Exhibit 99.1

CONDENSED INTERIM Consolidated Financial Statements

For the quarter ended September 30, 2021

(In accordance with International Financial Reporting Standards (“IFRS”) and stated in thousands of Canadian dollars, unless otherwise indicated)

INDEX

Notice to Reader of the Unaudited Condensed Interim Consolidated Statements

Condensed Interim Consolidated Financial Statements

	■	Condensed Interim Consolidated Statements of Financial Position
	■	Condensed Interim Consolidated Statements of Comprehensive Loss
	■	Condensed Interim Consolidated Statements of Changes in Equity
	■	Condensed Interim Consolidated Statements of Cash Flows
	■	Notes to the Condensed Interim Consolidated Financial Statements

1 | North American Nickel / Q3 2021

 

Notice to reader of the unaudited CONDENSED interim CONSOLIDATED financial statements

For the nine months period ended September 30, 2021

In accordance with National Instrument 51-102, of the Canadian Securities Administrators, North American Nickel Inc. (the “Company” or “North American Nickel”) discloses that its auditors have not reviewed the unaudited condensed interim consolidated interim financial statements.

The unaudited condensed interim consolidated financial statements of the Company for the nine months period ended September 30, 2021 (“Financial Statements”) have been prepared by management. The Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto of the Company for the fiscal year ended December 31, 2020, which are available at the SEDAR website under the Company’s profile (www.sedar.com). The Financial Statements are stated in thousands of Canadian dollars, unless otherwise indicated, and are prepared in accordance with International Financial Reporting Standards (“IFRS”).

2 | North American Nickel / Q3 2021

Condensed Interim Consolidated Statements of Financial Position

(Expressed in thousands of Canadian dollars)

		Notes		September 30, 2021				December 31, 2020
ASSETS
CURRENT ASSETS
Cash					1,322				308
Receivables and other current assets		4			89				59
Due from related party		9			287				55
TOTAL CURRENT ASSETS					1,698				422
NON-CURRENT ASSETS
Equipment					11				21
Exploration and evaluation assets		5			39,161				39,103
Advance		8			-				50
Investment		8, 9			428				48
TOTAL NON-CURRENT ASSETS					39,600				39,222
TOTAL ASSETS					41,298				39,644
LIABILITIES
Trade payables and accrued liabilities		6, 9			622				362
Provision for restoration obligation		5, 11			-				267
TOTAL LIABILITIES					622				629
EQUITY
Share capital – preferred		7			591				591
Share capital – common		7, 14			91,880				89,627
Reserve		7			3,188				2,096
Deficit					(54,983	)			(53,299	)
TOTAL EQUITY					40,676				39,015
TOTAL LIABILITIES AND EQUITY					41,298				39,644

Nature of Operations (Note 1)

Commitments (Note 5 and 11)

Subsequent Events (Note 14)

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.

Approved by the Board of Directors on November 29, 2021

“signed”	“signed”
Keith Morrison	Douglas Ford
Director	Audit Committee Chair

3 | North American Nickel / Q3 2021

Condensed Interim Consolidated Statements of Comprehensive Loss

(Expressed in thousands of Canadian dollars)

				September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
				Three months ended								Nine months ended
		Notes		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
EXPENSES
General and administrative expenses		8, 11, 13			(201	)			(315	)			(857	)			(979	)
Property investigation					(7	)			(6	)			(11	)			(23	)
Amortization					(1	)			(2	)			(10	)			(6	)
Share-based payments		7			-				(85	)			(837	)			(969	)
Total expenses					(209	)			(408	)			(1,715	)			(1,977	)
OTHER ITEMS
Foreign exchange loss					(2	)			(1	)			(5	)			(1	)
Impairment for exploration and evaluation assets					-				-				-				(437	)
Equity loss on investment		8			(25	)			-				(62	)			-
Other income (expense), net					(27	)			(409	)			(67	)			(438	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD					(236	)			(409	)			(1,782	)			(2,415	)
Basic and diluted weighted average number of common shares outstanding					124,571,071				98,614,107				124,490,358				92,022,707
Basic and diluted loss per share					(0.00	)			(0.00	)			(0.01	)			(0.03	)

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.

4 | North American Nickel / Q3 2021

Condensed Interim Consolidated Statements of Changes in Equity

(Expressed in thousands of Canadian dollars)

