Nickel Rock Resources. (TSX-V: NICL, OTCQB: NICKL) is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market. The Company recently announced several acquisitions resulting in a significant property package prospective for awaruite, a naturally occurring nickel-iron alloy important in the manufacture of environmentally efficient batteries for the electric vehicle markets globally. Due to a decline in nickel prices between 2011 and 2015, several nickel mining companies either mothballed their locations or moved exploration and production outside North America. This resulted in a reduction in the number of nickel stocks to buy in Canada or the US. Since 2016, the price of nickel has firmed up significantly, and more recently the commodity price of nickel is approaching its five-year high. With the significant rise in the nickel price since the beginning of 2016, Nickel Rock Resources Inc is one of the few dual-play nickel/lithium stocks on the TSX or the TSX-V.

British Columbia Nickel Exploration Projects

The Nickel Rock Resources mineral claims are partially underlain by rocks like those hosting the Decar project of FPX Nickel where mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite which is a naturally occurring nickel-iron alloy important in the manufacture of environmentally efficient batteries for the electric vehicle markets globally.

Claim Map

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The Hard Nickel Group consists of five claim blocks in four groups with a total area of 6,125.32 hectares in the area surrounding Mount Sidney Williams. These properties both adjoin or are near the Decar Project of FPX Nickel Corp. (TSXV: FPX), located 100 kilometres northwest of Fort St. James, B.C., in the Omineca Mining Division. Metallic mineralization occurring in the claim group includes nickel, cobalt, copper, and chromium. Significantly, some nickel mineralization occurs as awaruite.

Hard Nickel Group

The earliest publicly available reports of exploration on and around the Hard Nickel Group Property dates from 1974 and were focused on evaluating the potential of the area to host chromite (used in the production of stainless steel) and gold deposits. Systematic, ground-based exploration work began in 1987 in the Mount Sidney Williams area under the direction of renowned geologist, Ms. Ursula Mowat, recipient of the “Spud Huestis Award for her discovery of the adjacent Decar Nickel Deposit.

The Nickel 100 Group consist of two contiguous claim blocks covering 3,134.70 hectares with many identified mineral occurrences of chromite that have associated nickel along with trace amounts of Platinum group elements (PGEs) and is situated approximately 130 km northwest of Fort St. James in Central British Columbia. Forestry roads and helicopters provide primary access to the property. A BC Rail Line is located approximately 12 km to the south.

Nickel 100 Group: Nickel-cobalt-chromium mineralization has not been well-explored, but the presence of awaruite has been documented. Geologist, Ursula Mowat completed a preliminary field work program over the area in 2004, and confirmed the presence of elevated nickel, cobalt, chromium, platinum and palladium values in rocks and stream sediments.

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Nickel 100 Group

Clayton Valley, Nevada Lithium Project

Nickel Rock Resources is exploring for commercially important groundwater deposits enriched in dissolved lithium on their Clayton Valley project at Silver Peak, near Tonopah, Nevada. In Clayton Valley all producing lithium brine deposits share several first-order characteristics: (1) arid climate; (2) closed basin containing a playa or salar; (3) tectonically driven subsidence; (4) associated igneous or geothermal activity; (5) suitable lithium source-rocks; (6) one or more adequate aquifers; and (7) sufficient time to concentrate a brine. The Company’s Clayton Valley Project is an early-stage lithium brine prospect in Esmeralda County, Nevada. A total of 77 placer claims covering about 640 ha (1,500 acres) were staked over the western side of the Clayton Valley playa. The property position covers an inferred graben bounded by the Silver Peak range front on the west and Goat Island on the east. The exploration concept is the graben is a sub-basin of the larger Clayton Valley basin and may represent a secondary trap for lithium brines within the greater system. Located contiguous and adjacent to Nickel Rock Resource’s Clayton Valley Project, the Silver Peak Lithium Brine Mine and Processing Facility has been in production since 1966 using traditional evaporation pond technology and is the only producing lithium brine deposit in North America. Albemarle Corporation (NYSE: ALB) purchased the mine as part of its acquisition of Rockwood Lithium that closed in early 2015. The United States Geological Survey estimates that over 300 million pounds of lithium carbonate have been produced at this facility since 1966.

