6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2019

Commission File Number: 000-14740

North American Nickel Inc.

(Translation of registrant’s name into English)

c/o Bennett Jones LLP, 3400 — One First Canadian Place, P.O. Box 130, Toronto, Ontario M5X 1A4

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [  ] Yes [X] No.

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

EXPLANATORY NOTE

North American Nickel Inc. on May 24, 2019, has distributed Exhibits 99.1 to 99.4 to the applicable Canadian securities regulators and to shareholders who requested same, to disseminate its interim financial statements and related materials for the quarter ended March 31, 2019.

The disclosure documents can be viewed on the Canadian reporting issuer disclosure website www.sedar.com

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	North American Nickel Inc.
	(Registrant)
Date: May 24, 2019	By	/s/ Sarah-Wenjia Zhu
	Name:	Sarah-Wenjia Zhu
	Title:	Chief Financial Officer

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Exhibit Index

Exhibit No.	Description
99.1	Q1 2019 Financial Statements
99.2	Q1 2019 Management Discussion & Analysis as at May 24, 2019
99.3	CEO certification Q1 2019
99.4	CFO certification Q1 2019

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EX-99.1

Condensed Interim Consolidated Financial Statements

For the quarter ended March 31, 2019

(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 Financial 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

Notice to reader of the unaudited CONDENSED interim CONSOLIDATED financial statements

For the three months period ended March 31, 2019

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 three months period ended March 31, 2019 (“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, 2018, 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”).

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Condensed Interim Consolidated Statements of Financial Position

(Unaudited - Expressed in thousands of Canadian dollars)

	Notes	March 31, 2019			December 31, 2018
ASSETS
CURRENT ASSETS
Cash and cash equivalents			347			339
Short term investments	4		1,500			2,500
Receivables and other current assets	5		137			133
TOTAL CURRENT ASSETS			1,984			2,972
NON-CURRENT ASSETS
Property, plant and equipment			32			35
Exploration and evaluation assets	6		64,738			64,479
Reclamation of deposit	6		14			14
TOTAL NON-CURRENT ASSETS			64,784			64,528
TOTAL ASSETS			66,768			67,500
LIABILITIES
CURRENT LIABILITIES
Trade payables and accrued liabilities	7, 9		384			556
TOTAL CURRENT LIABILITIES			384			556
TOTAL LIABILITIES			384			556
EQUITY
Share capital - preferred	8		591			591
Share capital – common	8		87,947			87,947
Reserve	8		7,749			7,749
Deficit			(29,903	)		(29,343	)
TOTAL EQUITY			66,384			66,944
TOTAL LIABILITIES AND EQUITY			66,768			67,500

Nature of Operations (Note 1)

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

Approved by the Board of Directors on May 24, 2019

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

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Condensed Interim Consolidated Statements of Comprehensive Loss

(Unaudited - Expressed in thousands of Canadian dollars)

		Three months ended
	Notes	March 31, 2019			March 31, 2018
EXPENSES
General and administrative expenses	9, 13		(535	)		(540	)
Property investigation			(41	)		-
Amortization			(3	)		(4	)
Share-based payments	8		-			(287	)
			(579	)		(831	)
OTHER ITEMS
Interest income			18			-
Foreign exchange gain (loss)			1			(7	)
			19			(7	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			(560	)		(838	)
Basic and diluted weighted average number of common shares outstanding			787,928,500			554,598,167
Basic and diluted loss per share			(0.00	)		(0.00	)

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

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Condensed Interim Consolidated Statements of Changes in Equity

(Unaudited - Expressed in thousands of Canadian dollars)

	Notes	Number Shares		Share Capital		Preferred Stock		Reserve			Deficit			Total Equity
BALANCE AT DECEMBER 31, 2017			554,595,167		73,598		591		5,089			(26,550	)		52,728
Net and comprehensive loss for the period			-		-		-		-			(838	)		(838	)
Forfeited/expired options			-		-		-		(25	)		25			-
Share-based payments	8		-		-		-		287			-			287
BALANCE AT MARCH 31, 2018			554,595,167		73,598		591		5,351			(27,363	)		52,177
BALANCE AT DECEMBER 31, 2018			787,928,500		87,947		591		7,749			(29,343	)		66,944
Net and comprehensive loss for the period												(560	)		(560	)
Share-based payments	8		-		-		-		-			-			-
BALANCE AT MARCH 31, 2019			787,928,500		87,947		591		7,749			(29,903	)		66,384

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

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Condensed Interim Consolidated Statements of Cash Flows

(Unaudited - Expressed in thousands of Canadian dollars)

		Three months ended
	Notes	March 31, 2019			March 31, 2018
OPERATING ACTIVITIES
Loss for the period			(560	)		(838	)
Items not affecting cash:
Amortization			3			4
Share based payments			-			287
Interest income			(18	)		-
Changes in working capital	10		(33	)		(379	)
Other:
Interest received			11			16
Net cash used in operating activities			(597	)		(910	)
INVESTING ACTIVITIES
Expenditures on exploration and evaluation assets (includes changes in working capital)			(395	)		(1,129	)
Short-term investments			1,000			2,000
Net cash used in investing activities			605			871
FINANCING ACTIVITIES
Net cash provided by financing activities			-			-
Change in cash equivalents for the period			8			(39	)
Cash and cash equivalents, beginning of the period			339			398
Cash and cash equivalents, end of the period			347			359

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

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

North American Nickel Inc. (the “Company” or “NA Nickel”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The head office and principal address 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 Suite 2200, 1055 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2E9. 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, Canada and United States. 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 condensed interim consolidated 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. 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 condensed interim consolidated 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 condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 24, 2019.

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, 2018. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2019 could result in restatement of these condensed interim consolidated financial statements.

(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.

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

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, 2018.

(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

New standards adopted during the three months period ended March 31, 2019:

IFRS 16 - “Leases”

IFRS 16 replaces current guidance in IAS 17. Under IAS 17, lessees were required to make a distinction between a finance lease (on the balance sheet) and an operating lease (off balance sheet). IFRS 16 now requires lessees to recognize a lease liability reflecting future lease payments and a “right-of-use asset” for virtually all lease contracts. The IASB has included an optional exemption for certain short-term leases and leases of low value assets, however this exemption can only be applied by lessees. The standard applies to annual periods beginning on or after January 1, 2019, with earlier application permitted. The adoption of this standard did not result in any impact to the Company’s financial statements.

IFRIC 23 – “Uncertainty over Income Tax Treatments”

In June 2017, the IFRS Interpretations Committee of the IASB issued IFRIC 23, Uncertainty over Income Tax Treatments (IFRIC 23). The interpretation provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatments. The Interpretation is applicable for annual periods beginning on or after January 1, 2019. Earlier application is permitted. The Interpretation requires: (a) an entity to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution; (b) an entity to determine if it is probable that the tax authorities will accept the uncertain tax treatment; and (c) if it is not probable that the uncertain tax treatment will be accepted, measure the tax uncertainty based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty. The adoption of this interpretation did not result in any impact to the Company’s financial statements.

Standards, Interpretations and Amendments Not Yet Effective:

Amendments to References to the Conceptual Framework in IFRS Standards

On March 29, 2018 the International Accounting Standards Board (“IASB”) issued a revised version of its Conceptual Framework for Financial Reporting (the Framework), that underpins IFRS Standards. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards (the Amendments) to update references in IFRS Standards to previous versions of the Conceptual Framework. Both documents are effective from January 1, 2020 with earlier application permitted.

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

Some Standards include references to the 1989 and 2010 versions of the Framework. The IASB has published a separate document which contains consequential amendments to affected Standards so that they refer to the new Framework, with the exception of IFRS 3 Business Combinations which continues to refer to both the 1989 and 2010 Frameworks. The Company does not intend to adopt the Amendments in its financial statements before the annual period beginning on January 1, 2020. The extent of the impact of the change has not yet been determined.

IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments are to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective January 1, 2020. The Company is evaluating the impact of the adoption of these amendments.

4. SHORT-TERM INVESTMENTS

Short-term investments are comprised of a highly liquid Canadian dollar denominated guaranteed investment certificate with an initial term to maturity greater than ninety days, but not more than one year, that is readily convertible to a contracted amount of cash. The counter-party is a Canadian financial institution. During the period ended March 31, 2019, the instrument was yielding an annual interest rate range of 1.40% (March 31, 2018 - 1.30%).

5. RECEIVABLES AND OTHER CURRENT ASSETS

A summary of the receivables and other current assets as of March 31, 2019 is detailed in the table below:

	March 31, 2019		December 31, 2018
Sales taxes receivable		52		75
Interest receivable		17		10
Other current assets		68		48
		137		133

Other current assets is comprised of prepaid expenses.

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS

	Canada						US		Greenland
	Post Creek Property		Halcyon Property		Quetico Claims		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2018		288		222		42		8		42		602
Acquisition costs – cash		5		4		-		1		-		10
Balance, March 31, 2019		293		226		42		9		42		612
Exploration
Balance, December 31, 2018		1,431		209		22		-		62,215		63,877
Administration		1		-		-		-		-		1
Corporate social responsibility		1		-		-				-		1
Drilling		7		-		-		-		120		127
Environmental, health and safety		-		-		-		-		8		8
Geology		4		3		-		2		76		85
Geophysics		-		-		-		-		27		27
		13		3		-		2		231		249
Balance, March 31,2019		1,444		212		22		2		62,446		64,126
Total, March 31, 2019		1,737		438		64		11		62,488		64,738

	Canada		US		Greenland
	Post Creek Property		Halcyon Property		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2017		278		214		6		36		534
Acquisition costs – cash		5		4		2		14		25
Balance, March 31, 2018		283		218		8		50		559
Exploration
Balance, December 31, 2017		1,138		187		-		48,635		49,960
Administration		-		-		-		15		15
Drilling expenses		5		-		-		204		209
Geology		10		7		-		91		108
Geophysics		-		-		-		40		40
Helicopter charter aircraft		-		-		-		3		3
Infrastructure		-		-		-		13		13
		15		7		-		366		388
Balance, March 31, 2018		1,153		194		-		49,001		50,348
Total, March 31, 2018		1,436		412		8		49,051		50,907

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

Post Creek

On December 23, 2009, the Company executed a letter of intent whereby the Company has an option to acquire a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario.

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire a 100% interest in the Post Creek Property, subject to certain net smelter return royalties (“NSR”) and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Post Creek Property. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $10 per annum, totalling $10 during the year ended December 31, 2018, the total of which will be deducted from any payments to be made under the NSR. The total advances paid during the three months period ended March 31, 2019 were $5, (March 31, 2018 - $5).

During the three months period ended March 31, 2019, the Company incurred exploration expenditures totalling $13 (March 31, 2018 - $15) on the Post Creek Property.

Halcyon

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire rights to Halcyon Property, subject to certain NSR and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Halcyon Property. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8 per annum, totalling $8 during the year ended December 31, 2018, the total of which will be deducted from any payments to be made under the NSR.

During the three months period ended March 31, 2019, the Company incurred $7 (March 31, 2018 - $11) in exploration and license related expenditures on the Halcyon Property.

Quetico

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

The Company had no minimum required exploration commitment for the year ended December 31, 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.

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, 2020 is $324 should the Company maintain the current size of the claims.

There were no exploration related costs incurred during the three months period ended March 31, 2019.

Section 35 Property

On January 4, 2016, the Company entered into a 10 year Metallic Minerals Lease (the “Lease”) with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US $10.00 per acre for the 11^th year onwards, with an increase of an additional US $5.00 per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between 2% - 2.5% is payable from production of minerals and/or mineral products from an established mining operation area. The Company paid the first year rental fee and the required reclamation deposit of $14 (US $10). The Department of Natural Resources shall annually review the level of the reclamation deposit and shall require the amount to be increased or decreased to reflect changes in the cost of future reclamation of the leased premises.

During the three months period ended March 31, 2019, the Company spent a total of $3 in exploration and license related expenditures, (March 31, 2018 - $2).

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

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 Property is subject to a 2.5% NSR. The Company can reduce the NSR to 1% by paying $2,000 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 licence period (years 6-10), and the Company may apply for a further 3-year licence for years 11 to 13. Thereafter, the Company may apply for additional 3-year licences 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.

During the three months period ended March 31, 2019, the Company spent in aggregate of $231 (March 31, 2018 - $380) in exploration and license related expenditures on the Maniitsoq Property, which is comprised of the Sulussugut, Ininngui and Carbonatite Licenses. Further details on the licenses and related expenditures are outlined below.

Sulussugut License (2011/54)

(All references to amounts in Danish Kroners, “DKK” are in thousands of 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 $6 (DKK 31) upon granting of the Sulussugut License. The application for another 5 year term on the Sulussugut License was submitted to the Greenland Mineral Licence & 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 $8 (DKK 40) which provides for renewal of the Sulussugut License until 2020.

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 (approximately $15,808) between the years ended December 31, 2011 to 2015 by incurring $26,116 on the Sulussugut License. The accumulated exploration credits held at the end to December 31, 2015, of DKK 100,304 can be carried forward until 2019. Under the terms of the second license period, the required minimum exploration expenditures for the year ended December 31, 2017 was DKK 44,374 (approximately $8,955). As of December 31, 2018, the Company has spent $55,732 on exploration costs for the Sulussugut License.

To December 31, 2018, the Company has completed all obligations with respect to required reduction of the area of the license.

During the year ended December 31, 2018, the Company had approved exploration expenditures of DKK 79,604 (approximately $16,342) which results in the total cumulative surplus credits of DKK 326,111 (approximately $66,951). The credits may be carried forward until December 31, 2021.

The Company had no minimum required exploration for the year ended December 31, 2018. During the year ended December 31, 2018, the Company spent a total of $10,795 (December 31, 2017 - $11,079) in exploration and license related expenditures on the Sulussugut License.

During the three months period ended March 31, 2019, the Company spent a total of $116 in exploration and license related expenditures, (March 31, 2018 - $337).

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Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

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 $6 (DKK 32) upon granting of the Ininngui License. The Ininngui License was valid for 5 years until December 31, 2016, with December 31, 2012 being the first year. The Ininngui License is contiguous with the Sulussugut License.

To December 31, 2018, the Company’s expenditures exceeded the minimum requirement and the Company has a total cumulative surplus credits of DKK 35,509 (approximately $7,290). The credits may be carried forward until December 31, 2021.

The Company had no minimum required exploration for the year ended December 31, 2018. As of December 31, 2018, the Company has spent $5,121 on exploration costs for the Ininngui 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, 2018, the Company has not used the procedure for the license.

During the year ended December 31, 2018, the Company spent a total of $1,423 (December 31, 2017 - $985) in exploration and license related expenditures on the Ininngui License.

During the three months period ended March 31, 2019, the Company spent a total of $22 in exploration and license related expenditures, (March 31, 2018 - $23).

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 $7 (DKK 31) upon granting of the Carbonatite License. The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2018 being the first year. As of December 31, 2018, the Company has spent $1,362 on exploration costs for the Carbonatite License.

During the year ended December 31, 2018, the Company spent a total of $1,369 in exploration and license related expenditures (December 31, 2017 - $Nil) for the Carbonatite License.

The Company had a minimum required exploration obligation of DKK 269 (approximately $55) for the year ended December 31, 2018. To December 31, 2018, the Company’s expenditures exceeded the minimum requirement and the Company has a total surplus credit of DKK 9,830 (approximately $2,018). The credit may be carried forward until December 31, 2021.