		Notes		Number of Shares				Share Capital				Preferred Stock				Reserve				Deficit				Total Equity
BALANCE AT DECEMBER 31, 2019					88,690,791				89,006				591				4,175				(54,341	)			39,431
Net and comprehensive loss					-				-				-				-				(2,415	)			(2,415	)
Share capital issued through private placement					21,142,857				1,480				-				-				-				1,480
Share capital issued through exercise of warrants
Share capital issued through exercise of warrants, shares
Exercised warrants
Share issue costs					-				(121	)			-				-				-				(121	)
Value allocated to warrants					-				(735	)			-				735				-				-
Expired warrants		7			-				-				-				(2,572	)			2,572				-
Forfeited/expired options		7			-				-				-				(241	)			241				-
Share-based payments		7			-				-				-				969				-				969
BALANCE SEPTEMBER 30, 2020					109,833,648				89,630				591				3,066				(53,943	)			39,344
BALANCE AT DECEMBER 31, 2020					109,833,648				89,627				591				2,096				(53,299	)			39,015
Net and comprehensive loss					-				-				-				-				(1,782	)			(1,782	)
Share capital issued through private placement		7			8,290,665				1,933				-				-				-				1,933
Value allocated to warrants		7			-				(614	)			-				614				-				-
Share capital issued through exercise of warrants		7			6,725,019				706				-				-				-				706
Share issue costs		7			-				(33	)			-				-				-				(33	)
Exercised warrants		7			-				261				-				(261	)			-				-
Share-based payments		7			-				-				-				837				-				837
Forfeited/expired options		7			-				-				-				(98	)			98				-
BALANCE AT SEPTEMBER 30, 2021					124,849,332				91,880				591				3,188				(54,983	)			40,676

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.

5 | North American Nickel / Q3 2021

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in thousands of Canadian dollars)

				September 30, 2021				September 30, 2020
				Nine months ended
				September 30, 2021				September 30, 2020
OPERATING ACTIVITIES
Loss for the period					(1,782	)			(2,415	)
Items not affecting cash:
Amortization					10				6
Share-based payments		7			837				969
Equity loss on investment		8			62				-
Write-off exploration and evaluation assets		5			-				437
Changes in working capital		10			(203	)			(9	)
Net cash used in operating activities					(1,076	)			(1,012	)
INVESTING ACTIVITIES
Expenditures on exploration and evaluation assets		5			(124	)			(603	)
Investment		8			(392	)			(5	)
Net cash provided by (used in) investing activities					(516	)			(608	)
FINANCING ACTIVITIES
Proceeds from issuance of common shares		7			1,933				1,480
Proceeds from exercise of warrants		7			706				-
Share issuance costs		7			(33	)			(121	)
Net cash provided by financing activities					2,606				1,359
Change in cash for the period					1,014				(261	)
Cash, beginning of the period					308				1,098
Cash, end of the period					1,322				837

Supplemental cash flow information (Note 10)

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.

6 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

North American Nickel Inc. (the “Company”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The primary mailing office is located at 3400 – 100 King Street West, PO Box 130, Toronto, Ontario, M5X 1A4 and the records office of the Company is located at 666 Burrard Street, Suite 2500, Vancouver BC V6C 2X8. The Company’s common shares trade on the TSX Venture Exchange (“TSXV”) under the symbol “NAN”.

The Company’s principal business activity is the exploration and development of mineral properties in Greenland and Canada, as well as in Botswana through its participation in Premium Nickel Resources. The Company has not yet determined whether any of these properties contain ore reserves that are economically recoverable. The recoverability of carrying amounts shown for exploration and evaluation assets is dependent upon a number of factors including environmental risk, legal and political risk, the existence of economically recoverable mineral reserves, confirmation of the Company’s interests in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete exploration and development, and to attain sufficient net cash flow from future profitable production or disposition proceeds.

These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to raise additional capital. To date, the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned exploration, development and operational activities. These uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The exploration and evaluation properties in which the Company currently has an interest are in the exploration stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so.

The coronavirus COVID-19 declared as a global pandemic in March 2020 continued throughout the 2020 year and to date. This contagious disease outbreak, which continues to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. The Company is closely monitoring the impact of the pandemic on all aspects of its business but anticipates that COVID-19 may impact the Company’s ability to conduct fieldwork on projects.

The consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on November 29, 2021. The discussion in notes to the financial statements is stated in Canadian dollars except amounts in tables are expressed in thousands of Canadian dollars.

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance

These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), including IAS 34 Interim Financial Statements. The condensed interim consolidated financial statements do not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2020. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2021 could result in restatement of these condensed interim consolidated financial statements.

7 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

(b) Basis of Preparation

These condensed interim consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies.

The significant accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2020.

(c) Basis of consolidation

These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

3. CHANGES IN ACCOUNTING POLICIES

Accounting standards and amendments issued but not yet effective

Certain accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements.

IAS 16 - “Property, Plant and Equipment”

The IASB issued an amendment to IAS 16, Property, Plant and Equipment to prohibit the deducting from property, plant and equipment amounts received from selling items produced while preparing an asset for its intended use. Instead, sales proceeds and its related costs must be recognized in profit or loss. The amendment will require companies to distinguish between costs associated with producing and selling items before the item of property, plant and equipment is available for use and costs associated with making the item of property, plant and equipment available for its intended use. The amendment is effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The amendment is not currently applicable.

IAS 1 – “Presentation of Financial Statements”

The IASB issued an amendment to IAS 1, Presentation of Financial Statements to clarify one of the requirements under the standard for classifying a liability as non-current in nature, specifically the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendment includes: (i) specifying that an entity’s right to defer settlement must exist at the end of the reporting period; (ii) clarifying that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement; (iii) clarifying how lending conditions affect classification; and (iv) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. An assessment will be performed prior to the effective date of January 1, 2023 to determine the impact to the Company’s financial statements.

