Manitoba First Nation-Owned Critical Minerals Asset 

Project Overview 

Historic 100% Indigenous-owned nickel-PGM mine project in Manitoba's Thompson Nickel Belt, representing first complete Indigenous ownership of a major mineral project in Canada with construction-ready status and significant resource base. 

Location & Jurisdiction Central Thompson Nickel Belt, northern Manitoba, 107 km north of Grand Rapids 

• Province: Manitoba 

• Region: Thompson Nickel Belt (Canada's second-largest nickel belt) 

• Traditional territory: Norway House Cree Nation resource management area 

Indigenous Owner Norway House Cree Nation (NHCN) 

• 100% project ownership since November 1, 2024 

• Reserve located ~30 km north of Lake Winnipeg 

• 6,756 registered members 

• Historic first: First Indigenous community in Canada to fully own a mineral project 

Acquisition Details: 

• Purchase Price: CAD $8 million cash + 17.6 million Flying Nickel shares (total ~CAD $8.9 million) 

• Seller: Flying Nickel Mining Corp. 

• Closed: October 30, 2024 

• Asset Package: 94 mining claims (192 km²), 2 mining leases (4.25 km²), core storage facility 

Key Statistics 

• Commodity: Nickel, palladium, platinum (Ni-PGM) 

• Resource Base: 690 million lbs nickel, 279,300 oz palladium, 125,700 oz platinum (M&I) 

• M&I Resources: 43.4 million tonnes @ 0.72% Ni, 0.2 g/t Pd, 0.09 g/t Pt 

• Inferred Resources: 9.2 million tonnes @ 0.86% Ni 

• Mine Plan: 10,000 tonnes/day open-pit mine (2011 environmental approval) 

• Estimated Employment: 124 workers accommodated on-site (camps in place) 

• Site Status: Construction-ready with existing infrastructure 

Indigenous Ownership Model Historic Significance: 

• First Indigenous community in Canada to secure 100% ownership of mineral project 

• Manitoba Economic Development Minister Jamie Moses: "Indigenous-led model will protect environment, create good jobs for Manitoba First Nations, contribute to global energy needs" 

NHCN Development Approach: 

• Advance project in manner directly benefiting NHCN members 

• Benefits extended to other Nations in project vicinity 

• Environmental sustainability as core principle 

• Leading low-carbon mine site development 

• Maximise value extraction from deposit and waste products 

• Absolute minimum emissions to air, water, land 

Infrastructure & Capacity: Existing NHCN Capabilities: 

• Playgreen Development Company: JV with Sigfusson Northern for earthworks, construction, mine development 

• JNR Construction: Operates across northern Manitoba 

• Dumas Contracting Partnership: Mining services, NHCN member training 

• Drilling Services: Partnerships with multiple drilling companies for drilling, blasting, crushing 

• Environmental Services: Land guardian services, environmental testing for contract work 

Strategic Location: 

• Adjacent to Provincial Highway 6 

• 230 kV hydro power line on-site 

• 60 km south of Bay Line rail at Ponton 

• 4.5-hour drive north of Winnipeg 

• Access to Manitoba's 97% renewable electricity grid 

Government & Regulatory Support Manitoba Critical Minerals Strategy (November 2024): 

• Provincial revenue-sharing model for mining in partnership with Indigenous Nations 

• Fast-tracked development for critical minerals projects 

• NHCN Minago acquisition aligned with strategy release 

Manitoba Government Statement: "This Indigenous-led model will protect the environment, create good jobs for Manitoba First Nations and contribute to global energy needs well into the future. This new partnership and purchase is well aligned with our newly released critical minerals strategy." 

Environmental Permitting: 

• 2011: Environment Act Licence issued by Manitoba 

• 2013: Notice of Alteration filed (tailings management relocation) 

• Status: Permitting near completion; amendments under review 

• Timeline: Start date for development not yet determined (NHCN decision) 

Federal Support: 

• Manitoba receives federal critical minerals strategy funding 

• Direct employment: 11,000+ people in provincial mining sector 

• 2025 planned mining investment: Over CAD $7 billion 

Project Technical Details Geology & Resources (MRE effective July 2, 2021): 

• Two mineralisation zones: Nose Zone and North Limb Zone 

• Based on 202 diamond drill holes (86,118 metres) 

• Open pit M&I: 23.9 Mt @ 0.71% Ni 

• Underground M&I: 20.3 Mt @ 0.77% Ni 

Historical Development: 