During the three months periods ended March 31, 2019, the Company spent a total of $93 in exploration and license related expenditures, (March 31, 2018 - $9).

7. TRADE PAYABLES AND ACCRUED LIABILITIES

	March 31, 2019		December 31, 2018
Trade payables		344		477
Amounts due to related parties (Note 9)		13		1
Accrued liabilities		27		78
		384		556

12 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

8. 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

There were no common shares issued during the three months period ended March 31, 2019 and March 31, 2018.

As at March 31, 2019, the Company has 787,928,500 common shares issued and outstanding, (March 31, 2018 – 554,598,167).

2018

On April 19, 2018, the Company closed a non-brokered private placement equity financing of 233,333,333 units at a price of $0.075 per unit and raised aggregate gross proceeds of $17,500. Each unit consists of one common share and one-half of one 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 $0.12 for a period of 24 months from its date of issuance. The Company incurred total share issuance costs of $579, of which $250 is recorded in trade payables at December 31, 2018. The Company allocated a $2,572 fair value to the warrants issued in conjunction with the private placement. The fair value of warrants was determined on a pro-rata basis 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 1.91% and an expected volatility of 94.26%.

Contemporary Amperex Technology Limited (“CATL”) subscribed for 200,000,000 units of the aforementioned private placement for a total purchase price of $15,000. At December 31, 2018, CATL beneficially owns, or exercises control or direction over approximately 25.38% of the currently issued and outstanding shares of the Company. As per the subscription agreement, CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company.

Sentient subscribed for 13,333,333 units of the aforementioned private placement for a total purchase price of $1,000. At December 31, 2018, Sentient beneficially owns, or exercises control or direction over 369,809,820 common shares constituting approximately 46.93% of the currently issued and outstanding shares of the Company.

As at December 31, 2018, the Company had 787,928,500 common shares issued and outstanding.

b) Preferred shares issued and outstanding

As at March 31, 2019 and March 31, 2018, 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 $0.90.

13 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

c) Warrants

A summary of common share purchase warrants activity during the three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		257,972,836		0.12		176,175,413			0.12
Issued		-		-		116,666,664			0.12
Cancelled / Expired		-		-		(34,869,241	)		0.12
Outstanding, end of the period		257,972,836		0.12		257,972,836			0.12

At March 31, 2019, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

Warrants Outstanding		Expiry Date	Exercise Price ($)		Weighted Average remaining contractual life (years)
	72,515,414	June 8, 20191		0.12		0.05
	1,965,083	June 8, 2019		0.075		0.00
	46,334,451	July 21, 20191,2		0.12		0.06
	20,491,224	August 15, 2019		0.12		0.03
	116,666,664	April 19, 2020		0.12		0.48
	257,972,836					0.62

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 $0.18 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 December 31, 2018, the Company’s common shares have not met the criterion for acceleration.

² On September 1, 2018, the TSXV approved an extension of the term of the warrants from July 21, 2018 to July 21, 2019. All other terms, including the exercise price, remain the same.

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.

14 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

A summary of option activity under the Plan during the three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		25,945,500		0.18		20,720,500			0.23
Issued		-		-		6,425,000			0.12
Cancelled / Expired		-		-		(1,200,000	)		0.18
Outstanding, end of the period		25,945,500		0.18		25,945,500			0.18

There no incentive stock options granted during the period ended March 31, 2019.

During the period ended March 31, 2018, the Company granted 5,725,000 incentive stock options to employees, directors and consultants with a maximum term of 5 years. All stock options vest immediately and are exercisable at $0.12 per common share. The Company calculates the fair value of all stock options using the Black-Scholes Option Pricing Model. The fair value of this grant amounted to $287 and was recorded as a share-based payments expense.

The fair value of stock options granted and vested during the period ended March 31, 2018 was calculated using the following assumptions:

	March 31, 2019		March 31, 2018
Expected dividend yield		-		0	%
Expected share price volatility		-		96.9	%
Risk free interest rate		-		2.04	%
Expected life of options		-		5 years

Details of options outstanding as at March 31, 2019 are as follows:

Options Outstanding		Options Exercisable		Expiry Date	Exercise Price		Weighted average remaining contractual life (years)
	2,440,000		2,440,000	Jul 9, 2019		0.62		0.03
	200,000		200,000	Aug 27, 2019		0.37		0.00
	100,000		100,000	Sep 26, 2019		0.26		0.00
	350,000		350,000	Nov 5, 2019		0.21		0.01
	1,000,000		1,000,000	Dec 19, 2019		0.22		0.03
	900,000		900,000	Feb 3, 2020		0.275		0.03
	450,000		450,000	Oct 5, 2020		0.20		0.03
	5,443,000		5,443,000	Jan 28, 2021		0.21		0.38
	7,637,500		7,637,500	Feb 21, 2022		0.12		0.85
	1,000,000		1,000,000	Dec 20, 2022		0.12		0.14
	5,725,000		5,725,000	Feb 28, 2023		0.12		0.86
	500,000		500,000	May 1, 2023		0.12		0.08
	200,000		200,000	May 4, 2023		0.12		0.03
	25,945,500		25,945,500					2.47

15 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

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 year ended December 31, 2018 the Company recorded $317 of share-based payments and transferred $229 to deficit for expired options and warrants.

There were no share-based payments or expired options and warrants during the three months period ended March 31, 2019. During the three months period ended March 31, 2018 the Company recorded $287 of share-based compensation to reserves and transferred $25 to deficit for expired options and warrants.

9. RELATED PARTY TRANSACTIONS

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 7):

	March 31, 2019		December 31, 2018
Directors and officers of the Company		13		1
Total		13		1

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

(a) Related party transactions

As of March 31, 2019, Sentient beneficially owns 369,809,820 common shares constituting approximately 46.93% of the currently issued and outstanding common shares.

As of March 31, 2019, CATL beneficially owns 200,000,000 common shares constituting approximately 25.38% 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 three months period ended March 31, 2019, the Company recorded $9 (March 31, 2018 - $78) in fees charged by a legal firm in which the Company’s chairman is a consultant.

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

Key management compensation was:

	March 31, 2019		March 31, 2018
Geological consulting fees – expensed		26		26
Geological consulting fees – capitalized		-		18
Management fees – expensed		188		178
Salaries - expensed		47		29
Share-based payments		-		170
Total		261		421

16 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

Notes to the Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2019

(Unaudited - Expressed in thousands of Canadian dollars)

10. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital for the three months period ended March 31, 2019 and 2018 are as follows:

	March 31, 2019			March 31, 2018
Decrease (increase) in accounts receivables		23			(59	)
(Increase) in prepaid expenses		(20	)		(318	)
Decrease in trade payables and accrued liabilities		(36	)		(2	)
Total changes in working capital		(33	)		(379	)

During the period ended March 31, 2019, the Company:

i) recorded $135, the net change for accrued in exploration and evaluation expenditures.

During the period ended March 31, 2018, the Company:

ii) transferred $25 from reserve to deficit;

iii) recorded $716, the net change for accrued in exploration and evaluation expenditures.

11. COMMITMENTS AND CONTINGENCIES

The Company has certain commitments to meet the minimum expenditures requirements on its mineral exploration assets it has interest in.

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 stipend per month for independent directors and $3 stipend per month for the chairman of the board, and $2.5 for committee chairman.
ii)	Management fees: $31 per month effective June 2018.
	Effectively on June 1, 2018, the Company has changed the terms with Keith Morrison, the CEO, from direct employment to contracted consultant and entered into 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 sixty 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 three geographic segments being Canada, Greenland and United States (Note 6). The Company’s geographic segments are as follows:

	March 31, 2019		December 31, 2018
Equipment
Canada		10		11
Greenland		22		24
Total		32		35

	March 31, 2019		December 31, 2018
Exploration and evaluation assets
Canada		2,239		2,214
Greenland		62,488		62,257
United States		11		8
Total		64,738		64,479

13. GENERAL AND ADMINISTRATIVE EXPENSES

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

	March 31, 2019		March 31, 2018
Consulting fees		81		93
Professional fees		9		26
Management fees		188		178
Investor relations		16		34
Filing fees		11		19
Salaries and benefits		131		87
General office expenses		99		103
Total		535		540

17 | N o r t h A m e r i c a n N i c k e l / Q 1 2 0 1 9

EX-99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) of North American Nickel Inc. (“North American Nickel” or the “Company”) is designed to enable the reader to assess material changes in the financial condition of the Company between March 31, 2019 and December 31, 2018, and the results of operations for the three months ended March 31, 2019 (“Q1 2019”) and for the three months ended March 31, 2018 (“Q1 2018”). The MD&A should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2019 and with the audited consolidated financial statements and notes thereto of the Company for the fiscal year ended December 31, 2018 (“FY 2018”). In this MD&A, references to the Company are also references to North American Nickel and its wholly-owned subsidiary.

The financial statements, and the financial information contained in this MD&A were prepared in accordance with International Financial Reporting Standards (“IFRS”), including International Accounting Standard, Interim Financial Reporting (“IAS 34”).

All amounts in the discussion are expressed in thousands of Canadian dollars and in thousands of Danish Kroners (“DKK”) where applicable, except per share data and unless otherwise indicated. All amounts in tables are expressed in thousands of Canadian dollars, unless otherwise indicated.

This MD&A contains forward-looking information within the meaning of Canadian securities legislation (see “Forward-looking Information” below for full discussion on the nature of forward-looking information). Information regarding the adequacy of cash resources to carry out the Company’s exploration and development programs or the need for future financing is forward-looking information. All forward-looking information, including information not specifically identified herein, is made subject to cautionary language at the end of this document. Readers are advised to refer to the cautionary language included at the end of this MD&A under the heading “Forward-looking Information” when reading any forward-looking information. This MD&A is prepared in accordance with F1-102F1 and has been approved by the Company’s board of directors (the “Board”) prior to release.

This report is dated May 24, 2019. Readers are encouraged to read the Company’s other public filings, which can be viewed on the SEDAR website under the Company’s profile at www.sedar.com. Other pertinent information about the Company can be found on the Company’s website at www.northamericannickel.com.

Company Overview and Highlights

North American Nickel is an international mineral exploration and resource development company listed on the TSX Venture Exchange (“TSXV”) as at May 3, 2011 trading under the symbol NAN. The Company is focused on the exploration and development of a diversified portfolio of nickel-copper-cobalt-precious metals sulphide projects that should be economically feasible assuming conservative long-term commodity prices. The Company’s principal asset is its Maniitsoq Property, in southwestern Greenland, a district scale land position.

North American Nickel was incorporated under the laws of the Province of British Columbia, Canada, by filing of Memorandum and Articles of Association on September 20, 1983, under the name Rainbow Resources Ltd.

Since 2011 the Company has continued the advancement of its camp scale Maniitsoq Project in south-western Greenland and the Post Creek Property in Sudbury, Ontario. The 2018 exploration and drilling program at its Maniitsoq project was completed in September with a total 14,287 metres of drilling, representing an increase of 5,520 metres from the previous program in 2017. The drilling was focused on testing a geochemical strategy within several of the main Maniitsoq intrusions and has confirmed the presence of melanorite and re-affirmed the significance of the high magnesium oxide (MgO) control on NiS mineralization.

Post Creek project has been held as an asset since 2010 because of its prospective location. The Company has been exploring the project with a combination of geophysics, prospecting, trenching, mapping. A two-hole drill program was completed in 2018 with the objective of assessing magnetic and electromagnetic anomalies within a corridor of breccias and quartz diorite extending radially away from the Whistle Offset and to provide a platform for downhole geophysics. Base metal massive sulphide-type high-grade zinc with silver mineralization were discovered.

1 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Maniitsoq Nickel-Copper-PGM Project, Southwest Greenland

The Greenland properties currently being explored for nickel-copper-cobalt-PGM sulphide by the Company have no mineral resources or reserves. The Maniitsoq project is centered 100 kilometres north of Nuuk, the capital of Greenland which is a safe, stable, mining-friendly jurisdiction. The centre of the project is located at 65 degrees 18 minutes north and 51 degrees 43 minutes west and has an arctic climate. It is accessible year-round either by helicopter or by boat from Nuuk or Maniitsoq, the latter located on the coast approximately 15 kilometres to the west. The deep-water coastline adjacent to Maniitsoq is typical of Greenland’s southwest coast which is free of pack ice with a year-round shipping season. The optimum shipping conditions are due the warming Gulf Stream flowing continuously past the south west coastline of Greenland. There is no infrastructure on the property; however, the Seqi deep water port and a quantified watershed for hydropower are located peripheral to the project.

The Maniitsoq property consists of four exploration licenses, No. 2011/54 and No. 2012/28 comprising 2,689 and 296 square kilometres, respectively and the recently acquired Carbonatite property No. 2018/21 (63 km²) and the Ikertoq property No. 2018/31 (33 km²). The Maniitsoq property is centred on the 75 kilometre by 15 kilometre Greenland Norite Belt which hosts numerous high-grade nickel-copper sulphide occurrences associated with mafic and ultramafic intrusions.

Between 1995 and 2011, various companies carried out exploration over portions of the project area. The most extensive work was carried out by Kryolitselskabet Øresund A/S Company (KØ) who explored the project area from 1959 to 1973. KØ discovered numerous surface and near surface nickel-copper sulphide occurrences and this work was instrumental in demonstrating the nickel prospectivity of the Greenland Norite Belt.

The Company acquired the Maniitsoq project because it has potential for the discovery of significant magmatic sulfide deposits in a camp-scale belt. The company believed that modern, time-domain, helicopter-borne electromagnetic (EM) systems would be more effective at detecting nickel sulphide deposits in the rugged terrain of Maniitsoq than previous, older airborne fixed wing geophysical surveys available to previous explorers. In addition, modern, time domain surface and borehole EM systems could be used to target mineralization in the sub-surface.

Effective August 15, 2011, the Company was granted an exploration license, No. 2011/54 (the “Sulussugut License”), by the Bureau of Minerals and Petroleum (“BMP”) of Greenland for exclusive exploration rights of an area located near Sulussugut, Greenland. The Sulussugut License was valid for 5 years until December 31, 2015, with December 31, 2011 being the first year providing the Company meets the terms of the license, which includes that specified eligible exploration expenditures must be made. The application for another 5-year term on the Sulussugut License was submitted to the Greenland Mineral License & Safety Authority (MLSA) which was effective on April 11, 2016, with December 31, 2018 being the eighth year.

The Greenland MLSA for the year 2018 has adjusted the minimum required exploration expenditures to zero. There will be an annual license fee on the Sulussugut License for year 8 and forward of approximately DKK 41.

