TSX : RNX
RNC MINERALS
Focused on Value Creation
July 11, 2017
Disclaimer
Cautionary Statements Concerning Forward-Looking Statements
This presentation provides certain financial measures that do not have a standardized meaning prescribed by IFRS. Readers are cautioned to review the stated footnotes regarding use
of non-IFRS measures.
This presentation contains "forward-looking information" including without limitation statements relating to the guidance for production; costs of sales, C1 cash costs, all-in sustaining
costs and capital expenditures, and relating to the potential of the Beta Hunt Mine and the Reed Mine.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include,
among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the
properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of
the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash costs, failure to obtain regulatory or shareholder
approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking
statements, refer to RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of
the date of this presentation and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
Cautionary Statement Regarding the Beta Hunt Mine
The decision by SLM to produce at the Beta Hunt Mine was not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there
may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a
commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will
be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on SLM’s cash flow and future profitability. It is further cautioned that the PEA
is preliminary in nature and includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them
to be categorized as mineral reserves. No mining feasibility study has been completed on Beta Hunt. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that the PEA will be realized.
Cautionary Note to U.S. Readers Regarding Estimates of Resources
This presentation uses the terms "measured" and "indicated" mineral resources and "inferred" mineral resources. The Company advises U.S. investors that while these terms are
recognized and required by Canadian securities administrators, they are not recognized by the SEC. The estimation of "measured" and "indicated" mineral resources involves greater
uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. The estimation of "inferred" resources involves far greater uncertainty
as to their existence and economic viability than the estimation of other categories of resources. It cannot be assumed that all or any part of a "measured", "inferred" or "indicated"
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 studies, pre-feasibility studies or other economic studies, except in prescribed
cases, such as in a preliminary economic assessment under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "reserves" as
in-place tonnage and grade without reference to unit measures. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any
part or all of a "measured", "indicated" or "inferred" mineral resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and
resources contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
2
Highly Experienced Management Team and Board
3
RNC – Value Proposition
Western Australia
Quebec, Canada
Manitoba, Canada
Quebec and Carolinas
Beta Hunt Mine
Nickel JV Entity
Reed Mine (30%)
Exploration Spin-Out
 Gold, Nickel Producer
 Ramping up gold
production to 50-60koz
in 2017, net AISC
US$1,100-1,200/oz
(US$900-1000/oz by Q4)
 Massive exploration
potential
 Westgold SKO mine /
mill purchase option pro
forma 120+koz gold
annually
 RNC - Waterton 50/50
JV to advance Dumont
and grow nickel
business
 Dumont project:
structurally low cost,
large scale, shovel ready
nickel project
 3rd largest nickel
reserve in the world
and 5th largest nickel
sulphide discovery ever
 Copper Producer
 2017 Production
Guidance:
Copper: 4.0-5.0 kt;
Gold: 0.8-1.1 koz
(30% basis)
 Exploration projects in
Northern Quebec and
U.S. Carolina Gold Belt
 Qiqavik - new high grade
gold mineralization
discovery adjacent to
West Raglan Project
 Low cost production,
2016 AISC US$1.49/lb
 West Raglan – Advanced
high grade Ni-Cu-PGM
 Ongoing cash flow from
January 2017
 Multiple exploration
properties in highly
prospective Carolina
Gold Belt
www.royalnickel.com
4
Beta Hunt Mine: Excellent Location in Established
Mining Camp, Close to Nickel and Gold Mills





600 km east of Perth, Western Australia
Kalgoorlie goldfield – 85 Moz since 1890
Kambalda Ni – 1,400 kt Ni over 50 years
Long established major mining centre
Large local mining workforce & service industry
Beta Hunt
Source: Beta Hunt Mine PEA dated March 4, 2016 available at www.royalnickel.com and www.sedar.com
5
Beta Hunt Mine: Existing Ramp Infrastructure in
Close Proximity To Gold & Nickel Resources
Beta Hunt is an exceptional mine with significant gold resource potential near existing
underground infrastructure