8 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

4. RECEIVABLES AND OTHER CURRENT ASSETS

A summary of the receivables and other current assets as of September 30, 2021 is detailed in the table below:

 SCHEDULE OF RECEIVABLES AND OTHER CURRENT ASSETS

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				December 31, 2020
Sales taxes receivable			21				23
Other current assets (prepaid expenses and amounts receivable)			68				36
Total receivables and other current assets			89				59

5. EXPLORATION AND EVALUATION ASSETS

(All amounts in table are expressed in thousands of Canadian dollars)

 SCHEDULE OF EXPLORATION AND EVALUATION ASSETS

		Canada								Greenland
		Post Creek Property				Halcyon Property				Quetico Claims				Lingman Lake				Maniitsoq Property				Total
Acquisition
Balance, December 31, 2020			308				238				42				14				46				648
Acquisition costs – cash			10				8				-				-				12				30
Balance, September 30, 2021			318				246				42				14				58				678
Exploration
Balance, December 31, 2020			1,529				252				142				13				36,519				38,455
Administration			-				-				-				-				7				7
Property maintenance			1				1				1				-				17				20
Camp operations			-				-				-				-				(95	)			(95	)
Drilling			-				-				-				-				32				32
Geology			8				8				10				-				37				63
Geophysics			-				-				1				-				-				1
Helicopter charter aircraft			-
Write-off			-
			9				9				12				-				(2	)			28
Balance, September 30, 2021			1,538				261				154				13				36,517				38,483
Total, September 30, 2021			1,856				507				196				27				36,575				39,161

9 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

		Canada						Greenland
		Post Creek Property		Halcyon Property				Quetico Claims				Enid Creek				Lingman Lake				Maniitsoq Property				Total
Acquisition
Balance, December 31, 2019		298			230				42				83				14				42				709
Acquisition costs – cash		10			8				-				-				-				4				22
Balance, September 30, 2020		308			238				42				83				14				46				731
Exploration
Balance, December 31, 2019		1,498			233				39				33				13				36,108				37,924
Administration		-			-				-				-				-				16				16
Property maintenance		6			5				-				-				-				17				28
Drilling		-			-				6				166				-				-				172
Geology		19			9				69				83				-				78				258
Geophysics		2			1				28				72				-				3				106
Helicopter charter aircraft		-			-				-				-				-				8				8
Write-off		-			-				-				(437	)			-				-				(437	)
		27			15				103				(116	)			-				122				151
Balance, September 30 ,2020		1,525			248				142				(83	)			13				36,230				38,075
Total, September 30, 2020		1,833			486				184				-				27				36,276				38,806

10 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

The following is a description of the Company’s exploration and evaluation assets and the related spending commitments:

Post Creek

On December 23, 2009 and as last amended on March 12, 2013, the Company completed the required consideration and acquired the rights to a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario.

Commencing August 1, 2015, the Company is obligated to pay advances on net smelter return royalties (“NSR”) of $10,000 per annum. The Company paid $10,000 during the nine months period ended September 30, 2021 (September 30, 2020 - $10,000). The total of the advances will be deducted from any payments to be made under the NSR.

During the nine months period ended September 30, 2021, the Company incurred $19,016 (September 30, 2020 - $36,944) in acquisition and exploration expenditures on the Post Creek Property.

Halcyon

On September 30, 2015, the Company completed the required consideration of the option agreement and acquired rights to a mineral claim known as the Halcyon Property located within the Sudbury Mining District of Ontario, subject to certain NSR and advance royalty payments.

Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8,000 per annum. The Company paid $8,000 during the nine months period ended September 30, 2021 (September 30, 2020 - $8,000). The total of the advances will be deducted from any payments to be made under the NSR.

During the nine months period ended September 30, 2021, the Company incurred $17,016 (September 30, 2020 - $23,257) in acquisition and exploration expenditures on the Halcyon Property.

Quetico

On April 26, 2018, the Company acquired the right to certain mineral claims known as Quetico located within the Sudbury Mining District of Ontario. The Company incurred total acquisition and exploration related costs of $64,256 during the year ended December 31, 2018.

The Company had no minimum required exploration commitment for the years ended December 31, 2020, 2019 and 2018 as it is not required to file any geoscience assessment work between the initial recording of a mining claim and the first anniversary date of the mining claim and claim anniversary dates were adjusted as a result of the COVID-19 pandemic. In April 2020, the Company applied for a one year exclusion under a COVID-19 relief program offered by the Ontario Ministry of Energy, Northern Development and Mines, thus adjusting the claim anniversary dates to April and May of 2021. The COVID-19 relief program was offered again commencing in 2021, and the Company has applied an additional one year exclusion.

By the second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. The Company could maintain mining claims by filing an Application to Distribute Banked Assessment Work Credits form before any due date. Payments in place of reporting assessment work may also be used to meet yearly assessment work requirements, provided the payments are not used for the first unit of assessment work and consecutively thereafter. Payments cannot be banked to be carried forward for future use. The total annual work requirement for Quetico project after April 26, 2021 is $324,000 should the Company maintain the current size of the claims. Work reports for 2020 were approved on June 4, 2021. $39,835 in work credits was approved on the Quetico East claims and $21,948 was approved on the Quetico West claims.