Details of required work expenditures and accrued work credits are tabulated and given below:

2 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Table 1: Sulussugut License – 2011/54 (All amounts in table are expressed in thousands of DKK)

Exploration Commitment		2013			2014			2015			2016		2017		2018
Fixed amount			310			313			317			-		650		659
4841 km2 of DKK 1.460 per km2
4841 km2 of DKK 1.490 per km2
3336 km2 of DKK 7.760 per km2			25,887
2689 km2 of DKK 7.830 per km2						21,055
2689 km2 of DKK 7.940 per km2									21,351
2689 km2 of DKK 16.260 per km2														43,723
2689 km2 of DKK 16.500 per km2																44,369
Exploration obligation			26,197			21,368			21,668			-		44,374		-
Approved exploration expenditures			37,349			55,509			59,150			61,109		85,094		79,604
Exploration obligation			(26,198	)		(21,368	)		(21,668	)		-		-		-
Credit from previous year			17,530			28,681			62,822			100,304		161,413		246,507
Total Credit	DKK		28,681			62,822			100,304			161,413		246,507		326,111
Average Annual Rate DKK to CAD			0.1834			0.1968			0.1901			0.1969		0.1968		0.2053

The accumulated exploration credits held at the end of 2018, DKK 326,111 (approximately $66,951) can be carried forward as follows:

Carry forward period:
a)	DKK 246,507	from 2017 until December 31, 2021
b)	DKK 79,604	from 2018 until December 31, 2021

The Company has fulfilled the minimum exploration requirements and the Sulussugut License area was not reduced in 2018.

Ininngui License - 2012/28

Effective March 4, 2012, the Company was granted an additional exploration license, No. 2012/28 (the “Ininngui License”), by the BMP of Greenland for exclusive exploration rights over an area near Ininngui, Greenland. The Ininngui License is contiguous with the Sulussugut License. The Ininngui License was valid for 5 years until June 30, 2017. The application for another 5-year term on the Ininngui License was submitted to the Greenland Mineral Licence & Safety Authority (MLSA) which was effective March 14, 2017, with December 31, 2018 being the seventh year.

Details of required work expenditures and accrued work credits are tabulated and given below.

3 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Table 2: Ininngui License - 2012/28 (All amounts in table are expressed in thousands of DKK)

Exploration Commitment		2013			2014			2015			2016			2017		2018
Fixed amount			155			313			318			323			-		659
142 km2 of DKK 1.490 per km2
265 km2 of DKK 1.550 per km2			411
265 km2 of DKK 7.830 per km2						2,075
296 km2 of DKK 7.940 per km2									2,350
296 km2 of DKK 8.080 per km2												2,392
296 km2 of DKK 8.080 per km2															-		-
296 km2 of DKK 16.500 per km2																	4,884
Exploration obligation			566			2,388			2,668			2,715			-		-
Total Credits Available
Approved exploration expenditures			2,966			5,470			6,276			6,790			9,367		10,465
Exploration obligation			(576	)		(2,388	)		(2,668	)		(2,715	)		-		-
Credit from previous year			2,512			4,902			7,984			11,592			15,667		25,044
Total Credit	DKK		4,902			7,984			11,592			15,667			25,044		35,509
Average Annual Rate DKK to CAD			0.1834			0.1968			0.1901			0.1969			0.1968		0.2053

Carry forward period:
a)	DKK 25,044	from 2017 until December 31, 2021
b)	DKK 10,465	from 2018 until December 31, 2021

The Company has fulfilled the minimum exploration requirements and the Ininngui License area was not reduced in 2018.

For both licenses, future required minimum eligible exploration expenses will be adjusted each year on the basis of the change to the Danish Consumer Price Index.

For both licenses, at the expiration of the second license period (years 6-10), the Company may apply for a new 3-year license for years 11 to 13. Thereafter, the Company may apply 3 times for additional 3-year licenses for a total of 9 additional years. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years.

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 $7 (DKK 31) upon granting of the Carbonatite License. The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2018 being the first year.

Details of required work expenditures and accrued work credits are tabulated and given below.

4 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Table 3: - Carbonatite License 2018/21 (All amounts in table are expressed in thousands of DKK)

Exploration Commitment		2017		2018
Fixed amount			-		165
63 km2 of DKK 1.650 per km2					104
Exploration obligation			-		269
Approved exploration expenditures			-		10,099
Exploration obligation					-
Credit from previous year			-		-
Total Credit	DKK		-		9,830
Average Annual Rate DKK to CAD					0.2053

Carry forward period:
a)	DKK 9,830	from 2018 until December 31, 2021

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.

Exploration and Development Activities

The Company undertook numerous exploration activities and completed various mineralogical studies during the period from 2012 to 2016, including 9,596 metres of drilling in 2016. A National Instrument 43-101 was completed on the Maniitsoq property in March 2016 and QEMSCAN mineralogical analyses on drill core samples documenting favourable liberation and recovery characteristics for Maniitsoq mineralization was reported in April 2016.

Exploration program for the year 2017 commenced in May with the opening of the exploration base camp at Puiattoq Bay and was completed in September. The objective was step-out drilling at the Imiak Hill Complex (IHC), Fossilik and P-013SE, to advance one or more areas to the delineation drilling stage for 2018 (Figures 1 and 2). Infrastructure, environmental baseline studies and ongoing corporate social responsibility initiatives were also undertaken. 11,000 metres of diamond drilling were targeted for 2017 building on 2015 and 2016 exploration results. Borehole gyro, electromagnetic (BHEM), optical tele-viewer and physical properties surveys, surface electromagnetic and Induced Polarization (“IP”) geophysical surveys, mapping, prospecting, sampling, structural geological studies and 3D modeling accompanied drilling.

Twenty-three drill holes totalling 8,767 metres were completed to test mineralized zones and geophysical targets. The 2017 program of drilling on the mineral zones of the IHC and Fossilik areas indicate that the plunging zones of mineralization in the IHC and Fossilik areas extend to depth, but these zones do not increase significantly in width and/or lateral extent, and they are often offset by shallow fault zones. Some of the zones are open and untested at depth, so there is some possibility that these zones link to more extensive zones of mineralization, but the strategy of following these zones with drilling and borehole geophysics was reconsidered as an outcome of the 2017 program of work.

Based on field mapping, prospecting and re-examination of exploration results, the high-MgO parts of the larger Norite Province Intrusions with proximal zones of mineralization (e.g. P-004, P-058, Imiak Hill Complex occurrences) were identified as a possible source for the high nickel grade and tenor mineralization. The larger melanorite (> ~12.5 wt MgO) domains have the capacity to host more extensive zones of breccia and semi-massive sulphide mineralization in association with disseminated sulphides. Although the intrusions are extensively modified by deformation and metamorphism, the contacts and keels of the larger bodies provided focus to next phase of exploration work.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

2018 Exploration

Exploration work in 2018 focussed on targeting the outer contacts and keels of differentiated intrusions containing significant amounts of melanorite. Work was prioritized intrusions at Fossilik, the Imiak Hill Complex, P-030, P-032, P-008 and Pingo which are believed to have good potential to host economic accumulations of Ni-Cu-Co-PGM sulphide mineralization. Exploration in 2018 utilized:

● Surface electromagnetic surveys targeting of the melanorite “keel” structures which may contain larger sulfide accumulations from which the known mineral zones were structurally detached;

● A targeted 12,500 metres of diamond drilling, including borehole electromagnetic (BHEM) surveys, and

● Mapping, prospecting, sampling, structural geological studies and 3D modeling

Systematic analysis of geochemical data indicates that melanorites are an important host to disseminated sulphide mineralization and this rock type also hosts thick zones of breccia and semi-massive sulphides. The known mineral lenses at P-004, P-058, and Spotty Hill are adjacent to under-explored intrusions containing melanorite. The melanorite keels of large mineralized intrusions such as Fossilik and target G-025 therefore represent an important geological environment to explore for large tonnage, high grade mineralization.

Figure 1-2 summarizes 2018 drill targets and drill holes including the location of P-008 and the newly identified mineral zone.

The 2018 exploration program commenced in June and was completed in September with 14,288 m of drilling that targeted the roots of large intrusions with thick intervals of melanorite. The total meterage is an increase of 5,520 m from the 2017 program and surpassed the initial planned program of 12,500 m.

A small but important intrusion comprising melanorite at the P-008 target south of Fossilik (Figure 1) was identified. Two holes (MQ-18-162, MQ-18-163) were drilled to test the surface EM target and both intersected significant sulphide mineralization. A third hole, MQ-18-167, followed-up on holes MQ-18-162 and MQ-18-163 and indicate that the zone is more extensive at depth and extends into the footwall at the north wall of the intrusion. A BHEM survey has identified further targets at depth that were tested with DDH MQ-18-177. This hole deviated and was drilled outside of the plunge of the mineralization. Selected Drill and assay results are summarised in Table 4.

Melanorite is the host for the majority of the highest-grade nickel mineralization comprising heavily disseminated, net-textured, breccia and massive sulphide mineralization. Targeting of these holes was accomplished using optimized deep-penetrating surface electromagnetic methods including borehole EM surveys to target the melanorite and keel zones of prioritized intrusions at Fossilik, P-030-31-32, P-008, Pingo and in the footprint of the Imiak Hill Complex (Figure 2). The extensive program of work has generated the data and samples required to add significant value to the Maniitsoq database and provides a basis to refine future exploration strategies.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Figure 1. Location of 2018 drill targets.

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Figure 2. Location of 2018 drilling.

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Table 4. Summary of drill and assay results, MQ-18-167.

Target	Drill Hole	Location	Intercept
P-008	MQ-18-167	Fossilik	7.50m @ 1.26% nickel, 0.24% copper,
			0.05% Co and 0.47 g/t Pt+Pd+Au
			including
			5.10m @ 1.68% nickel, 0.29% copper,
			0.06% cobalt and 0.63 g/t Pt+Pd+Au

Drilling and electromagnetic (EM) data have indicated a 335-metre dip-extent to the P-008 mineralization that remains open down dip and along strike. It comprises high tenor (6.5-7.7%Ni), strongly conductive high-grade remobilized sulphide and, less conductive disseminated to blebby sulphide that is typical of the Maniitsoq style of mineralization.

New Mineral Licenses – Carbonatite and Ikertoq

On May 4, 2018 the Company was awarded an exploration license (2018/21; “Carbonatite”) over a highly prospective block of ground to the west of the Fossilik Intrusion in an area which has very limited nickel exploration and contains the Qeqertassaq carbonatite complex. The work program for 2018 has consisted of compilation, field work, surface sampling for geochemistry, surface EM work in areas with possible norite-associated mineralization modified by the carbonatite complex and drilling to evaluate the potential for strategic metals (Nb, Ta, and rare earth elements) in areas outside of the focus areas of historic drilling.

Compilation work and re-interpretation of historic data for the 15 km2 Qeqertassaq Carbonatite Complex, part of the Greenland Norite Belt, was commenced on September 10. The purpose was to identify norite-hosted nickel sulphide targets and focus exploration on the potential for rare and strategic metals. Ground EM surveys were undertaken over targets identified from a 1995 GEOTEM airborne survey. Two drill holes for a total of 553 m were drilled to test resultant conductive responses for potential nickel targets intersected stringers of barren pyrrhotite within a carbonate-magnetite host rock in association with a thick interval of magnetite. A surface rock sampling and drilling program was initiated to assess the strategic metal potential for pyrochlore-hosted tantalum (Ta) and niobium (Nb). A total of 284 rock samples were collected from a zone of elevated Ta and Nb correlated with historic airborne radiometric and magnetic anomalies at the margin of the Qeqertassaq Carbonatite Complex. Four holes were also drilled for a total of 1,305 m to assess this zone. Assay results are pending. A report on the strategic metal potential of the Qeqertassaq carbonatite was commissioned, and emphasis was placed on understanding the upside potential of the light rare earth element vein system, the Nb mineralization, and the potential for Ta mineralization is association with soeviite series rocks.

A second new exploration license (2018/31; “Ikertoq”) was awarded to the Company on May 4, 2018 in an area approximately 110 km north of the Maniitsoq project. This area was intermittently explored by Kryolitselskabet Øresund (“KO”), Greenland Gold Resources and Northern Shield Resources. A program of field work was undertaken in July of 2018 centered on the differentiated ultramafic Ikertoq Intrusion and within the footprint of potential ultramafic rocks identified as a result of processing of a Worldview-2 satellite image of the license. The high Ni-tenor sulfide mineralization associated with the center of the Ikertoq Intrusion was shown to be related to localized veins of coarse-grained late felsic micaceous pematatites that have locally incorporated nickel to form pentlandite. No evidence of primary magmatic concentrations of Ni-Co sulfide were found either rin association with the Ikertoq Intrusion or in association with the colour anomalies identified from the Worldview-2 satellite image. As of December 31, 2018, the license was relinquished due to no further plans to carry exploration work.

CSR, Environment and Infrastructure

Hydropower Development – A watershed prospecting license for the assessment and development of hydropower resources at Maniitsoq was awarded by the Ministry of Industry, Labour, Trade and Energy of the Greenland Government in March 2017. The two-year license provides for the exclusive right to assess and develop potential hydropower resources with an option for a three-year extension. EFLA Consulting Engineers completed a feasibility analysis of hydropower development within watershed 0.6H in January 2018. The analysis of hydropower within watershed 0.6H identifies two subordinate watersheds 7038-001 F03 and 7038-001 F04 with the capacity to supply a 12 MW base load and an 18 MW maximum load and generate 96 GWh per annum for the Maniitsoq Project. The two watersheds included in this assessment have the capacity to supply the required hydroelectricity at an installed cost of $5.621 USD/kW and $5.049 USD/kW respectively at a CAPEX of between $101.2 and $90.9 million USD respectively. Operating expenses are 1-2% of CAPEX. Both watersheds encapsulate or are close to priority nickel sulphide mineralized zones and the Seqi Port.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Corporate Social Responsibility - The 2018 program for Corporate Social Responsibility was completed on August 24 with community presentations in Sisimiut, Maniitsoq, Atammik and Napasoq and presentations to the Mineral Licencing and Safety Authority and the Ministry of Industry and Energy of the Greenland government in Nuuk. The National Association for Hunters and Fishers (KNAPF) also located in Nuuk was updated on 2018 exploration activities. The Company has renewed its support for the annual Greenland mineral hunt with a donation of $2.

Environmental Surveys – Sampling to establish baseline geochemical values for low total dissolved solids freshwaters, fauna and flora was continued in areas of active exploration and in the area of watershed 0.6H. Watershed survey area surveys were undertaken in support of ongoing hydropower assessments that are ongoing. All surveys have been undertaken by qualified personnel of Golder Associates (Copenhagen). Final reports have been received for both environmental surveys and weather station databases. Weather stations have been removed from the field as sufficient data has been acquired to prepare a model for wind-related particulate dispersion in the Maniitsoq area.

Tailings Facility - Discussions were held with the MLSA and the Greenland Department of Nature, Environment and Energy regarding the process for selecting and developing a tailings facility to support nickel mining and milling activities. This process is required to be undertaken as part of the submission of an exploitation license for extraction of nickel ore.

Outlook – Exploration and Development for 2019

Management is developing a three-year exploration plan for Maniitsoq with the objective of maximizing the potential value of the asset while extending the period that the Company maintains control of the project.

2019 – Apply NAN’s cumulative knowledge to Maniitsoq and other areas of western Greenland and identify the geoscience data gaps to effective targeting.

2020 - Acquire the additional required geoscience data and additional properties of merit; conduct test drilling if any priority targets are identified and drill ready.

2021 – Execute a major drill campaign of prioritized targets.

This three-year plan will allow for the generation of priority drill targets while drawing down on the three years of exploration credits (Table 1 & 2). The drilling expenditure in 2021 would extend NAN’s 100% ownership of the Maniitsoq project until 2024.

