June 2, 2016

Research #4Nickel-Copper-PGE in Ontario, Canada

Calandra is buying Nickel One (as management may hit

pay dirt again) Thom Calandra’s investment letter, the Calandra Report, covers a number of promising resource stocks, however in his latest Wednesday edition he reported to have bought more shares of Nickel One Resources Inc. His bet is straight-forward: The first phase of drilling at Nickel One’s 100% owned Tyko Nickel-Copper-PGE Project near Marathon in northwestern Ontario is complete and remaining assays are yet to be disclosed. In mid-April, the company announced assays of the first 4 holes: All intersected significant nickel mineralization at shallow depths, including 1.04% nickel over 16 m (78 m downhole), which is almost 4 times the mineralization length of historic hole TK-06-001 (1.09% Ni over 4.15 m) and almost 3 times the mineralization length of historic hole TK-06-005 (1.05% Ni over 6.20 m). Assays of another 10 holes are pending.

Company Details

Nickel One Resources Inc.Suite 1110 - 1111 West Georgia StreetVancouver, BC, V6E 4M3 Canada Phone: +1 604 805 3530Email: info@nickeloneinc.comWeb: www.nickeloneinc.comShares Issued & Outstanding: 27,302,596

Canadian Symbol (TSX.V): NNNCurrent Price: $0.115 CAD (June 2, 2016)Market Capitalization: $3 million CAD

German Symbol / WKN: 7N1 / A2AD3E Current Price: €0.076 EUR (June 2, 2016)Market Capitalization: €2 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Research #4 | Nickel One Resources Inc.2

he phase-1 drilling program was designed to confirm orientation of mineralization in the channel

structures and extend the continuity of mineralization. Assays from the initial 4 holes in April (see below table) demon-strated that Nickel One is right on track, while drilling since then focussed on highly interesting targets never drilled before. A new discovery may bring the attention that this under-the-radar-flying, low-key junior deserves. Early birds, like Calandra, may strike big. The next batch of 10 holes have the poten-tial to make the company a respect-able junior actively developing historic showings into viable nickel-copper-PGE deposits close to surface.

According to Thom Calandra:

He Is Buying A Slug More Of Nickel One -- TCR The Calandra Report

Nickel One’s Tyko Project at Hemlo in Ontario, Canada -- nickel and platinum

group metals. NNN in Canada and NKORF in USA. I just added to my position.

Abraham Drost is QP (qualifying person) geologist on coming exploration assays. Vance Loeber in Vancouver, Canada, is CEO of the fledgling prospector .

I requested the over-the-counter (pink sheet) ticker in the USA after meeting with Nic kel One’s M r. Drost a nd Mr. Loeber in Toronto. Mr. Drost of Thunder Bay, Ontario, last hit pay dirt as CEO of Carl isle Goldfields (Manitoba), which is now owned and operated by Alamos Gold (AGI in Canada).

I su gge s t a pur cha s e of NNN/NKORF immediately. I am adding to my owner-ship of thinly traded NNN and NKORF right now (Wednesday) at 11 cents CAD.

I expect that fresh drill-hole assays at what the company is calling a magmatic feeder system (gold, platinum, copper, nickel) are afoot .

Given the history of this formerly private proj ect n o w in a p u b l ic company’s stwerdship, fresh drilling of the property is likely to confirm high-grade platinum group mineralization.

I b eli e ve I w i l l be proven correct in coming days .

Nickel One has less than $1 million in its treasury , most of which it is using for a winter-spring 2016 drill program. See the first four exploration holes published in April 2016.

Some 30 million shares and warrants are in the NNN mix. The float is minus about 10 million shares in escrow for a multi-year lockup. Market value is $3 million CAD.

Stephan Bogner in Germany is tracking NNN for his Rockstone-Research service.

-- Thom Calandratwitter.com/thomcalandra

Previous Coverage by Rockstone

Research #3: “Nickel One

discovers potentially

significant nickel deposit near

surface in Ontario” (April 12, 2016)

Research #2: “Early Report on Nickel One: Drill

Results Imminent” (March 22, 2016)

Research #1:“Nickel One

Starts Trading and Acquires the Tyko

Nickel-Copper Project near

Hemlo in Ontario” (February 29,

2016)

Hole No. Zone From m To m Length m Ni wt% Cu wt% Au ppm Pt ppm Pd ppmTotal PGE

ppmRJ Zone 3.6 92.5 88.9 0.26 0.14 0.01 0.04 0.04 0.09

Sub Zone 7.65 14.26 6.61 0.54 0.27 0.02 0.15 0.09 0.26Sub Zone 19.7 23.7 4 0.51 0.34 0.02 0.06 0.05 0.13Sub Zone 32.5 42.09 9.59 0.62 0.28 0.01 0.07 0.08 0.16Including 37.9 42.09 4.19 0.89 0.35 0.01 0.08 0.09 0.19Including 37.9 39 1.1 1.67 0.56 0.03 0.14 0.16 0.33Including 37.9 38.5 0.6 2.31 0.88 0.05 0.16 0.22 0.43RJ Zone 15 100.42 85.42 0.52 0.23 0.01 0.1 0.09 0.21