Significant infrastructure in place – 5+ km under ground
ramp
Significant potential for resource expansions at relatively
low cost and in close proximity to mine infrastructure
provide future growth options
 Recently filed PEA has 92 koz Indicated Resource and
a further 321 koz Inferred Resource in A Zone,
Western Flanks and Beta areas
 Exploration resource target: 300-550 koz
 Significant potential for extensions to known
resources along strike and at depth
 Potential for additional parallel structures
 Bonanza potential at “Hand of Faith”,
potential for multiple “Hand of Faith” areas
It should be noted that the identified Exploration Targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and, while reasonable potential may exist, it is
uncertain whether further exploration will result in the determination of a Mineral Resource under NI 43-101. The identified potential of the Exploration Targets are is not being reported as part of any Mineral
Resource or Mineral Reserve.
Source: Beta Hunt Mine PEA dated March 4, 2016 available at www.royalnickel.com and www.sedar.com
www.royalnickel.com
6
Beta Hunt Mine: Historically, Focus Has Been On Nickel
Exploration and Production
 Historical nickel focus is reflected by ~675km of drilling that targeted nickel troughs on ultramafic/basalt contact
 Very limited drilling greater than 100 m below contact where gold is located
 Last significant gold mining by WMC in 1985
Historical open pit mine
Source: Salt Lake Mining
7
Beta Hunt Mine: Commercial Production Achieved,
Ramp Up Well Underway
 Significant increase in mining rate – Q2 2017 to date up 40% versus Q1 2017
 Significant improvement in grades – exceeding 2.3 g/t1 during commercial production period, 35% higher than
Q1 2017
Beta Hunt Gold Material Mined (tonnes per day)
Q2-2017 to date - June 18, 2017
1. Final grades are determined once mined material has been processed.
8
Beta Hunt: Massive Exploration Potential
Gold Intersections Across 4 km Strike Length
 675,000 metres of
historical nickel drilling
has yielded gold intersections
along a strike length, 3 major
structures of 4 km each
(A Zone, Western Flanks, Fletcher)
 Recent drilling under
previously mined nickel deposits
successfully extended A Zone
by 500 metres
 Fletcher Trend discovered through
drilling in July 2016
www.royalnickel.com
9
Massive Exploration Potential
A Zone Extension – Rapid Discovery to Production
A Zone Extension less than 50 metres from existing development for Western Flanks
Allows “2 for 1” - Get access to 2nd deposit from same set of development
Highlights:
WF16-011: 1.48m @ 4.05g/t
including 0.35m @ 10.60g/t
WF16-013: 3.20 @ 2.69g/t
including 0.75m @ 9.34g/t
WF16-014: 2.80m @ 4.24g/t
including 1.00m @ 7.99g/t
WF16-015: 2.85m @ 6.71g/t
including 1.00m @ 8.74g/t
WF16-016: 4.45m @ 7.31g/t
including 2.05m @ 10.15g/t
WF17-008: 3.00m @ 5.97g/t
including 1.50m @ 11.38g/t
and
4.45m @ 4.77g/t
Section view looking northwest showing the A Zone Extension drill results and proximity to existing
underground infrastructure as well as the Western Flanks resource. Section window is +/- 125m.
10
Massive Exploration Potential
A Zone and A Zone Extension Infill Drilling
Recent A Zone drill results increase confidence in near term production from southern
extension and resource expansion
Highlights
A Zone Extension:
Longitudinal view looking northeast showing the A Zone infill drill results and proximity to existing u/g infrastructure