During the nine months period ended September 30, 2021, the Company incurred $11,668 (September 30, 2020 - $102,715) in exploration and license related expenditures on the Quetico Property.

Loveland Nickel (Enid Creek) Property

On September 25, 2019, the Company entered into earn in agreement to acquire a 100% interest, subject to a 1% NSR, in certain claims known as the Loveland Nickel (Enid Creek) Property located in Timmins, Ontario. Consideration included acquisition costs of $1,525,000 in cash and the issuance of 300,000 common shares. During the year ended December 31, 2019, the Company paid $25,000 and issued 300,000 common shares at a fair value of $51,000. Exploration expenditures of $4,500,000 were to be incurred over a period ending September 25, 2024.

11 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

As of December 31, 2020, the Company incurred an aggregate exploration and acquisition expenditures of $437,897. Based on the results of the exploration program completed in April 2020, the management elected not to proceed with further exploration on the property and terminated the agreement. Accordingly, all acquisition and exploration related costs were impaired as at December 31, 2020, totalling $437,897.

Lingman Lake Property

During the year ended December 31, 2019, the Company staked certain mineral claims known as Lingman Lake located northwest of Thunder Bay, Ontario. During the nine months period ended September 30, 2021, the Company incurred total acquisition and related costs of $Nil (September 30, 2020 - $Nil).

Maniitsoq

The Company has been granted certain exploration licenses, by the Bureau of Minerals and Petroleum (“BMP”) of Greenland for exclusive exploration rights of an area comprising the Maniitsoq Property, located near Ininngui, Greenland. The Maniitsoq Property is subject to a 2.5% NSR. The Company can reduce the NSR to 1% by paying $2,000,000 on or before 60 days from the decision to commence commercial production.

At the expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3-year license for years 11 to 13. Thereafter, the Company may apply for additional 3-year licenses for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years.

The Company may terminate the licenses at any time, however any unfulfilled obligations according to the licenses will remain in force, regardless of the termination.

Future required minimum exploration expenditures will be adjusted each year on the basis of the change to the Danish Consumer Price Index.

On January 7, 2021, the Company announced that it has received notification from the Greenland government that surplus assessment credits from exploration conducted on the Company’s exclusive mineral exploration licenses located on the southwest coast of Greenland have been extended by one year. Mineral licenses that received one-year credit extension include exploration license 2011/54, exploration license 2012/28 and exploration license 2018/21.

During the nine months period ended September 30, 2021, the Company spent in aggregate of $98,001 (September 30, 2020 - $126,074 in acquisition and exploration expenditures on the Maniitsoq Property, which is comprised of the Sulussugut, Ininngui, Carbonatite and 2020/05 Licenses.

During the year ended December 31, 2020, the Company has recorded a $267,000 provision for camp site cleanup and restoration obligations. The cost accrued was based on the best estimate of restoration activities that would be required on the Maniitsoq Property. The Company fulfilled this obligation during the nine months period ended September 30, 2021 and incurred actual cleanup costs of $172,394 resulting in reversal of excess provision of $94,606.

Further details on the licenses comprising the Maniitsoq Property and related expenditures are outlined below:

Sulussugut License (2011/54)

(All references to amounts in Danish Kroners, “DKK”)

Effective August 15, 2011, the Company was granted an exploration license (the “Sulussugut License”) by the BMP of Greenland for exclusive exploration rights of an area located near Sulussugut, Greenland. The Company paid a license fee of $5,742 (DKK 31,400) upon granting of the Sulussugut License. The application for another 5-year term on the Sulussugut License was submitted to the Greenland Mineral License & Safety Authority which was effective on April 11, 2016, with December 31, 2017 being the seventh year. During the year ended December 31, 2016, the Company paid a license fee of $7,982 (DKK 40,400) which provided for renewal of the Sulussugut License until 2020.

12 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2021.

To December 31, 2015, under the terms of a preliminary license, the Company completed the exploration requirements of an estimated minimum of DKK 83,809,340 (approximately $15,808,386) between the years ended December 31, 2011 to 2015 by incurring $26,115,831 on the Sulussugut License. Under the terms of the second license period, there was no required minimum exploration expenditures for the year ended December 31, 2019. As of December 31, 2020, the Company has spent $56,262,968 on exploration costs for the Sulussugut License.

The Company had no minimum required exploration commitment for the year ended December 31, 2020 and available credits of DKK 283,945,553 (approximately $58,776,729) at the end of December 31, 2020. During the year ended December 31, 2020, the Company had approved exploration expenditures of DKK 865,100 (approximately $179,076). The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year.

During the nine months period ended September 30, 2021, the Company spent a total of $81,604 (September 30, 2020 - $103,414) in exploration and license related expenditures on the Sulussugut License.

To December 31, 2020 and 2019, the Company has completed all obligations with respect to required reduction of the area of the license.

Ininngui License (2012/28)

Effective March 4, 2012, the Company was granted an exploration license (the “Ininngui License”) by the BMP of Greenland for exclusive exploration rights of an area located near Ininngui, Greenland. The Company paid a license fee of $5,755 (DKK 32,200) upon granting of the Ininngui License. The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2022.

