RNC MINERALS

RNC MINERALS

TSX : RNX

Focused on Value Creation November 28, 2017

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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

RNC – Focused on Value Creation

Reed Mine (30%)

Copper Producer

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

Low cost production, Q3 2017 AISC US$1.57/lb

Dumont Nickel-Cobalt Project (50%)

3rd largest nickel reserve in the world, 5th largest nickel sulphide discovery ever

One of largest cobalt resources outside Africa

Dumont Ni-Co Project: structurally low cost, large scale, shovel ready

RNC - Waterton 50/50 JV to advance Dumont and grow nickel business with $US 35 MM cash

Quebec, Canada Manitoba, Canada

Massive exploration potential - known gold showings over 4 km strike, open in three directions, limited exploration at depth

Ramping up gold production; expect to reach annualized rate of 70koz by year-end 2017

2018 nickel production: doubling to ~4 million lbs

Infrastructure in place to support much larger gold operation

Western Australia

Beta Hunt Mine Gold, Nickel Producer

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High grade gold exploration projects in Northern Quebec and U.S. Carolina Gold Belt

Successful 2017 drill program: multiple high-grade gold drill intersections up to 13.7 g/t, five new surface discoveries up to 457 g/t Au confirm 40-km high-grade “Qiqavik break” gold system

Exploration to begin in Carolina Gold Belt properties

Trading on TSX-V: ORM

Quebec and Carolinas

Orford Mining (~55%) Exploration Spin-Out

www.royalnickel.com

Dumont A Robust, Long-Life Nickel-Cobalt Sulphide Project

A compelling project ideally positioned to deliver nickel and cobalt to global markets before the end of 2020

5th largest nickel sulphide discovery ever

One of five world’s largest nickel reserves and one of world’s largest cobalt reserves outside Africa

Once in production, a top five nickel sulphide operation globally and largest cobalt operation in North America

Large scale, long life nickel and cobalt production – 33 year life at average of 41 ktpa of nickel and 2 ktpa of cobalt

Initial production of 33 ktpa (73 million pounds) of nickel and 1.0 ktpa of cobalt (2.3 million pounds) contained in concentrate annually

Expanded in year five to an annual average of 51 ktpa (113 million pounds) of nickel and 2.0 ktpa of cobalt (4.3 million pounds)

Excellent location in the Abitibi region of Quebec - all major infrastructure in place

Project is well-supported by community; permitting complete

Significant upside potential from roasting and alternate downstream process versus traditional smelting and refining

Attractive economics at long-term prices

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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

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RNC’s Dumont Nickel-Cobalt 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 - World Class Cobalt Potential

1.6

1.1 1.0

0.9 0.9

0.7

2016 North American Cobalt Production by Operation

(ktpa)

388

230

114 81

55 27 Reserve

Contained Cobalt Resource by Operation (kt)

Company or Project Market Cap (C$)

Clean Teq 560

Australia Mines 253 eCobalt Solutions 138

Ardea KNP 127

Dumont 49

* Contained metal, 2013 Dumont Feasibility Study; producing comparables are payable metal

Source: Company reports; market capitalizations as of November 17, 2017

Cobalt projects are receiving significant market attention - Dumont is a shovel ready project that hosts one of the largest cobalt resources outside of Africa and would be the largest cobalt miner in North America once in production*

126

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Structurally Low Cost, Large Scale Project

Source: Technical Report on the Dumont Ni Project, Launay and Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and on www.sedar.com.

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RNC’s Dumont Nickel Project: 1 Billion Tonne Reserve + Upside Potential

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Resources Grade Contained Ni

(Mt) (%) (Bln lbs) (Mt)

Proven 179.6 0.32 1.274 0.578

Probable 999.0 0.26 5.667 2.571

Total 1,178.6 0.27 6.942 3.149

Resource Estimate (SRK April 30, 2013) inclusive of Mineral Reserves

Reference is made to the full Technical Report on the Dumont Ni Project, Launay and Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and on www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Reserve Estimate (Snowden June 17, 2013)

Reference is made to the full Technical Report on the Dumont Ni Project, Launay and Trecesson Townships, Quebec, Canada, July 25, 2013, available at www.royalnickel.com and on www.sedar.com.