• 1966: Original geophysical reservation granted 

• 1969: Converted to mining claims 

• 2000s: Victory Nickel advanced project significantly 

• 2021: Silver Elephant acquired project (~CAD $6.7 million) 

• 2022: Flying Nickel spun out from Silver Elephant 

• 2024: NHCN acquired 100% ownership 

Metallurgy: 

• Flotation produces 22.27% Ni concentrate with 10.43% MgO 

• Sulphidic nickel recovery: 77.2% 

• Total nickel recovery: 52.3% 

• Work by SGS (2008 programme) 

Sustainability & ESG Credentials Low-Carbon Operations Plan: 

• Fully electric mine fleet under consideration 

• Powered by Manitoba's 97% renewable hydroelectricity 

• Crushing, milling, flotation powered by clean energy 

• September 2022 Analysis: Expected lower carbon footprint than 99% of existing global nickel production 

Indigenous Governance: 

• Community-led decision making on development timing 

• Economic benefits flow directly to NHCN members 

• Environmental stewardship aligned with traditional values 

• Land guardian programme ensures environmental protection 

Class 1 Nickel Production: 

• High-purity nickel suitable for lithium-ion batteries 

• Critical for electric vehicle supply chains 

• Manitoba government recognises strategic importance for EV market 

Investment Proposition for UK/European Investors Unique Investment Structure: While NHCN owns 100% of project, the Nation may seek partners for: 

• Development capital 

• Technical expertise and operations management 

• Offtake agreements for nickel-PGM production 

• Processing and refining partnerships 

Strategic Advantages: 

• Indigenous Ownership Premium: Eliminates traditional social licence risk; Indigenous owner ensures community support 

• ESG Leadership: Indigenous ownership, clean energy, low-carbon credentials attractive to ESG-focused investors 

• Construction-Ready: Existing permits, infrastructure, camps significantly reduce development risk and timeline 

• Critical Minerals: Nickel (EV batteries), palladium/platinum (catalytic converters, hydrogen economy) 

• Secure Jurisdiction: Manitoba stable, mining-friendly, strong infrastructure 

• Resource Scale: 690 million lbs nickel significant supply potential 

Market Context: 

• Global nickel supply constraints for battery-grade material 

• PGMs facing supply concentration (Russia, South Africa) 

• Canada-UK shared commitment to secure critical minerals supply chains 

• Indigenous ownership provides supply security through community alignment 

ESG Differentiation: 

• Indigenous community direct ownership (not just partnership) 

• Clean hydroelectricity eliminates Scope 2 emissions 

• Manitoba's environmental regulatory framework 

• Community economic development embedded in ownership model 

Recent Developments November 2024: NHCN Acquisition Completion 

• Historic transaction closes October 30, announced November 8 

• Aligned with Manitoba Critical Minerals Strategy release (November 4) 

• Provincial government recognition of Indigenous-led development model 

2024 Feasibility Study Progress: 

• Flying Nickel advanced feasibility work before sale 

• April 2024: Updated MRE including first PGM estimate 

• 42% increase in-pit M&I nickel resource 

• Studies now under NHCN ownership for completion 

Key Contacts 

• Owner: Norway House Cree Nation 

• Website: www.minago.ca 

• Previous Developer: Flying Nickel Mining Corp. (technical resources) 

• Manitoba Government: Economic Development, Investment, Trade and Natural Resources 

Investment Considerations Opportunities: 

• Unique 100% Indigenous ownership structure 

• Construction-ready status reduces timeline and permitting risk 

• Existing infrastructure and camps in place 

• Large, well-defined nickel-PGM resource 

• Clean energy operations command premium in nickel market 

• Access to Manitoba's skilled mining workforce 

• Provincial government support for Indigenous mining development 

• Strategic location in established mining belt 

Risk Factors: 

• NHCN development timeline undefined (community decision) 

• Capital requirement (~CAD $1 billion estimated) 

• Limited operating track record for NHCN in mining 

• Partner selection process not yet announced 

• Nickel price volatility 

• Battery technology evolution affecting demand 

• Remote northern location operational challenges 

Partnership Opportunities: NHCN expected to seek partners for: 

• Development finance 

• Mine construction and operations management 

• Processing technology and offtake 

• Export market access 

• ESG reporting and compliance 

Investor Resources: 

• Minago project website (www.minago.ca) 

• Flying Nickel 2025 Technical Report 

• Manitoba Critical Minerals Strategy (November 2024) 

• Norway House Cree Nation engagement opportunities