WFE17-03: 7.08m @ 8.28 g/t
including 0.35m @ 10.60 g/t
WFE17-04: 4.00m @ 10.71 g/t
including 2.15m @ 16.75 g/t
WFE17-07: 9.95m @ 3.07 g/t
including 3.83m @ 4.02 g/t
WFE17-15: 2.15m @ 8.47 g/t
including 1.15m @ 13.17 g/t
WFE17-16: 3.00m @ 4.57 g/t
including 1.00m @ 8.02 g/t
WFE17-19: 4.20m @ 4.08 g/t
including 0.95m @ 14.70 g/t
A Zone Infill:
AZ13-029: 5.52m @ 6.51 g/t
including 3.30m @ 7.59 g/t
AZ13-027: 11.85m @ 2.81 g/t
including 2.40m @ 5.75 g/t
AZ13-024: 10.09m @ 2.82 g/t
including 6.25m @ 3.74 g/t
A Zone Longitudinal view looking to the northeast
with significant new infill drill results highlighted
A Zone Extension Longitudinal view looking to the
northeast with significant new infill drill results highlighted
11
Massive Exploration Potential
Western Flanks Extension Drilling
Recent Western Flanks drill results confirms extension of gold mineralization at depth, nearly
doubling vertical extension to 190m below ultramafic/basalt contact
Western Flanks
Highlights
Depth Extension:
WF18-010: 17.85m @ 4.28 g/t
including 3.00m @ 6.46 g/t
WF18-014: 9.00m @ 3.35 g/t
including 3.00m @ 4.20 g/t
WF18-028: 21.00m @ 7.09 g/t
including 16.25m @ 8.18 g/t
Infill:
Longitudinal view looking northeast showing the Western Flanks drill results and proximity to existing u/g infrastructure
Western Flanks Longitudinal
view looking to the northeast
with significant new infill drill
results highlighted
WF18-003: 13.10m @ 4.53 g/t
including 3.30m @ 7.55 g/t
WF18-007: 2.90m @ 14.97 g/t
including 0.60m @ 69.90 g/t
WF18-012: 7.80m @ 5.82 g/t
including 1.30m @ 26.50 g/t
12
Beta Hunt: SKO Asset Purchase Option and Toll Processing
Rights Provide Synergy Potential and Lower Costs
Transactions are a significant step forward for RNC and its Beta Hunt mine
 12 month tolling agreement with Westgold’s Jubilee Mill
 Lowers tolling and transportation costs - generating $7 million in savings over 12 month period reduces AISC costs by US$80 per ounce during tolling period
 Purchase option to acquire Westgold’s South Kalgoorlie Operations (SKO) for A$80M would
transform RNC’s Beta Hunt mine / Western Australian assets
 A multi-mine operation anchored by 1.2 Mtpa mill with 4 million ounce resource base and 1000+ km2 land package
in prolific gold belt
 Pro forma gold production of 125+ kozpa from 2 underground mines (Beta Hunt, HBJ) and several open pit mines at
AISC of US$950 per ounce
 Locks in annual mill synergies of $7 million with potential future annual savings to $10-$12 million with production
growth at Beta Hunt
 Option structure allows RNC to focus on realizing value from completion of the first phase ramp-up at Beta Hunt
before exercising with a structure that maximizes value for our shareholders
 Significant endorsement from experienced Western Australia operator
 Westgold (recent gold spinout from Metals X) is receiving a total of $8 million in RNC paper ($4 million for purchase
option and $4 million for right to toll) and is willing to accept additional RNC equity as part of the consideration for a
purchase of SKO up to 19.9% of RNC
 Westgold (Metals X) is an experienced and well-respected Western Australia mining company
13
Beta Hunt: Massive Exploration Potential
A Zone Drilling Success Confirms Structure
Recent drilling results in A Zone confirm
ability to use previously mined nickel areas
as “outcrop” to target potential gold zones
below

