"Today's discoveries underlie the knowledge and experience of a technical team supported by the determination and imagination of committed management" - Richard Atkinson, President and CEO

Welcome to Fjordland Exploration Inc.

March 26, 2018

Dear Shareholder,

I believe this is an opportune time to address a short note to shareholders as many of you may not have had the opportunity to review the Company’s statutory filings. The Company has for the last several years, and intends for the near future, to continue exploration in Labrador with the objective of discovering and delineating an economic nickel-copper-cobalt deposit.

We have been exploring the Pants Lake intrusion which is located 80 km south of the Voisey’s Bay intrusion which hosts the legendary mine of the same name. The Voisey’s Bay deposit was discovered by Diamondfields Resources Ltd. in late 1994 and sold to Inco Ltd in early 1996 for $4.3 billion. I encourage all of you, whether you are history buffs or not, to read “The Big Score” authored by Jacquie McNish which was published in 1998. This is the story of how Robert Friedland initially became a force in international mining as an entrepreneur, mine developer and promoter. I strongly recommend the book...a most entertaining read!

Fjordland selected the Pants Lake intrusion as an exploration target not only because it has the same geological age and has a similar geochemical/isotopic signature but because this particular piece of geology had been subjected to an impressive “first pass” regional exploration effort during the boom years following the discovery of the Voisey’s Bay deposit. An impressive amount of exploration data was generated by several explorers including Teck, Falconbridge, Donner Mineral and Northern Abitibi.The majority of this information is now in the possession of Commander Resources. It has been estimated that the current cost to replicate this data would probably exceed $20 million. This data set formed the basis for Fjordland’s initial interest in the project which resulted in an Option Agreement with Commander granting Fjordland the right to earn a 100% interest in the South Voisey’s Bay Project.We have subsequently expanded to include mineral tenure of over 29,400 hectares (294 sq km).

Vale, the large Brazilian mining company (which had acquired Inco in 2006), is the current operator of the mine.In June 2017, Vale decided as a cost saving measure to close their Canadian exploration office. Fjordland was quick to react and was successful in acquiring the services of the two senior earth scientists that had been responsible for brownfield (minesite) exploration activities at the Voisey’s Bay operation over the past decade or so.

High Power Exploration (“HPX”) which had previously executed a confidentiality agreement with Commander/Fjordland was in the midst of a comprehensive review of the exploration data when Fjordland announced that Brian Bengert and Dawn Evans-Lamswood had joined the team.Brian, Vale’s former senior geophysicist for Voisey’s Bay was the perfect choice to help interpret and reprocess the geophysical data sets.Dawn had worked with the geology at Voisey’s Bay since the discovery by Diamondfields.Having obtained her Masters degree on the mode of deposition of the multiple deposits in the district, Dawn had risen to Manager-Brownfields Exploration. HPX was now intrigued enough to enter into negotiations with Fjordland in September 2017 which led to HPX acquiring approximately 30% of Fjordland’s equity by investing $1.4 million. In addition, HPX was granted the opportunity to fund on behalf of Fjordland $7.4 million in exploration expenditures plus $290,000 of property payments whereby Fjordland would, after earning a 100% interest in the project (subject to a 2% NSR reserved for Commander), transfer to HPX a 65% interest.This would result in a joint venture with Fjordland having a 35% participating interest. HPX is a private exploration company founded and co-chaired by Robert Friedland.


In early March this year, Fjordland announced that HPX had agreed to make their initial cash contribution of $1.2 million pursuant to the terms of the Fjordland/HPX agreement.These funds will initiate the 2018 exploration season. The 2018 program as currently planned will drill test targets that have been generated over the last several months from additional reprocessing of the historic UTEM, gravity and magnetic data.

Information generated by Fjordland’s 2017 drill program has been incorporated into the planning of the 2018 program. The 2017 drilling was centered on modeled conductors from re-processed historical UTEM 3 surveys conducted in 2002 by Falconbridge and in 2014 by Fjordland.The selection of targets incorporated relatively new geological concepts being successfully applied at the Voisey’s Bay Mine where structure plays an important ore control role and where massive sulphide accumulations may also occur in wall rock structures. The 2017 drill program totalled 1469 m in which hole 17-6 returned a 3.9 m interval of semi-massive to massive sulphide comprised of pyrrhotite. pentlandite and chalcopyrite grading 0.3% Ni,0.27% Cu and 0.1% Co at the base of the Worm Gabbro within a sequence of troctolite. Borehole electro-magnetic (BHEM) data collected by Crone Geophysics defined several extremely high conductivity targets particularly in holes 17-6 and 17-7 where a strong conductor was associated with the intersected sulphide along with an even stronger off-hole conductor.

I thought I would attach to this letter a link to a series of excellent infographic presentations relating to several subjects of particular interest to our endeavours:1) the discovery of the initial Voisey’s Bay deposits; 2) the significant role that quality data can play in a cost effective exploration program; and 3) the bright future for the three principal commodities--Ni, Cu and Co which form the basis of our search. I think you will find these both interesting and educational.

An intersection of “ore grade over mining width” is the objective.Fjordland is the classic example of a well structured, small capitalization exploration company--less than 50 million shares outstanding with 30% held by the HPX/Robert Friedland group, approximately 20% by the President, over 10% by various board members and the balance by over 300 other shareholders.

Wish us good hunting this summer!

Your respectfully,

Richard Atkinson, P.Eng.
President & CEO

The following links, courtesy of Visual Capitalist, are excellent presentations which describe and simplify the history of Voisey’s Bay, the significant role that the intelligent use of historic data can play in de- risking and shortening the exploration cycle and finally the bright future for nickel and by extension, copper and cobalt, all of which we are searching for.

The Story of Voisey's Bay

The Mineral Exploration Roundup

Nickel:The Secret Driver of the Battery Revolution

Some statements in this letter to shareholders may contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

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