World Class,Shovel Ready,Nickel SulphideProject

Highest QualityFrac Sand ProductAvailable in theCanadianMarket

Victory NickelCompany Profile

SupplyingCanada with HighestQuality Frac Sand

Multi Phased Business PlanPhase 1 completeSales on goingPhase 2 approved by boardOwnership ofWisconsin andManitobafrac sand resourcesPermitting ofWisconsin propertyunderwayPhase 3Winnipeg site selection ongoingDevelopment of domestic and additionalWisconsin sand programs are in progress

One CompanyTwoCompelling InvestmentOpportunities

Well Positioned for Resurgence inNickel Market

Four Nickel Projects in Canada:

Over 1 billion lbs nickel in M&I resource

Flagship Minago Project in Manitoba:

Feasibility study complete, permitted fordevelopment

Frac sand co product at Minago

Company HistoryFromNickel to Frac Sand

2007: Victory Nickel created

2009: Feasibility study for Minago: significantfrac sand by product value identified

2011: Minago permitted for production

2011 12: Meaningful decline in nickel prices

2012: Victory Silica created to help unlockvalue of frac sand at Minago

2013: Frac sand business created, independent of

Q1 2014: Proof of concept: first frac sand sales

Q3 2014: 7 Persons Plant commissioning complete

Q4 2014: Option signed to acquireWI frac sand resource

2016: 7 Persons Plant on care &maintenance due todownturn

Q1 2017: Frac sand sales resume

Frac Sand

Nickel

Experienced ManagementVictory Silica Limited

René R. Galipeau /Chairman35+ years mining experience with Hudson Bay, Breakwater Resources, Lac Minerals, RioAlgom.CurrentVice Chair &CEO ofVictory Nickel.

KenMurdock /CEO & DirectorEngineer with over 25 years experience in the aggregate/construction & oilfield materials/frac sand industries. In addition to operating asan independent consultant in Canada andWisconsin, frac sand industry experience includesCanfrac Sands (operations), United IndustrialServices (design, permitting, construction, operation andmarketing of a silica sand project in Peace River) and Lafarge Cement.

Troy Bergen /Plant Manager, Seven Persons Frac Sand FacilityOperated the Seven Persons frac sand facility between 2008 and 2010 with previous owner 3R Sand Ltd. Prior to that, he wasOperationsManager withClean Earth Environmental Ltd.

Paul L. Jones Geological ConsultantGeologist andQP with 25+ years experience with more than 20 juniors

Sean Stokes /Corporate Secretary(SeeVictory Nickel Appendix)

ShaleGas /TightOil RevolutionFrac Sand Boom

Unconventional ‘shale gas’ and ‘tight oil’ previously uneconomic to recover at a largescale

Efficiency gains in horizontal drilling and the introduction of ‘fracking’ helped unlockvast natural gas and oil resources

The rapid implementation of technology changed the NorthAmerican energylandscape, with a “sand boom” being a resulting factor

Frac sand is an effective way to participate in NorthAmerica’srampant ‘unconventional’ oil and gas production growth

What is ‘Fracking’? Frac Sand?Not all sand makes frac sand!

Hydraulic fracturing or ‘fracking’ is a technique used in the development ofoil & gas formations to increase flow and extend well life.Proppant (such as frac sand) holds or ‘props’ the formation open, increases porosity,and increases oil/gas flow to the wellhead

Frac sand must meet uniqueAPI specifications such as mineralogy,roundness and strength for use in the oil & gas industry as a proppant

VictorySilica’s

Frac Sand

30/50 20/40

Proppant / Frac SandMarketHydraulically FracturedWells on the Rise

USOil Production (2000 2015)

Proppant / Frac SandMarketRig Count on the Rise

NorthAmerican Rig Counts (Jan Nov 2016)

Proppant/Frac SandMarketFrac Sand Intensity on the Rise

IndustryAverage Proppant per Frac Job

Average sand use per well has increased by 128%Q12016 overQ2 2012Re fracking of wellsUncompleted wells inventory

