TSX:Ni

March 2015

NICKEL

World-Class, Shovel-Ready,

Sulphide Nickel Project

FRAC SAND

Highest-Quality Frac Sand Product,

Large Resource, Cash Flow

TSX:Ni

One Company, Two Compelling Investment Opportunities

TSX:Ni

2

Victory Nickel Company Profile

Ni:TSX – Share Capital Structure

Shares Outstanding (10:1 consolidation 17/09/14) ~57.6 million

Fully Diluted Shares* ~79.7 million

Market Capitalization (04/02/15) $10.7 million

Debt (incl. $4 M secured line of credit; $6 M unsecured

convertible notes); $1 .5 M receivables line)

$11.5 million

Major Shareholders

• A&M International 9.5%

• Jien International 9.2%

• Sea Shell Limited 8.4%

• Nuinsco Resources Ltd. 5.8%

• Management & Directors 2.0%

*~2.8 M options ($0.70 average exercise price); warrants ~11.3 M ($0.35 exercise price); ~2 M ($1.00

exercise price); ~6.5 M from convertible note ($1.00 conversion price).

Victory

Silica Ltd. (100%)

Victory

Nickel Inc.

TSX:Ni

Supplying Canada with Highest Quality Frac Sand

Multi-Phased Business Plan

Phase 1 complete Phase 2 approved by board Ownership of Wisconsin and significant

Manitoba frac sand resources Permitting of Wisconsin property Phase 3 Winnipeg site selection progressing

Extreme valuation discount

Strong stock performance for US peers More advanced than Canadian peers

3

One Company Two Compelling Investment Opportunities

Well Positioned for Resurgence in Nickel Market

Four Nickel Projects in Canada:

Over 1 billion lbs nickel in M&I resource

Flagship Minago Project in Manitoba:

Feasibility study complete, permitted for development

Frac Sand Co-Product at Minago

NICKEL FRAC

SAND

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4 4

Company History From Nickel to Frac Sand

2007: Victory Nickel created

2009: Feasibility study for Minago: significant frac sand by-product value identified (12.6 million tonne NI-43-101 frac sand resource)

2011-12: Minago permitted for production, meaningful decline in nickel prices

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

2013: A multi-phased frac sand business created, independent of, yet complimentary to Minago

Q1 2014: Proof of concept: first frac sand sales

Q3 2014: Plant commissioning complete, sales on-going, operating cash flow

Q4 2014: Optioned Wisconsin frac sand property

Q1 2015: NI-43-101 indicated frac sand resource of 10.9 million tons in Wisconsin

Frac Sand

Nickel

TSX:Ni

Company Profile Nickel Projects

Four Advanced Sulphide Nickel Projects

Approximately 1 billion pounds of nickel in Measured and Indicated resources and 300 million pounds of Inferred resources, NI 43-101

Lynn Lake optioned to Corazon Mining

5

TSX:Ni

Minago Project The Property

Well-located

Sulphide nickel deposit

Exceptional metallurgy

Open pit and underground mining potential

Bankable feasibility study on open pit only

Exceptional exploration upside

Minago PropertyMinago

Property

6

TSX:Ni

Minago Project Reserves and Production Upside

Nose Deposit open pit: 8.6-year mine life

Nose Deposit U/G (inferred resource)

North Limb: Exploration target

Mineralization open to west, north and at depth

Combined resources projected mine life of <20 years

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TSX:Ni

Minago Project Nickel Concentrate Assay

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Assay Component Unit Value

Ni % 22.3

Cu % 1.4

Co % 0.46

Pt g/t 2.47

Pd g/t 6.31

Au g/t 0.63

Ag g/t 4.3

Rh g/t 0.59

S % 24.4

Fe % 17.0

MgO % 10.4

SiO2 % 12.7

Al % 0.11

As g/t 61.0

Ba g/t 61.0

Be g/t 0.10

Bi g/t <20

Ca % 2.0

Cd g/t <4

Cr g/t 410

Assay Component Unit Value

Hg g/t <0.3

K g/t 410

Li g/t <5

Mn g/t 270

Mo g/t 22

Na g/t 240

P g/t 131

Pb % 0.097

Sb g/t <30

Se g/t <40

Sn g/t <20

Sr g/t 40

Ti g/t 200

Tl g/t <30

U g/t <60

V g/t <20

Y g/t <10

Zn % 0.18

Cl % 0.044

F % 0.066

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Minago Project Feasibility Study Optimization

9

Minago Sulphide Nickel Project: Economic Summary Comparison

Base Case Dec. 14, 20091

($million except % & yrs)

Base Case July 19, 20111,2

($million except % & yrs)

At Today’s Metal Prices Feb. 26, 2015

Undiscounted cash flow 917.7 1,418.4 634.6

NPV @ 8% 293.8 513.0 118.7

NPV @ 6% 402.6 669.3 205.1

IRR 17.7% 22.4% 11.9%

Pre-Production Capital 593.0 585.1 558.4

1. Three-year trailing average US$ 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; $Can/$US exchange rate: 1.097

2. Updated resource

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Minago Project Cost Summary

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C1 Cash Cost Per lb Ni Feasibility Study After Optimization

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

Metal By-Product Credits

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

Frac Sand By-Product Value

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

Cash Cost per lb Nickel Before Credits

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

*Net C1 costs increase when metal production increases without corresponding frac sand increase (same size pit)

NICKEL The Free

“Call Option”

Victory Nickel Inc.