Well-understood structures allow
productive exploration drilling

Allows use of historic nickel deposits
to target gold and vice-versa

Multiple nickel deposits south of Alpha
Island Fault have limited gold drilling
and support potential of Fletcher Trend
Specimen Stones from A Zone
www.royalnickel.com
14
Beta Hunt: Toll Agreement with SKO Gold Processing
Facility in Western Australia
Toll agreement will lower milling costs compared to current arrangements, beginning
July 1, 2017. Expected savings of over $7 million over a 12-month period
SKO Jubilee Mill
 Agreement with Westgold
grants RNC access to 50%
of capacity at SKO’s 1.2
Mtpa Jubilee gold mill for
12-month period beginning
July 1, 2017
 Nearest active toll mill to
Beta Hunt mine ( ~30km)
 Beta Hunt has successfully
completed several toll
milling campaigns at this
facility
www.royalnickel.com
15
Purchase Option
SKO Mine & Mill Operations in Western Australia
Purchase option for A$80M to acquire Westgold’s South Kalgoorlie Operations (SKO):
A multi-mine operation anchored by 1.2 Mtpa mill with 4 million ounce resource base and
1000+ km2 land package in prolific gold belt
According to Westgold:
 1000+ km2 land package
 SKO JORC compliant
resource/reserves:
 3.7 Moz of gold from a Measured,
Indicated, and Inferred Resource of
50.9 Mt of ore grading 2.27 g/t Au
 Including 192koz of Proven and
Probable Reserve of 2.3 Mt of ore
grading 2.60 g/t Au.
 Production: 60 kozpa for 3+ years
 Costs: Steady state AISC of ~
A$1,250/oz ($US 950/oz)
Source: Westgold corporate presentation dated 1/27/2017
16
Purchase Option
SKO Exploration Potential
Westgold’s exploration of the SKO properties is delivering success both at HBJ (U/G) mine and
open pit operations
At HBJ underground mine,
highlights include:
HBJ-223: 6.94m @ 21.4 g/t from 90m
HBJ-224: 9.04 m @ 18.4 g/t from 143m
HBJ-226: 3.1m @ 10.68 g/t from 172m
Bakers Flat:
BKRC057: 6m @ 2.35 g/t from 27m
BKRC058: 6m @ 4.36 g/t from 31m
George’s Reward:
23m @ 2.2 g/t from 18m
Samphire:
SOSRC041: 5m @ 3.48 g/t from 22m
New discovery at Rinjani:
ZUC172: 4m @ 4.41 g/t from 24m
ZUC174: 4m @17 g/t from 8m;
28m @ 2.41 g/t from 28 m; and
4m @ 5.2 g/t from 72m
Source: Westgold quarterly report
for period ended 12/31/2016
www.royalnickel.com
17
Reed Mine Overview
Reed Mine Q1 2017 Operating Review (100% basis)
Ore (tonnes hoisted)
Ore (tonnes milled)
Copper (%)
Zinc (%)
Gold (g/t)
Silver (g/t)
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Q1 2016
119,534
108,139
2.96
0.67
0.44
5.64
104,719
123,596
2.90
0.63
0.44
5.76
112,929
119,795
3.59
0.59
0.42
6.61
114,452
111,002
4.87
0.45
0.60
7.47
111,461
94,997
4.38
0.82
0.54
7.21
Reed Mine 2016 Operating Review (30% basis)1
tonnes)1
Copper contained in concentrate (kilo
Gold contained in concentrate (ounces)1
Copper operating cash cost per pound sold2
Copper all-in sustaining cost per pound sold2
Q1 2017
0.85
283
$2.06
$2.10
2016
5.0
1,357
$1.40
$1.49
 2017 production guidance
(30% basis): 4-5 kt copper
and 0.8-1.1 koz of gold
 Reed contributes cash flow
to RNC in 2017
(contribution and bridge
loan owed to Hudbay have
been repaid)
1.Production figures are full year 30% share of production attributable to VMS
2.Cash cost and all-in sustaining cost per pound sold, net of by-product credits. Cost s above are for the April 27 – December 31,
2016 period (RNC closed the acquisition of its interest in Reed on April 27,2016).
Polishing Pond
Portal Entrance
Waste Pad
18
Unique Partnership with Waterton
Well-Funded Joint Venture Arrangement to Create and Unlock
Value within the Global Nickel Industry
Strong
Partnership
RNC Minerals and Waterton 50/50 joint venture limited partnership (“JV Entity”) to
advance Dumont and acquire high quality nickel assets globally
Well-Funded
Funded with US$35M in capital commitments to develop Dumont and acquire
additional nickel assets, and backed by Waterton’s two largest funds with a total of
US$1.725B in committed capital
Focused on
Nickel
The joint venture’s objective is to establish a pure play nickel company with multiple
projects operating in stable jurisdictions
Advancement of
Dumont
Waterton’s acquisition of 50% of Dumont for US$22.5 million (C$30 million) in cash
valuing Dumont at C$60 million. Provides funding to continue to advance Dumont.
19
RNC – Waterton Joint Venture
First of its Kind Platform for Growth
Unlocking value in Dumont through a strategic joint venture partnership
50%
50%
JV Entity
 100% interest in Dumont
 US$35 million in capital commitments
 US$5 million to continue to advance Dumont
 US$30 million to acquire additional nickel assets
www.royalnickel.com
20
Dumont Nickel Project
Structurally Low Cost Project in Excellent Jurisdiction
21
RNC’s Dumont Nickel Project: A Billion Dollar Opportunity
Source: Company reports and Wood Mackenzie Ltd. (December 2011); RNC 105ktpd
(LOM) vs 2012 production for other projects
22
Dumont One of Largest Nickel Sulphide Discoveries Ever
and Largest Since 1960
RNC’s Dumont
Project
Source: Vale presentation at the Metal Bulletin 3rd International Nickel Conference , London, April 29, 2015