Proppant / Frac SandMarketProppant Demand on the Rise

Quarterly NorthAmerican Proppant Demand

Frac Sand Price IndexFrac Sand Pricing on the Rise

Manitoba, Saskatchewan,Alberta, B.C., North Dakota

NorthAmerican Shale BasinsInitial SupplyOpportunities

Victory Silica Business PlanPhasedApproach –Clear Path forGrowth

Phase 1: Market Entry

Seven Persons (dry) Plant:processing infrastructure inAlberta (500 ktpa)

Ship contracted (wet) sandfromWisconsin

Wash plant capability

Strategic storage capacity

Phase 3:Growth

Winnipeg (dry) plant:processing infrastructure inManitoba (1,040 ktpa)

Site identified with favourablelogistics (CN, CP,BNSF)

Initially supplied fromWisconsin

Minago Sand

Longer term upside

Currently looking at smallerpit configuration to target fracsand only

Phase 2:Vertical Integration

Wisconsin mine JV including wash plantownership/frac sand property option

Security of sand supply/quality control

Margin enhancement

Processing purchased import wet sand(concentrate) fromWisconsin

Seven Persons PlantFully functioning sand plant on 22.4 acres

22,000 tons product storage capacity

$6.0 M capex to take dry plant capacity to500,000 tpa (complete)

120,000 tpa wash plant capability

Phase 1: Market EntrySeven Persons Plant – Medicine Hat, Alberta

Dry Sand Program

Ship dry, finishedWisconsin northern white frac sand by rail to FortSaskatchewan transload

Enhanced pricing andmargin due to closer proximity to customers inGrandePrairie and other plays where frac sand is currently in demand

7 Persons Plant available as back up in the event of rail/other supply disruptions

Domestic Sand Program

Supplying domestic and imported sand was always a part of initial Phase 1 plan;high demand forWisconsin sand in 2014 put domestic sand sales on hold

Today’s market realities makes domestic sand more attractive for cost savings

7 Persons Plant has 120,000 tpa wet sand processing facility already on site;~$150,000 capex to get wet plant up and running, when necessary

Victory SilicaOngoing Supplemental Programs

Phase 2: Vertical IntegrationWisconsin Property /Wash Plant

Secure sand supply, enhance marginsEntered into option agreement to acquireWisconsin frac sand propertyApproval from Board or Directors to proceedwith Phase 2, including construction of a1,000,000 tpy frac sand wash plant inWIOil price crash put this on holdProvides significant flexibility to adapt tomarket conditions

Phase 3: GrowthWinnipeg Processing Site

Build processing facility inWinnipegLease existing rail supported industrialsite

Construct new dry plant – 18 mos.from start

Supply fromWisconsin and area(Minago longer term supply option)

TargetWestern Canada (CN) andUSBakken (CP, BNSF) markets

Minago ProjectNickel / Frac SandCo Production

One of Canada’s largest undeveloped sulphide nickel resources

Positive feasibility study completed; permitted for production

Frac sand a significant value driver: US$2.90/lb Ni in co product valuebased on feasibility study

Superb location: Manitoba; road, rail, power access

11.2 million tonne frac sand resource, 2 billion tonne potential

Potential for smaller, less capital intensive pit configuration to target frac sand only

Valuable “CALL OPTION ” on nickel at $10.00/lb+

Minago ProjectCo Product: Frac Sand

Feasibility Study Highlights

11.2 million tonnes marketable fracsand in pit footprint alone

Mined over first three years

Sales over 10 years

Co product value per pound of nickel= $4.04 (US$3.68); optimized: $3.18(US$2.90)

Full details in feasibility studyavailable on SEDAR

Frac Sand

Nickel

Minago ProjectFrac Sand Potential

Existing resource within current pit shell:15 Mt

Existing & proposed quarry leases:75 Mt potential*

Proposed quarry exploration permits:475 Mt potential*

Entire land package (mineral leases +mining claims):2 Bt potential*

The“Call Option”

Company ProfileNickel Projects

FourAdvanced Sulphide Nickel Projects

Over 1 billion pounds of nickel in Measured and Indicated resourcesand 300million pounds of Inferred resources, NI 43 101 compliant