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Clayton Valley Claim Location Map

Advantages of Exploration in British Columbia

There are several advantages of conducting mining operations in British Columbia. The area we are interested in has generated several promising projects and is the subject of significant exploration expenditure in 2021. In addition, BC is host to numerous operating mines, good infrastructure, power plus experienced exploration and supporting services. Our exploration team believes that our land position is strategically situated near to the Decar nickel deposit and a recent compilation of data from past exploration programs suggests it may host similar type mineralization.” In 2019, the Mining Journal of London gave British Columbia the title of Least Risky Global Mining Jurisdiction and the BC government has made some big infrastructure investments including a CAD$736 million investment in power line transmission to the north and made permanent a popular flow-through tax benefit investment incentives which encourages significant investment in exploration. The fact that large global mining companies like Newmont Goldcorp (NYSE: NEM) are investing into the Galore Creek Partnership with Teck Resources (TSE: TECK.B); Newcrest Mining Limited (ASX: NCM) has invested US$806.5 million to buy 70% of the Red Chris Mine from Imperial Metals Corp (TSX: III) inside BC’s prolific mining regions.

Our Near-Term Focus

During the upcoming period 2021 – 2022, Nickel Rock Resources Inc. will direct its mineral exploration efforts on the advancement of its nickel properties in central British Columbia, Canada. The immediate area has incredible potential for

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a major nickel resource, as evidenced from the period of November 2009 to November 2015, Nickel Rock Resource’s neighbour, Cliffs Natural Resources spent approximately US$22 million to earn its 60% interest in the Decar property. We believe that this area of the world, is the most attractive undeveloped nickel region in the world, truly a tier-1 asset due to the size of the nearby ore bodies (supporting a top-15 annual nickel producer over a 25+ year mine life) and bottom-quartile operating costs. The Company’s nickel exploration strategy is to continue to demonstrate the technical and economic feasibility of the project, and to commence the permitting process, so that as the nickel price continues to rise, the market will begin to value Nickel Rock Resources stock more appropriately. This will give the Company a better basis on which to raise funds to advance the project on our own, or to advance the asset with a senior partner.

Awaruite & the Potential to Make Nickel Mining Carbon Neutral The mineral awaruite is both highly magnetic and very dense, and is therefore amenable to concentration by mechanical processes including magnetic and gravity separation. This style of deposit is unique and presents considerable metallurgical and processing cost saving advantages. Significantly, the awaruite found in the Trembleur formation occurs in a serpentinized ultramafic rock. In 2018, G. Dipple at the University of British Columbia began the Geoscience BC funded research project “Carbon Mineralization Potential Assessment for BC” scheduled for completion in early 2021. In late 2020 a preliminary assessment report was published. One of the key items from the report was “The use of reactive serpentinite tailings from nickel mining as a carbon sink has the potential to make nickel mining carbon neutral or a net carbon sink.” The presence of serpentinized ultramafic rocks of the Trembleur intrusions has been repeatedly documented in the areas covered by the claims of the Nickel Rock Project, as well as at FPX Nickel Corp.’s Decar Project (Dipple, G. et.al., Geoscience BC Report 2020-15).

Nickel Production Canada & USA – Nickel Producers

Nickel was first discovered in Canada in 1883 and began being mined the 1890s. Today the nation is one of the world’s five top nickel producing countries with Indonesia being the largest producer of nickel worldwide. Recently, Indonesia’s decision to ban the export of nickel has contributed to the rise in global nickel commodity prices. At present, there are approximately four operating nickel mines in Canada, and one operating nickel mine in the US. The nickel mining companies operating these nickel mines include large and mid-sized global diversified groups include Glencore plc (LSE: GLEN), Vale S.A. (NYSE: VALE) and Lundin Mining (TSE: LUN). Nickel Rock Resources (TSXV: NICL) and FPX Nickel are one of the few junior nickel mining companies in Canada.

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Nickel and its compounds are essential for the manufacture of countless products that we rely on daily. Reflecting this vast use, Canada’s nickel and nickel-related products are exported to more than 100 countries. In 2017, Canada produced an estimated 211,925 tonnes of nickel in concentrate from nickel mines located in Newfoundland and Labrador, Quebec, Ontario, and Manitoba. Canada also produced 163,200 tonnes of refined nickel at four refineries located in Fort Saskatchewan, Alberta; Thompson, Manitoba; Sudbury, Ontario; and Long Harbour, Newfoundland, and Labrador. Global mine production of nickel in 2017 was estimated at 2.1 million tonnes. Canada ranked fifth, with 10% of global mined production. Canada’s total nickel production continues to increase year over year, and in 2018 Canada ranked fifth in the world for mine production and for the production of refined nickel. Canada currently produces around 15% of the worlds nickel production and Canada's exports of nickel and nickel-based products were valued at $4.2 billion in 2018. Most of Canada’s nickel exports go to the US (41%), China/Hong Kong (21%), Belgium (7%), the Netherlands (7%) and the remainder is shipped to 23 other countries worldwide.

