Summary

• Canada Nickel offers the world’s second-largest nickel reserve, with strong government and strategic shareholder backing for its Crawford project.
• Recent Indonesian supply restrictions and Western policy shifts have created a catalyst-rich environment, positioning CNC for a potential late-2026 construction start.
• I estimate a probability-weighted target price of C$3.1, representing 90% upside, driven by permitting, government funding, and construction milestones.
• Key risks include permitting delays, Indigenous stakeholder frictions, and potential Indonesian policy reversals impacting nickel prices and project financing.

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