 4.44% Ni, 1.13% Cu, 0.15% Co  BHEM response is also increasing with depth.  10.33m (5.94m) @ 1.10% Ni, 0.38% Cu   MQ-13-023 (Zone 10) Open at depth. MQ-13-019 (Zone 30) 8.68m (5.58m) @ 1.53% Ni, 0.43% Cu MQ-13-024 (Zone 30) 14.90m (8.33m) @ 2.67% Ni, 0.39% Cu MQ-13-026 (Zone 30) (5.58 m)* @ 1.53% Ni, 0.43% Cu, 0.06% Co 25.51m (11.94m) @ 3.25% Ni, 0.48% Cu MQ-13-028 (Zone 30) 24.75m (11.08m) @ 3.19% Ni, 1.14% Cu *Estimated true width is shown in brackets 28
  29. 29. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland IMIAK HILL DIAMOND DRILL HOLE MQ-13-026 156.70 TO 175.32 Meters (18.62 meters)   Intersection is hosted in noritic rock. Textures, such as inclusionbearing massive and semimassive sulphide, are similar to those seen in 2012 holes MQ-12-001 and 002. 29
  30. 30. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Imiak North Discovery – Assay Results 55.75 m @ 1.28% Ni, 0.36% Cu, 0.04%Co, 0.06 g/t TPM Incl. 9.99 m @ 4.65% Ni, 0.33% Cu, 0.13% Co, 0.14 g/t TPM 64.11 m @ 0.44% Ni, 0.20% Cu, 0.01%Co, 0.04 g/t TPM Incl. 24.98 m @ 0.71% Ni, 0.31% Cu, 0.01% Co, 0.07 g/t TPM 30
  31. 31. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Spotty Hill 2012 DISCOVERY: 123.94 m of high grade sulphides in hole MQ-12-005. 119 m of anomalous mineralization in MQ-12-009. 2013 ADDITIONAL DRILLING: MQ-13-022 123.94 m @ 0.81% Ni, 0.21% Cu, 0.03% Co, 0.26 g/t PGM Incl. 24.20 m @ 1.75% Ni, 0.34% Cu, 0.06% Co, 0.52 g/t PGM Incl. 8.20 m @ 2.39% Ni, 0.21% Cu, 0.07% Co, 0.60 g/t PGM Collared 53 m southeast of MQ-12-005. Intersected 20.07 m grading 0.68% Ni, 0.28% Cu, 0.02% Co and 0.32 g/t TPM. Including 2.07 m assaying 2.03% Ni, 0.11% Cu, 0.07% Co and 0.78 g/t TPM. Significant 2012 Drill intersections from Spotty Hill 31
  32. 32. Size of the Prize: Some Context “To date, core analysis (2012 assay data) suggests an admixture of 100 percent iron sulphide (pyrrhotite - pyrite) - nickel sulphide (pentlandite) could carry 6 to 8% nickel - this is a guessing game, but 2012 data provides some substance to this qualitative view:” In Situ Metal Value: What is Nickel Worth in the Ground? 10Mt Deposit at 2% Ni (7lb) = $2.8B 15Mt Deposit at 1.2% Ni (7lb) = $2.5B 32
  33. 33. Maniitsoq Ni-Cu-Co-PGM Project South West Greenland Summary      NAN’s holds 100% exclusive rights to explore the Greenland norite Belt and significant nickel occurrences in the area. Three intrusions comprising the Imiak Hill Conduit Complex (IHCC) all with significant sulphide mineralization and open at depth. The 3 conduits may converge into a single larger source deposit at depth! Additional mineralization and target zones within 10 km of IHCC. Very large, underexplored, new area with potential to host multiple deposits. Sulphide nickel deposits are the high value source for the worlds nickel and are in decline as a source. What’s Next  Spring 2014 commence deep penetrating ground geophysical surveys to develop deeper targets at the Imiak Hill Conduit Complex.  Begin focused drilling to expand and define mineralized zones.   Test down plunge of near solid to solid sulphide and disseminated mineralization at Imiak North, Spotty Hill, Imiak North and Fossilik zones Drill test priority regional target zones across the belt along with additional helicopter geophysical surveys to explore targets throughout the project area. 33
  34. 34. VMS/NAN Management Rick Mark, M.Ed (Admin) CEO & Chairman VMS & NAN: Rick has over 25 years experience in the public market place. He is also CEO & Chairman of Harvest Gold Corporation (HVG-TSX.V), a December 2005 "spin off" from VMS, and is the President and CEO of Pancontinental Uranium Corp. (PUC-TSX.V). Neil Richardson P. Geo. COO, VMS & NAN: Neil has a long history of mineral exploration and mining experience with HudBay Minerals and others. As the COO of both companies, Neil is responsible for developing and implementing exploration programs . John Pattison, P. Geo., B.Sc. Chief Geologist VMS and NAN: John worked with Falconbridge Limited and associated companies for 19 years managing base metal, PGE and gold exploration projects throughout Canada and southern Africa. He is the lead project geologist for the Maniitsoq, Greenland nickel project. Mark Fedikow, HBSc., M.Sc., Ph.D., P.Eng., P. Geo., C.P.G. : President & Director NAN, VP Exploration VMS: Mark has 35 years of industry and government experience including Chief Geologist of the Mineral Deposits Section in Manitoba. He is a recipient of the Canadian national award for outstanding geoscientific achievement. John Roozendaal B.Sc, President of VMS, Director of NAN: John was the founding director of VMS Ventures Inc. He has 20 years of Mineral Exploration experience and was directly involved in the Reed Copper discovery. 34