TSX:Ni

Large domestic resource at Minago

Frac sand boom continuing

Very strong market fundamentals for frac sand

Experienced frac sand industry management

Low cost of entry/early cash flow

Strong peer group valuation

First ever public information from recent IPOs

New frac sand producer with extreme value

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Why Victory Silica? Building a Business Independent of Minago

On the way to becoming the largest supplier of the highest quality imported and domestic frac sand for delivery in Canada

TSX:Ni

Minago Project Frac 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*

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*Company estimates, non-NI 43-101

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Minago Project Co-Product: Frac Sand

Feasibility Study Highlights

11.2 million tonnes marketable frac sand in pit footprint alone

Mined over first three years

Sales over 10 years

Mine gate margin per tonne ~$63

Annual net revenue ~$70 M

Processing cost/tonne = $6.50

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

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Frac Sand

Nickel

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15 15

Shale Gas / Tight Oil Revolution Frac Sand Boom

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

scale

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

The rapid implementation of technology changed the North American energy

landscape, with a “sand boom” being a resulting factor

The Freedonia Group reports that frac sand consumption in North America increased by 323% between 2007 and 2012

Impact of recent oil price decrease yet to be determined

Frac sand is an effective way to participate in North America’s ‘unconventional’ oil and gas production growth

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

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Hydraulic fracturing or ‘fracking’ is a technique used in the development of

oil & 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 unique API specifications such as mineralogy,

roundness and strength for use in the oil & gas industry as a proppant

Victory Silica’s

Frac Sand

30/50 20/40

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Proppant / Frac Sand Market Dynamic Demand

Modified from Source: Raymond James “North American Sand Rush” August 19, 2014

Increasing Frac Intensity

North American

Proppant

Demand Model

2017 Freedonia

Report Estimate,

August 2013

Increasing Sand Intensity

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Proppant / Frac Sand Market Positive Demand Trends

Drilling

Rig Count

%

Horizontal

Rigs

Wells

Per Rig

Lateral

Length

Per Well

Frac Stages

Per Lateral

Proppant

Per Stage

Not to scale, for illustrative purposes only

Recent decline in

overall drilling

activity largely

due to pull back in

oil price

North American oil

and gas

production

increasingly from

unconventional

resource plays

Pad drilling and

fit-for-purpose rigs

driving efficiency

gains

Longer wells

typically equate to

more proppant

use

Trend towards

tighter spacing

between fracks

equates to more

proppant use

Trend towards

more proppant

per frack driven

by increasing

evidence of

resulting

increased flow

rates and

extended well

lives

Commodity Price

Dependant

Positive Structural Demand

Trends for Proppant

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Frac sand prices have declined as knee jerk reaction with WTI oil price, though at a lesser rate and market fundamentals

exist to help mitigate continued downward pressure

Frac Sand Price Index Frac Sand Measured as a Component of PPI

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Experienced Management Victory Silica Limited

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René R. Galipeau /Chairman 35+ years mining experience with Hudson Bay, Breakwater Resources, Lac Minerals, Rio Algom. Current Vice-Chair & CEO of Victory Nickel.

Ken Murdock /CEO & Director Engineer with over 25 years experience in the aggregate/construction & oilfield materials/frac sand industries. In addition to operating as an independent consultant in Canada and Wisconsin, frac sand industry experience includes Canfrac Sands (operations), United Industrial Services (design, permitting, construction, operation and marketing of a silica sand project in Peace River) and Lafarge Cement.

David Frey /Vice-President, Logistics Extensive experience in the logistic industry in Alberta. Held numerous operations, sales and management roles with several companies including Narum Carriers, Tri-Line Carriers and Kleysen Transport.

Troy Bergen /Plant Manager, Seven Persons Frac Sand Facility Operated the Seven Persons frac sand facility between 2008 and 2010 with previous owner 3R Sand Ltd. Prior to that, he was Operations Manager with Clean Earth Environmental Ltd.

Jeff Bradley /Marketing & Logistics Representative 10 years of operational and sales experience in Alberta’s oil &gas sector, including Cathedral Energy Services, Aaron Drilling, Colter Production Services and Opsco Energy Industries.