Resources Grade Contained Ni

(Mt) (%) (Bln lbs) (Mt)

Measured 372.1 0.28 2.310 1.050

Indicated 1,293.5 0.26 7.441 3.380

Measured + Indicated

1,665.6 0.27 9.750 4.430

Inferred 499.8 0.26 2.862 1.300

Dumont Nickel-Cobalt Project Structurally Low Cost Project in Excellent Jurisdiction

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Dumont – RNC’s Nickel Roasting Approach A Significant Breakthrough

Ferro-nickel puck produced from

Dumont concentrate

Significant potential benefits to producers of suitable nickel sulphide concentrate feed such as RNC’s Dumont Project:

Lower costs due to simpler processing compared to traditional smelting and refining

Higher payabilities than traditional smelting and refining

Greater flexibility for more potential partners and customers

Roasted nickel concentrate is effectively a very high grade laterite ore feed – creates new source of demand for nickel sulphide concentrate, notably at a time when many NPI and ferronickel producers face feed shortages as a result of Indonesia’s nickel ore export ban

RNC’s strategic alliance with Tsingshan led to the development of the first integrated nickel pig iron (“NPI”) plant to directly utilize nickel sulphide concentrate as part of the stainless steel production process through concentrate roasting

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Unique Partnership with Waterton

Well-Funded Joint Venture Arrangement to Create and Unlock Value within the Global Nickel Industry

RNC Minerals and Waterton 50/50 joint venture limited partnership (“JV Entity”) to advance Dumont and acquire high quality nickel assets globally

Strong Partnership

Focused on Nickel

Advancement of Dumont

Well-Funded Funded with US$35M in capital commitments to develop Dumont and acquire additional nickel assets, and backed by Waterton’s two largest funds with a total of US$1.725B in committed capital

The joint venture’s objective is to establish a pure play nickel company with multiple projects operating in stable jurisdictions

Waterton’s acquisition of 50% of Dumont for US$22.5 million (C$30 million) in cash valuing Dumont at C$60 million. Provides funding to continue to advance Dumont.

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Beta Hunt Mine: Kalgoorlie Located in a Well-Endowed Gold & Nickel Region

600km east of Perth, Western Australia

Kalgoorlie goldfield – 85 MM oz since 1890

Kambalda nickel – 1,400kt Ni over 50 years

Long established major mining centre

Large local mining workforce & service industry

Beta Hunt

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Beta Hunt Mine: Existing Ramp Infrastructure Provides Foundation for Future Growth Potential Beta Hunt is an exceptional mine with significant gold resource potential near existing

underground infrastructure

Significant infrastructure in place 5+ km under ground ramp system

Over $100 million invested in mid-2000s to extend ramp system into East Alpha and Beta West area

Significant potential for resource expansions at relatively low cost and in close proximity to mine infrastructure provide foundation for future growth

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: Historic Nickel Drilling Revealed 4+ Kilometres Strike Length of Gold Structures

Gold structures uncovered 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

Historic open pit gold mine

Open at Depth

4 Km

Beta Hunt Mine: 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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Beta Hunt Mine: 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 Mine: Potential For Extensions Along Strike & Depth, Parallel Structures

Source: Beta Hunt Mine PEA dated March 4, 2016 and news release dated October 19, 2017, available at www.royalnickel.com and www.sedar.com

Recent Western Flanks Results Show Wide Zones at Higher Grades

WF18-036: 6.3 g/t Au over 33.0 m, including 39.34 g/t Au over 3.0 m




WF18-056: 3.0 g/t Au over 25.3 m, including 6.45 g/t over 3.7 m

WF18-033: 3.0 g/t Au over 27.5 m, including 7.44 g/t over 6.8 m

Gold mineralization at Western Flanks has been extended over a vertical extent of 60 metres and laterally over 200 metres with multiple drill hole intersections containing greater than 20 metres of mineralization

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Beta Hunt Mine: Potential For Extensions Along Strike & Depth, Parallel Structures


Beta Hunt Mine Exploration Potential

Historic nickel drilling has a significant number of high grade gold drill intersections outside current resource

Excellent potential for resource growth along strike, down dip/plunge and parallel/repeat gold lodes

Fletcher trend identified as a conceptual repeat of A Zone and Western Flanks and is defined by a 150 m fault offset from surface drilling and potential for additional trends

Plan view of gold targets and drill intersections

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Beta Hunt Mine: Third Major Gold Structure Fletcher Shear Zone Discovered Summer 2016

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

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Beta Hunt Substantial Operating Improvements

Gold Material Mined (tonnes per day)

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Improvements in production, grades and costs in Q3 expected to continue through Q4

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Gold Mined Grade (grams per tonne)

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Gold Mining Cash Cost (US$ per ounce)

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RNC Gold Strategy – Phase 1 Execution Now through 2018