  35. 35. Independent Directors & Advisory Boards Independent Directors Gilbert Clark, Director, NAN: Mr. Clark is a European based Geologist with more than 13 years of industry experience; principally in mining and international resource developments. He is currently an Investment Advisor with The Sentient Group, an independent private equity investment firm specializing in the global resources industry. Don Whalen, Director & Audit Committee Chair, VMS: Don was Executive Chairman and Director of High River Gold Mines. Before joining High River, he held numerous marketing, technical and management positions over a 29 year career with IBM Canada Ltd. Jim Clucas, Director & Audit Committee Member, NAN: Jim was Chief Financial Officer of Inco’s Canadian operations and has been involved in the development of several mineral deposits, including the Snow Lake Mine (High River Gold Mines), Montana Tunnels (Pegasus Mining) and the Fenix Project in Guatemala. He was the founder of International Nickel Ventures Inc. which acquired and developed the Santa Fe/Ipora Nickel Laterite deposit in Brazil. Jim is currently President and CEO of Search Minerals. Advisory Board Dr. Tony Naldrett: Tony is an internationally recognized expert in the field of nickel sulphide mineralization and was Professor of Geology at the University of Toronto from 1967 to 1998. He has authored or co-authored over 240 refereed papers and 8 books and has supervised 15 M.Sc. and 16 Ph.D. students and 15 Postdoctoral Fellows with focus on magmatic nickel, copper and platinum-group element sulphide deposits, worldwide. Mr. Alex Balogh: Alex is the former Chairman and CEO of Falconbridge Ltd., Deputy Chairman of Noranda Inc. and CEO of Noranda Minerals Inc. He has served as Chairman and Director for various mining organizations, sits on The Sentient Council and is a current member of the Advisory Board of Hatch Associates. Mr. Balogh is a metallurgical engineer and has more than 40 years of experience in the mining and metallurgical industry. Dr. James M. Patterson , P.Geo., Ph.D. , Technical Advisor: James is the former Geological Consultant, Vice President Exploration and VP & Executive Consultant with FNX Mining Company Inc. He was instrumental in the revival and building of the company from a market capitalization of $20 million to $2.5 billion. Dr. Patterson has over 40 years experience in mineral exploration globally. Dr. Patterson received his Ph.D. Mining Geology from the University of London, England, Diploma of Imperial College from Imperial College, London, England, BA (Honours) in Natural Sciences – Geology from Trinity College, University of Dublin, Ireland, and has over 25 publications on mineral exploration. 35
  36. 36. Why Buy NAN?: World’s Next Nickel Camp Investor Risk Mitigation: These “boxes” are already ticked    Greenland is a secure political jurisdiction supported by pro-mining government; Significant historic exploration data and drill core analyzed and interpreted by NAN Maniitsoq’s geology is exemplary for district scale nickel potential:           Abundance of Ni-Cu sulphide occurrences at surface & in drilling; High Nickel tenor – consistent across 7KM belt Major, long lived structures; and Large-scale mafic igneous event associated with meteorite impact QEMSCAN testing suggests good recoveries expected Modern helicopter “terrain hugging” surveys optimal for Maniitsoq’s topography and mineralization immediate success >100 EM anomalies Access to ice free tide water, 12 month of the year: Moderate climate Low cost power potential, (hydro electricity generation) and near by access to deep water shipping Management has a discovery track record; NAN has a strategic investor: The Sentient Group; owns 39.04% (VMS Owns 23.9%) 36