April 12, 2016

Research #3Nickel in Ontario

Nickel One discovers potentially significant nickel

deposit near surface in OntarioToday, Nickel One Resources Inc. has disclosed assays of the first 4 drill holes from its 100% owned Tyko Nickel-Copper-PGE Project near Marathon in northwestern Ontario, Canada. All 4 holes intersected significant nickel mineralization at shallow depths, including 1.04% nickel over 16 m (78 m downhole), which is almost 4 times the mineralization length of historic hole TK-06-001 (1.09% Ni over 4.15 m) and almost 3 times the mineralization length of historic hole TK-06-005 (1.05% Ni over 6.20 m). Another 10 holes have already been drilled, with assays pending and expected to be announced shortly. This phase-1 drilling program was designed to confirm orientation of mineralization in the channel structures and extend the continuity of mineralization – today’s initial results show that Nickel One is right on track and has confirmed to be sitting on a potentially significant deposit at surface.

Company Details

Nickel One Resources Inc.Suite 1110 - 1111 West Georgia StreetVancouver, BC, V6E 4M3 Canada Phone: +1 604 805 3530Email: info@nickeloneinc.comWeb: www.nickeloneinc.com

Shares Issued & Outstanding: 27,102,596

Canadian Symbol (TSX.V): NNNCurrent Price: $0.09 CAD (April 11, 2016)Market capitalization: $2 million CAD

German Symbol / WKN: 7N1 / A2AD3E Current Price: €0.055 EUR (April 11, 2016)Market capitalization: €1 million EUR

In 201

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Research #3 | Nickel One Resources Inc.2

ickel One’s President & CEO, Vance Loeber, commented in today’s press-release:

“Assays from the initial four holes from the recent drilling program on the RJ Zone at the Tyko Property, showcase considerable potential for the Project. A new magma conduit model, developed by Fladgate Exploration Consulting, was tested at RJ. Initial results support this model which potentially links the RJ and Tyko Zones (separated by 1.5 km) as part of pipe-like feeder system (Figures 1 and 2).”

Today’s assay results are from 4 holes (total of 580 m) that were drilled at the RJ Zone/Showing.

All 14 holes of the phase-1 drill program totalled 1,780 m, whereas pending assays are also from holes at the Tyko Zone/Showing, as well as a third (new) target named Bruce Lake Anomaly.

Rockstone eagerly awaits assays from the Tyko Zone/Showing and the newly discovered Bruce Lake Showing and ex-pects results within the next few weeks.

If Nickel One continues to exceed historic drilling results, Rockstone believes that Tyko may advance quickly to a world-class nickel deposit close to surface.

Hole No. Zone From m To m Length m Ni wt% Cu wt% Au ppm Pt ppm Pd ppmTotal PGE

ppmRJ Zone 3.6 92.5 88.9 0.26 0.14 0.01 0.04 0.04 0.09

Sub Zone 7.65 14.26 6.61 0.54 0.27 0.02 0.15 0.09 0.26Sub Zone 19.7 23.7 4 0.51 0.34 0.02 0.06 0.05 0.13Sub Zone 32.5 42.09 9.59 0.62 0.28 0.01 0.07 0.08 0.16Including 37.9 42.09 4.19 0.89 0.35 0.01 0.08 0.09 0.19Including 37.9 39 1.1 1.67 0.56 0.03 0.14 0.16 0.33Including 37.9 38.5 0.6 2.31 0.88 0.05 0.16 0.22 0.43RJ Zone 15 100.42 85.42 0.52 0.23 0.01 0.1 0.09 0.21

Sub Zone 23.69 26.14 2.45 0.94 0.25 0.01 0.23 0.24 0.49Including 24.85 25.48 0.63 2.05 0.37 0.03 0.58 0.52 1.13Sub Zone 35 37 2 0.53 0.23 0.03 0.15 0.15 0.33Sub Zone 52.75 96.87 44.12 0.79 0.3 0.01 0.12 0.11 0.24Including 58.25 66.5 8.25 1.04 0.54 0.01 0.12 0.12 0.26Including 66 66.5 0.5 2.89 0.45 0.01 0.27 0.35 0.63

and 77.65 93.84 16.19 1.04 0.23 0 0.15 0.12 0.28Including 78.62 90 11.38 1.23 0.26 0 0.18 0.13 0.32Including 82 83 1 1.97 0.19 0 0.17 0.12 0.29RJ Zone 2.47 99.26 96.79 0.18 0.11 0 0.02 0.02 0.05