Canada Nickel Projects - Sudbury, Ontario

Post Creek Property

The Company entered into an option agreement in April 2010, subsequently amended in March 2013, to acquire rights to Post Creek Property located within the Sudbury Mining District of Ontario. On August 1, 2015, the company has completed the required consideration and acquired 100% interest in the property. the Company is obligated to pay advances on the NSR of $10 per annum, which will be deducted from any payments to be made under the NSR.

The property is located 35 kilometres east of Sudbury in Norman, Parkin, Alymer and Rathburn townships and consists of 39 unpatented mining claims in two separate blocks, covering a total area of 912 hectares held by the Company. The center of the property occurs at UTM coordinates 513000mE, 5184500mN (WGS84, UTM Zone 17N). The Post Creek property lies adjacent to the Whistle Offset Dyke Structure which hosts the past–producing Whistle Offset and Podolsky Cu-Ni-PGM mines. Post Creek lies along an interpreted northeast extension of the corridor containing the Whistle Offset Dyke. Offset Dykes and Footwall deposits account for a significant portion of all ore mined in the Sudbury nickel district and, as such, represent favourable exploration targets. Key lithologies are Quartz Diorite related to Offset Dykes and Sudbury Breccia associated with Footwall rocks of the Sudbury Igneous Complex which both represent potential controls on mineralization.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Exploration Activities

(All drill intercepts described in this section refer to core lengths not true widths)

Previous operators completed geological, geophysical and Mobile Metal Ion soil geochemical surveys. Highlights of this work included:

● A drill intersection returning 0.48% copper, 0.08% nickel, 0.054 grams/tonne palladium, 0.034 grams/tonne platinum and 0.020 grams/tonne gold over a core length of 0.66 metres; and

● A grab sample from broken outcrop which returned 0.83% nickel, 0.74% copper, 0.07% cobalt, 2.24 grams/tonne Pt and 1.05 grams/tonne Pd.

A NI 43-101 compliant Technical Report was completed by Dr. Walter Peredery, formerly of INCO, in 2011 and subsequently accepted by the Securities Commission.

During the period of 2011 to 2016, the Company carried out exploration programs comprising ground geophysics (magnetics and electromagnetics), diamond drilling (1,533 metres in 7 drill holes), borehole electromagnetic surveys, georeferencing of selected claim posts, prospecting, trenching, geological mapping, sampling and petrographic studies. This work has identified new occurrences of Quartz Diorite dyke and Sudbury Breccia, both of which are geologically significant lithologies known to host ore deposits associated with the Sudbury structure. Ground traverses, trenching and mapping carried out in 2016 outlined a Sudbury Breccia belt of at least 300 metres by 300 metres in size which lies along the same trend at the Whistle Offset Dyke located on KGHM property to the southwest. These findings support the potential for the Post Creek property to host both Footwall and Offset Dyke type deposits.

In 2017, the Company initiated support for a two-year MITAC project whereby an MSc student will be carrying out field and laboratory study aimed at understanding the mineral resource potential of the Post Creek Property. The Company’s support for this project includes internship payments of $7.5 per annum for two years and access to company exploration data.

A two-hole drill program was completed in 2018 with the objectives of assessing magnetic and electromagnetic anomalies within a corridor of breccias and quartz diorite extending radially away from the Whistle Offset and to provide a platform for downhole geophysics (Figure 3).

Figure 3. Location of the Post Creek Project and the Sudbury Breccia Zone.

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Hole PC-18-21 was drilled beneath an outcrop of quartz diorite to establish the depth extent of the dyke and hole PC-18-22 tested the breccia belt immediately to the north of the Whistle Offset Dyke (Figure 4). Both drill holes encountered a thick sequence of mafic volcanic rocks however quartz diorite, partially melted country rocks or Footwall-style mineralization were not encountered. DDH PC-18-21 did intersect a thick interval of volcanogenic massive sulphide-type sphalerite mineralization including:

7.50m @ 3.55% zinc and 0.82ppm silver including

● 3.70m @ 4.66% zinc and 0.58ppm silver and

● 0.8m @ 10.96% zinc and 3.05ppm silver

Multiple BHEM anomalies were detected both north and south of the zinc mineralization and are potential drill targets.

Hole PC-18-022 tested the possible strike extension of the Whistle Offset in a broad corridor of Sudbury Breccia and was collared in an area of anomalous copper values in outcrop within a well-defined ground magnetic anomaly. A thick sequence of mafic volcanic rocks overprinted with locally developed shear and breccia zones were intersected. One of the shear zones hosted vein-type chalcopyrite mineralization. A strongly magnetic, highly altered ultramafic unit is responsible for the observed magnetic anomaly.

Figure 4. Location of the Post Creek VTEM magnetic and electromagnetic (EM) anomalies, 2018 drill holes and significant assay results.

 

Corporate Social Responsibility

The Company has established excellent working relationships with the Wahnapitae First Nation (WFN) at Capreol (Ontario) commencing with a community presentation in May and followed up with ongoing contact with the Resource and Environmental officer. Prior to the initiation of drilling all drill sites and access routes to drill sites were reviewed by the WFN and no issues were identified. A post-drilling review of the drill sites indicated no problems related to drilling. A donation of $2 was made to the WFN in support of their 2018 Pow Wow celebrations.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Prospecting on the property is ongoing with the assistance of casual labour hired from the WFN community.

Outlook – Exploration and Development for 2019

The Company plans to review and synthesize all newly obtained data to formulate a work plan aimed at defining the overall extents footwall breccia zones and quartz diorite dykes and identifying geological and/or geophysical drill targets.

Ongoing work continues to improve the geological understanding and provide focus for exploration on the Post Creek Property at the NE margin of the Sudbury Basin. The property lies along the extension of the Whistle Offset dyke structure. Surface mapping and petrology has identified pods of quartz diorite and extensive domains of Sudbury Breccia along strike from the Whistle Offset. Geologic mapping, geochemistry and petrologic studies are ongoing as part of a M.Sc. thesis project being undertaken at the University of Western Ontario (London).

Halcyon Property

As at the date of this MD&A, the company holds 100% interest in Halcyon Property and is obligated to pay advances on the NSR of $8 per annum, which will be deducted from any payments to be made under the NSR.

The property is located 35 Km northeast of Sudbury in the Parkin and Aylmer townships, and consists of 53 unpatented mining claims for a total of 864 hectares. It is readily accessible by paved and all-weather gravel road. Halcyon is adjacent to the Post Creek property and is approximately 2 km north of the producing Podolsky Mine of FNX Mining. Previous operators on the property defined numerous conductive zones based on induced polarization (I.P.) surveys with coincident anomalous Mobile Metal Ions soil geochemistry. Base and precious metal mineralization have been found in multiple locations on the property but follow-up work was never done. The former producing Jon Smith Mine (nickel-copper-cobalt-platinum) is situated 1 Km North of the property.

Exploration Activities

During the period 2011 to 2016, the Company carried out a small amount of exploration including ground geophysics (magnetics and electromagnetics), diamond drilling (301 metres in 1 drill hole), a borehole electromagnetic survey, georeferencing of selected claim posts, prospecting, geological mapping, sampling and petrographic studies. The single hole located on the southeast corner of the property was drilled with the purpose of providing geological information and to provide a platform for borehole pulse EM (“BHPEM”). No anomalies were detected although quartz diorite breccia and partial melt material with 2-3% disseminated pyrrhotite and chalcopyrite was intersected over short core lengths. The property is strategically located adjacent to the Company’s Post Creek property, located immediately to the south, where new occurrences of both Quartz Diorite and Sudbury Breccia have been identified.

Work completed on the property during the year ending December 31, 2016 consisted of geological traverses, prospecting and sampling and was carried out on the southern portion of the Halcyon Property. This program was carried out concurrently with similar work on the Post Creek Property. Assay, whole rock and thin section samples were collected for analysis and study. Results have been received and are being compiled.

In November 2016, a georeferencing program was completed involving the acquisition of DGPS coordinates for claim posts for selected claims. This work will potentially qualify for assessment work credits and was filed with the government in June 2017.

Outlook – Exploration and Development for 2019

Further work of the Halcyon Property will be rationalized with work programs on the adjacent Post Creek Property.

Quetico Property

During FY 2018, the Company acquired 757 claims known as Quetico located within the Sudbury Mining District of Ontario. The Company incurred total acquisition and exploration related costs of $64.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

US Nickel Project - Michigan

Section 35 Property

On January 4, 2016, the Company entered into a 10-year Metallic Minerals Lease (the “Lease”) with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US $10.00 per acre for the 11^th year onwards, with an increase of an additional US $5.00 per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between 2% - 2.5% is payable from production of minerals and/or mineral products from an established mining operation area. To date, the Company paid the rental fees for two years (2016 and 2017), plus the required reclamation deposit of US $10,000. The Department of Natural Resources shall annually review the level of the reclamation deposit and shall require the amount to be increased or decreased to reflect changes in the cost of future reclamation of the leased premises.

There was no exploration work performed during FY 2018.

Project Pipeline

Due to long term nickel market forecasts indicating a supply deficit developing, the Company believes that it is a good time to acquire nickel exploration and development projects that could be developed assuming conservative long-term nickel prices. The company maintains a nickel project generation activity focusing on high prospectivity projects in counties with the Rule of Law and reasonable development economics.

In the context of rising nickel prices and positive developments in the electric vehicle market, the Company will look to enhance shareholder value by aggressively expanding its nickel sulphide project pipeline. The Company’s staff are proceeding with compilation work on prospective geological environments related to North American Archean craton margins where structural space controls the development of mafic-ultramafic intrusions. The objective of this work is to identify underexplored or unexplored open system intrusions where large zones of high-grade sulphide mineralization are controlled within the footprints of very small intrusions. The development of a Moroccan-based subsidiary company is proceeding and will provide an opportunity to assess nickel sulphide potential throughout the country.

Financial Capability

The Company is an exploration and development stage entity and has not yet achieved profitable operations. The business of the Company entails significant risks. The recoverability of amounts shown for mineral property costs is dependent upon several 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.

At the end of Q1 2019, the Company had working capital of $1,600 (Q1 2018 - $1,211) and reported accumulated deficit of $29,903 (Q1 2018 - $27,363). The Company will require additional funds to continue its planned operations and meet its obligations.

As at March 31, 2019, the Company had $1,847 in available cash, cash equivalents and short-term investments (December 31, 2018— $2,839). There are no sources of operating cash flows. Given the Company’s current financial position and the ongoing exploration and evaluation expenditures, the Company will need to raise additional capital through the issuance of equity or other available financing alternatives to continue funding its operating, exploration and evaluation activities, and eventual development of the mineral properties. Although the Company has been successful in its past fund-raising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future.

14 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Selected Financial Information

The amounts are derived from the condensed interim consolidated financial statements prepared under IFRS.

	Three months ended March 31,
In thousands of CDN dollars, except per share amounts	2019		2018
Net loss		560		838
Basic and diluted loss per share		0.00		0.00
Share capital		87,947		73,598
Common shares issued		787,928,500		554,595,167
Weighted average shares outstanding		787,928,500		554,595,167
Total assets		66,768		52,444
Investment in exploration and evaluation assets		395		1,129

Results of Operations

Net loss of $560 in Q1 2019 was lower by $278 compared to a loss of $838 in Q1 2018. The lower loss in Q1 2019 was mainly driven by share-based payments of $287 in Q1 2018, which were not incurred in Q1 2019 offset by higher interest income of $18 in Q1 2019 and higher property investigation costs of $41 in Q1 2019 compared to $nil in Q1 2018.

Total Assets

Total assets during Q1 2019 decreased by a net of $732 from the end of FY 2018. The decrease is mainly attributed to a decrease in cash and cash equivalents and short-term investments of $992 and decrease to property, plant and equipment of $3, offset by an increase to exploration and evaluation assets of $259 and increase in receivables and other current assets of $4.

Investment in Exploration and Evaluation Assets

Investment in exploration and evaluation assets relates primarily to the Greenland property. During Q1 2019, the Company spent a total of $259 in additions to exploration and evaluation assets, of which $231 related to Greenland and $28 to other properties located in Canada and in USA.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Quarterly Results of Operations

In thousands of CDN dollars, except per share amounts	2019 1st quarter		2018 4th quarter		2018 3rd quarter		2018 2nd quarter
Statement of Loss
Interest income		18		22		31		21
Net loss		560		814		645		725
Net loss per share - basic and diluted		0.00		0.00		0.00		0.00
Statement of Financial Position
Cash, cash equivalents and short-term investments		1,847		2,839		5,372		14,773
Total assets		66,768		67,500		69,391		71,078
Net assets		66,384		66,944		67,763		68,658
Share capital		87,947		87,947		88,543		88,793
Common shares issued		787,928,500		787,928,500		787,928,500		787,928,500
Weighted average shares outstanding		787,928,500		787,928,500		787,928,500		739,210,551

In thousands of CDN dollars, except per share amounts	2018 1st quarter		2017 4th quarter		2017 3rd quarter		2017 2nd quarter
Statement of Loss
Interest income		-		12		11		4
Net loss		838		653		600		672
Net loss per share - basic and diluted		0.00		0.00		0.00		0.00
Statement of Financial Position
Cash, cash equivalents and short-term investments		859		2,898		5,850		10,511
Total assets		52,444		53,697		55,057		52,593
Net assets		52,177		52,728		53,366		50,997
Share capital		73,598		73,598		74,266		71,727
Common shares issued		554,595,167		554,595,167		554,595,167		513,612,719
Weighted average shares outstanding		554,595,167		554,595,167		436,049,679		403,644,285

Three Months Ended March 31, 2019, and March 31, 2018

A net loss of $560 in Q1 2019 compared to a net loss of $838 in Q1 2018 resulted in a decreased loss of $278 quarter-over-quarter and was due to the following events with share-based payments being the most significant:

● Share-based payments expense was $nil amount in Q1 2019 compared to $287 in Q1 2018.

● Foreign exchange gain totaled $1 in Q1 2019 and was higher by $8 compared to a foreign exchange loss of $7 in Q1 2018.

● General and administrative costs of $535 in Q1 2019 were lower by $5 compared to $540 expenses in Q1 2018.

● Amortization expense was $3 in Q1 2019 compared to $4 amount in Q1 2018.

● Interest income was $18 in Q1 2019 compared to $nil amount of interest income in Q1 2018.

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MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

The lower loss in Q1 2019 was offset by the following higher expenditures in Q1 2019 compared to Q1 2018:

● New properties investigation costs were $41 in Q1 2019 compared to a $nil amount in Q1 2018.

Liquidity, Capital Resources and Going Concern

Liquidity

The Company has financed its operations to date primarily through the issuance of common shares and exercise of stock options and warrants. The Company continues to seek capital through various means including the issuance of equity and/or debt and the securing of joint venture partners where appropriate.

The Company’s principal requirements for cash over the next twelve months will be to fund the ongoing exploration costs at its mineral properties, general corporate and administrative costs and to service the Company’s current trade and other payables.

Working Capital

As at March 31, 2019, The Company had working capital of $1,600 (March 31, 2018 - $1,211), calculated as total current assets less total current liabilities. The increase in working capital is mainly due to lower trade payable and accrued liabilities expenses at the end of Q1 2019.

Going Concern

As at March 31, 2019 the Company had accumulated losses totaling $29,903. The continuation of the Company is dependent upon the continued financial support of shareholders, its ability to raise capital through the issuance of its securities, and/or obtaining long-term financing.

