Mar 14 T S X F N I 2 Fo rw a rd Lo o ki ng S t a t ement T hi s pr es ent a t i o n c ont ai ns s t at em en t s t hat c ons t i t ut e f or w ar d l ook i ng s t at em ent s w i t hi n t he m eani n g of s ec ur i t i es l aw s i n C anada and c er t ai n ot her c ount r i es A l l s t at em en t s ot her t han s t at em en t s of hi s t or i c al f ac t ar e f or w ar d l o o k i ng s t at em en t s T he w or ds bel i ev e ex pec t w i l l ant i c i pat e c ont em pl a t e t ar g et pl an c ont i nue budg et m ay i nt end es t i m at e and s i m i l ar ex pr es s i ons i dent i f y f or w ar d l ook i n g s t at em ent s F or w ar d l ook i ng s t at em en t s ar e bas ed upon c er t ai n es t i m at es and as s um pt i o n s t hat w hi l e c ons i de r ed r eas onab l e by t he C om pan y as of t he dat e of s uc h s t at em en t s ar e i nher en t l y s ubj ec t t o s i g ni f i c ant bus i nes s ec onom i c and c om pet i t i v e unc er t ai nt i e s F or w ar d l ook i ng s t at em en t s al s o i nv ol v e k now n and unk now n r i s k s unc er t ai nt i e s and ot her f ac t or s t hat m ay c aus e F i r s t N i c k el s ac t ual r es ul t s per f or m a n c e or ac hi ev em e nt s or dev el opm e n t s i n i t s i ndus t r y t o di f f er m at er i al l y f r om t he ant i c i pat e d r es ul t s per f or m a n c e or ac hi ev em e nt s ex pr es s ed or i m pl i ed by s uc h f or w ar d l ook i ng s t at em en t s T her e c an be no as s ur anc e t hat s uc h s t at em ent s w i l l pr ov e t o be ac c ur at e F or w ar d l ook i ng s t at em en t s ar e bas ed on t he bel i ef s es t i m at es and opi ni on s of F i r s t N i c k el s m anag em e n t on t he dat e t he s t at em ent s ar e m ade R eader s ar e c aut i one d not t o pl ac e undue r el i anc e on t hes e f or w ar d l ook i n g s t at em en t s I m por t an t f ac t or s t hat c oul d c aus e ac t ual r es ul t s t o di f f er m at er i al l y f r om t he C om pa ny s ex pec t at i on s ar e di s c us s ed under t he headi n g s F or w ar d Look i ng S t at em en t s and R i s k F ac t or s and el s ew her e i n our m os t r ec ent l y f i l ed annu al i nf or m a t i o n f o r m and m anag em e nt s di s c us s i on an d anal y s i s av ai l abl e on w w w s edar c om F i r s t N i c k el does not under t a k e t o updat e an y f or w ar d l ook i n g s t at em ent s t hat ar e i nc l ude d i n t hi s doc um e n t ex c ept i n ac c or dan c e w i t h appl i c a bl e s ec ur i t i es l aw s E x c ept as ot her w i s e di s c l os ed t he t ec hni c al i nf or m a t i on about t he C om pan y s m i ner al pr oper t i es c ont ai ne d i n t hi s pr es ent a t i on has been pr e pa r e d un d e r t he s uper v i s i on of or appr ov ed by M r P aul D av i s an of f i c er of t he C om pa ny w ho i s a q ual i f i ed pe r s on w i t hi n t he m eani n g of N at i onal I ns t r um en t 43 101 N I 43 1 0 1 No n G A A P F i n an ci al M easu r es T he c as h c os t per pound of ni c k el pr oduc ed and t ot al pr oduc t i on c os t s ar e non G A A P f i nanc i al m eas ur es t hat do not hav e a s t andar di z ed m eani ng under C anadi an G ener al l y A c c ept ed A c c ount i ng P r i nc i pl es G A A P and as a r es ul t m ay not be c om par abl e to s i m i l ar m eas ur es pr es ent ed by ot her c om pani es M anagem ent us es t hes e s t at i s t i c s t o m oni t or oper at i ng co st s and pr of i t abi l i t y and bel i ev es t hat c er t ai n i nv es t or s us e t hi s i nf or m at i on t o ev al uat e t he C om pany s per f or m anc e and abi l i t y t o gener at e c as h f l ow i n addi t i on t o c onv ent i onal G A A P m eas ur es A c c or di ngl y i t i s i nt ended t o pr ov i de addi t i onal i nf or m at i on and s houl d not be c ons i der ed i n i s ol at i on or as a s ubs t i t ut e f or m eas ur es of per f or m anc e pr epa r ed i n ac c or danc e w i t h G A A P