RNC MINERALS

TSX : RNX

Focused on Value Creation February 13, 2016

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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.

Disclaimer

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Highly Experienced Management Team and Board

www.royalnickel.com 4

RNC Value Proposition

Creating value through transition from an explorer and developer to a self-sustaining, cash flow generating multi-asset and multi-metal (gold, nickel, copper) producer

Beta Hunt Mine Reed Mine (30%) Dumont Project Qiqavik Project Gold, Nickel Producer

Ramping up gold production to 65-70koz in 2017, net AISC $US900-1000/oz

Massive exploration potential

Significant nickel optionality

SKO Synergy Potential

Copper Producer

2017 Production Guidance: Copper: 4.0-5.0 kt; Gold: 0.8-1.1 koz (30% basis)

Low cost production Q3-2016 AISC US$1.47

Ongoing cash flow from January 2017

Structurally low cost, large scale shovel ready nickel project

3rd largest nickel reserve in the world

5th largest nickel sulphide discovery ever

Located in Abitibi region of Quebec

TNN - exploration projects in Northern Quebec

Qiqavik - new high grade gold mineralization discovery adjacent to West Raglan Project

West Raglan – Advanced high grade Ni-Cu-PGM

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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

www.royalnickel.com 6

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

Source: Beta Hunt Mine PEA dated March 4, 2016 available at www.royalnickel.com and www.sedar.com

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.

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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

Source: Salt Lake Mining

Historical open pit mine

www.royalnickel.com

Beta Hunt: Massive Exploration Potential Gold Intersections Across 4 km Strike Length

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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

Beta Hunt: Massive Exploration Potential A Zone Drilling Success Confirms Structure

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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

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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

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.

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Beta Hunt: Massive Exploration Potential Western Flanks Re-Interpretation

Re-interpretation of Western Flanks to use much larger scale bulk mining approach as mineralization much more continuous than originally believed

Larger ~20 metre stopes rather than multiple narrower 3-10 metre wide veins

New information being utilized to update the mine block model and facilitate planned bulk mining

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Beta Hunt: Massive Exploration Potential Third Major Gold Zone Discovered - Fletcher Shear Zone

Source: RNC news release dated July 6, 2016 available at www.rncminerals.com and www.sedar.com

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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 $US80 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 $US950 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

www.royalnickel.com

Beta Hunt: SKO Transaction Terms

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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

Beta Hunt: Toll Agreement with SKO Gold Processing Facility in Western Australia

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Toll agreement will lower cost milling compared to current arrangements, beginning July 1, 2017. Expected savings of over $7 million over a 12-month period

Agreement with Westgold grants RNC access to 50% of capacity at SKO’s 1.2 Mtpa Jubilee gold CIL 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

SKO Jubilee Mill

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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 had 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 ~ $A1,250/oz ($US 950/oz)

Source: Westgold corporate presentation dated 1/27/2017

www.royalnickel.com

Purchase Option SKO Exploration Potential

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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

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Reed Mine Overview

Polishing Pond Portal Entrance Waste Pad

2017 production guidance (30% basis): 4-5 kt copper and 0.8-1.1 koz of gold

2016 production of 11 M lbs copper (5.0 kt) and 1.4 koz of gold

Q3 2016 AISC of US$1.47/lb

Reed contributes cash flow to RNC beginning in January 2017 (contribution and bridge loan owed to Hudbay have been repaid)

Q3 2016

Q2 2016

Q1 2016

Copper contained in concentrate (kt) 2 1.3 1.5 1.1 Gold contained in concentrate (oz) 2 320 402 319 Copper cash cost per lb sold 2,3 US$1.40 US$1.21 n/a Copper all-in sustaining cost per lb sold 2,3 US$1.47 US$1.35 n/a Ore (tonnes hoisted) 4 112,929 114,452 111,461 Ore (tonnes milled) 4 119,795 111,002 94,997 Copper (%) 4 3.59 4.87 4.38 Zinc (%) 4 0.59 0.45 0.82 Gold (g/t) 4 0.42 0.60 0.54 Silver (g/t) 4 6.61 7.47 7.21 Mine Unit Operating Cost 4 (CDN$/tonne)

$47 $44 $46

Reed Mine 2016 Operating Review (30% basis)1

1.RNC closed the acquisition of its interest in Reed on April 27, 2016. Prior period figures are for comparison purposes only 2.RNC’s 30% share 3.Cash cost and all-in sustaining cost per pound sold, net of by-product credits 4.100% basis

Dumont Nickel Project Structurally Low Cost Project in Excellent Jurisdiction

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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

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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

Dumont – Continuing to Advance One of the Few “Shovel Ready” Large Scale Base Metal Projects

Dumont Project

Roasting Tests:

Samples of Dumont calcine sent to potential customers and testing is ongoing

Initial feedback on pricing ahead of expectations

Ferro-nickel puck produced from Dumont concentrate

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Dumont Project Engineering:

Two proposals awarded to advance the engineering on the project

Trade-off studies well underway in anticipation of completing and updated feasibility study when market conditions appropriate

Project Financing:

Renewed investor interest in project investment

Re-engaged in discussions with financing partners

Improvement in nickel market:

Renewed interest in investment for first time since decline in nickel prices in 2014

www.royalnickel.com 23

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

Qiqavik and West Raglan Exploration Projects

RNC recently announced multiple high grade gold and gold-copper discoveries at its Qiqavik project

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

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Map of Qiqavik Property Showing Significant Gold Exploration Results

Source: RNC news release dated September 19, 2016 available at www.rncminerals.com and www.sedar.com

Qiqavik – Gold and Copper Exploration Potential IP Survey Has Defined High Priority Targets

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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

www.royalnickel.com 26

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?

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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

$157

$95

PRU BDR PG SLR RNC PF RMS DRM ASR AR TMM RIC JAG RNC RPM WDO MTO GQM ROG AGB

$0

$100

$200

$300

$400

$500

$600

Ente

rpri

se V

alu

e (U

S$M

)

Significant Re-Rate Potential in Junior Producer Peer Group

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

Enterprise Value (Sorted by 2017E Production Profile)

Prod’n (Koz AuEq) 154 149 145 143 135 133 132 116 116 97 94 90 68 60 50 40 34 31 20

AISC (US$/oz) $1,315 $923 $420 $926 $960 $779 $883 $905 $1,131 $955 $870 $900 $950 $887 $1,125 $1,000 $1,082 $762 $879 20

17

E

~100% increase in

share price

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$1,164

$1,414

MTO PRU DRM RNC PF TMM RPM RNC SLR RMS BDR AR JAG GQM PG ASR RIC KDX WDO AGB GUY

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

EV/2

01

7E

Pro

du

ctio

n (

US$

/oz)

Median

Global Junior Producers’ Enterprise Value to 2017E Production (US$/oz)

Strong Pro Forma Production Profile(1) Positions RNC as an Attractive Junior Gold Producer

Significant Re-Rate Potential on Production Profile

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

+94% to median

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Investment Thesis

Transition from an explorer and developer to a self-sustaining, cash flow generating multi-asset and multi-metal (gold, nickel, copper) producer is well underway

Eric Sprott owns approximately 10% of the issued and outstanding shares of RNC – acquired in September 2016

New leadership at Beta Hunt delivering ramp-up at Beta Hunt - new large higher grade stopes to take production to 60koz rate in Q1 and deliver 65-70koz in 2017

Recent exploration success highlights massive gold exploration potential at Beta Hunt across 4 km of strike length with 3 structures (A Zone, Western Flanks, Fletcher) open in all directions

SKO asset purchase option and toll agreement add value for shareholders

Reed to deliver 4-5 kt of copper and 0.8-1.1 koz of gold in 2017

Spinout of Qiqavik asset continues to advance and on-target for this quarter

Attractive asset base to build on: combination of production assets, a shovel ready, world class nickel development project, and high potential exploration projects Beta Hunt – gold, nickel producer – gold production ramping up, substantial gold exploration

potential, significant nickel optionality

Reed Mine – low cost copper producer

Dumont – shovel ready, world class nickel development project

Qiqavik – high quality gold-copper exploration project

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Appendix

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Financing Two Acquisitions Comprehensive Debt Restructuring Completed in 2016

Auramet:

Beta Hunt Mine

US$16.5 million senior secured gold loan:

Repaid by delivery of 560 ounces per month over 30 month period (total of 16,800 ounces) commencing February 28, 2017

US$6.5 million working capital facilities:

US$5.5 million in-process gold facility and a US$S1.0 million in-process 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

Reed Mine

US$6.5 Million Secured Copper Prepayment Agreement:

Repaid by delivery of 2.8 million lbs of copper over 12-month period commencing Jan. 31, 2017

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

Riverfort:

US$2.5 million unsecured debt facility 12% annualized interest, repayments commencing March 15,2017

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Beta Hunt Mine – Operating Overview

Mine in transition to primary gold producer from nickel

2017 gold production expected to exceed 65,000 ounces

As gold production ramps up and grades improve operating costs are expected to decline

Full-year 2017 all-in-sustaining-costs for gold expected to be US$900 – 1,000 per ounce