The Ininngui License is contiguous with the Sulussugut License.

Should the Company not incur the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. This procedure may not be used for more than 2 consecutive calendar years and as at December 31, 2020, the Company has not used the procedure for the license.

The Company had no minimum required exploration commitment for the year ended December 31, 2020. As of December 31, 2020, the Company has spent $5,199,578 on exploration costs for the Ininngui License and exceeded the minimum requirement with a total cumulative surplus credits of DKK 30,424,551 (approximately $6,297,882). The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year.

During the nine months period ended September 30, 2021, the Company spent a total of $16,397 in exploration and license related expenditures (September 30, 2020 - $17,230).

Carbonatite License (2018/21)

Effective May 4, 2018, the Company was granted an exploration license (the “Carbonatite License”) by the BMP of Greenland for exclusive exploration rights of an area located near Maniitsoq in West Greenland. The Company paid a license fee of $6,523 (DKK 31,000) upon granting of the Carbonatite License. The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2020 being the third year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2023.

The Company has no minimum required exploration obligation for the year ended December 31, 2020. As of December 31, 2020, the Company has spent $1,504,317 on exploration costs for the Carbonatite License. To December 31, 2020, the Company’s expenditures exceeded the minimum requirement and the Company has a total surplus credit of DKK 10,544,473 (approximately $2,182,706). The credit available from each year may be carried forward 3 years plus 1 year extension and expire between December 31, 2023 to December 2024. The Company has no exploration commitment for 2021 year.

13 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

During the nine months period ended September 30, 2021, the Company spent a total of $6,068 in exploration and license related expenditures (September 30, 2020 - $5,430).

West Greenland Prospecting License (2020/05)

On February 18, 2020, the Company was granted new prospective license No. 2020/05, by the BMP of Greenland for a period of 5 years ending December 31, 2024. The Company paid a granting fee of $4,301 (DKK 21,900).

During the nine months period ended September 30, 2021, the Company spent a total of $396 in exploration and license related expenditures (September 30, 2020 - $4,301).

6. TRADE PAYABLES AND ACCRUED LIABILITIES

 SUMMARY OF TRADE PAYABLES AND ACCRUED LIABILITIES

(All amounts in table are expressed in thousands of Canadian dollars)		September 30, 2021				December 31, 2020
Trade payables			555				290
Amounts due to related parties (Note 9)			64				28
Accrued liabilities			3				44
Total Trade payables and accrued liabilities			622				362

7. SHARE CAPITAL, WARRANTS AND OPTIONS

The authorized capital of the Company comprises an unlimited number of common shares without par value and 100,000,000 Series 1 convertible preferred shares without par value.

a) Common shares issued and outstanding

2021

On April 20, 2021 the Company closed a non-brokered private placement consisting of an aggregate of 8,290,665 units of the Company (the “Units”) at a price of $0.24 per unit, for aggregate gross proceeds of $1,989,760. Each unit consists of one common share in the capital of the Company and one half transferable common share purchase warrant (“Warrant”) of the Company. Each full Warrant entitles the holder to acquire one common share of the Company within twenty-four (24) months following its issuance date, at a price of $0.35. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.60 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days.

In connection with the private placement, the Company has paid eligible finders (the “Finders”): (i) cash commission equal to 6% of the gross proceeds raised from subscribers introduced to the Company by such Finders, being an aggregate of $57,190, and (ii) a number of common share purchase warrants (the “Finder Warrants”) equal to 6% of the units attributable to the Finders under the private placement, being an aggregate of 238,289 Finder Warrants. Each Finder Warrant entitles the Finder to acquire one common share of the Company for a period of twenty-four (24) months following its issuance date, at an exercise price of $0.35.

The Company allocated a $580,187 fair value to the warrants issued in conjunction with the private placement and $33,351 to agent’s warrants. The fair value of warrants was determined using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 0.29% and an expected volatility of 163%.

14 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

During the nine months period ended September 30, 2021, the Company issued 6,725,019 common shares and received $705,547 in proceeds from the exercise of 6,725,019 warrants. There were no warrants exercised during the nine months period ended September 30, 2020.

As at September 30, 2021, the Company has 124,849,332 common shares issued and outstanding, (September 30, 2020 - 109,833,648).

2020

On August 13, 2020, the Company closed the first tranche of its non-brokered private placement equity financing consisting of 15,481,077 units of the Company at a price of $0.07 per unit, for aggregate gross proceeds of $1,083,675. On August 31, 2020, the Company closed the second and final tranche of its non-brokered private placement equity financing consisting of 5,661,780 units of the Company at a price of $0.07 per unit, for aggregate gross proceeds of $396,325. Each unit consists of one common share in the capital of the Company and one transferable common share purchase warrant of the Company. Each warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.09 for a period of 24 months from its date of issuance. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.12 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days.

In connection with the non-brokered private financing, the Company incurred total share issuance costs of $124,222. The Company issued and aggregate of 588,154 common share purchase warrants. Each warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.09 for a period of 24 months from its date of issuance.

