Presentation Annual General Meeting – June

2 Forward Looking Statement This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from the Company’s expectations are discussed under the heading “Risk Factors” and elsewhere in the Company’s documents filed from time to time with the Toronto Stock Exchange, Canadian, United States and other securities regulators. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward- looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

3 Overview 2008 Decision to suspend production driven by metal price decline Operating achievements position FNI for future development Lockerby cost & production thresholds met Lockerby reserves & feasibility studies advanced Exploration launched at Belmont, Raglan Hills

4 Lockerby Mine  Metal/Ore production on track at time of shutdown M lbs Ni after 10 mos vs Mlbs full year  Mine operating costs last 4 months - C$165/t vs budgeted C$236 (-30%)

5 Lockerby 2008  Full feasibility announced July 2008  Needed US$10 Ni for robust economics  Resource models recalculated later in year at higher cutoff  Next stage feasibility and engineering studies launched late 2008

Exploration – Southeastern Ontario  Grassroots exploration program  Targets – Voisey’s Bay style nickel copper PGE deposit  Over 40 known nickel-copper occurrences  Under-explored region of Ontario  Drilling in 2009 Sudbury Toronto Belmont Project Raglan Hills JV

7 Lockerby 2008 – Still Significant Upside *  New resources added to upper workings  New resource estimate on Lockerby Depth  East Zone prepared for conversion to reserve and development  High potential for Footwall-hosted mineralization

8 West Graham: 2008  Exploration budget of $1.5 million for 2009  FNI will earn 70% interest in property on December 31, 2009  NI Resource estimate completed in January 2009 by Scott Wilson RPA  Metallurgical testing completed at SGS Lakefield  6,000 m diamond drill hole program scheduled for 2009  “no seeum” type platinum group element (PGE) mineralization  Footwall remains relatively untested First Nickel Inc. West Graham Property, Conwest Zone, Tonnes (000’s) Ni%Cu%Co%Au g/tPt g/tPd g/tAg g/tS%Ni Eq% Indicated Resource 8, Inferred Resource 2, Boundary Pillar

9 Lockerby Mine – Recent Work  New Depth resource estimate modeled at 1.5%Nieq cutoff  These resources then used for the new feasibility study  Feasibility to standard by GENIVAR incorporated extensive estimating and input from many sources  Results announced in February 2009

10 Lockerby Mine: Feasibility  Reserves: 1.4 Ni, 1.36% Cu, 0.083% Co  Mine Life of yields: Mlbs payable Ni; Mlbs payable Cu; -1.0 Mlbs payable Co Resources will lead to production well beyond 2015  Pre-production Capex: $37.6 M  Sustaining Capex: $32.2 M  Cash Cost/lb Ni: US$4.50  IRR: 40.5%  NPV (10%):$ 34 M

11 Lockeby Mine - Development  Low Risk Project – very conservative plan with room to optimize  Capital plan based upon a tight and well-understood cost model  Consists of extending existing infrastructure in a well- engineered mine  Old fleet to be replaced with new mobile equipment  Improve U/G ore handling and air cooling systems

12 New Financing On June 17, 2009 we announced the arranging of a US$10M Working Capital Facility. After closing this transaction we will: Acquire a major investor with impeccable banking and mining finance credentials which adds immeasurably to our stature in financial markets Be able to advance Lockerby engineering planning and undertake modest capital projects that will expedite later development Have sufficient working capital to cover business needs through the downturn and be positioned to seek full mine financing

Action Plan 2009 We plan to: 1.Advance Lockerby scheduling and detailed engineering in anticipation of a late 2009 financing - if appropriate 2.Continue exploration drilling in SE Ontario, Lockerby and West Graham 3.Continue exploration’s generative studies to launch new projects in 2010

14 Nickel: Still the Place to Be  Significant production pulled from the market – >300 Kt  Large Southern Hemisphere projects (high Capex) – additional projects may be stalled/abandoned?  China/India long term growth still in place  Marginal cost around the world averages close to US$5/lb excluding capital  >US$7.00/lb Ni is a reasonable long term nickel price (2011+) Data: CRU Nickel output falls, for the first time in a decade Low growth rates reflect historic under-investment and operational underperformance Chinese nickel pig iron to the rescue! Under- performance continues, cutbacks start

FNI – Looking Ahead  Need to grow beyond a single operation  Pipeline of grass roots to advanced exploration projects  We are actively identifying additional opportunities

16 Drivers for Growth FNI Operations Group: - G. Bilodeau: VP Operations - M. Bilodeau: Project Manager-Lockerby - C. Lafleur: Chief Engineer-Lockerby - B. Gascon: Mine Superintendent-Lockerby - L. Wilson: HR Superintendent-Lockerby  Lockerby Depth is a good orebody - because we have the right team to manage, execute and deliver the mine plan.  This team is capable, motivated and wants to build the company by developing and building more mines.

17 Drivers for Growth FNI Exploration Group: - P. Davis: VP Exploration - P. Vicker: Manager Sudbury Geology The team is responsible for the additional resources at Lockerby. Extensive nickel-copper geology experience, both in exploration and resource definition, and in Canada and internationally. Actively engaged in sourcing new projects.

18 Drivers for Growth  Strong board with diverse backgrounds and high level of industry experience  Board direction is to grow the company  A new serious investor coming on board who could potentially support new investment opportunities