Beta Hunt Operating Overview

Beta Hunt Gold and Nickel Operation Q3 2016

Q2 2016

Q1 2016

Gold mined (kt) 105.0 95.4 66.2

Gold mined grade (%)1 2.10 2.48 2.41

Gold mined (ounces)1,2 7,094 7,599 5,636

Gold milled (kt) 140.0 80.4 43.1

Gold mill grade (g/t) 1 2.24 2.23 2.65

Gold sales (ounces) 7,5705 5,402 3,416

Gold cash operating cost (US$/oz sold)3,4 $997 $826 n/a

Gold all-in sustaining cost (US$/oz sold)3,4 $1,305 $1,269 n/a

Nickel mined (kt) 13.1 19.1 29.4

Nickel milled (kt) 13.3 19.2 29.7

Nickel mill grade (% ) 2.48 2.34 3.04

Nickel in concentrate (kt) 0.29 0.42 0.8

Nickel cash operating cost (US$ per lb sold)4 $5.90 $3.67 $2.63

Nickel cash operating cost (US$/t sold)4 $13,012 $8,084 $5,808

Nickel all-in sustaining cost (US$/lb sold)4 $6.19 $3.88 $2.83

Nickel all-in sustaining cost (US$/t sold)4 $13,637 $8,555 $6,229

1. The June 2016 mineralization mine grade and ounces were finalized with the final results from the Q3 2016 toll, which resulted in lower gold mine grade (2.48) than previously reported (2.54). The September 2016 mineralization mine grade and ounces will be finalized with the final results from the Q4 2016 toll. The Q3 numbers provided above include preliminary estimates of the ROM grade.

2. As of September 30, 2016, 5 kt of gold mineralization from September 2016 production remained on the ROM pad for tolling in the subsequent quarter, compared to 39 kt of gold mineralization from June 2016 production as of June 30, 2016 and 23 kt of gold mineralization from March 2016 production as of March 31, 2016.

3. Gold operations in Q1 2016 were at the early stage of the ramp up towards commercial production and operating and sustaining costs per ounce are not comparable to Q2 or to other companies. 4. Cash operating cost, cash operating cost per tonne, and all-in sustaining cost, 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. Note that 1,730 ounces of gold remained in in-process inventory from the tonnage milled during the quarter.

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Beta Hunt: Recently Completed PEA Confirms 92 koz of Indicated Resource and 321 koz of Inferred Resource

Beta Hunt Nickel Mineral Resources as at February 1, 20161,2,3,5

Nickel Classification Inventory

(kt) Grade (Ni %)

Contained Metal Nickel Tonnes

(NiTs)

>=1% Ni

Measured 96 4.6 4,460 Indicated 283 4.0 11,380

Total 379 4.2 15,840 Inferred 216 3.4 7,400

Gold Classification Inventory

(kt) Grade

(Au g/t)

Contained Metal

(Ounces)

>=1.8 g/t Au

Measured 0 0.0 0

Indicated 815 3.5 92,000

Total 815 3.5 92,000

Inferred 2,910 3.4 321,000

Beta Hunt Gold Mineral Resources as at February 1, 20161,2,4,5

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.

Source: Beta Hunt Mine PEA dated March 4, 2016 available at www.royalnickel.com and www.sedar.com

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.

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Reed – Flin Flon / Snow Lake Camp Long History of Resource Additions

Source: Hudbay Minerals Inc., company reports

* Lalor reported as initial reserve and added reserve

FlexarBirch Lake

MandyNorth Star

CuprusSchist Lake

Ghost & LostOsborne

White LakeCoronation

SpruceRod

DickstonePhoto

KonutoWestarmStall LakeAndersonChisel Pit

Centennial

Reed

CallinanChisel

Trout LakeChisel U/G

Lalor*777

Flin Flon

0 5 10 15 20 25 30

Tonnes (millions)

Initial resource

Added resource

62.5 ∕∕

Reed

Discoveries in the Greenstone Belt (Flin Flon/Snow Lake)

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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 Beta-Hunt 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.

NI 43-101 Compliance

www.royalnickel.com 36

Corporate Overview

Share Structure1:

Basic Shares Outstanding: 276.2 million Options (average exercise price: C$0.41) 28.9 million Deferred/Restricted Share Units 4.2 million Warrants (average exercise price: C$0.49) 17.2 million Compensation Warrants 1.4 million Contingent Shares 7.0 million

Fully Diluted Shares Outstanding: 334.9 million

Directors and Officers Share Ownership: ~4% Large Shareholders: Eric Sprott ~10% Oppenheimer Funds, Inc. ~4%

Balance Sheet Highlights: Cash and Cash Equivalents2: C$10.0 million Market Capitalization1: C$77 million

1. Shares outstanding, fully diluted shares outstanding, shareholdings and market capitalization as at January 19, 2017 2. Cash and cash equivalents as at September 30, 2016