23
Dumont – RNC’s Nickel Roasting Approach
A Significant Breakthrough
RNC’s strategic alliance with Tsingshan led to the development of the first integrated nickel
pig iron (“NPI”) plant to directly utilize nickel sulphide concentrate as part of the stainless
steel production process through concentrate roasting
 Significant potential benefits to producers of suitable nickel sulphide
concentrate feed such as RNC’s Dumont Project:
Ferro-nickel puck
produced from
Dumont concentrate
 Lower costs due to simpler processing compared to traditional
smelting and refining
 Higher payabilities than traditional smelting and refining
 Greater flexibility for more potential partners and customers
 Roasted nickel concentrate is effectively a very high grade laterite ore
feed – creates new source of demand for nickel sulphide concentrate,
notably at a time when many NPI and ferronickel producers face feed
shortages as a result of Indonesia’s nickel ore export ban
24
Dumont - World Class Cobalt Potential
Cobalt projects are receiving significant market attention - Dumont is a shovel ready project that
hosts one of the largest cobalt resources outside of Africa and would be the largest cobalt miner in
North America once in production*
2016 North American Cobalt
Production by Operation
(ktpa)
Contained Cobalt Resource by Operation (kt)
386
1.6
1.1
1.0
230
0.9
0.9
0.7
126
Reserve
Company or Project
Clean Teq
eCobalt Solutions
Havilah Resources
Dumont (Implied)
Ardea KNP
Market Cap (US$)
429
119
89
45
29
114
60
27
13
* Based on 2013 Dumont Feasibility Study; Source: Company reports; market capitalizations as of March 30, 2017
25
Qiqavik, West Raglan and CGR Exploration Projects
RNC’s 68% interest in TNN’s exploration assets to be spun-out into a separately
listed TSX-V issuer to be renamed Orford Mining Corporation
 Continued exposure to highly prospective exploration assets through ownership interest in Orford
 Osisko Mining Inc. and Premier Gold Mines Limited have agreed to become shareholders of Orford upon the
closing of the spin-out transaction
 Qiqavik - new high grade gold mineralization discovery adjacent to West Raglan Project
 West Raglan – Advanced high grade Ni-Cu-PGM
 Multiple exploration properties in highly prospective Carolina Gold Belt
Exploration projects in Northern Quebec and U.S. Carolina Gold Belt
26
Qiqavik and West Raglan Exploration Projects
Multiple high grade gold and gold-copper discoveries at Qiqavik project
 Located in a virgin
volcano-sedimentary
belt within an
established mining
district
 70 km from Glencore’s
Raglan Mine
 Qiqavik Property
extends over 40 km
from East to West and
covers 243 km2
www.royalnickel.com
27
Qiqavik – Gold Exploration Potential
Asset to be JV/Spun Out for Future Funding
 2016 program discovered two new high grade gold mineralization zones, Aurora and Esperance,
extending mineralized trend to over 40 km, more than doubling the known extent of the trend
 The prospecting results demonstrate the potential for the Qiqavik project to host important new gold
and copper deposits (multiple grab samples returned 1-10% Cu)
 RNC to joint venture or spin out this asset to allow funding of future exploration programs with
minimal dilution at the RNC level
Map of Qiqavik Property Showing Significant Gold and Copper Exploration Results
GET CHART
THAT HAS COPPER
GRADES AS WELL
Source: RNC news release dated September 19, 2016 available at www.rncminerals.com and www.sedar.com
28
Qiqavik – Gold and Copper Exploration Potential
IP Survey Has Defined High Priority Targets
 Induced Polarization (“IP”) survey identified a 400m
highly resistive felsic intrusive which hosts high grade gold
in quartz veins (up to 189 g/t Au) and lies within a larger 2
km till anomaly
 Identified multiple large chargeable zones at Esperance
(100m to 500m) which are parallel to the main shear zone
and were not previously identified at surface due to
overburden cover
 Open to the west, more IP planned for 2017 season
 High priority targets defined at Esperance and Aurora
Source: RNC news release dated December 13, 2016 available at www.rncminerals.com and www.sedar.com
29
Qiqavik – Tip of the Iceberg ?
Asset to be JV/Spun Out for Future Funding
 TNN has acquired the most prospective part of an under explored
volcano sedimentary belt
 Au –Cu “Recipe” ingredients:
 pre-, syn- & post tectonic intrusions
 Evidence of hydrothermal alteration
 Cherty/Sediment Fe-formations,
 Structures (shearing & thrusting)
 Observed high grade Au, Cu, Ag, Zn, Pb mineralization at surface
 Mineralization at surface over 40km
 Potential for further discoveries on land package as indicated by
surface geochemistry
 Potential to expand new discoveries with IP and drilling
 Geophysical data (IP) data processing is ongoing, preliminary results
identify good drilling targets
Is Qiqavik the new next district scale Gold –Copper camp?
www.royalnickel.com
30
Carolina Gold Belt Properties
Highly Prospective, Underexplored Jurisdiction
TNN recently acquired options to earn a 70% interest in both the the JonesKeystone/Loflin, and Landrum-Faulkner gold properties in the Carolina Gold Belt,