When managing capital, the Company’s objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. Management adjusts the capital structure as necessary in order to support the acquisition and exploration of mineral properties.

The 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 pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

Contractual Obligations and Contingencies

Post Creek

Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $10 per annum. During Q1 2019, the Company paid $5 which will be deducted from any payments to be made under the NSR.

Halcyon

Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8 per annum. During Q1 2019, the Company paid $4 which will be deducted from any payments to be made under the NSR.

The Company had no contingent liabilities as at March 31, 2019.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements as at March 31, 2019.

17 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Financial Instruments

In thousands of CDN dollars	Fair Value at March 31, 2019		Basis of Measurement	Associated Risks
Cash and cash equivalents		347	Loans and receivables	Credit and foreign exchange
Short term investments		1,500	Loans and receivables	Credit
Receivable and other current assets		137	Loans and receivables	Credit, foreign exchange
Trade, payables and accrued liabilities		384	Amortized cost	Foreign exchange

Loans and receivables— Cash and cash equivalents, short-term deposits, accounts receivables and other current assets, trade, other payables and accrued liabilities mature in the short term and their carrying values approximate their fair values.

Future Accounting Standards and Pronouncements

Amendments to References to the Conceptual Framework in IFRS Standards

On March 29, 2018 the International Accounting Standards Board (“IASB”) issued a revised version of its Conceptual Framework for Financial Reporting (the Framework), that underpins IFRS Standards. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards (the Amendments) to update references in IFRS Standards to previous versions of the Conceptual Framework. Both documents are effective from January 1, 2020 with earlier application permitted.

Some Standards include references to the 1989 and 2010 versions of the Framework. The IASB has published a separate document which contains consequential amendments to affected Standards so that they refer to the new Framework, with the exception of IFRS 3 Business Combinations which continues to refer to both the 1989 and 2010 Frameworks. The Company does not intend to adopt the Amendments in its financial statements before the annual period beginning on January 1, 2020. The extent of the impact of the change has not yet been determined.

IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments are to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective January 1, 2020. The Company is evaluating the impact of the adoption of these amendments.

Risk and Uncertainties

The business of the Company entails significant risks that may have a material and adverse impact on the future operations and financial performance of the Company and the value of the common shares of the Company. These risks that are widespread risks associated with any form of business and specific risks associated with involvement in the exploration and mining industry. Hence, investment in the securities of the Company should be considered highly speculative. An investment in the securities of the Company should only be undertaken by persons who have sufficient financial resources to enable them to assume such risks.

The following is a general description of all material risks and uncertainties:

● The Company has negative operating cash flows and might not be able to continue as a going concern;

● The Company will require additional funding in the future and no assurances can be given that such funding will be available on the terms acceptable to the Company or at all;

● The speculative nature of resource exploration and development projects;

● The uncertainty of mineral resource estimates and the Company’s lack of mineral reserves;

18 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

● The Company’s ability to successfully establish mining operations and profitable production;

● Operations of the Company are carried out in geographical areas that are subject to various other risk factors;

● The economic uncertainty of operating in a developing country such as PNG, such as the availability of local labour, local and outside contractors and equipment when required to carry out the Company’s exploration and development activities;

● Other foreign operations risks; potential changes in applicable laws and government or investment policies;

● The Company is not insured against all possible risks;

● Environmental risks and hazards;

● The title of the Company’s mineral properties cannot be guaranteed and may be subject to prior unregistered agreements, transfers and other defects, and the risk of obtaining a mining permit and the successful renewal of currently pending renewal applications;

● The commodity prices may affect the Company’s value, changes in and volatility of commodity prices and its hedging policies;

● Increased competition in the mineral resource sector;

● The Company may have difficulty recruiting and retaining key personnel;

● Currency fluctuations risk;

● Repatriation of earnings, no assurances that Greenland or any other foreign country that the Company may operate in the future will not impose restrictions on repatriation of earnings to foreign entities;

● No production revenues;

● Stock exchange prices;

● Conflicts of interest;

● Ability to exercise statutory rights and remedies under Canadian securities law;

● Enforceability of foreign judgements;

● Unforeseen litigation;

● The Company’s future sales or issuance of common shares;

● Risk of suspension of public listing due to failure to comply with local securities regulations;

● The Company’s auditors have indicated that U.S. reporting standards would require them to raise a concern about the company’s ability to continue as a going concern;

● Risk of fines and penalties; and

● Risk of improper use of funds in local entity.

Share Capital Information

As of the date of this MD&A the following number of common shares of the Company and other securities of the Company exercisable for common shares of the Company are outstanding:

Securities	Common shares on exercise
Common shares		787,928,500
Preferred shares		590,931
Stock options		25,945,500
Warrants		257,972,836
Fully diluted share capital		1,072,437,767

Disclosure Controls and Procedures

Management has established processes to provide them sufficient knowledge to support representations that they have exercised reasonable diligence that (i) the consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the consolidated financial statements; and (ii) the consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented.

19 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (“DC&P”) and internal control over financial reporting (“ICFR”), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:

i.	controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
ii.	a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s accounting policies.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient

knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Caution Regarding Forward Looking Statements

Statements contained in this MD&A that are not historical facts are forward-looking statements (within the meaning of the Canadian securities legislation and the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of metals; the estimation of mineral reserves and resources, the realization of mineral reserve estimates; the timing and amount of estimated future production, costs of production, and capital expenditures; costs and timing of the development of new deposits; success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the integration of acquisitions; risks related to operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the sections entitled “Risks and Uncertainties” in this MD&A. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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 statements. The forward-looking statements in this MD&A speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

Forward-looking statements and other information contained herein concerning the mining industry and general expectations concerning the mining industry are based on estimates prepared by the Company using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While the Company is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.

20 |TSXV: NAN / Q1 2019

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Three Months Ended March 31, 2019

Additional Information

Additional information about the Company and its business activities is available under the Company’s profile on the Canadian SEDAR website at www.sedar.com.

Qualified Person and Technical Information

The scientific and technical information contained in this MD&A was prepared by or under the supervision of and reviewed and approved by Peter C. Lightfoot, PhD, P. Geo, the qualified person for the Company under National Instrument 43-101. Dr. Lightfoot is a “Qualified Person” as defined by NI 43-101. Dr. Lightfoot verified the data underlying the information in this MD&A.

For further information relating to the Maniitsoq Project in southwest Greenland, please see the technical report titled Updated Independent Technical Report for the Maniitsoq Nickel-Copper-Cobalt-PGM Project, Greenland” dated March 17, 2017 prepared by SRK Consulting (US) Inc. which is available under the Company’s issuer profile on SEDAR at www.sedar.com as well as the company website at www.northamericannickel.com

21 |TSXV: NAN / Q1 2019

EX-99.4

Form 52-109FV2

Certification of Interim Filings Venture Issuer Basic Certificate

I, Sarah-Wenjia Zhu, Chief Financial Officer of North American Nickel Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of North American Nickel Inc. (the “issuer”) for the interim period ended September 30, 2018.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 24, 2019

/s/ Sarah-Wenjia Zhu

Sarah-Wenjia Zhu

Chief Financial Officer

NOTE TO READER

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control oveAr financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i)	controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
ii)	a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2019
Fair Value of Options Granted
Entity Registrant Name	North American Nickel Inc.
Entity Central Index Key	0000795800
Document Type	6-K
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Trading Symbol	NAN
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

XML

Condensed Interim Consolidated Statements of Financial Position (Unaudited) - CAD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 347	$ 339
Short term investments	1,500	2,500
Receivables and other current assets	137	133
TOTAL CURRENT ASSETS	1,984	2,972
NON-CURRENT ASSETS
Property, plant and equipment	32	35
Exploration and evaluation assets	64,738	64,479
Reclamation of deposit	14	14
TOTAL NON-CURRENT ASSETS	64,784	64,528
TOTAL ASSETS	66,768	67,500
CURRENT LIABILITIES
Trade payables and accrued liabilities	384	556
TOTAL CURRENT LIABILITIES	384	556
TOTAL LIABILITIES	384	556
EQUITY
Reserve	7,749	7,749
Deficit	(29,903)	(29,343)
TOTAL EQUITY	66,384	66,944
TOTAL LIABILITIES AND EQUITY	66,768	67,500
Preferred Stock [Member]
EQUITY
Share capital	591	591
Common Stock [Member]
EQUITY
Share capital	$ 87,947	$ 87,947

XML

Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
EXPENSES
General and administrative expenses	$ (535)	$ (540)
Property investigation	(41)
Amortization	(3)	(4)
Share-based payments		(287)
Total expenses	(579)	(831)
Interest income	18
Foreign exchange gain (loss)	1	(7)
Other income (expense), net	19	(7)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ (560)	$ (838)
Basic and diluted weighted average number of common shares outstanding	787,928,500	554,598,167
Basic and diluted loss per share	$ (0.00)	$ (0.00)

XML

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited) - CAD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Reserve [Member]	Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 73,598	$ 591	$ 5,089	$ (26,550)	$ 52,728
Balance, shares at Dec. 31, 2017	554,595,167
Statement Line Items [Line Items]
Net and comprehensive loss for the period				(838)	(838)
Forfeited/expired options			(25)	25
Share-based payments			287		(287)
Balance at Mar. 31, 2018	$ 73,598	591	5,351	(27,363)	52,177
Balance, shares at Mar. 31, 2018	554,595,167
Balance at Dec. 31, 2017	$ 73,598	591	5,089	(26,550)	52,728
Balance, shares at Dec. 31, 2017	554,595,167
Statement Line Items [Line Items]
Share-based payments			317
Balance at Dec. 31, 2018	$ 87,947	591	7,749	(29,343)	66,944
Balance, shares at Dec. 31, 2018	787,928,500
Statement Line Items [Line Items]
Net and comprehensive loss for the period				(560)	(560)
Share-based payments
Balance at Mar. 31, 2019	$ 87,947	$ 591	$ 7,749	$ (29,903)	$ 66,384
Balance, shares at Mar. 31, 2019	787,928,500

XML

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES
Loss for the period	$ (560)	$ (838)
Items not affecting cash:
Amortization	3	4
Share based payments		287
Interest income	(18)
Changes in working capital	(33)	(379)
Interest received	11	16
Net cash used in operating activities	(597)	(910)
INVESTING ACTIVITIES
Expenditures on exploration and evaluation assets (includes changes in working capital)	(395)	(1,129)
Short-term investments	1,000	2,000
Net cash used in investing activities	605	871
FINANCING ACTIVITIES
Net cash provided by financing activities
Change in cash equivalents for the period	8	(39)
Cash and cash equivalents, beginning of the period	339	398
Cash and cash equivalents, end of the period	$ 347	$ 359

XML

Nature and Continuance of Operations

3 Months Ended

Mar. 31, 2019

Proceeds from Exercise of Warrants

Nature and Continuance of Operations

1. NATURE AND CONTINUANCE OF OPERATIONS

North American Nickel Inc. (the “Company” or “NA Nickel”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The head office and principal address 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 Suite 2200, 1055 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2E9. 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, Canada and United States. 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 condensed interim consolidated 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. 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 condensed interim consolidated 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 condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 24, 2019.

XML

Basis of Preparation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Increase (Decrease) Through Allocation of Warrants Issued

Basis of Preparation and Significant Accounting Policies

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, 2018. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2019 could result in restatement of these condensed interim consolidated financial statements.

(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, 2018.

(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.

XML

Changes in Accounting Policies

3 Months Ended

Mar. 31, 2019

Changes In Accounting Policies

Changes in Accounting Policies

3. CHANGES IN ACCOUNTING POLICIES

New standards adopted during the three months period ended March 31, 2019:

IFRS 16 - “Leases”

IFRS 16 replaces current guidance in IAS 17. Under IAS 17, lessees were required to make a distinction between a finance lease (on the balance sheet) and an operating lease (off balance sheet). IFRS 16 now requires lessees to recognize a lease liability reflecting future lease payments and a “right-of-use asset” for virtually all lease contracts. The IASB has included an optional exemption for certain short-term leases and leases of low value assets, however this exemption can only be applied by lessees. The standard applies to annual periods beginning on or after January 1, 2019, with earlier application permitted. The adoption of this standard did not result in any impact to the Company’s financial statements.

IFRIC 23 – “Uncertainty over Income Tax Treatments”

In June 2017, the IFRS Interpretations Committee of the IASB issued IFRIC 23, Uncertainty over Income Tax Treatments (IFRIC 23). The interpretation provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatments. The Interpretation is applicable for annual periods beginning on or after January 1, 2019. Earlier application is permitted. The Interpretation requires: (a) an entity to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution; (b) an entity to determine if it is probable that the tax authorities will accept the uncertain tax treatment; and (c) if it is not probable that the uncertain tax treatment will be accepted, measure the tax uncertainty based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty. The adoption of this interpretation did not result in any impact to the Company’s financial statements.

Standards, Interpretations and Amendments Not Yet Effective:

Amendments to References to the Conceptual Framework in IFRS Standards

On March 29, 2018 the International Accounting Standards Board (“IASB”) issued a revised version of its Conceptual Framework for Financial Reporting (the Framework), that underpins IFRS Standards. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards (the Amendments) to update references in IFRS Standards to previous versions of the Conceptual Framework. Both documents are effective from January 1, 2020 with earlier application permitted.

Some Standards include references to the 1989 and 2010 versions of the Framework. The IASB has published a separate document which contains consequential amendments to affected Standards so that they refer to the new Framework, with the exception of IFRS 3 Business Combinations which continues to refer to both the 1989 and 2010 Frameworks. The Company does not intend to adopt the Amendments in its financial statements before the annual period beginning on January 1, 2020. The extent of the impact of the change has not yet been determined.

IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments are to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective January 1, 2020. The Company is evaluating the impact of the adoption of these amendments.

XML

Short-term Investments

3 Months Ended

Mar. 31, 2019

Agreement Termination Period From Date Of Effective Control Change

Short-term Investments

4. SHORT-TERM INVESTMENTS

Short-term investments are comprised of a highly liquid Canadian dollar denominated guaranteed investment certificate with an initial term to maturity greater than ninety days, but not more than one year, that is readily convertible to a contracted amount of cash. The counter-party is a Canadian financial institution. During the period ended March 31, 2019, the instrument was yielding an annual interest rate range of 1.40% (March 31, 2018 - 1.30%).

XML

Receivables and Other Current Assets

3 Months Ended

Mar. 31, 2019

Trade and other current receivables [abstract]

Receivables and Other Current Assets

5. RECEIVABLES AND OTHER CURRENT ASSETS

A summary of the receivables and other current assets as of March 31, 2019 is detailed in the table below:

	March 31, 2019		December 31, 2018
Sales taxes receivable		52		75
Interest receivable		17		10
Other current assets		68		48
		137		133

Other current assets is comprised of prepaid expenses.