Phase 1

4 Major mining fronts

A Zone 800 - 1,000 tpd

WF South 1,000 - 1,000 tpd

WF Central 1,000 - 1,200 tpd

A Zone Ext 200 - 400 tpd

Total 3,000+ tpd

Increased haulage fleet

8 Cat 55 t trucks

6 Cat loaders

Beta Gold and Nickel Operation6 Q3

2017

Q2

2017

Q1

2017

Gold mining cash cost per ounce (US$/oz mined) 3 $804 $1,211 $1,669

Gold AISC, net of by-product credits (US$/oz sold)4,5,6 $1,569 $1,786 $1,685

Gold C1 cash operating cost, net of by-product credits

(US$/oz sold)4,5 $1,439 $1,687 $1,647

Nickel C1 cash operating cost (US$ per lb. sold)5 $3.40 $3.31 $2.97

Nickel C1 cash operating cost (US$ per tonne sold)5 $7,499 $7,293 $6,541

Nickel all-in sustaining cost (AISC) (US$ per lb. sold)5 $3.45 $4.15 $3.00

Nickel all-in sustaining cost (AISC) (US$ per tonne sold)5 $7,596 $9,150 $6,618

Beta Hunt Gold and Nickel Operation1 Q2 2017 Q3 2017 Q2 to Q3

% Change Sep

2017

Gold tonnes mined (000s) 123.1 145.5 +18% 55.4

Gold mined grade (g/t)1 2.09 2.24 +7% 2.53

Gold mined (ounces)1,2 8,281 10,489 +27% 4,508

Gold tonnes milled (000s) 98.1 182.3 +86% 86.9

Gold mill grade (g/t)1 2.07 2.23 +8% 2.13

Gold Recovery (%) 90 90 - 89

Gold milled (ounces) 6,535 13,047 +100% 5,939

Gold sales (ounces)1 5,891 8,659 +47% 2,242

Nickel tonnes mined (000s) 10.1 8.3 -18% 2.3

Nickel tonnes milled (000s) 9.6 10.2 +6% 2.9

Nickel mill grade, nickel (%) 2.84 2.84 0% 2.86

Nickel in concentrate tonnes (000s) 0.24 0.25 +6% 0.07

RNC Beta Hunt Strategy - 3 Phased Approach

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Mine Development and Resource Expansion

Western Flanks South

Western Flanks Central

A Zone Extension

A Zone 14 & 15 Level

AWF Decline

Double current resources

Production target 3,000 tpd – 2018

Resource Expansion

Western Flanks Deeps

A Zone Deeps

A Zone North

Beta Gold

East Alpha Gold

Mine Development

Western Flanks North

A Zone Deep

Twin Ramps

Production Potential

4,000 – 5,000 tpd

Exploration

Deeper Gold Structures

New Structures

Mine Development

Beta Gold

East Alpha Gold

WF Deeps

A Zone Deeps

Fletcher

Shaft Infrastructure

Production Potential

6,000 – 7,000+ tpd

Phase 1 Present -> 2018 1 Phase 2 2018-2020 3 2 Phase 3 2020 - 2025

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Orford Mining Corporation (55% RNC interest) Discovery of New Gold Belt in Northern Quebec

RNC’s holds a ~55% equity interest in Orford Mining Corporation (TSX Venture: ORM)

Continued exposure to highly prospective former RNC exploration assets through ownership interest in Orford

Summer 2017 program successfully drill tested three 2016 discoveries, makes five additional surface discoveries

Confirms 40 km “Qiqavik Break” as gold structure similar to Larder Lake-Cadillac break in the Abitibi, the Boulder-Lefroy Fault System in Kalgoorlie, Australia and the Ashanti Fault System in West Africa.

Osisko Mining Inc. and Premier Gold Mines are shareholders

Multiple exploration properties in highly prospective Carolina Gold Belt

West Raglan – Advanced high grade Ni-Cu-PGM

Exploration projects in Northern Quebec and U.S. Carolina Gold Belt

Qiqavik – Gold Exploration Potential Multiple high grade gold and gold-copper discoveries

2017 program drill-confirmed three high-grade discoveries and made five new high-grade visible gold discoveries prospecting discoveries at surface that remain untested by drilling

40km “Qiqavik Break” gold potential confirmed in just nine weeks of exploration

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

Map of Qiqavik Property Showing Significant Gold and Copper Exploration Results from 2017 Program

RNC – Focused on Value Creation

Reed Mine (30%)

Copper Producer

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

Low cost production, Q3 2017 AISC US$1.57/lb

Dumont Nickel-Cobalt Project (50%)

3rd largest nickel reserve in the world, 5th largest nickel sulphide discovery ever

One of largest cobalt resources outside Africa

Dumont Ni-Co Project: structurally low cost, large scale, shovel ready

RNC - Waterton 50/50 JV to advance Dumont and grow nickel business with $US 35 MM cash

Quebec, Canada Manitoba, Canada

Massive exploration potential - known gold showings over 4 km strike, open in three directions, limited exploration at depth

Ramping up gold production; expect to reach annualized rate of 70koz by year-end 2017