Including 2.47 38.2 35.73 0.29 0.17 0.01 0.03 0.04 0.07Including 24.97 25.91 0.94 0.72 0.35 0 0.07 0.14 0.21Including 30 30.7 0.7 0.82 0.24 0 0.08 0.08 0.16RJ Zone 92.5 97.1 4.6 0.26 0.13 0 0.02 0.03 0.06

Including 96.4 97.1 0.7 0.77 0.25 0 0.04 0.09 0.13

Table 1: Composite Weighted Average Assay Intervals, Tyko Project, Q2/2016 Drilling

**Reported widths are drilled core lengths, true widths are unknown at this time.

TK-16-001

TK-16-002

TK-16-003

TK-16-004

N

Research #3 | Nickel One Resources Inc.3

The RJ Zone consists primarily of metamorphosed mineralized pyroxenite which has been intruded by later granitoid rocks.

The mineralized pyroxenite contains abundant rip-up clasts of other mafic-ultramafic phases and clastic sediments indicative of an active feeder-type system. The mineralization is nickel-rich with an average Ni:Cu ratio of ~2:1 and a Pt:Pd ratio of ~1:1.

Sulphides are typically disseminated to blebby with local patches of net-textured and semi-massive sulphide breccia. The sulphide tenors of the Ni-Cu-PGE mineralization on the Tyko Property are very high. Limited analysis by previous workers indicate tenors in 100% sulphide that average 13.0% Ni, 8.8% Cu, 6.6g/t

PGE (Pt+Pd) at the RJ Zone and 12.9% Ni, 14.5% Cu, and 13.6g/t PGE at the Tyko Zone. Additional analysis are currently underway to better define the sulphide tenors of the various magmatic phases. The high tenor of the sulphide suggests a high value flotation concentrate from RJ or Tyko style mineralization. This indicates that even a disseminated sulphide deposit could potentially be economic and adds further support to the view that Nickel One’s 100% owned Tyko Project contains a fertile magma-tic feeder system. The company’s object-ive is to delineated this feeder system and ultimately develop a mineral re-source on the property.

Magma Conduit Model, RJ Zone, 2016 Initial Drill Targets:

Read Rockstone’s previous reports on Nickel One, including more details on the Tyko Property and historic work:

Research #2: “Early Warning Report on Nickel One:

Drill Results Imminent” (March 22, 2016)

Research #1: “Nickel One Starts Trading and

Acquires the Tyko Nickel-Copper Project near Hemlo in Ontario”

(February 29, 2016)

4

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that base and pre-cious metal prices are expected to rebound; that Nickel One Resources Inc. or its part-ner(s) can and will start exploring further; that exploration has or will discover a mine-able deposit; that the company can raise sufficient funds; that any of the mentioned mineralization indications or estimates are valid or economic; that the proposed trans-actions go through. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting mineral exploration and mining companies are generally disclosed in the annual financial or other filing documents of Nickel One Resources Inc. and similar companies as filed with the relevant secur-ities commissions, and should be reviewed by any reader of this report. In addition, with respect to Nickel One Resources Inc., a number of risks relate to any statement of projection or forward statements, including among other risks: closing of the proposed transactions; the receipt of all necessary ap-provals and permits; the ability to conclude a transaction to start or continue explora-tion; uncertainty of future base and precious metal prices, capital expenditures and other costs; financings and additional capital re-quirements for exploration, development, construction, and operating of a mine; the receipt in a timely fashion of further per-mitting for its legislative, political, social or economic developments in the jurisdictions in which Nickel One Resources Inc. carries on business; operating or technical difficulties in connection with mining or development activities; the ability to keep key employees, joint-venture partner(s), and operations fi-nanced. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Be-fore investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an in-vestment based solely on what you read in an online or printed report, including Rock-stone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the au-thor of this report is not paid directly by Nickel One Resources Inc., the author’s em-ployer Zimtu will benefit from appreciation of Nickel One Resources Inc.’s stock price. The author, Stephan Bogner, does NOT own shares of Nickel One Resources Inc. but may purchase shares in the future. In this case, Nickel One Resources Inc. does NOT have one or more common directors with Zimtu Capital Corp. Overall, conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a fi-nancial analysis but rather as advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. The featured company has not reviewed any of this content prior to pub-lication. Rockstone and the author of this report do not guarantee the accuracy, com-pleteness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guar-antee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

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Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #3 | Nickel One Resources Inc.