home to the Haile Mine
Jones-Keystone/Loflin
Location of CGR Projects in the Carolina Gold Belt, North and South Carolina
 Two zones of Haile-style gold
mineralization over a 4.5 km trend
 Historic drilling:
 multiple intercepts: 1-3 g/t
intervals over 100 m
 1.56 g/t Au over 54m including
3.01 g/t Au over 28m
 1.12 g/t Au over 74m including
2.59 g/t Au over 30m
Landrum-Faulkner
 High-grade vein hosted gold
mineralization occurring in the same
volcanic sequence as the Haile and
Ridgeway mines
 Historic drilling:
 Continuity over 300 m strike and
100 m depth
 4.2 g/t Au over 17.8 m including
6.1 g/t Au over 11.3 m
www.royalnickel.com
31
Purchase Option
Significant Re-Rate Potential in Junior Producer Peer Group
Pro Forma Annual Production of >130koz(1), a ~100% increase, Positions RNC in Top
Half of Global Junior Producers and for Significant Near-Term Re-Rating
Enterprise Value (Sorted by 2017E Production Profile)
$450
$400
Enterprise Value (US$M)
$350
$300
~80%
increase in
share
price
$250
$200
$149
$150
$100
$50
2017E
$0
Prod’n (Koz AuEq)
AISC (US$/oz)
PRU
BDR
PG
SLR
RNC
RMS
DRM
ASR
AR
TMM
RIC
JAG
RPM
WDO
MTO
GQM
ROG
AGB
154
149
145
143
135
133
132
116
116
97
94
90
60
50
40
34
31
20
$1,315
$923
$420
$926
$960
$779
$883
$905
$1,131
$955
$870
$900
$887
$1,125
$1,000
$1,082
$762
$879
Source: Bloomberg, Street Research
(1) Assumes mid-range of RNC guidance for 2017E gold production and run-rate SKO production of 60-70koz
per year. Excludes attributable production and liabilities from Reed Mine operations
32
Purchase Option
Significant Re-Rate Potential on Production Profile
Strong Pro Forma Production Profile(1) Positions RNC as an Attractive Junior Gold Producer
Global Junior Producers’ Enterprise Value to 2017E Production (US$/oz)
$7,000
$6,000
EV/2017E Production (US$/oz)
$5,000
$4,000
$3,000
Median
$2,000
+90% to
median
$1,019
DRM
RNC PF
$1,388
$1,000
$0
RMS
TMM
SLR
RPM
MTO
PRU
JAG
BDR
AR
ASR
PG
GQM
Source: Bloomberg, Street Research
(1) Assumes mid-range of RNC guidance for 2017E gold production and run-rate SKO production of 60-70koz
per year. Excludes attributable production and liabilities from Reed Mine operations
KDX
RIC
GUY
WDO
AGB
33
Summary
2016 – Moved from single asset development company into multi-asset gold, nickel and copper producer
 2017 Beta Hunt gold production guidance of 50-60 koz
 2017 Reed copper production guidance of 4.0-5.0 kt (30% basis)
2017 – Focus on completion of ramp up of Beta Hunt, unlock value for shareholders from asset portfolio
with strong partners
 Complete ramp-up of Beta Hunt to target production levels
 Joint Venture with Waterton to unlock value in the nickel industry
 50:50 JV with Waterton, a leading mining private equity firm
 JV will contain 100% interest in Dumont and US$35 million of committed capital
 Westgold SKO mine / mill purchase option pro forma 120+koz gold annually
 A$80 million purchase option on multi-mine operation anchored by 1.2 Mtpa gold mill next door to
Beta Hunt, multi-million ounce resource on 1000+ km2 land package
 If option exercised, Westgold to become 19.9% shareholder of RNC – significant endorsement from
experienced, well-respected Western Australia operator
 Spin-out of TNN subsidiary (68% RNC) as a TSXV gold-focused exploration company
 Project portfolio: Qiqavik and West Raglan in northern Quebec; Carolina gold belt properties
34
Appendix
Beta Hunt: SKO Transaction Terms
RNC to acquire a purchase option and toll milling rights at SKO in exchange for 23.4 million common
shares of RNC, worth approximately A$8 million
Purchase Option:
 Westgold has granted RNC a six-month option (the “Option”) to purchase SKO, including all existing mining, milling,
and infrastructure assets, for A$80 million (the “Purchase Price”)
 Option Fee: In exchange for the Option, RNC will pay Westgold an upfront option fee of A$4 million, equal to
5% of the Purchase Price, in common shares of RNC
 Should RNC exercise the Option, this fee will be deducted from the Purchase Price
 Extension: RNC is entitled to extend the Option for an additional six months by paying an additional 5% of the
Purchase Price (the “Extended Option Payment”)
 Should RNC exercise the Option after six months, only the Extended Option Payment will be deducted
from the Purchase Price
Toll Milling Agreement:
 Westgold has granted RNC access to 50% of its plant capacity at SKO, on an approximate three week on three week
off basis, for a 12 month period commencing July 1, 2017
 Toll Milling Rights: In exchange for these toll milling rights, RNC has issued approximately A$4 million in
common shares to Westgold
 Toll Milling Costs: RNC will pay toll processing fees on a fixed plus variable arrangement on commercial terms.
It is anticipated that the total toll processing and transportation costs under this arrangement will be
materially lower than RNC is currently budgeting for processing of Beta Hunt ore in 2017
www.royalnickel.com
35
Appendix: Financing Commitments (as at July 11, 2017)
Metal Prepayments:

