March 22, 2016

Research #2Nickel-Copper in Ontario

Early Warning Report on Nickel One Resources: Drill Results Imminent

Two weeks ago on March 8, Nickel One Resources Inc. announced to have started a phase-1 drilling program on its recently acquired Tyko Project in the Thunder Bay Mining District of Hemlo in Ontario, Canada. A minimum of 10 holes totaling 1,500 m are being drilled to validate historical drill results and extend areas of mineralization.

wo significant nickel-copper-PGE (“Platinum-Group-Elements”) showings exist on the Tyko Prop-

erty: The RJ and Tyko Showings.

These showings are separated by 2 km, whereas a 10 km ultramafic conduit struc-ture has strong potential to host addition-al nickel-copper-PGE mineralization.

Historically, only 12 shallow drill holes have been completed on the Tyko Property. The 2 most significant drill holes are noted below:

The ongoing drilling program is planned to confirm orientation of mineralization in the channel structures, extend the continuity of mineralization at the RJ and Tyko showings and test additional targets. The drilling program is expected to cost approximately $300,000 CAD. Michael Collins (CEO) commented on March 8:

“The board and management are very excited to be bringing the Tyko Project to the public market and to be drilling so quickly after opening to trade. With two great targets to start and 10 km of

potential on the projected channel structure, there is lots of room to find additional mineral ization”.

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Company Details

Nickel One Resources Inc.1110-1111 West Georgia StreetVancouver, BC, V6E 4M3 Canada Phone: +1 604 805 3530Email: cvl@tydewell.com (Vance Loeber)www.nickeloneinc.com

Shares Issued & Outstanding: 27,102,596

Canadian Symbol (TSX.V): NNNCurrent Price: $0.14 CAD (Mar. 21, 2016)Market capitalization: $4 million CAD

German Symbol / WKN: 7N1 / A2AD3E Current Price: €0.103 EUR (Mar. 21, 2016)Market capitalization: €3 million EUR

Chart Canada (TSX.V)

In 201

Chart Germany (Frankfurt)

Hole # From (m)

To (m)

Length (m)

Ni (%)

Cu (%)

Pd (ppm)

TK-06-001 17.40 21.55 4.15 1.09 0.76 0.42TK-06-005 25.00 31.20 6.20 1.05 0.50 0.12

Research #2 | Nickel One Resources Inc.2

Michael Collins has worked in nickel-copper-PGE exploration with Canadian Royalties Inc., which company today operates the Nunavik Nickel Mine (previously known as Raglan South Nickel Deposit). Collins has also worked in exploration and production at Goldcorp.’s Red Lake Mine in Ontario. He once said about Tyko:

“It’s like standing on Canadian Royalties’ Raglan South Project in 2002.”

According to Alan Aubut (P.Geo; ex-Inco), author of the NI43-101 Technical Report on the Tyko Nickel-Copper Property (February 26, 2015):

“The property shows many similarities with mafic to ultramafic feeder systems such as Voisey’s Bay in northern Labrador and Jinchaun in China. These deposits are characterised by magmatic sulphides collecting within the feeder of a large intrusive body due to variations in geometry that caused changes in flow dynamics such that immiscible sulphides were able to settle out and collect in structural traps. It is therefore concluded that this property has excellent potential for hosting an economic nickel-copper deposit.”

Rockstone is looking forward to the announcement of first drill assays as a significant nickel discovery, compliant with NI43-101, could be made with the very first hole.

Nickel One’s highly experienced manage-ment team includes Abraham Drost, who was CEO and President of Carlisle Gold-fields Ltd. (taken over by Alamos Gold Inc. in late 2015), the former President of Sa-bina Gold & Silver Corp. (TSX: SBB; mar-ket cap: $204 million CAD) and a former Director of Tyko Resources Inc., a private Ontario corporation which was party to the recently acquired Tyko Project.

Vance Loeber has been appointed as Nickel One’s Vice President of Corporate Development. He has over 30 years of international finance experience and specializes in resource funding. Loeber was one of the founders of U.S. Silver, Sandspring Resources and Carlisle Goldfields.

About Nickel One & the Tyko Property

Nickel One is a newly created public com-pany focused on creating value for share-holders through exploration and develop-ment of high quality Nickel copper-PGE projects. Nickel One is committed to ex-ploration and development of the Tyko Project, which comprises 52 mining claims, totalling 698 claim units on 11,168 hec-tares located in the Olga Lake area, Thun-der Bay Mining District, Ontario, Canada.

The following is a summary of the inter-pretations, conclusions and recommen-dations contained in the Technical Report prepared by Alan Aubut (P.Geo.) of Sibley Basin Group Geological Consulting Servi-ces Ltd., dated April 28, 2015 and entitled “National Instrument 43-101 Technical Report, Tyko Nickel-Copper Occurrence, White Lake Area, Ontario, Canada, Thun-der Bay Mining Division, NTS 42C13NW and 42C14NE, Geology Technical Report”. A full copy of the report has been filed under the company’s profile on Sedar and is also available here as a PDF.

The Tyko Property is underlain by Archean gneisses, granites, tonalites and mafic-ultramafic rocks that have undergone high-grade metamorphism. Exploration in the past has identified nickel, copper and PGE mineralization in mafic-ultramafic rocks at the RJ and Tyko showings which may

represent a feeder system to the nearby large (>10km in diameter) Bulldozer Intrusive Complex.

The Tyko Property shows many similarities with mafic to ultramafic feeder systems such as Voisey’s Bay in northern Labrador and Jinchuan in China. These deposits are characterized by magmatic sulphides col-lecting within the feeder of a large intru-sive body due to variations in geometry that caused changes in flow dynamics such that immiscible sulphides were able to set-tle out and collect in structural traps. How-ever, it has not (yet?) been proven that a comparable system exists on the property.

The Technical Report summarizes previous drilling on the property by earlier oper-ators (see Table 1). While it is concluded that the property has excellent potential for hosting an economic nickel-copper de-posit, additional work needs to be done to locate and define such a deposit. This in-cludes completing a mechanical stripping program to better expose the interpreted feeder system and additional diamond drilling to confirm its lateral extent and to test areas identified by geophysics as having greater concentrations of sulphides which may or may not contain nickel, cop-per and PGE. The report recommends a phased exploration approach with a total projected cost of completing the first phase of $396,000 CAD.

Table 1: Historical drilling results from the Tyko Project (2006/07); Aubut, 2015

Hole # From (m)

To (m)

Length (m)

Ni (%)

Cu (%)

Pd (ppm)

TK-06-001 17.40 21.55 4.15 1.09 0.76 0.42TK-06-002 30.15 31.61 1.46 1.02 0.58 0.71TK-06-003 63.92 65.00 1.08 1.06 0.51 0.12TK-06-004 82.00 84.00 2.00 1.20 0.51 0.13TK-06-005 25.00 31.20 6.20 1.05 0.50 0.12TK-07-001 67.00 70.00 3.00 0.39 0.33 0.12

138.50 142.60 4.10 0.30 0.22 0.04TK-07-002 100.00 104.65 4.65 0.43 0.28 0.04TK-07-003 105.50 107.00 1.50 0.80 0.38 0.13TK-07-004 NSVTK-07-005 NSVTK-05-006 82.00 83.00 1.00 0.34 0.51 0.24Notes: NSV = No Significant Values; True width indeterminate

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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.

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Research #2 | Nickel One Resources Inc.