Sub Zone 23.69 26.14 2.45 0.94 0.25 0.01 0.23 0.24 0.49Including 24.85 25.48 0.63 2.05 0.37 0.03 0.58 0.52 1.13Sub Zone 35 37 2 0.53 0.23 0.03 0.15 0.15 0.33Sub Zone 52.75 96.87 44.12 0.79 0.3 0.01 0.12 0.11 0.24Including 58.25 66.5 8.25 1.04 0.54 0.01 0.12 0.12 0.26Including 66 66.5 0.5 2.89 0.45 0.01 0.27 0.35 0.63

and 77.65 93.84 16.19 1.04 0.23 0 0.15 0.12 0.28Including 78.62 90 11.38 1.23 0.26 0 0.18 0.13 0.32Including 82 83 1 1.97 0.19 0 0.17 0.12 0.29RJ Zone 2.47 99.26 96.79 0.18 0.11 0 0.02 0.02 0.05

Including 2.47 38.2 35.73 0.29 0.17 0.01 0.03 0.04 0.07Including 24.97 25.91 0.94 0.72 0.35 0 0.07 0.14 0.21Including 30 30.7 0.7 0.82 0.24 0 0.08 0.08 0.16RJ Zone 92.5 97.1 4.6 0.26 0.13 0 0.02 0.03 0.06

Including 96.4 97.1 0.7 0.77 0.25 0 0.04 0.09 0.13

Table 1: Composite Weighted Average Assay Intervals, Tyko Project, Q2/2016 Drilling

**Reported widths are drilled core lengths, true widths are unknown at this time.

TK-16-001

TK-16-002

TK-16-003

TK-16-004

T

Research #4 | Nickel One Resources Inc.3

“Assays from the initial four holes from the recent drilling program on

the RJ Zone at the Tyko Property, showcase considerable potential for the Project. A new magma conduit

model, developed by Fladgate Exploration Consulting, was tested at RJ. Initial results support this model

which potentially links the RJ and Tyko Zones (separated by 1.5 km) as part of pipe-like feeder system

(Figures 1 and 2).” (Vance Loeber, President & CEO of

Nickel One, on April 12, 2016)

The already published assays from 4 holes (total 580 m) were drilled at the RJ Zone/Showing. All 14 holes of the phase-1 drill program totalled 1,780 m, whereas pending assays are also from holes at the Tyko Zone/Showing, as well as a 3rd (new) target named Bruce Lake.

Rockstone eagerly awaits the remaining 10 assays from the Tyko Zone/Showing and the newly discovered Bruce Lake Showing. If Nickel One continues to ex-ceed historic drilling results, Rockstone believes that Tyko may advance quickly to a world-class nickel deposit close to surface.

The RJ Zone consists primarily of meta-morphosed mineralized pyroxenite which has been intruded by later gran-itoid rocks. The mineralized pyroxenite contains abundant rip-up clasts of other mafic-ultramafic phases and clastic sedi-ments indicative of an active feeder-type system. The mineralization is nickel-rich with an average Ni:Cu ratio of ~2:1 and a Pt:Pd ratio of ~1:1. Sulphides are typically disseminated to blebby with local patch-es of net-textured and semi-massive sulphide breccia. The sulphide tenors of the Ni-Cu-PGE mineralization on the Tyko Property are very high. Limited analysis by previous workers indicate tenors in 100% sulphide that average 13.0% Ni, 8.8% Cu, 6.6g/t PGE (Pt+Pd) at the RJ Zone and 12.9% Ni, 14.5% Cu, and 13.6g/t PGE at the Tyko Zone.

Additional analysis are currently under-way to better define the sulphide tenors of the various magmatic phases. The high tenor of the sulphide suggests a

high value flotation concentrate from RJ or Tyko style mineralization. This indi-cates that even a disseminated sulphide deposit could potentially be economic and adds further support to the view that Nickel One’s Tyko Project contains a fertile magmatic feeder system.

The company’s objective is to delineat-ed this feeder system and ultimately develop a mineral resource on the prop-erty. The pending assays from 10 holes may bring the company a big step closer to prove that case.