The Company allocated a $716,055 fair value to the warrants issued in conjunction with the private placement and $18,547 to agent’s warrants. The fair value of warrants was determined using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 0.28% to 0.31% range and an expected volatility of 158% to 158.53% range.

As at December 31, 2020 the Company had 109,833,648 common shares issued and outstanding.

b) Preferred shares issued and outstanding

As at September 30, 2021 and September 30, 2020, there are 590,931 series 1 preferred shares outstanding.

The rights and restrictions of the preferred shares are as follows:

	i)	dividends shall be paid at the discretion of the directors;
	ii)	the holders of the preferred shares are not entitled to vote except at meetings of the holders of the preferred shares, where they are entitled to one vote for each preferred share held;
	iii)	the shares are convertible at any time after 6 months from the date of issuance, upon the holder serving the Company with 10 days written notice; and
	iv)	the number of the common shares to be received on conversion of the preferred shares is to be determined by dividing the conversion value of the share, $1 per share, by $9.00.

15 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

c) Warrants

A summary of common share purchase warrants activity during the nine months period ended September 30, 2021 is as follows:

SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS

		September 30, 2021								December 31, 2020
		Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)
Outstanding, beginning of the period			25,715,742				0.11				15,651,397				0.96
Issued			4,383,620				0.35				21,731,011				0.09
Exercised			(6,725,019	)			0.10				-				-
Cancelled / expired			-				-				(11,666,666	)			1.20
Outstanding, end of the period			23,374,343				0.16				25,715,742				0.11

At September 30, 2021, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS

Warrants Outstanding				Expiry Date		Exercise Price ($)		Weighted Average remaining contractual life (years)
	3,359,133			December 18, 2021		0.25			0.03
	12,488,781	1		August 13, 2022		0.09			0.46
	3,142,809	1		August 31, 2022		0.09			0.12
	4,383,620			April 16, 2023		0.35			0.29
	23,374,343								0.90

¹ The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $0.12 per common share for a period of 10 consecutive trading days at any date before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. To September 30, 2021, the Company’s common shares have met the criterion for acceleration. The Company, however, has not accelerated the warrant expiry date.

d) Stock options

The Company adopted a Stock Option Plan (the “Plan”), providing the authority to grant options to directors, officers, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the Plan, the exercise price of each option equals the market price or a discounted price of the Company’s stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years.

A summary of option activity under the Plan during the nine months period ended September 30, 2021, is as follows:

SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS

		September 30, 2021								December 31, 2020
		Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)
Outstanding, beginning of the period			7,978,725				0.17				2,130,550				1.51
Issued			3,185,000				0.32				7,850,000				0.15
Cancelled / expired			(603,100	)			0.33				(2,001,825	)			1.51
Outstanding, end of the period			10,560,625				0.21				7,978,725				0.17

16 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

During the nine months period ended September 30, 2021, the Company granted an aggregate total of 3,185,000 stock options to employees, directors and consultants with a maximum term of 5 years. All options vest immediately and are exercisable at $0.32 per share. The Company calculates the fair value of all stock options using the Black-Scholes Option Pricing Model. The fair value of options granted during the period ended September 30, 2021 amounted to $837,444 and was recorded as a share-based payment expense.

During the nine months period ended September 30, 2020, the Company granted an aggregate total of 7,850,000 stock options to purchase common shares in the capital of the Company pursuant to the Company’s stock option plan. All of the options are exercisable for a period of five years at an exercise price as follows: 6,650,000 options at an exercise price of $0.16 per share and 1,200,000 options at an exercise price of $0.09 per share. The fair value of options granted during the period ended September 30, 2020 amounted to $969,391 and was recorded as a share-based payment expense.

The fair value of stock options granted and vested during the years ended September 30, 2021 was calculated using the following assumptions:

 SCHEDULE OF INPUTS TO OPTION PRICING MODEL

		September 30, 2021				September 30, 2020
Expected dividend yield			0	%			0	%
Expected share price volatility			127.83	%			121.55% - 125.025	%
Risk free interest rate			0.93	%			0.39% - 1.21	%
Expected life of options			5 years				5 years

Details of options outstanding as at September 30, 2021 are as follows:

SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS

Options Outstanding				Options Exercisable				Expiry Date		Exercise Price ($)				Weighted average remaining contractual life (years)
	40,625				40,625			February 21, 2022			1.20				0.00
	35,000				35,000			February 28, 2023			1.20				0.00
	6,100,000				6,100,000			February 24, 2025			0.16				1.97
	1,200,000				1,200,000			August 19, 2025			0.09				0.44
	3,185,000				3,185,000			February 25, 2026			0.32				1.33
	10,560,625				10,560,625										3.74

e) Reserve

The reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. Amounts recorded for forfeited or expired unexercised options and warrants are transferred to deficit. During the nine months period ended September 30, 2021, the Company transferred $97,953 (September 30, 2020 - $240,862) to deficit for expired options and transferred $260,916 (September 30, 2020 - $2,571,514) to common share capital for exercised and expired warrants.

During the nine months period year ended September 30, 2021, the Company recorded $837,444 of share-based payments to reserves (September 30, 2020 - $969,391).