2018 nickel production: ~4 million pounds

Infrastructure in place to support much larger gold operation

Western Australia

Beta Hunt Mine Gold, Nickel Producer

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High grade gold exploration projects in Northern Quebec and U.S. Carolina Gold Belt

Successful 2017 drill program: multiple high-grade gold drill intersections up to 13.7 g/t, five new surface discoveries up to 457 g/t Au confirm 40-km high-grade “Qiqavik break” gold system

Exploration to begin in Carolina Gold Belt properties

Trading on TSX-V: ORM

Quebec and Carolinas

Orford Mining (~55%) Exploration Spin-Out

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Appendix

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Appendix: Reed Mine – Q3 2017 Overview

Reed Mine Q3 2017 Operating Review (100% basis)

Q3 2017 tonnes milled of 18 kt and copper grade of 4.06%

Q3 2017 production of 2.7 MM lbs copper (1.21 kt) and 300 oz of gold (RNC’s 30% share)

Q3 2017 AISC US$1.57/lb copper

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

Reed Mine Q3 2017 Operating Review (30% basis)1

1.Cash operating cost per pound, and all-in sustaining cost per pound, 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.

Q3 2017 Q3 2016 YTD Q3

2017

YTD Q3

2016

Ore (tonnes hoisted) 117,536 112,929 358,184 338,842

Ore (tonnes milled) 107,705 119,795 339,833 325,794

Copper (%) 4.06 3.59 3.72 4.28

Zinc (%) 0.62 0.59 0.57 0.62

Gold (g/t) 0.48 0.42 0.46 0.52

Silver (g/t) 8.23 6.61 6.68 7.10

Q3 2017 Q2 2017 Q1 2017

Copper contained in concentrate (kilo tonnes) 1.21 1.41 0.85

Gold contained in concentrate (ounces) 300 293 283

Copper cash operating cost per pound sold 1 $1.55 $1.58 $2.06

Copper all-in sustaining cost per pound sold 1 $1.57 $1.66 $2.10

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Appendix: Financing Commitments (as at November 15, 2017)

Senior secured gold loan: Remaining principal and interest paid by delivery of 560 au ounces per month until July 2019 (total of 11,560 ounces)

Senior secured copper loan: Remaining principal and interest paid by delivery of 300 cu pounds per month until July 2018 (total of 2.7 million pounds)

Gold Facility: US$5.5 million in-process gold facility for higher grade material, US$4.0 million for lower grade material, and a US$1.5 million in-

process nickel facility

Interest rate of LIBOR + 4.5% per annum

Auramet purchases, at market rates, all gold and nickel from Beta Hunt during the loan term

Copper Facility: US$5.0 million facility

Interest rate of LIBOR + 4.5% per annum

Auramet purchases RNC’s share of accountable metal content of Reed output

Unsecured Debt: US$3 million unsecured debt facility, 12% annualized interest, repayments commence in November, 2017

Working Capital Facilities:

Metal Prepayments:

Convertible Debt Facilities: Waterton:

Pala:

US$10 million senior secured convertible term debt facility closed June 7, 2017 (10% annualized interest paid quarterly; bullet repayment at end of 4-year term)

Convertible into shares of RNC at US$0.1912/share (to maximum of 75% of principal) or units of the RNC/Waterton nickel JV

US$4 million unsecured convertible term debt facility closed September 19, 2017 (15% annualized interest payable at end of 18-month term)

Convertible into shares of RNC at C$0.2537/share

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Appendix: Beta Hunt 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.


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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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 32

Corporate Overview

Share Structure1:

Basic Shares Outstanding1: 307.8 million Convertible (price: US$0.1912 (C$0.2573))2 63.2 million Options (ave. exercise price: C$0.38) 26.8 million Warrants (exercise price: C$0.40) 3 28.9 million Deferred/Restricted Share Units 5.5 million Contingent Shares 7.0 million

Fully Diluted Shares Outstanding: 439.2 million

Directors and Officers Share Ownership: ~4% Large Shareholders: Eric Sprott ~9% Westgold Resources Limited ~8%

Balance Sheet Highlights: Cash and Cash Equivalents4: C$21.6 million Market Capitalization1: C$56.9 million

1. Shares outstanding, fully diluted shares outstanding, shareholdings and market capitalization as at November 14, 2017 2. Assumes maximum conversion of 75% of US$10M principal into RNC common shares; US/C $ exchange rate as at June 7, 2017 and conversion of US$4 million principal and interest into RNC

common shares ; US/C $ exchange rate at September 18, 2017 3. 16.5 million warrants @ C$0.49, 5.9 million warrants @ C$0.24, 5.0 million warrants @ C$0.25 and 1.5 million compensation warrants @ C$0.41 4. Cash and cash equivalents as at September 30, 2017

Documents

RNC MINERALS