XML

Exploration and Evaluation Assets

3 Months Ended

Mar. 31, 2019

EXPLORATION AND EVALUATION ASSETS

Exploration and Evaluation Assets

6. EXPLORATION AND EVALUATION ASSETS

	Canada						US		Greenland
	Post Creek Property		Halcyon Property		Quetico Claims		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2018		288		222		42		8		42		602
Acquisition costs – cash		5		4		-		1		-		10
Balance, March 31, 2019		293		226		42		9		42		612
Exploration
Balance, December 31, 2018		1,431		209		22		-		62,215		63,877
Administration		1		-		-		-		-		1
Corporate social responsibility		1		-		-				-		1
Drilling		7		-		-		-		120		127
Environmental, health and safety		-		-		-		-		8		8
Geology		4		3		-		2		76		85
Geophysics		-		-		-		-		27		27
		13		3		-		2		231		249
Balance, March 31,2019		1,444		212		22		2		62,446		64,126
Total, March 31, 2019		1,737		438		64		11		62,488		64,738

	Canada		US		Greenland
	Post Creek Property		Halcyon Property		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2017		278		214		6		36		534
Acquisition costs – cash		5		4		2		14		25
Balance, March 31, 2018		283		218		8		50		559
Exploration
Balance, December 31, 2017		1,138		187		-		48,635		49,960
Administration		-		-		-		15		15
Drilling expenses		5		-		-		204		209
Geology		10		7		-		91		108
Geophysics		-		-		-		40		40
Helicopter charter aircraft		-		-		-		3		3
Infrastructure		-		-		-		13		13
		15		7		-		366		388
Balance, March 31, 2018		1,153		194		-		49,001		50,348
Total, March 31, 2018		1,436		412		8		49,051		50,907

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

Post Creek

On December 23, 2009, the Company executed a letter of intent whereby the Company has an option to acquire a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario.

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire a 100% interest in the Post Creek Property, subject to certain net smelter return royalties (“NSR”) and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Post Creek Property. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $10 per annum, totalling $10 during the year ended December 31, 2018, the total of which will be deducted from any payments to be made under the NSR. The total advances paid during the three months period ended March 31, 2019 were $5, (March 31, 2018 - $5).

During the three months period ended March 31, 2019, the Company incurred exploration expenditures totalling $13 (March 31, 2018 - $15) on the Post Creek Property.

Halcyon

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire rights to Halcyon Property, subject to certain NSR and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Halcyon Property. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8 per annum, totalling $8 during the year ended December 31, 2018, the total of which will be deducted from any payments to be made under the NSR.

During the three months period ended March 31, 2019, the Company incurred $7 (March 31, 2018 - $11) in exploration and license related expenditures on the Halcyon Property.

Quetico

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

The Company had no minimum required exploration commitment for the year ended December 31, 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.

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, 2020 is $324 should the Company maintain the current size of the claims.

There were no exploration related costs incurred during the three months period ended March 31, 2019.

Section 35 Property

On January 4, 2016, the Company entered into a 10 year Metallic Minerals Lease (the “Lease”) with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US $10.00 per acre for the 11^th year onwards, with an increase of an additional US $5.00 per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between 2% - 2.5% is payable from production of minerals and/or mineral products from an established mining operation area. The Company paid the first year rental fee and the required reclamation deposit of $14 (US $10). The Department of Natural Resources shall annually review the level of the reclamation deposit and shall require the amount to be increased or decreased to reflect changes in the cost of future reclamation of the leased premises.

During the three months period ended March 31, 2019, the Company spent a total of $3 in exploration and license related expenditures, (March 31, 2018 - $2).

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 Property is subject to a 2.5% NSR. The Company can reduce the NSR to 1% by paying $2,000 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 licence period (years 6-10), and the Company may apply for a further 3-year licence for years 11 to 13. Thereafter, the Company may apply for additional 3-year licences 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.

During the three months period ended March 31, 2019, the Company spent in aggregate of $231 (March 31, 2018 - $380) in exploration and license related expenditures on the Maniitsoq Property, which is comprised of the Sulussugut, Ininngui and Carbonatite Licenses. Further details on the licenses and related expenditures are outlined below.

Sulussugut License (2011/54)

(All references to amounts in Danish Kroners, “DKK” are in thousands of 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 $6 (DKK 31) upon granting of the Sulussugut License. The application for another 5 year term on the Sulussugut License was submitted to the Greenland Mineral Licence & 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 $8 (DKK 40) which provides for renewal of the Sulussugut License until 2020.

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 (approximately $15,808) between the years ended December 31, 2011 to 2015 by incurring $26,116 on the Sulussugut License. The accumulated exploration credits held at the end to December 31, 2015, of DKK 100,304 can be carried forward until 2019. Under the terms of the second license period, the required minimum exploration expenditures for the year ended December 31, 2017 was DKK 44,374 (approximately $8,955). As of December 31, 2018, the Company has spent $55,732 on exploration costs for the Sulussugut License.

To December 31, 2018, the Company has completed all obligations with respect to required reduction of the area of the license.

During the year ended December 31, 2018, the Company had approved exploration expenditures of DKK 79,604 (approximately $16,342) which results in the total cumulative surplus credits of DKK 326,111 (approximately $66,951). The credits may be carried forward until December 31, 2021.

The Company had no minimum required exploration for the year ended December 31, 2018. During the year ended December 31, 2018, the Company spent a total of $10,795 (December 31, 2017 - $11,079) in exploration and license related expenditures on the Sulussugut License.

During the three months period ended March 31, 2019, the Company spent a total of $116 in exploration and license related expenditures, (March 31, 2018 - $337).

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 $6 (DKK 32) upon granting of the Ininngui License. The Ininngui License was valid for 5 years until December 31, 2016, with December 31, 2012 being the first year. The Ininngui License is contiguous with the Sulussugut License.

To December 31, 2018, the Company’s expenditures exceeded the minimum requirement and the Company has a total cumulative surplus credits of DKK 35,509 (approximately $7,290). The credits may be carried forward until December 31, 2021.

The Company had no minimum required exploration for the year ended December 31, 2018. As of December 31, 2018, the Company has spent $5,121 on exploration costs for the Ininngui 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, 2018, the Company has not used the procedure for the license.

During the year ended December 31, 2018, the Company spent a total of $1,423 (December 31, 2017 - $985) in exploration and license related expenditures on the Ininngui License.

During the three months period ended March 31, 2019, the Company spent a total of $22 in exploration and license related expenditures, (March 31, 2018 - $23).

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 $7 (DKK 31) upon granting of the Carbonatite License. The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2018 being the first year. As of December 31, 2018, the Company has spent $1,362 on exploration costs for the Carbonatite License.

During the year ended December 31, 2018, the Company spent a total of $1,369 in exploration and license related expenditures (December 31, 2017 - $Nil) for the Carbonatite License.

The Company had a minimum required exploration obligation of DKK 269 (approximately $55) for the year ended December 31, 2018. To December 31, 2018, the Company’s expenditures exceeded the minimum requirement and the Company has a total surplus credit of DKK 9,830 (approximately $2,018). The credit may be carried forward until December 31, 2021.

During the three months periods ended March 31, 2019, the Company spent a total of $93 in exploration and license related expenditures, (March 31, 2018 - $9).

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Trade Payables and Accrued Liabilities

3 Months Ended

Mar. 31, 2019

Trade and other current payables [abstract]

Trade Payables and Accrued Liabilities

7. TRADE PAYABLES AND ACCRUED LIABILITIES

	March 31, 2019		December 31, 2018
Trade payables		344		477
Amounts due to related parties (Note 9)		13		1
Accrued liabilities		27		78
		384		556

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Share Capital, Warrants and Options

3 Months Ended

Mar. 31, 2019

SHARE CAPITAL, WARRANTS AND OPTIONS

Share Capital, Warrants and Options

8. 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

There were no common shares issued during the three months period ended March 31, 2019 and March 31, 2018.

As at March 31, 2019, the Company has 787,928,500 common shares issued and outstanding, (March 31, 2018 – 554,598,167).

2018

On April 19, 2018, the Company closed a non-brokered private placement equity financing of 233,333,333 units at a price of $0.075 per unit and raised aggregate gross proceeds of $17,500. Each unit consists of one common share and one-half of one 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 $0.12 for a period of 24 months from its date of issuance. The Company incurred total share issuance costs of $579, of which $250 is recorded in trade payables at December 31, 2018. The Company allocated a $2,572 fair value to the warrants issued in conjunction with the private placement. The fair value of warrants was determined on a pro-rata basis 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 1.91% and an expected volatility of 94.26%.

Contemporary Amperex Technology Limited (“CATL”) subscribed for 200,000,000 units of the aforementioned private placement for a total purchase price of $15,000. At December 31, 2018, CATL beneficially owns, or exercises control or direction over approximately 25.38% of the currently issued and outstanding shares of the Company. As per the subscription agreement, CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company.

Sentient subscribed for 13,333,333 units of the aforementioned private placement for a total purchase price of $1,000. At December 31, 2018, Sentient beneficially owns, or exercises control or direction over 369,809,820 common shares constituting approximately 46.93% of the currently issued and outstanding shares of the Company.

As at December 31, 2018, the Company had 787,928,500 common shares issued and outstanding.

b) Preferred shares issued and outstanding

As at March 31, 2019 and March 31, 2018, 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 $0.90.

c) Warrants

A summary of common share purchase warrants activity during the three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		257,972,836		0.12		176,175,413			0.12
Issued		-		-		116,666,664			0.12
Cancelled / Expired		-		-		(34,869,241	)		0.12
Outstanding, end of the period		257,972,836		0.12		257,972,836			0.12

At March 31, 2019, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

Warrants Outstanding		Expiry Date	Exercise Price ($)		Weighted Average remaining contractual life (years)
	72,515,414	June 8, 20191		0.12		0.05
	1,965,083	June 8, 2019		0.075		0.00
	46,334,451	July 21, 20191,2		0.12		0.06
	20,491,224	August 15, 2019		0.12		0.03
	116,666,664	April 19, 2020		0.12		0.48
	257,972,836					0.62

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 $0.18 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 December 31, 2018, the Company’s common shares have not met the criterion for acceleration.

² On September 1, 2018, the TSXV approved an extension of the term of the warrants from July 21, 2018 to July 21, 2019. All other terms, including the exercise price, remain the same.

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 three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		25,945,500		0.18		20,720,500			0.23
Issued		-		-		6,425,000			0.12
Cancelled / Expired		-		-		(1,200,000	)		0.18
Outstanding, end of the period		25,945,500		0.18		25,945,500			0.18

There no incentive stock options granted during the period ended March 31, 2019.

During the period ended March 31, 2018, the Company granted 5,725,000 incentive stock options to employees, directors and consultants with a maximum term of 5 years. All stock options vest immediately and are exercisable at $0.12 per common share. The Company calculates the fair value of all stock options using the Black-Scholes Option Pricing Model. The fair value of this grant amounted to $287 and was recorded as a share-based payments expense.

The fair value of stock options granted and vested during the period ended March 31, 2018 was calculated using the following assumptions:

	March 31, 2019		March 31, 2018
Expected dividend yield		-		0	%
Expected share price volatility		-		96.9	%
Risk free interest rate		-		2.04	%
Expected life of options		-		5 years

Details of options outstanding as at March 31, 2019 are as follows:

Options Outstanding		Options Exercisable		Expiry Date	Exercise Price		Weighted average remaining contractual life (years)
	2,440,000		2,440,000	Jul 9, 2019		0.62		0.03
	200,000		200,000	Aug 27, 2019		0.37		0.00
	100,000		100,000	Sep 26, 2019		0.26		0.00
	350,000		350,000	Nov 5, 2019		0.21		0.01
	1,000,000		1,000,000	Dec 19, 2019		0.22		0.03
	900,000		900,000	Feb 3, 2020		0.275		0.03
	450,000		450,000	Oct 5, 2020		0.20		0.03
	5,443,000		5,443,000	Jan 28, 2021		0.21		0.38
	7,637,500		7,637,500	Feb 21, 2022		0.12		0.85
	1,000,000		1,000,000	Dec 20, 2022		0.12		0.14
	5,725,000		5,725,000	Feb 28, 2023		0.12		0.86
	500,000		500,000	May 1, 2023		0.12		0.08
	200,000		200,000	May 4, 2023		0.12		0.03
	25,945,500		25,945,500					2.47

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 year ended December 31, 2018 the Company recorded $317 of share-based payments and transferred $229 to deficit for expired options and warrants.

There were no share-based payments or expired options and warrants during the three months period ended March 31, 2019. During the three months period ended March 31, 2018 the Company recorded $287 of share-based compensation to reserves and transferred $25 to deficit for expired options and warrants.

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Related Party Transactions

3 Months Ended

Mar. 31, 2019

Disclosure of transactions between related parties [abstract]

Related Party Transactions

9. RELATED PARTY TRANSACTIONS

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 7):

	March 31, 2019		December 31, 2018
Directors and officers of the Company		13		1
Total		13		1

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

(a) Related party transactions

As of March 31, 2019, Sentient beneficially owns 369,809,820 common shares constituting approximately 46.93% of the currently issued and outstanding common shares.

As of March 31, 2019, CATL beneficially owns 200,000,000 common shares constituting approximately 25.38% 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 three months period ended March 31, 2019, the Company recorded $9 (March 31, 2018 - $78) in fees charged by a legal firm in which the Company’s chairman is a consultant.

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

Key management compensation was:

	March 31, 2019		March 31, 2018
Geological consulting fees – expensed		26		26
Geological consulting fees – capitalized		-		18
Management fees – expensed		188		178
Salaries - expensed		47		29
Share-based payments		-		170
Total		261		421

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2019

SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental Cash Flow Information

10. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital for the three months period ended March 31, 2019 and 2018 are as follows:

	March 31, 2019			March 31, 2018
Decrease (increase) in accounts receivables		23			(59	)
(Increase) in prepaid expenses		(20	)		(318	)
Decrease in trade payables and accrued liabilities		(36	)		(2	)
Total changes in working capital		(33	)		(379	)

During the period ended March 31, 2019, the Company:

i) recorded $135, the net change for accrued in exploration and evaluation expenditures.

During the period ended March 31, 2018, the Company:

ii) transferred $25 from reserve to deficit;

iii) recorded $716, the net change for accrued in exploration and evaluation expenditures.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Disclosure of contingent liabilities [abstract]

Commitments and Contingencies

11. COMMITMENTS AND CONTINGENCIES

The Company has certain commitments to meet the minimum expenditures requirements on its mineral exploration assets it has interest in.

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 stipend per month for independent directors and $3 stipend per month for the chairman of the board, and $2.5 for committee chairman.
ii)	Management fees: $31 per month effective June 2018.
	Effectively on June 1, 2018, the Company has changed the terms with Keith Morrison, the CEO, from direct employment to contracted consultant and entered into 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 sixty 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.

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Segmented Information

3 Months Ended

Mar. 31, 2019

Disclosure of geographical areas [abstract]

Segmented information

12. SEGMENTED INFORMATION

The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in three geographic segments being Canada, Greenland and United States (Note 6). The Company’s geographic segments are as follows:

	March 31, 2019		December 31, 2018
Equipment
Canada		10		11
Greenland		22		24
Total		32		35

	March 31, 2019		December 31, 2018
Exploration and evaluation assets
Canada		2,239		2,214
Greenland		62,488		62,257
United States		11		8
Total		64,738		64,479

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General and Administrative Expenses

3 Months Ended

Mar. 31, 2019

General And Administrative Expenses

General and Administrative Expenses

13. GENERAL AND ADMINISTRATIVE EXPENSES

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

	March 31, 2019		March 31, 2018
Consulting fees		81		93
Professional fees		9		26
Management fees		188		178
Investor relations		16		34
Filing fees		11		19
Salaries and benefits		131		87
General office expenses		99		103
Total		535		540

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Basis of Preparation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Increase (Decrease) Through Allocation of Warrants Issued

Statement of Compliance

(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, 2018. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2019 could result in restatement of these condensed interim consolidated financial statements.