”One would think that those companies brave enough to be

developing early stage nickel deposits at this point in the commodity cycle could fill the gap of lost production in coming years. This is of course all

subject to a rebound in the nickel price. This rebound could commence

as early as next year as the Indonesian laterite ore ban makes

itself felt. Only time will tell.” (Chris Berry in “A Closer Look at Nickel:

An Unsustainable Current Reality”)

4

Management & Directors

Vance LoeberCEO, President & Director

Loeber is President of Tydewell Con-sulting Inc. and has +30 years of inter-national business experience. Loeber has been involved in the financing of early stage through to production level resource companies for +20 years. Loe-ber was one of the founders of U.S. Sil-ver Corp. (TSX: USA), currently the lar-gest pure silver mine in the US. He was also one of the founders of Sandspring Resources Ltd. (TSX.V: SSP), which raised over $60 million CAD and took the Toro Paru Gold Deposit in British Guyana to +6 million ounces. Loeber was also one of the founders of Carlisle Goldfields Ltd., recently bought by Alamos Gold Inc. (TSX: AGI). His extensive network is focused on Europe, Asia and North America, where he matches these investors with the cap-ital requirements of public companies.

Abraham P. Drost (P.Geo.)Chairman & Director

Drost is a registered Professional Geo-scientist (Ontario). He obtained the B.SC. in Earth Sciences from the University of Waterloo in 1984 and the M.Sc. in Mineral Exploration from Queen’s University in 1987. He has +30 years experience in the Canadian mining industry. Until recently, Drost was CEO, President and a Director of Carlisle Goldfields Ltd. (TSX: CGJ), is cur-rently a Director of Mega Precious Metals Inc. (TSXV: MGP), former CEO of Premier Royalty Inc. (TSX: NSR) which was bought by Sandstorm Gpold Ltd. (TSX: SSL), for-mer President of Sandspring Resources Inc., former President of Sabina Gold and Silver Corp. and a former Director of Tyko Resources Inc., a private Ontario corpora-tion and party to the recent transaction.

Scott Jobin-Bevans (Ph.D., PMP, P.Geo.)Director

Jobin-Bevans is a Co-Founder of Caracle Creek International Consulting and was Managing Director from 2001 to 2008 and Director of Corporate Development since April 2011. In 2008, Scott stepped down as MD and to be a co-founder of TSX listed Treasury Metals Inc., where he served as President, CEO & Director until April 2011. Dr. Jobin-Bevans has +20 years in mineral exploration with public

company experience as a director, officer and technical advisor. Scott is a member of the board of directors for a number of public and private companies and holds the volunteer positions of Presi-dent and Director of the Prospectors and Developers Association of Canada.

Raymond StrafehlDirector

Strafehl has +30 years’ experience in the investment and venture capital finance industry in Canada; and in corporate relations for public mining companies. He is a registered Commodity Trading Advisor with the National Futures As-sociation in Canada (since 1998); and founded Venture BC in 1998. He is a co-founder of International Liaison for the International Institute for Sustainable Regional Economies. Strafehl is currently CEO of Redline Resources and has previ-ously served as a director of a number of public companies in Canada.

Roderick W. Johansen Director

Johansen is a lawyer with Johansen Law Firm of Thunder Bay. He practices exclu-sively in Corporate Commercial matters including transactions and litigation. He holds a Honours Bachelor of Science from Lakehead University and a Law De-gree from McGill University. He regularly provides advice to public companies on transactions, financing and other matters.

Robert J. Scott (CA, CFA)CFO & Secretary

Scott is a chartered accountant with +20 years of professional experience in cor-porate finance, accounting, merchant and commercial banking. He has served in management and on the boards of a number of Canadian companies. He is currently CFO of Riverside Resources (TSXV: RRI) and Northair Silver (TSXV: INM). Scott is a co-founder and a director of Pan American Hydro Corp., a private company involved in developing small hydro projects in Latin America. Scott earned his CA designation in 1998, his CFA designation in 2002 and has a B.Sc. from the University of British Columbia.

Glenn J. Mullan (P.Geo.)Advisory Board

Mullan holds a B.Sc. (Geology) from Concordia University and has +35 years of experience in the mining and ex-ploration industries. Mullan is also the President, CEO, and Chairman of Gold-en Valley Mines. As an independent prospector, Mullan has assembled and acquired many mining prospects ran-ging from grass-roots ventures through advanced-stage projects. Glenn also is a member of the Board of the Prospectors and Developers Association of Canada (PDAC).

Research #4 | Nickel One Resources Inc.

