Power Nickel Inc V.PNPN

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Power Nickel RESEARCH REPORT

(CN: PNPN)

Initiation – Nickel project with strategic CVMR agreement to boost critical North American supply

Power Nickel Inc. (TSXV:PNPN) is an exploration company focused on the Nisk nickel project in Quebec, Canada, which is poised to benefit from a predicted boom in demand for green metals. We see significant potential for PNPN’s ongoing drilling programme to deliver positive valuation catalysts in 2024, with modern geophysical techniques having identified targets across a 20km strike length vs only 1km within Nisk’s current resource. Meanwhile, a C$7.5m feasibility study agreement with metal processor CVMR Corp. is expected to demonstrate the viability of producing a refined product which can directly feed the North American EV battery supply chain, boosting the project’s green credentials and margins. With local hydro-power, a Tier 1 jurisdiction and exploration upside, we believe PNPN’s Nisk project has potential in the medium-term to become a strategically important source of critical metal, helping to fill a deficit in nickel supply which is forecast to emerge over the coming decade. Based on conservative, albeit highly provisional input assumptions, our DCF model delivers a target valuation of C$0.45/sh for PNPN, offering 97% upside. https://research.hannam.partners/open/477efa92-ba6a-4e2f-a41d-52ae6d5543e7/PNPN_01_20240226_Initiation.pdf/abc115b2-78bc-4515-9420-bd5dafa240e7https://research.hannam.partners/open/477efa92-ba6a-4e2f-a41d-52ae6d5543e7/PNPN_01_20240226_Initiation.pdf/abc115b2-78bc-4515-9420-bd5dafa240e7

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