Canada Nickel Signs MOU with RWE Supply & Trading to Support Commercialization of Low-Carbon Steel in Europe and North America

­Canada Nickel Company Inc. ("Canada Nickel" or the "Company") announced a strategic commercial partnership with RWE Supply & Trading GmbH. ("RWEST"), a leading global energy and carbon trading firm, to support commercialization of low-carbon intermediate stainless & alloy steel products from Canada Nickel's wholly-owned downstream subsidiary, Net Zero Metals utilizing feeds from Canada's Nickel's Crawford Nickel Project.  The partnership gives Canada Nickel access to RWEST's  European and US customer base, deep carbon and CBAM expertise, and structuring and trading capabilities – positioning Net Zero Metals' low carbon steel ahead of accelerating EU carbon compliance costs.   

Mark Selby, CEO and Director of Canada Nickel Company said "I am very excited to work with this global leader whose strategic focus on the energy transition aligns directly with what we are building at Net Zero Metals. RWEST's reach across European and US markets, combined with their deep carbon trading and CBAM expertise, makes them the ideal partner to support the commercialization of our low-carbon steel and help us maximize value from the low carbon attributes of both our nickel and steel products."

Mr. Selby continued, "The timing of this strategic partnership could not be better.  Implementation of CBAM driving higher EU carbon costs combined with persistent energy price volatility in Europe are creating real demand for stable energy, low-carbon steel supply. Ontario's stable, low-carbon and renewable energy gives us a structural cost advantage that only grows as CBAM carbon costs rise through the decade. We look forward to advancing this relationship to a definitive agreement before year-end."   

Marc Milligan of RWE Supply & Trading said, "Canada Nickel's potential to support significant low-carbon stainless and alloy intermediate steel production offers an attractive solution for the European Energy Transition. Low-carbon steel is essential for the planned expansion of offshore and onshore wind capacities and high-quality low carbon nickel is essential for battery production to support battery storage development in the EU. This partnership fits squarely with our long-term strategy to help decarbonize the European industry.  We look forward to working with the Canada Nickel team to unlock value from its low carbon steel and nickel products and we see significant growth potential for developing sustainable and reliable metal supply chains into the EU."