8. INVESTMENT IN PREMIUM NICKEL RESOURCES INC.

On September 30, 2019, the Company entered into a Memorandum of Understanding (“MOU”) with Premium Nickel Resources Inc. (“Premium Nickel”). Pursuant to the MOU, the Company and Premium Nickel set forth their interests in negotiating and acquiring the business and assets of BCL Limited, a private company with operations in Botswana that is currently in liquidation.

17 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

Concurrent with the MOU, the Company initially subscribed for 2,400,000 common shares of Premium Nickel at $0.01, for a total investment of $24,000. The Company’s initial investment included a provision that gives the Company the right to nominate two directors to the board of directors of Premium Nickel. The Company’s initial investment also included Premium Nickel issuing the Company a non-transferable share purchase warrant (the “Warrant”), which entitles the Company to purchase common shares of Premium Nickel, for up to 15% of the capital of Premium Nickel upon payment of US $10 million prior to the fifth anniversary of the date of issue. At December 31, 2019, the Company’s investment was recorded as an advance, as the Company had not yet been issued the common share certificate nor the Warrant. The initial investment common share certificate was issued on August 18, 2020, and Warrant was issued on February 26, 2020.

To December 31, 2020, the Company subscribed for a further 4,657,711 common shares of Premium Nickel, for a further investment of $154,164. The common shares underlying the investment are restricted (“Restricted”) from being traded before such date that is 4 months after the later of (a) the date of issuance and (b) the date at which Premium Nickel becomes a reporting issuer in any province or territory. To December 31, 2020 and subsequently, the underlying common shares are Restricted.

On January 14, 2021, the Company invested a further $50,400 towards the acquisition of common shares of Premium Nickel. A share certificate for 251,000 common shares was issued to the Company on March 23, 2021, representing the Company’s $100,400 investment, of which $50,000 was recorded in advances at December 31, 2020. On August 26, 2021, the Company acquired additional 358,996 common shares of Premium Nickel, for an additional investment of $341,046. To September 30, 2021, the Company’s total investment constitutes 10% holding (September 30, 2020 – 10.96%) in Premium Nickel.

As at September 30, 2021, the Company had representation on the board, participate in the policy-making process, material transactions between the Company and Premium Nickel, interchange of managerial personnel, provision of essential technical information and operating involvement. Accordingly, the Company determined that it has significant influence in Premium Nickel and has used equity accounting of the investment. Premium Nickel’s financial information at September 30, 2021 was net assets of $3,848,468 which was comprised primarily of cash, and a total comprehensive loss of $618,900 was recorded for the nine months period ended September 30, 2021. The Company has a 10% ownership in Premium Nickel and recorded $61,890 as equity loss as at September 30, 2021.

Details of the Company’s investment at September 30, 2021 is as follows:

SCHEDULE OF INVESTMENT

		Investment
Balance, December 31, 2020			48
Reallocation of advance			50
Investment			392
Share of loss of Premium Nickel			(62	)
Balance, September 30, 2021			428

On January 1, 2020, the Company entered into a Management and Technical Services Agreement (“the Services Agreement”) with Premium Nickel whereby the Company will provide certain technical, corporate, administrative and clerical, office and other services to Premium Nickel during the due diligence stage of the contemplated arrangement. The Company will charge Premium Nickel for expenses incurred and has the right to charge a 2% administrative fee on third party expenses. The Company will invoice Premium Nickel on a monthly basis and payment shall be made by Premium Nickel no later than 15 days after receipt of such invoice. The term of the Service Agreement is for an initial period of 3 years and can be renewed for an additional 1 year period. The Service Agreement can be terminated within 30 days notice, for non-performance, by the Company giving 6 months notice or Premium Nickel within 90 days provided the Company no longer owns at least 10% of the outstanding common shares of Premium Nickel. If Premium Nickel defaults on making payments, the outstanding balance shall be treated as a loan to Premium Nickel, to be evidenced by a promissory note. The promissory note will be payable upon demand and bear interest at a rate equal to the then current lending rate plus 1%, calculated from the date of default. Subsequent payment by Premium Nickel will be first applied to accrued interest and then principle of the invoice. During the nine months period ended September 30, 2021, pursuant to the Services Agreement, the Company charged Premium Nickel $1,649,507 (September 30, 2020 - $537,742) for services including $29,325 in administrative fees, received $1,416,485 (September 30, 2020 – $498,710) and recorded $287,312 in due from Premium Nickel (September 30, 2020 - $Nil). Subsequent to September 30, 2021, the Company received the $287,312 in full from Premium Nickel.

18 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

9. RELATED PARTY TRANSACTIONS

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6):

 SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				December 31, 2020
Directors and officers of the Company			59				21
Related company			5				7
Total			64				28

These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

The following amount due from related party and advance represent as well as investment in Premium Nickel a private company incorporated in Ontario, in which certain directors and officers of the Company also hold offices and minority investments.

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				December 31, 2020
Due from related party			287				55
Advance			-				50
Investment			428				48
Total			715				153

(a) Related party transactions

Sentient Executive GP IV Limited (“Sentient”) and Contemporary Amperex Technology Limited (“CATL”) have historically subscribed to private placements of the Company.