Basis of Preparation

(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, 2018.

Basis of Consolidation

(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.

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Receivables and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2019

Trade and other current receivables [abstract]

Schedule of Receivables and Other Current Assets

A summary of the receivables and other current assets as of March 31, 2019 is detailed in the table below:

	March 31, 2019		December 31, 2018
Sales taxes receivable		52		75
Interest receivable		17		10
Other current assets		68		48
		137		133

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Exploration and Evaluation Assets (Tables)

3 Months Ended

Mar. 31, 2019

EXPLORATION AND EVALUATION ASSETS

Schedule of Exploration and Evaluation Assets

	Canada						US		Greenland
	Post Creek Property		Halcyon Property		Quetico Claims		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2018		288		222		42		8		42		602
Acquisition costs – cash		5		4		-		1		-		10
Balance, March 31, 2019		293		226		42		9		42		612
Exploration
Balance, December 31, 2018		1,431		209		22		-		62,215		63,877
Administration		1		-		-		-		-		1
Corporate social responsibility		1		-		-				-		1
Drilling		7		-		-		-		120		127
Environmental, health and safety		-		-		-		-		8		8
Geology		4		3		-		2		76		85
Geophysics		-		-		-		-		27		27
		13		3		-		2		231		249
Balance, March 31,2019		1,444		212		22		2		62,446		64,126
Total, March 31, 2019		1,737		438		64		11		62,488		64,738

	Canada		US		Greenland
	Post Creek Property		Halcyon Property		Section 35 Property		Maniitsoq Property		Total
Acquisition
Balance, December 31, 2017		278		214		6		36		534
Acquisition costs – cash		5		4		2		14		25
Balance, March 31, 2018		283		218		8		50		559
Exploration
Balance, December 31, 2017		1,138		187		-		48,635		49,960
Administration		-		-		-		15		15
Drilling expenses		5		-		-		204		209
Geology		10		7		-		91		108
Geophysics		-		-		-		40		40
Helicopter charter aircraft		-		-		-		3		3
Infrastructure		-		-		-		13		13
		15		7		-		366		388
Balance, March 31, 2018		1,153		194		-		49,001		50,348
Total, March 31, 2018		1,436		412		8		49,051		50,907

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Trade Payables and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Trade and other current payables [abstract]

Summary of Trade Payables and Accrued Liabilities

	March 31, 2019		December 31, 2018
Trade payables		344		477
Amounts due to related parties (Note 9)		13		1
Accrued liabilities		27		78
		384		556

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Share Capital, Warrants and Options (Tables)

3 Months Ended

Mar. 31, 2019

SHARE CAPITAL, WARRANTS AND OPTIONS

Schedule of Number and Weighted Average Exercise Prices of Warrants

A summary of common share purchase warrants activity during the three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		257,972,836		0.12		176,175,413			0.12
Issued		-		-		116,666,664			0.12
Cancelled / Expired		-		-		(34,869,241	)		0.12
Outstanding, end of the period		257,972,836		0.12		257,972,836			0.12

Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants

At March 31, 2019, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

Warrants Outstanding		Expiry Date	Exercise Price ($)		Weighted Average remaining contractual life (years)
	72,515,414	June 8, 20191		0.12		0.05
	1,965,083	June 8, 2019		0.075		0.00
	46,334,451	July 21, 20191,2		0.12		0.06
	20,491,224	August 15, 2019		0.12		0.03
	116,666,664	April 19, 2020		0.12		0.48
	257,972,836					0.62

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 $0.18 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 December 31, 2018, the Company’s common shares have not met the criterion for acceleration.

² On September 1, 2018, the TSXV approved an extension of the term of the warrants from July 21, 2018 to July 21, 2019. All other terms, including the exercise price, remain the same.

Schedule of Number and Weighted Average Exercise Prices of Share Options

A summary of option activity under the Plan during the three months period ended March 31, 2019 is as follows:

	March 31, 2019				December 31, 2018
	Number Outstanding		Weighted Average Exercise Price		Number Outstanding			Weighted Average Exercise Price
Outstanding, beginning of the period		25,945,500		0.18		20,720,500			0.23
Issued		-		-		6,425,000			0.12
Cancelled / Expired		-		-		(1,200,000	)		0.18
Outstanding, end of the period		25,945,500		0.18		25,945,500			0.18

Schedule of Inputs to Option Pricing Model

The fair value of stock options granted and vested during the period ended March 31, 2018 was calculated using the following assumptions:

	March 31, 2019		March 31, 2018
Expected dividend yield		-		0	%
Expected share price volatility		-		96.9	%
Risk free interest rate		-		2.04	%
Expected life of options		-		5 years

Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options

Details of options outstanding as at March 31, 2019 are as follows:

Options Outstanding		Options Exercisable		Expiry Date	Exercise Price		Weighted average remaining contractual life (years)
	2,440,000		2,440,000	Jul 9, 2019		0.62		0.03
	200,000		200,000	Aug 27, 2019		0.37		0.00
	100,000		100,000	Sep 26, 2019		0.26		0.00
	350,000		350,000	Nov 5, 2019		0.21		0.01
	1,000,000		1,000,000	Dec 19, 2019		0.22		0.03
	900,000		900,000	Feb 3, 2020		0.275		0.03
	450,000		450,000	Oct 5, 2020		0.20		0.03
	5,443,000		5,443,000	Jan 28, 2021		0.21		0.38
	7,637,500		7,637,500	Feb 21, 2022		0.12		0.85
	1,000,000		1,000,000	Dec 20, 2022		0.12		0.14
	5,725,000		5,725,000	Feb 28, 2023		0.12		0.86
	500,000		500,000	May 1, 2023		0.12		0.08
	200,000		200,000	May 4, 2023		0.12		0.03
	25,945,500		25,945,500					2.47

XML

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of transactions between related parties [abstract]

Schedule of Amounts Due to Related Parties, Included in Trade Payables and Accrued Liabilities

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 7):

	March 31, 2019		December 31, 2018
Directors and officers of the Company		13		1
Total		13		1

Schedule of Key Management Compensation

Key management compensation was:

	March 31, 2019		March 31, 2018
Geological consulting fees – expensed		26		26
Geological consulting fees – capitalized		-		18
Management fees – expensed		188		178
Salaries - expensed		47		29
Share-based payments		-		170
Total		261		421

XML

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2019

SUPPLEMENTAL CASH FLOW INFORMATION

Schedule of Changes in Working Capital

Changes in working capital for the three months period ended March 31, 2019 and 2018 are as follows:

	March 31, 2019			March 31, 2018
Decrease (increase) in accounts receivables		23			(59	)
(Increase) in prepaid expenses		(20	)		(318	)
Decrease in trade payables and accrued liabilities		(36	)		(2	)
Total changes in working capital		(33	)		(379	)

XML

Segmented Information (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of geographical areas [abstract]

Schedule of Geographic Segments

The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in three geographic segments being Canada, Greenland and United States (Note 6). The Company’s geographic segments are as follows:

	March 31, 2019		December 31, 2018
Equipment
Canada		10		11
Greenland		22		24
Total		32		35

	March 31, 2019		December 31, 2018
Exploration and evaluation assets
Canada		2,239		2,214
Greenland		62,488		62,257
United States		11		8
Total		64,738		64,479

XML

General and Administrative Expenses (Tables)

3 Months Ended

Mar. 31, 2019

General And Administrative Expenses

Schedule of General and Administrative Expenses

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

	March 31, 2019		March 31, 2018
Consulting fees		81		93
Professional fees		9		26
Management fees		188		178
Investor relations		16		34
Filing fees		11		19
Salaries and benefits		131		87
General office expenses		99		103
Total		535		540

XML

Short-term Investments (Details Narrative)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Agreement Termination Period From Date Of Effective Control Change
Annual interest rate (as a percent)	1.40%	1.30%

XML

Receivables and Other Current Assets - Schedule of Receivables and Other Current Assets (Details) - CAD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Trade and other current receivables [abstract]
Sales taxes receivable	$ 52	$ 75
Interest receivable	17	10
Other current assets	68	48
Total	$ 137	$ 133

XML

Exploration and Evaluation Assets (Details Narrative) $ / shares in Units, kr in Thousands, $ in Thousands										3 Months Ended		12 Months Ended
	May 04, 2018 CAD ($)	May 04, 2018 DKK (kr)	Apr. 11, 2016	Jan. 04, 2016 CAD ($) $ / shares	Aug. 01, 2015 CAD ($)	Mar. 04, 2012 CAD ($)	Mar. 04, 2012 DKK (kr)	Aug. 15, 2011 CAD ($)	Aug. 15, 2011 DKK (kr)	Mar. 31, 2019 CAD ($) a	Mar. 31, 2018 CAD ($)	Dec. 31, 2018 CAD ($)	Dec. 31, 2018 DKK (kr)	Dec. 31, 2017 CAD ($)	Dec. 31, 2017 DKK (kr)	Dec. 31, 2016 CAD ($)	Dec. 31, 2016 DKK (kr)	Dec. 31, 2015 CAD ($)	Dec. 31, 2015 DKK (kr)	Dec. 31, 2018 DKK (kr)	Dec. 31, 2015 DKK (kr)	Mar. 12, 2013
Statement Line Items [Line Items]
Acquisition and exploration related cost										$ 395	$ 1,129
Reclamation deposit										14		$ 14
Minimum [Member]
Statement Line Items [Line Items]
Exploration requirement
Post Creek Property [Member]
Statement Line Items [Line Items]
Percentage of interest in property to be acquired on basis of option agreement																						100.00%
Advances payable annually on net smelter return royalties					$ 10							10
Payments made in advance										5	5
Exploration and license related expenditures										13	15
Halcyon Property [Member]
Statement Line Items [Line Items]
Advances payable annually on net smelter return royalties					$ 8							8
Exploration and license related expenditures										7	11
Quetico Property [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures
Acquisition and exploration related cost												64
Exploration claim description										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.
Area of land | a										320
Quetico Property [Member] | After April 26, 2020 [Member]
Statement Line Items [Line Items]
Total annual work requirement cost										$ 324
Section 35 Property [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures										3	2
Length of metallic minerals lease				10 years
Reclamation deposit				$ 14
Section 35 Property [Member] | Minimum [Member]
Statement Line Items [Line Items]
Percentage of production royalty payable				2.00%
Section 35 Property [Member] | Maximum [Member]
Statement Line Items [Line Items]
Percentage of production royalty payable				2.50%
Section 35 Property [Member] | US Dollar [Member]
Statement Line Items [Line Items]
Reclamation deposit				$ 10
Section 35 Property [Member] | Not Later Than Five Years [Member] | US Dollar [Member]
Statement Line Items [Line Items]
Annual rental fee | $ / shares				$ 3.00
Section 35 Property [Member] | Later Than Five Years and Not Later Than Ten Years [Member] | US Dollar [Member]
Statement Line Items [Line Items]
Annual rental fee | $ / shares				6.00
Section 35 Property [Member] | Year 11 Onwards [Member] | US Dollar [Member]
Statement Line Items [Line Items]
Additional annual rental fee | $ / shares				5.00
Section 35 Property [Member] | Year 11 Onwards [Member] | US Dollar [Member] | Minimum [Member]
Statement Line Items [Line Items]
Annual rental fee | $ / shares				10.00
Section 35 Property [Member] | Year 11 Onwards [Member] | US Dollar [Member] | Maximum [Member]
Statement Line Items [Line Items]
Annual rental fee | $ / shares				$ 55.00
Maniitsoq Property [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures										$ 231	380
Percentage of net smelter return royalties										2.50%
Percentage of net smelter return royalties after reduction										1.00%
Payment required to reduce net smelter return royalties										$ 2,000
Number of days from decision to commence commercial production to reduce net smelter return royalties										60 days
Period of additional license application for years 11-13										3 years
Period of additional license application after year 13										3 years
License period description										The expiration of the first license period, the Company may apply for a second licence period (years 6-10), and the Company may apply for a further 3-year licence for years 11 to 13. Thereafter, the Company may apply for additional 3-year licences 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.
Sulussugut License [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures										$ 116	337	10,795		$ 11,079
License fee paid								$ 6								$ 8
Period of additional license application after first period			5 years
Exploration requirement																		$ 15,808
Exploration cost												55,732						$ 26,116
Approved exploration expenditures												16,342
Total carried credits												66,951
Sulussugut License [Member] | Danish Krone [Member]
Statement Line Items [Line Items]
License fee paid | kr									kr 31								kr 40
Exploration requirement | kr															kr 44,374				kr 83,809
Accumulated exploration surplus credits | kr																					kr 100,304
Approved exploration expenditures | kr													kr 79,604
Total carried credits | kr													326,111
Carbonatite License [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures										93	9	1,369
License fee paid	$ 7
Exploration requirement														8,955
Exploration cost												1,362
Total carried credits												2,018
Period of license	5 years	5 years
Carbonatite License [Member] | Minimum [Member]
Statement Line Items [Line Items]
Exploration requirement												55
Carbonatite License [Member] | Danish Krone [Member]
Statement Line Items [Line Items]
License fee paid | kr		kr 31
Total carried credits | kr													9,830
Carbonatite License [Member] | Danish Krone [Member] | Minimum [Member]
Statement Line Items [Line Items]
Exploration requirement | kr													kr 269
Ininngui License [Member]
Statement Line Items [Line Items]
Exploration and license related expenditures										$ 22	$ 23	1,423		$ 985
License fee paid						$ 6
Exploration cost												5,121
Accumulated exploration surplus credits												$ 7,290
Period of license																5 years	5 years
Percentage of difference between minimum exploration expenditures and actual spend on exploration costs payable in cash												50.00%	50.00%
Ininngui License [Member] | Danish Krone [Member]
Statement Line Items [Line Items]
License fee paid | kr							kr 32
Accumulated exploration surplus credits | kr																				kr 35,509