Lynn Lake optioned to Corazon Mining

Minago ProjectThe Property

Well located

Sulphide nickel deposit

Exceptional metallurgy

Open pit and underground miningpotential

Bankable feasibility study on openpit only

Exceptional exploration upside

Minago ProjectReserves and ProductionUpside

Nose Deposit open pit:8.6 year mine life

Feasibility study does not include:

Nose Deposit U/G (inferredresource)

North Limb: Exploration target

Mineralization open to west,north and at depth

Combined resources projectedmine life of >20 years

Minago ProjectNickel ConcentrateAssay

Minago ProjectFeasibility StudyOptimization

Minago Sulphide Nickel Project: Economic SummaryComparison

BaseCaseDec. 14, 20091

($million except%& yrs)

Base CaseJuly 19, 20111,2

($million except%& yrs)AtToday’s Metal Prices

Undiscounted cash flow 917.7 1,418.4 951.3

NPV@ 8% 293.8 513.0 278.0

NPV@ 6% 402.6 669.3 392.6

IRR 17.7% 22.4% 16.5%

Pre ProductionCapital 593.0 585.1 558.0

1. Three year trailing averageUS$metal prices and exchange rate as of market close December 10, 2009: Ni:$11.19/lb; Cu: $2.91/lb; Pd: $322.4/oz; Pt: $1,353.98/oz;Au: $836.25/oz; Co: $27.73/lb;Ag: $14.25/oz; $Can/$USexchange rate: 1.097

2. Updated resource

Minago ProjectCost Summary

C1CashCost Per lb Ni Feasibility Study AfterOptimization

Net of Credits * US $1.94 (C$2.12) US $2.20 (C$2.41)

Metal By ProductCredits

US $0.72 (C$0.79) US $0.77 (C$0.85)

Frac Sand By ProductValue

US $3.68 (C$4.04) US $2.90 (C$3.18)

CashCost per lb NickelBefore Credits

US $6.34 (C$6.95) US $5.87 (C$6.44)

*NetC1 costs increase whenmetal production increases without corresponding frac sand increase (same size pit)

Mel ProjectOverview100% owned25 km north ofThompsonNear surface, ramp/pit accessibleresourceDirect ship potentialMilling agreement withVale at cashcost +5%*Ongoing economic evaluationMetallurgical testing

Classification Tonnes(millions)

Grade(% Ni)

In Situ Nickel(millions lb)

Mel**

Indicated 4.3 0.875 83

Inferred 1.0 0.839 19

Lac Rocher ProjectOverview

Near surface deposit, high gradecomponent, direct ship potentialPEA indicates break even ~C$10Ni/lb andC$3.84/lb CuEIS submitted, access roadcompleteOn site upgrading: DMS, opticalsorting being evaluatedClassification Tonnes

(millions)Grade(% Ni)

In Situ Nickel(millions lb)

Lac Rocher**

Measured 0.29 1.23 8

Indicated 0.51 1.05 12

Total M&I 0.80 1.12 20

Inferred 0.44 0.65 6**At 0.5% nickel cut off

Victory NickelBoard andManagement

CynthiaThomas /ChairMBA, 20+ years international mining and project finance, former Director Mining Investment Banking – ScotiaMcLeod

René R. Galipeau /CEO & Director30+ years mining experience with Hudson Bay, Breakwater Resources, Lac Minerals, RioAlgom

Peter R. JonesEngineer, formerCEO of HudbayMinerals, 40+ years mining experience with Hudbay,Cominco, Cape Breton Development, GranducOperating Co. andAdanac Molybdenum

Michael AndersonLawyer, nine years asGeneral Counsel and Secretary with Denison Mines, previously a partner withGowling Lafleur Henderson LLP, inhouse counsel with John Labatt,General Counsel for Swift Canadian

Roland Horst35 years mining experience as aCEO, banker, investment banker and geologist

Paul L. Jones /Geological ConsultantGeologist andQP with 25+ years experience with more than 20 juniors

Sean Stokes /VPCorporate Affairs & Corporate Secretary –Victory Nickel Inc.20+ years finance, business development, communications experience, incl. TiberonMinerals, Liberty Minerals, Scandinavian Minerals,Nuinsco Resources

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