Alison Sutcliffe /Chief Financial Officer, Sean Stokes /Corporate Secretary (See Victory Nickel Appendix)

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Victory Silica Business Plan Phased Approach – Clear Path for Growth

Phase 1: Market Entry

Cost of $6 million

Seven Persons (dry) Plant: processing infrastructure in Alberta (500 ktpa)

Ship contracted (wet) sand from Wisconsin

Strategic storage capacity

Phase 3: Growth

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

Site selection with favourable logistics (CN, CP,BNSF)

Initially supplied from Wisconsin

Minago Sand

Longer-term upside

Currently looking at smaller pit configuration to target frac sand only

Phase 2: Vertical Integration

Wisconsin mine JV including wash plant ownership/frac sand property option

Security of sand supply/quality control

Margin enhancement

TSX:Ni

($US) Emerge Energy

Services (NYSE: EMES)

Hi-Crush Partners

(NYSE: HCLP)

US Silica Holdings

(NYSE: SLCA)

Victory Silica (Forecast)

Phase 1,2 Phase 3 Phase 1,2,3

Cash Raised on IPO Capex Requirements

$140 M $225 M $200 M $ 11 M

$ 30 M

$ 40 M

2013 Frac Sand Tons Sold 2,651,000 1,849,075 2,960,800 500,000 1,040,000 1,540,000

Adj. EBITDA Adj. EBITDA Frac Sand Only

$85 M $69 M

$69 M $69 M

$161 M $116 M

$14.5 M2,4

$26 M

$40.5 M2,4

Forecast EBITDA / Ton Sold Actual EBITDA / Ton Sold

$26.21

$29.44

$39.03

$29.002

$34.221

$25.00 $34.221

$26.302

$34.221

Market Cap (Feb., 2015)

Enterprise Value (EV) $1,280 M $1,500 M

$1,350 M $1,600 M

$1,650 M $1,790 M

$8.1 M $19.3 M4

- -

- -

2015E EBITDA $200 M3 $217 M3 $324 M3 $14.5 M2,4 - -

EV/2015E EBITDA 7.5x 7.4x 5.5x 1.3x2,4

Implied Enterprise Value at 6.8x1 EV/2015E EBITDA @ EBITDA/ton estimated by Victory Silica (Does not include Phase 3 or margin enhancement – for illustration purposes only)

$ 99 M

1 - average of Emerge, Hi-Crush, and US Silica 2- includes Phase 2 margin improvement, assumes full sales capacity 3- consensus estimates, source: Cowen & Company January 11th 2015 4 - before Nuinsco debt repayment

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Victory Silica Relative and Implied Valuation

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

North American Shale Basins Current Market Focus

Formations Sold Into

• Alberta Bakken

• Cardium

• Deep Basin

• Duvernay

• Lower Shaunavon

• Montney

• Viking

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Processing purchased import wet sand (concentrate) from Wisconsin

Seven Persons Plant

Fully-functioning sand plant on 22.4 acres

22,000 tons product storage capacity

$6.0 M capex to take dry plant capacity to 500,000 tpa (complete)

Commissioning complete

Production increasing each quarter

Reported Q3 EBITDA $597,000 from frac sand operations

Full production expected during 2015

Phase 1: Market Entry Seven Persons Plant – Medicine Hat, Alberta

Phase 1

Annual Sales Capacity 500,000 tons

Estimated Margin $25/ton

Selected Victory Silica Customers

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Phase 1: Milestones

Wisconsin sand purchase agreement

Sand washing agreement

Wisconsin transload agreement

Rail agreement, rail siding agreement

Railcar leasing agreement

Seven Persons trucking agreement

Equipment leasing agreements

Plant construction completed

First sand deliveries from Wisconsin

First frac sand product sale

Plant commissioning completed

Spot sales on-going

Acquisition of frac sand resource in Wisconsin

Secured second transload in Minnesota

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Phase 1: Production Reconciliation

22,519

39,121

47,515

0

20,000

40,000

60,000

To June 30,2014

Q3 2014 Q4 2014

47,515

23,368

12,966

9,677

9,464 6,848

4,546 114,384

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

ACTUALPRODUCTION

RAIL SERVICEFAILURE

WEATHERRELATED

DRYERAVAILABILITY

PLANTAVAILABILITY

TRAINING OTHER POTENTIALPRODUCTION

TON

S

Q4 2014

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Phase 2: Vertical Integration Wisconsin Property / Wash Plant

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Secure sand supply, enhance margins

Entered into option agreement to acquire Bear Coulee frac sand property in Wisconsin

Recently announced NI 43-101 Indicated Resource of 10.9 million tons of Northern White sand on Bear Coulee property

Construct a 1,000,000 tpy ‘moveable’ frac sand wash plant in Wisconsin / Minnesota