US$13.3 million senior secured gold loan:


Remaing balance repaid by delivery of 560 ounces per month over 25 month period
14,000 ounces)
(total of
US$10.9 Million Secured Copper Prepayment Agreement:

Remaing balance repaid by delivery of 3.9 million lbs of copper over 12-month period
Working Capital Facilities:

US$11.0 million working capital facilities:




US$5.5 million in-process gold facility for higher grade material, US$4.0 million for lower grade material, and a US$1.5 million inprocess nickel facility
Interest rate of LIBOR + 4.5% per annum
Auramet may purchase, at market rates, all gold and nickel from Beta Hunt during the loan term
US$5.0 Million Copper Working Capital Facility:



US$5.0 million facility as part of a copper purchase agreement
Interest rate of LIBOR + 4.5% per annum
Each month during the term of agreement, Auramet will purchase RNC’s share of accountable metal content of Reed output in prior
month and advance to RNC 95% of the purchase amount
Unsecured Debt:

US$1.5 million unsecured debt facility, 12% annualized interest, repayments commenced March, 2017
Convertible Debt Facility:


US$10 million senior secured convertible term debt facility closed June 7, 2017 (10% annualized interest paid quarterly;
bullet repayment at end of 4-year term)
Convertible into shares of RNC at US$0.1912/share (to maximum of 75% of principal) or units of the RNC/Waterton nickel JV
36
Appendix
Beta Hunt Mine – Q1 2017 Overview
 Tonnes mined in Q1 17 up 56% yearover-year and have averaged 1,590 tpd
in first two weeks of May 2017, 40%
higher than Q1 17 rates
 Q1 17 gold grade adversely impacted
by lower than anticipated grades from
initial portion of first Western Flanks
stope (1.5-1.8 g/t), which have
subsequently improved to meet
expectations of 2.5 g/t
 As gold production ramps up and
grades improve, operating costs
expected to decline towards target
levels
 2017 guidance:
50-60koz, net AISC US$1,100-1,200/oz
declining to target US$900-1000 by Q4
Beta Hunt Overview
Beta Hunt Mine
Gold tonnes mined (000s)
Gold mined grade (g/t)1
Gold tonnes milled (000s)
Gold mill grade (g/t)1
Gold mined (ounces)1,2
Gold sales (ounces)
Nickel tonnes mined (000s)
Nickel tonnes milled (000s)
Nickel mill grade, nickel (%)
Nickel in concentrate tonnes (000s)
Q1 2017
Q1 2016 6
102
1.69
69.2
1.62
5,535
6,132
6.8
6.8
2.51
0.15
66.2
2.41
43.1
2.65
5,636
3,416
29.4
29.7
3.04
0.80
Beta Hunt Mine
Gold all-in sustaining cost, net of by-product credits (US$ per ounce sold)3,4,5
Gold C1 cash operating cost, net of by-product credits (US$ per ounce sold)3,4,5
Nickel C1 cash operating cost (US$ per lb. sold)4
Nickel C1 cash operating cost (US$ per tonne sold)4
Nickel all-in sustaining cost (AISC) (US$ per lb. sold)4
Nickel all-in sustaining cost (AISC) (US$ per tonne sold)4
Q1 2017
$1,685
$1,647
$2.97
$6,541
$3.00
$6,618
1. The difference in gold sales ounces and gold mined ounces is due to the receipt of gold sales in January 2017 from ore milled in December 2016.
2. As of March 31, 2017, 33 kt of gold mineralization from Q1 2017 production remained on the ROM pad for tolling in the subsequent quarter, compared to 22 kt of gold mineralization from December 2016 production as of December 31,
2016.
3. Gold operations in the first quarter of 2017 were in the ramp up stage towards commercial production and operating and sustaining costs per ounce are not comparable to other companies.
4. All-in sustaining cost, net of by-product credits, cash operating cost, net of by-product credits, cash operating cost, cash operating cost per tonne, all-in sustaining cost, and all-in sustaining cost per tonne are not recognized measures
under IFRS. Such non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures
internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors, and others who follow RNC’s performance, assess performance in this way.
Management believes that these measures better reflect RNC’s performance and are better indications of its expected performance in future periods. This data is intended to provide additional information and should not be considered
in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
5. Excluding in each case typical inventory adjustments of C$1.6 million as of March 31, 2017.
6. In the quarter ended March 31, 2016 the Beta Hunt Mine was 66% owned during the fifteen day period commencing March 16, 2016. The table is a summary of the Q1 Production from the Beta Hunt Mine reported on a 100% basis.
37
Appendix:
Beta Hunt Resource
Beta Hunt Nickel Mineral Resources as at February 1, 20161,2,3,5
Nickel
Classification
Inventory
(kt)
>=1% Ni
Measured
Indicated
Total
Inferred
96
283
379
216
Grade
(Ni %)
4.6
4.0
4.2
3.4
Contained Metal
Nickel Tonnes
(NiTs)
4,460
11,380
15,840
7,400
Beta Hunt Gold Mineral Resources as at February 1, 20161,2,4,5
Gold
Classification
Inventory
(kt)
>=1.8 g/t Au
Measured
Indicated
Total
Inferred
0
815
815
2,910
Grade
(Au g/t)
0.0
3.5
3.5
3.4
Contained
Metal
(Ounces)
0
92,000
92,000
321,000
1.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral
Reserves.
2.The Mineral Resource estimates include Inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be
categorized as Mineral Reserves. There is also no certainty that Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling, or into Mineral Reserves once
economic considerations are applied. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding
3.Nickel Mineral Resources are reported using a 1% Ni cut-off grade
4.Gold Mineral Resources are reported using a 1.8 g/t Au cut-off grade
5.Mineral Resources described here has been prepared by Elizabeth Haren, MAusIMM CPGeo, of Haren Consulting Pty Ltd.
Cautionary Statement
The decision by SLM to produce at the Beta Hunt mine was not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased
uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such
projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would