As of September 30, 2021, Sentient beneficially owns 36,980,982 common shares, constituting approximately 33.66% of the currently issued and outstanding common shares of the Company.

As of September 30, 2021, CATL beneficially owns 22,944,444 common shares, constituting approximately 20.89% of the currently issued and outstanding shares of the Company. CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company.

During the nine months period ended September 30, 2021, the Company recorded $36,957 (September 30, 2020 - $155,810) in fees charged by a legal firm in which the Company’s former chairman is a consultant.

19 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

(b) Key management personnel are defined as members of the Board of Directors and senior officers.

Key management compensation was:

 SCHEDULE OF KEY MANAGEMENT COMPENSATION

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				September 30, 2020
Geological consulting fees – expensed			-				5
Management fees – expensed			539				360
Salaries - expensed			-				128
Share-based payments			621				671
Total			1,160				1,164

10. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital for the nine months period ended September 30, 2021 and 2020 are as follows:

 SCHEDULE OF CHANGES IN WORKING CAPITAL

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				September 30, 2020
(Increase) decrease in accounts receivables			(230	)			43
(Increase) decrease in prepaid expenses			(32	)			14
Increase (decrease) in trade payables and accrued liabilities			59				(66	)
Total changes in working capital			(203	)			(9	)

During the nine months period ended September 30, 2021, the Company:

	i)	transferred $97,953 from reserve to deficit;
	ii)	Transferred $260,916 from reserve to common share capital;
	iii)	recorded $105,617 as the net change for accrued exploration and evaluation expenditures;
	iv)	Reclassed $50,000 from advance to investment in PNR.

During the year ended September 30, 2020, the Company:

	i)	transferred $2,812,376 from reserve to deficit;
	ii)	recorded $6,958 as the net change for accrued exploration and evaluation expenditures;
	iii)	Recorded $139,164 as a further investment in PNR among which $134,447 through reduction of amount receivable from PNR.

11. COMMITMENTS AND CONTINGENCIES

The Company has certain commitments to meet the minimum expenditures requirements on its exploration and evaluation assets. Further, the Company has a site restoration obligation with respect to its Greenland exploration and evaluation asset.

Effective July 1, 2014, the Company had changes to management and entered into the following agreements for services with directors of the Company and a company in which a director has an interest:

	i)	Directors’ fees: $2,000 stipend per month for independent directors and $3,000 stipend per month for the chairman of the board, and $2,500 for committee chairmen.
	ii)	Management fees: $30,951 per month effective June 2018 up to December 31, 2019 and $16,907 per month effective January 1, 2020.

20 | North American Nickel / Q3 2021

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

Effectively on June 1, 2018, the Company changed the terms with Keith Morrison, the CEO, from direct employment to contracted consultant and entered into a service agreement with his company.

Each of the agreements shall be continuous and may only be terminated by mutual agreement of the parties, subject to the provisions that in the event there is a change of effective control of the Company, the party shall have the right to terminate the agreement, within ninety days from the date of such change of effective control, upon written notice to the Company. Within thirty days from the date of delivery of such notice, the Company shall forward to the party the amount of money due and owing to the party hereunder to the extent accrued to the effective date of termination.

12. SEGMENTED INFORMATION

The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in two geographic segments being Canada and Greenland (note 7). The Company’s geographic segments are as follows:

SCHEDULE OF GEOGRAPHIC SEGMENTS

(All amounts in table are expressed in thousands of Canadian dollars)

		September 30, 2021				December 31, 2020
Equipment
Canada			4				6
Greenland			7				15
Total			11				21

		September 30, 2021				December 31, 2020
Exploration and evaluation assets
Canada			2,586				2,538
Greenland			36,575				36,565
Total			39,161				39,103

13. GENERAL AND ADMINISTRATIVE EXPENSES

Details of the general and administrative expenses by nature are presented in the following table:

(All amounts in table are expressed in thousands of Canadian dollars)

 SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES

		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
		Three Months Ended								Nine Months Ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Consulting fees			53				40				273				124
Professional fees			7				20				40				101
Management fees			86				110				347				366
Investor relations			44				31				106				45
Filing fees			2				16				30				37
Salaries and benefits			-				80				-				248
General office expenses			9				18				61				58
Total			201				315				857				979

14. SUBSEQUENT EVENTS

	(a)	On November 24, 2021, the Company held its Annual General and Special Meeting of shareholders of the Company. The shareholders ratified and approved the number of directors at six (6) and re-elected Charles Riopel, Douglas Ford, Christopher Messina, Keith Morrison, Zhen Janet Huang and John Hick as directors of the Company for the ensuing year. In addition, shareholders approved the incentive stock options granted to NAN Chief Executive Officer, Keith Morrison, to purchase 4,993,972 common shares in the capital of the Company. All of the options are exercisable for a period of five years at an exercise price of $0.40 per share.
	(b)	The Company has issued 1,025,921 common shares pursuant to the exercise of warrants at $0.25 per share.
	(c)	The Company has issued 3,495,535 common shares pursuant to the exercise of warrants at $0.09 per share.
	(d)	The Company has issued 150,000 common shares pursuant to the exercise of stock options at $0.16 per share.

21 | North American Nickel / Q3 2021