Phase 2

Capex ~US$5.0 million

Annual Sales Capacity 500,000 tons

Estimated Margin $>25/ton

Source: Wisconsin Geological and Natural History Survey

TSX:Ni

Phase 3: Growth Winnipeg Processing Site

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Build processing facility in Winnipeg

Identifying suitable site serviced by multiple railroads

Construct new dry plant – 18 mos. from start

Supply from Wisconsin and area (Minago longer-term supply option)

Target Western Canada (CN) and US Bakken (CP, BNSF) markets

Phase 3

Capex ~US$30 million

Working Capital ~US$15 million

Annual Sales Capacity 1,040,000 tons

Estimated Margin $>25/ton

Winnipeg

Wisconsin

TSX:Ni

Victory Silica Peer Group Performance

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Preferred Sands/Winn Bay $200 M acquisition Jan. 2012 (private)

US Silica Holdings IPO: Raised $200 M Feb. 2012 ($1.7 B market cap)

Hi-Crush Partners IPO: Raised $225 M Aug. 2012 ($1.4 B market cap)

Emerge Energy Services IPO: Raised $140 M May 2013 ($1.3 B market cap)

FMSA Holdings (Fairmount Minerals) IPO: Raised $400 M Oct. 2014 ($1.0 B market cap)

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Victory Silica Select Canadian Frac Sand Companies

Modified from Source: Raymond James “North American Sand Rush” August 19, 2014

Phase 1,2

Phase 3 MB/WI 16/30 -100

16/30 -100

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Minago Project Investment Sumarry

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 value based 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

TSX:Ni

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Cash flow and robust cash flow growth: Initial sales made March 2014, plant commissioning complete, clear path forward

Meaningful discount to peer group: U.S. peers U.S. Silica, Hi-Crush, Emerge Energy Services, FMSA Holdings

Large domestic frac sand resource: Minago a longer-term strategic asset; potential for smaller, less capital intensive pit configuration to target frac sand only

Resource and large property position in Wisconsin: provides security of supply

A sustained resurgence in nickel prices could have a meaningful

impact on Victory Nickel’s valuation: currently investors have a ‘free call option’ on Minago’s advanced nickel sulphide project

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Victory Silica Investment Summary

TSX:Ni

33

René R. Galipeau /CEO & Director – Victory Nickel Inc. Accountant with 30+ years mining experience with Hudson Bay, Breakwater Resources, Lac Minerals, Rio Algom

Steve Harapiak /President & COO – Victory Nickel Inc. Engineer with 30+ years experience, including Hudson Bay, Noranda, Denison and CEO of Potash Corp. (Crown Corp.)

Alison Sutcliffe /VP Finance & CFO – Victory Nickel Inc. CA with 20+ years experience, most recently with Dundee Corp.

Paul L. Jones /VP Exploration – Victory Nickel Inc. Geologist and QP with 25+ years experience with more than 20 juniors

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

David Mchaina /VP Environment & Sustainable Development – Victory Nickel Inc. Ph.D. with 20+ years experience, including Boliden, Westmin, Goldcorp

Victory Nickel Management Team

TSX:Ni

Victory Nickel Qualified Independent Board

Cynthia Thomas /Chair MBA, 20+ years international mining and project finance, former Director Mining Investment Banking – ScotiaMcLeod

René R. Galipeau /CEO & Director

Peter R. Jones Engineer, former CEO of Hudbay Minerals, 40+ years mining experience with Hudbay, Cominco, Cape Breton Development, Granduc Operating Co. and Adanac Molybdenum

Michael Anderson Lawyer, nine years as General Counsel and Secretary with Denison Mines, previously a partner with Gowling Lafleur Henderson LLP, in-house counsel with John Labatt, General Counsel for Swift Canadian

Roland Horst 35 years mining experience as a CEO, banker, investment banker and geologist

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TSX:Ni Disclaimer

Some of the statements contained in the following material may be "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Victory Nickel believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Victory Nickel based on information currently available to Victory Nickel. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Victory Nickel to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Victory Nickel. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete intended financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Victory Nickel disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Victory Nickel believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Victory Nickel resources are as follows: Minago: Measured: 11.1 million tonnes grading 0.56% Ni, Indicated: 43.1 million tonnes grading 0.51% Ni, Inferred: 14.6 million tonnes grading 0.53% Ni; Lynn Lake: Measured: 1.0 million tonnes grading 0.76% Ni, Indicated: 21.9 million tonnes grading 0.56% Ni, Inferred: 8.1 million tonnes grading 0.51% Ni; Mel: Indicated: 4.3 million tonnes grading 0.88% Ni, Inferred: 1.0 million tonnes grading 0.84% Ni; Lac Rocher: 0.29 million tonnes grading 1.23% Ni, Indicated: 0.51 million tonnes grading 1.05% Ni, inferred: 0.44 million tonnes grading 0.65% Ni.

The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

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