XML

Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets (Details) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	$ 64,479	$ 50,494
Acquisition costs - cash
Administration
Corporate social responsibility
Drilling expenses
Environment, health & safety
Geology
Geophysics
Helicopter charter aircraft
Infrastructure
Increase in exploration and evaluation assets
Balance at the end of the year	64,738	50,907
Canada [Member] | Post Creek Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the end of the year	1,737	1,436
Canada [Member] | Halcyon Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the end of the year	438	412
Canada [Member] | Quetico Claims [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the end of the year	64
United States [Member] | Section 35 Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the end of the year	11	8
Greenland [Member] | Maniitsoq Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the end of the year	62,488	49,051
Exploration and Evaluation Assets Arising From Acquisition [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	602	534
Acquisition costs - cash	10	25
Balance at the end of the year	612	559
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Post Creek Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	288	278
Acquisition costs - cash	5	5
Balance at the end of the year	293	283
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Halcyon Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	222	214
Acquisition costs - cash	4	4
Balance at the end of the year	226	218
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Quetico Claims [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	42
Acquisition costs - cash
Balance at the end of the year	42
Exploration and Evaluation Assets Arising From Acquisition [Member] | United States [Member] | Section 35 Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	8	6
Acquisition costs - cash	1	2
Balance at the end of the year	9	8
Exploration and Evaluation Assets Arising From Acquisition [Member] | Greenland [Member] | Maniitsoq Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	42	36
Acquisition costs - cash		14
Balance at the end of the year	42	50
Exploration and Evaluation Assets Arising From Exploration [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	63,877	49,960
Administration	1	15
Corporate social responsibility	1
Drilling expenses	127	209
Environment, health & safety	8
Geology	85	108
Geophysics	27	40
Helicopter charter aircraft		3
Infrastructure		13
Increase in exploration and evaluation assets	249	388
Balance at the end of the year	64,126	50,348
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Post Creek Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	1,431	1,138
Administration	1
Corporate social responsibility	1
Drilling expenses	7	5
Environment, health & safety
Geology	4	10
Geophysics
Helicopter charter aircraft
Infrastructure
Increase in exploration and evaluation assets	13	15
Balance at the end of the year	1,444	1,153
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Halcyon Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	209	187
Administration
Corporate social responsibility
Drilling expenses
Environment, health & safety
Geology	3	7
Geophysics
Helicopter charter aircraft
Infrastructure
Increase in exploration and evaluation assets	3	7
Balance at the end of the year	212	194
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Quetico Claims [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	22
Administration
Corporate social responsibility
Drilling expenses
Environment, health & safety
Geology
Geophysics
Increase in exploration and evaluation assets
Balance at the end of the year	22
Exploration and Evaluation Assets Arising From Exploration [Member] | United States [Member] | Section 35 Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year
Administration
Corporate social responsibility
Drilling expenses
Environment, health & safety
Geology	2
Geophysics
Helicopter charter aircraft
Infrastructure
Increase in exploration and evaluation assets	2
Balance at the end of the year	2
Exploration and Evaluation Assets Arising From Exploration [Member] | Greenland [Member] | Maniitsoq Property [Member]
Disclosure of Exploration and Evaluation Assets [Line Items]
Balance at the beginning of the year	62,215	48,635
Administration		15
Corporate social responsibility
Drilling expenses	120	204
Environment, health & safety	8
Geology	76	91
Geophysics	27	40
Helicopter charter aircraft		3
Infrastructure		13
Increase in exploration and evaluation assets	231	366
Balance at the end of the year	$ 62,446	$ 49,001

XML

Trade Payables and Accrued Liabilities - Summary of Trade Payables and Accrued Liabilities (Details) - CAD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Trade and other current payables [abstract]
Trade payables	$ 344	$ 477
Amounts due to related parties (Note 9)	13	1
Accrued liabilities	27	78
Trade payables and accrued liabilities	$ 384	$ 556

XML

Share Capital, Warrants and Options (Details Narrative) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 19, 2018 CAD ($) EquityInstruments $ / shares shares	Mar. 31, 2019 CAD ($) Option Vote $ / shares shares	Mar. 31, 2018 CAD ($) Option $ / shares shares	Dec. 31, 2018 CAD ($) Option shares
Issue of Equity [Line items]
Expected dividend yield			0.00%
Risk-free interest rate			2.04%
Expected volatility			96.90%
Expense from share-based payment transactions on grant of options | $			$ (287)
Stock Option Plan [Member]
Issue of Equity [Line items]
Period of options granted			5 years
Number of stock option granted | Option			5,725,000	6,425,000
Fair value of options granted | $			$ 287
Stock options exercisable price per share | $ / shares			$ .12
Maximum [Member]
Issue of Equity [Line items]
Percentage of beneficially owns, issued and outstanding		10.00%
Period of options granted		10 years
Contemporary Amperex Technology Limited [Member]
Issue of Equity [Line items]
Number of units subscribed | shares				200,000,000
Total purchase price | $				$ 15,000
Beneficially owned of common shares in total | shares				200,000,000
Percentage of beneficially owns, issued and outstanding		25.38%
Sentient Executive GP IV Limited [Member]
Issue of Equity [Line items]
Number of units subscribed | shares				13,333,333
Total purchase price | $				$ 1,000
Beneficially owned of common shares in total | shares		369,809,820
Percentage of beneficially owns, issued and outstanding		46.93%
Reserve [Member]
Issue of Equity [Line items]
Expense from share-based payment transactions on grant of options | $			$ 287	317
Transfer to deficit for expired options and warrants | $			$ 25	229
Series 1 Convertible Preferred Shares [Member]
Issue of Equity [Line items]
Authorized capital | shares		100,000,000
Par value per share | $ / shares
Common Stock [Member]
Issue of Equity [Line items]
Number of shares issued | shares		787,928,500	554,598,167
Number of shares outstanding | shares		787,928,500	554,598,167
Common Stock [Member] | Non Brokered Private Placement [Member]
Issue of Equity [Line items]
Number of units issued | shares	233,333,333
Price of unit issued | $ / shares	$ 0.075
Total gross proceeds | $	$ 17,500
Number of common shares in unit | shares	1
Number of common share purchase warrants in unit | EquityInstruments	0.5
Exercise price of warrant | $ / shares	$ 0.12
Share issuance costs in cash | $	$ 579
Share issuance cost in trade payable | $				$ 250
Fair value of warrants issued | $	$ 2,572
Common Stock [Member] | Non Brokered Private Placement [Member] | Warrants [Member]
Issue of Equity [Line items]
Expected life	2 years
Expected dividend yield	0.00%
Risk-free interest rate	1.91%
Expected volatility	94.26%
Series 1 Preferred Shares [Member]
Issue of Equity [Line items]
Number of shares outstanding | shares		590,931	590,931
Preferred Stock [Member]
Issue of Equity [Line items]
Number of votes per share at meeting of holders of preference shares | Vote		1
Conversion value of share | $ / shares		$ 1
Factor by which number of shares on conversion is calculated | $ / shares		$ 0.90

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Share Capital, Warrants and Options - Schedule of Number and Weighted Average Exercise Prices of Warrants (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019 EquityInstruments $ / shares	Dec. 31, 2018 EquityInstruments $ / shares
SHARE CAPITAL, WARRANTS AND OPTIONS
Outstanding at beginning of year | EquityInstruments	257,972,836	176,175,413
Issued | EquityInstruments		116,666,664
Cancelled / Expired | EquityInstruments		(34,869,241)
Outstanding at end of year | EquityInstruments	257,972,836	257,972,836
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares	$ 0.12	$ 0.12
Weighted Average Exercise Price, Issued | $ / shares		0.12
Weighted Average Exercise Price, Cancelled / Expired | $ / shares		0.12
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	$ 0.12	$ 0.12

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Share Capital, Warrants and Options - Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants (Details)		3 Months Ended
		Mar. 31, 2019 EquityInstruments $ / shares	Dec. 31, 2018 EquityInstruments	Dec. 31, 2017 EquityInstruments
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding		257,972,836	257,972,836	176,175,413
Weighted average remaining contractual life (years)		7 months 13 days
Warrants Expiring June 8, 2019 Part1 [Member]
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding	[1]	72,515,414
Exercise price | $ / shares	[1]	$ 0.12
Weighted average remaining contractual life (years)	[1]	18 days
Warrants Expiring June 8, 2019 Part2 [Member]
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding		1,965,083
Exercise price | $ / shares		$ 0.075
Weighted average remaining contractual life (years)		0 years
Warrants Expiring July 21, 2019 With Acceleration Clause [Member]
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding	[1],[2]	46,334,451
Exercise price | $ / shares	[1],[2]	$ 0.12
Weighted average remaining contractual life (years)	[1],[2]	22 days
Warrants Expiring August 15, 2019 [Member]
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding		20,491,224
Exercise price | $ / shares		$ 0.12
Weighted average remaining contractual life (years)		11 days
Warrants Expiring April 19, 2020 [Member]
Disclosure of Warrants Outstanding [Line Items]
Warrants outstanding		116,666,664
Exercise price | $ / shares		$ 0.12
Weighted average remaining contractual life (years)		5 months 23 days

[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 $0.18 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 December 31, 2018, the Company's common shares have not met the criterion for acceleration.

[2] On September 1, 2018, the TSXV approved an extension of the term of the warrants from July 21, 2018 to July 21, 2019. All other terms, including the exercise price, remain the same.

XML

Share Capital, Warrants and Options - Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants (Details) (Parenthetical)	3 Months Ended
	Mar. 31, 2019 $ / shares
SHARE CAPITAL, WARRANTS AND OPTIONS
Volume-weighted average trading price of common shares on TSX-V triggering acceleration clause	$ 0.18
Period of consecutive trading days for which volume-weighted average trading price of common shares on TSX-V needs to exceed triggering level	10 days
Period of acceleration of warrant expiry date when triggering condition is met	30 days

XML

Share Capital, Warrants and Options - Schedule of Number and Weighted Average Exercise Prices of Share Options (Details) - Stock Option Plan [Member]	3 Months Ended		12 Months Ended
	Mar. 31, 2019 Option $ / shares	Mar. 31, 2018 Option	Dec. 31, 2018 Option $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of year | Option	25,945,500	20,720,500	20,720,500
Issued | Option		5,725,000	6,425,000
Cancelled / Expired | Option			(1,200,000)
Outstanding, end of year | Option	25,945,500		25,945,500
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares	$ 0.18		$ 0.23
Weighted Average Exercise Price, Issued | $ / shares			0.12
Weighted Average Exercise Price, Cancelled / Expired | $ / shares			0.18
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	$ 0.18		$ 0.18

XML

Share Capital, Warrants and Options - Schedule of Inputs to Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
SHARE CAPITAL, WARRANTS AND OPTIONS
Expected dividend yield		0.00%
Expected share price volatility		96.90%
Risk-free interest rate		2.04%
Expected life of options		5 years

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Share Capital, Warrants and Options - Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options (Details)	3 Months Ended
	Mar. 31, 2019 Option $ / shares
Options Expiring July 9, 2019 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	2,440,000
Options exercisable	2,440,000
Exercise price | $ / shares	$ 0.62
Weighted average remaining contractual life	11 days
Options Expiring August 27, 2019 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	200,000
Options exercisable	200,000
Exercise price | $ / shares	$ 0.37
Weighted average remaining contractual life	0 years
Options Expiring September 26, 2019 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	100,000
Options exercisable	100,000
Exercise price | $ / shares	$ 0.26
Weighted average remaining contractual life	0 years
Options Expiring November 5, 2019 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	350,000
Options exercisable	350,000
Exercise price | $ / shares	$ 0.21
Weighted average remaining contractual life	4 days
Options Expiring December 19, 2019 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	1,000,000
Options exercisable	1,000,000
Exercise price | $ / shares	$ 0.22
Weighted average remaining contractual life	11 days
Options Expiring February 3, 2020 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	900,000
Options exercisable	900,000
Exercise price | $ / shares	$ 0.275
Weighted average remaining contractual life	11 days
Options Expiring October 5, 2020 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	450,000
Options exercisable	450,000
Exercise price | $ / shares	$ 0.20
Weighted average remaining contractual life	11 days
Options Expiring January 28, 2021 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	5,443,000
Options exercisable	5,443,000
Exercise price | $ / shares	$ 0.21
Weighted average remaining contractual life	4 months 17 days
Options Expiring February 21, 2022 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	7,637,500
Options exercisable	7,637,500
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life	10 months 6 days
Options Expiring December 20, 2022 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	1,000,000
Options exercisable	1,000,000
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life	1 month 20 days
Options Expiring February 28, 2023 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	5,725,000
Options exercisable	5,725,000
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life	10 months 10 days
Options Expiring May 1, 2023 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	500,000
Options exercisable	500,000
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life	29 days
Options Expiring May 4, 2023 [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	200,000
Options exercisable	200,000
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life	11 days
Stock Option Plan [Member]
Disclosure of Stock Options Outstanding [Line Items]
Options outstanding	25,945,500
Options exercisable	25,945,500
Weighted average remaining contractual life	2 years 5 months 20 days

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Related Party Transactions (Details Narrative) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Sentient [Member]
Disclosure of transactions between related parties [line items]
Number of common shares beneficially owned	369,809,820
Number of common shares beneficially owned, percentage	46.93%
Contemporary Amperex Technology Limited [Member]
Disclosure of transactions between related parties [line items]
Number of common shares beneficially owned	200,000,000
Number of common shares beneficially owned, percentage	25.38%
Chairman as Consultant [Member]
Disclosure of transactions between related parties [line items]
Fees charged by a legal firm	$ 9	$ 78

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Related Party Transactions - Schedule of Amounts Due to Related Parties, Included in Trade Payables and Accrued Liabilities (Details) - CAD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Amounts due to related party	$ 13	$ 1
Directors and Officers [Member]
Disclosure of transactions between related parties [line items]
Amounts due to related party	$ 13	$ 1

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Related Party Transactions - Schedule of Key Management Compensation (Details) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure of transactions between related parties [abstract]
Geological consulting fees - expensed	$ 26	$ 26
Geological consulting fees - capitalized		18
Management fees - expensed	188	178
Salaries - expensed	47	29
Share-based payments		170
Total	$ 261	$ 421

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Supplemental Cash Flow Information (Details Narrative) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
Accrued exploration and evaluation expenditures	$ 716	$ 135
Amount transferred from reserve to deficit	$ 25

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Supplemental Cash Flow Information - Schedule of Changes in Working Capital (Details) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
SUPPLEMENTAL CASH FLOW INFORMATION
Decrease (increase) in accounts receivables	$ 23	$ (59)
(Increase) in prepaid expenses	(20)	(318)
Decrease in trade payables and accrued liabilities	(36)	(2)
Total changes in working capital	$ (33)	$ (379)

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Commitments and Contingencies (Details Narrative) - CAD ($)		1 Months Ended	3 Months Ended
	Jul. 01, 2014	Jun. 30, 2018	Mar. 31, 2019
Disclosure of contingent liabilities [line items]
Management fees, per month		$ 31,000
Agreement termination period from the date of effective control change			60 days
Payment period			30 days
Independent Directors [Member]
Disclosure of contingent liabilities [line items]
Director fees, stipend per month	$ 2,000
Chairman of Board [Member]
Disclosure of contingent liabilities [line items]
Director fees, stipend per month	3,000
Committee Chairman [Member]
Disclosure of contingent liabilities [line items]
Director fees, stipend per month	$ 2,500

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Segmented Information (Details Narrative)	3 Months Ended
	Mar. 31, 2019 Segment
Disclosure of geographical areas [abstract]
Number of reportable operating segments	1
Number of geographic segments	3

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Segmented Information - Schedule of Geographic Segments (Details) - CAD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Disclosure of geographical areas [line items]
Equipment	$ 32	$ 35
Exploration and evaluation assets	64,738	64,479
Canada [Member]
Disclosure of geographical areas [line items]
Equipment	10	11
Exploration and evaluation assets	2,239	2,214
Greenland [Member]
Disclosure of geographical areas [line items]
Equipment	22	24
Exploration and evaluation assets	62,488	62,257
United States [Member]
Disclosure of geographical areas [line items]
Exploration and evaluation assets	$ 11	$ 8

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General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - CAD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
General And Administrative Expenses
Consulting fees	$ 81	$ 93
Professional fees	9	26
Management fees	188	178
Investor relations	16	34
Filing fees	11	19
Salaries and benefits	131	87
General office expenses	99	103
Total	$ (535)	$ (540)