Projects

NI 43-101 Compliant Total Nickel Resources

Deposit	Tonnes (Millions)	Grade (% Ni)	In Situ Nickel (Millions lb)
Measured & Indicated Resources
Minago*
Measured	11.1	0.56	136
Indicated	43.1	0.51	484
Mel***
Indicated	4.3	0.88	83
Lac Rocher***
Measured	0.29	1.23	8
Indicated	0.51	1.05	12
Lynn Lake**
Measured	1.0	0.95	20
Indicated	21.9	0.71	343
Total M&I			1,086
Inferred Resources
Minago*	14.6	0.53	170
Mel***	1.0	0.84	19
Lac Rocher***	0.44	0.65	6
Lynn Lake**	8.1	0.65	116
Total Inferred			311
*0.25% Ni cutoff
**0.40% Ni cutoff
***0.50% Ni cutoff

All of Victory Nickel's projects are under the supervision of Paul Jones, who is Victory Nickel's internal Qualified Person under National Instrument 43-101.

Through its subsidiary Victory Silica Ltd., Victory Nickel operates a frac sand plant in Alberta with a 500,000 tonne per annum plated capacity.