Adapted from the Pay Dirt Board Game by Tory Niemann (original source)

Vancouver Commodity ForumJune 14, 2016 at Hyatt Regency Hotel in Vancouver

Click Here to Register

Exhibitors:

92 Resources Corp. (TSX.V: NTY; Frankfurt: R9G2)ALX Uranium Corp. (TSX.V: AL; Frankfurt: 6LLN)Arctic Star Exploration Corp. (TSX.V: ADD; Frankfurt: 82A)Aurvista Gold Corp. (TSX.V: AVA; Frankfurt: AVA2)Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1)Canadian Zeolite Corp. (TSX.V: CNZ ; Frankfurt: ZEON)Commerce Resources Corp. (TSX.V: CCE; Frankfurt: D7H)Copper North Mining Corp. (TSX.V: COL; Frankfurt: 79M)Dunnedin Ventures Inc. (TSX.V: DVI; Frankfurt: 5DD)Electra Stone Ltd. (TSX.V: ELT; Frankfurt: 44E1)Equitas Resources Corp. (TSX.V: EQT; Frankfurt: T6UN)Group Ten Metals Inc. (TSX.V: PGE; Frankfurt: 5D31)MGX Minerals Inc. (CSE: XMG; Frankfurt: 1MG)Nevada Clean Magnesium Inc. (TSX.V: NVM; Frankfurt: M1V)Nickel One Resources Inc. (TSX.V: NNN; Frankfurt: 7N1)NRG Metals Inc. (TSX.V: NGZ; Frankfurt: OGPN)Scandium Int. Mining Corp. (TSX.V: SCY; Frankfurt: 0E6)True Leaf Medicine Int. Ltd. (CSE: MJ; Frankfurt: TLA)Umbral Energy Corp. (CSE: UMB; Frankfurt: 2UE)Vatic Ventures Corp. (TSX.V: VCV.H)Voltaic Minerals Corp. (TSX.V: VLT; Frankfurt: 2P61)Zimtu Capital Corp. (TSX.V: ZC; Frankfurt: ZCT1)

Program:

12:00 pm: Exhibitor floor opens

1:00 pm: Welcome from Dave Hodge, President of Zimtu Capital Corp.

1:10 pm: Participant company introductions by Dave Hodge and Sven Olsson

1:30 pm: Joe Martin (Cambridge House International): The difference between exploration and mining, and the importance of Vancouver

1:40 pm: John Kaiser (Kaiser Researcb Online): “Criticality of Supply” and how it effects world prices, demand, and the ability to use that to your advantage in the market place

2:10 pm: BREAK - Networking with refreshments

3:00 pm: Stephan Bogner (Rockstone Research): How European markets impact Canadian markets

3:20 pm: John Hykawy (Stormcrow Capital): Demand & Pricing for lithium, cobalt and other battery materials

3:50 pm: Gerry McCarvill (Aurvista): Hedging the metals mar-kets - How to contain the large down drafts of the last 5 years 4:00 pm: Chris Berry (Disruptive Discoveries Journal): The future of lithium

4:30-6:00 pm: Networking Session with refreshments

6

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that base and pre-cious metal prices are expected to rebound; that Nickel One Resources Inc. or its part-ner(s) can and will start exploring further; that exploration has or will discover a mine-able deposit; that the company can raise sufficient funds; that any of the mentioned mineralization indications or estimates are valid or economic; that the proposed trans-actions go through. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting mineral exploration and mining companies are generally disclosed in the annual financial or other filing documents of Nickel One Resources Inc. and similar companies as filed with the relevant secur-ities commissions, and should be reviewed by any reader of this report. In addition, with respect to Nickel One Resources Inc., a number of risks relate to any statement of projection or forward statements, including among other risks: closing of the proposed transactions; the receipt of all necessary ap-provals and permits; the ability to conclude a transaction to start or continue explora-tion; uncertainty of future base and precious metal prices, capital expenditures and other costs; financings and additional capital re-quirements for exploration, development, construction, and operating of a mine; the receipt in a timely fashion of further per-mitting for its legislative, political, social or economic developments in the jurisdictions in which Nickel One Resources Inc. carries on business; operating or technical difficulties in connection with mining or development activities; the ability to keep key employees, joint-venture partner(s), and operations fi-nanced. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities men-tioned. Rockstone, its owners and the author of this report are not registered broker-deal-ers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-deal-er. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the auth-or of this report is not paid directly by Nickel One Resources Inc., the author’s employer Zimtu will benefit from appreciation of Nickel One Resources Inc.’s stock price. The author, Stephan Bogner, does NOT own shares or other kinds of securities of Nickel One Resour-ces Inc. but may initiate a position. However he owns shares of Zimtu Capital Corp. and will benefit from appreciation of its stock. In this case, Nickel One Resources Inc. does NOT have one or more common directors with Zimtu Capital Corp. Overall, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis but rather as adver-tisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on informa-tion that he has researched independently and has received, which the author assumes to be reliable. The featured company has not reviewed any of this content prior to publica-tion. Rockstone and the author of this report do not guarantee the accuracy, complete-ness, or usefulness of any content of this re-port, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any compari-sons made to other companies may not be valid or come into effect. Please read the en-tire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this web-site or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have ac-cepted it. The upper part of the cover picture on page 1 (logo) was adapted from this source

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #4 | Nickel One Resources Inc.