Nickel and the Growth of EV’s

It can be assumed that the company’s assets will continue to grow in value due to the predicted emergence of the Electric Vehicle (“EV”) market. A Tesla Model 3 requires 30kg of nickel for its on-board battery (80% of the battery metal constituents). Nickel is considered by many to be the single most important component in battery fabrication. EV’s are expected to drive a large part of this increased future metals demand. Globally EV’s are projected to grow from a small number today to 140 million vehicles by the year 2035. China plans to ban the sale and production of gasoline powered cars by the year 2040, as it grapples with ways to improve overall air quality and China is expected to be the largest global market for EV’s. As can be seen, the future for nickel is certainly bright and our management is extremely bullish on the future demand for this metal and the impact a nickel or lithium discovery may have for our shareholders. The battery market only consumes three percent (3%) of the world’s available nickel, but that figure is set to grow substantially. Some projections are forecasting that by 2025 there will be more that 140 million EV’s on the road, and by 2030 that number could double as the industry is leaning towards batteries with a higher nickel concentration as they tend to last longer. This makes EV’s a more attractive option to consumers and acts as an incentive to make the transition.

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Nickel Consumption Projections for EV” s

There are two classifications for the types of nickel, Class 1 (sulphides) and Class 2 (Laterites). Class 1, nickel is used in the manufacturing of lithium-ion batteries and occurs in higher grades and concentrations. Over the next 5-10 years demand will exceed the current production capacity of nickel sulphide deposits. The nickel/iron alloy Awaruite has advantages over all sulphide nickel due to processing and refining cost since it contains unusually low sulphur that results in substantial savings vs traditional sulphide smelting Class 2, Nickel is an ideal low-cost source for the stainless-steel industry. Nickel laterite deposits are, in relative terms, abundant and located at shallow depths which makes them easier to mine. According to the U.S Geological Survey, National Minerals Information Center nickel is primarily sold for its use as refined metal (cathode, powder, briquette, etc.) or ferronickel and around 65% of Nickel consumed by the Western world is used to make austenitic stainless steel, 12 % goes into super alloys used in aerospace engineering and combustion turbines like those found in electric power generation stations. The remaining 23% of nickel is divided between alloy steel, batteries, foundry products, and coinage amongst other things.”

Today the impact of the EV market is small in comparison to stainless steel, but future demands will play a significant role in not only the price of Nickel but also in the overall economy, creating jobs and helping the environmental issues we face today. The fact that Awaruite occurs with waste rock potentially having carbon sequestering abilities, just adds to the overall positive environmental story which contrasts with most mining operations globally. As well as the increased demand from the EV manufacturing industry, the demand for clean energy is on the rise in North America. With Canada being a large source of mineral resources AND a leading producer of nickel, Canada still has several nickel deposits that are relatively untapped and some that are ready to go into production. According to U.S. Geological Survey Mineral Commodity Summaries, in recent years, production of refined nickel decreased because stainless steel producers in Asia shifted to lower cost nickel pig iron. So, while mine production in countries that supply direct shipping ore to nickel pig iron operations increased, mine production supplying refineries tended to decrease. However, production of nickel chemicals nickel sulfate used in the production of batteries has been steadily increasing. Considering all this Nickel has been gaining strength of late and looks to be on the rise after hitting

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record lows in December of 2018 and in mid 2020 broke the US$7/lb. as supply and demand outlook remained positive for future nickel prices. After a small pull back the price of nickel is yet again making a push to break US$8 /lb.

Five Year Chart: Nickel Prices per Pound $USD

One Year Chart: Nickel Prices per Pound $USD

The commodity spot price for nickel seems to be in a steady uptrend while world stockpiles have been on the decline and EV manufacturers are calling for more supply of Class 1 nickel because Nickel quantities are increasing in batteries as they increase the amount of charge a battery can hold, thus allowing the EV’s to travel greater distances. One such company is Tesla Inc. (NASDAQ: TSLA), the world’s leading EV manufacturer. Tesla’s Founder, Elon Musk, came out and said that an exceptionally large contract would be signed if a company could produce nickel with a lowered carbon footprint by using more environmentally friendly ways of mining. His comments made waves in the nickel space and several juniors have benefited from his comments and surged 2 to 3 times their value.

"I'd just like to re-emphasize any mining companies out there, please mine more nickel. Wherever you are in the world, please mine more nickel and don't wait for nickel to go back to some high point that you experienced some five years ago or whatever, go for efficiency." Elon Musk, July 30, 2020

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Qualified Person

Jacques Houle, P.Eng., a qualified person as defined by NI 43 - 101, is responsible for the technical information contained in this release. All scientific and technical information in this article has been prepared under the supervision of Jacques Houle, P. Eng., a consultant, and a qualified person within the meaning of National Instrument 43-101. Readers are cautioned that the information in this article regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest. The QP has been unable to verify the information in this press release about the Decar property, (such information was publicly disclosed in their PEA dated Sept. 9, 2020) and the QP believes it is reliable. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward‐looking statements.