have a material adverse impact on SLM’s cash flow and future profitability. It is further cautioned that the PEA is preliminary in nature and includes inferred resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves . No mining feasibility study has been completed on Beta Hunt. Mineral
resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
Source: Beta Hunt Mine PEA dated March 4, 2016 available at www.royalnickel.com and www.sedar.com
38
NI 43-101 Compliance
Compliance Statement (JORC 2012 and NI 43-101)
Qualified Person
The technical information in this presentation relating to historic exploration results at the Beta Hunt Mine is based on information compiled by Steve Devlin, who is a member of the
Australian Institute of Mining and Metallurgy. Mr. Devlin is a full time employee of Salt Lake Mining Pty Ltd and has sufficient experience, which is relevant to the style of mineralization and
type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of
Exploration Results.
Face sampling in the HOF drive was conducted by SLM personnel. Samples are shipped to ALS Minerals Geochemistry of Kalgoorlie for preparation and assaying by 25 gram fire assay analytical
method. First sample of each sample submission incorporates a barren rock sample as a flush to clean the lab crusher and pulveriser and as a check for contamination. Analytical accuracy and
precision are monitored by the analysis of insertion of blank material and a certified standard.
The disclosure of scientific and technical information contained in this presentation has also been approved by Alger St-Jean, Vice President Exploration of RNC, who is a “Qualified Person”
under National Instrument 43-101.
Quality Assurance - Quality Control (“QA/QC”) at Beta Hunt
The majority of the Nickel Mineral Resources reported has been defined by drillholes completed in 2008 and 2014 while the gold Mineral Resources have been generated from drillholes
completed over the life of the Beta Hunt mine. Sampling and assaying methodologies have been tailored to either nickel or gold depending on the drill target.
All diamond core samples have been analyzed by external laboratories with various levels of company based and laboratory internal QA/QC programs implemented. Some quality issues have
been identified over time however the Qualified Person does not consider the overall effect of minor errors to be material to the reported Mineral Resources. This is supported in the case of
the nickel estimates by reconciliation of nickel production by SLM during 2014.
Drillhole programs completed by SLM follow industry standard procedures for drilling, collection of samples and submission to external laboratories. Where specific gravity data is absent,
regression curves have been used to populate the database. Data collection, retention and backup by SLM follow industry standards. No independent verification of significant intersections
has been performed. Overall thorough QA/QC protocols are followed at Beta Hunt and the Qualified Person is satisfied that the data is reliable.
The Mineral Resource estimates set out in this presentation have been prepared using accepted industry practice and classified in accordance with the JORC Code, 2012 Edition. Elizabeth
Haren, MAusIMM CPGeo, of Haren Consulting Pty Ltd accepts responsibility as Qualified Person for the Mineral Resource estimates. The “JORC Code” means the Australasian Code for
Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists
and Mineral Council of Australia. There are no material differences between the definitions of Mineral Resources under the applicable definitions adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM Definition Standards") and the corresponding equivalent definitions in the JORC Code for Mineral Resources.
Readers are advised that Mineral Resources not included in Mineral Reserves do not demonstrate economic viability. Mineral Resource estimates do not account for mineability, selectivity,
mining loss and dilution. These Mineral Resource estimates include Inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral reserves. There is no certainty that Inferred Mineral Resources will be converted to Measured and Indicated categories
through further drilling, or into Mineral Reserves, once economic considerations are applied.
Based on the resource estimate, a standard methodology for stope design, mining sequence and cut-off grade optimization, including application of mining dilution, process recovery,
economic criteria and physical mine and plant operating constraints has been followed to design the mine and to complete a Preliminary Economic Assessment (“PEA”) report for the BetaHunt Mine by David Penswick, P.Eng.
The full Beta Hunt Mine PEA dated March 4, 2016 is available at www.royalnickel.com and www.sedar.com.
39
Corporate Overview
Share Structure1:

Basic Shares Outstanding2:
 Convertible (price: US$0.1912 (C$0.2573))3
 Options (ave. exercise price: C$0.41)
 Deferred/Restricted Share Units
 Warrants (ave. exercise price: C$0.49)
 Compensation Warrants (ave. exercise price C$0.41)
 Contingent Shares
306.5 million
39.2 million
27.9 million
4.5 million
17.2 million
1.5 million
7.0 million

Fully Diluted Shares Outstanding:
403.8 million


Directors and Officers Share Ownership:
Large Shareholders:
Eric Sprott
Oppenheimer Funds, Inc.
Balance Sheet Highlights:
 Cash and Cash Equivalents4:
 Market Capitalization1:
1.
2.
3.
4.
~4%
~10%
~4%
C$3.6 million
C$56.6 million
Shares outstanding, fully diluted shares outstanding, shareholdings and market capitalization as at July 10, 2017
Includes 23.4 million shares to be issued to Westgold Resources Limited in exchange for tolling rights and the option to acquire the SKO business unit
Assumes maximum conversion of 75% of $10M principal into RNC common shares; US/C $ exchange rate as at June 7, 2017
Cash and cash equivalents as at March 31, 2017
www.royalnickel.com
40