UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 20-F

[ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
    EXCHANGE ACT OF 1934
OR
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the fiscal year ended December 31, 2009
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
OR
[ ] SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

                       Commission file number: 000-14740

         North American Nickel Inc. (formerly Widescope Resources Inc.)
             (Exact name of Registrant as specified in its charter)

                      Province of British Columbia, Canada
                 (Jurisdiction of incorporation or organization)

 #208 - 828 Harbourside Drive, North Vancouver, British Columbia, Canada V7P 3R9
                    (Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

   Title of each class              Name of each exchange on which registered
   -------------------              -----------------------------------------
           None                                       None

Securities  registered or to be registered pursuant to Section 12(g) of the Act.
Common Shares, no par value

Securities for which there is a reporting  obligation  pursuant to Section 15(d)
of the Act. None

Indicate the number of  outstanding  shares of each of the  issuer's  classes of
capital  or common  shares as of the close of the  period  covered by the annual
report:

     6,113,642 inclusive of the conversion of the outstanding Series 1
     Convertible Preferred Shares

Indicate by check mark if the registrant is a well-known  seasoned  issuer.
[ ] Yes [X] No

If this report is an annual or transition report,  indicate by check mark if the
registrant  is not required to file  reports  pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934. [ ] Yes [X] No

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [X] Yes [ ] No

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated filer, or a non-accelerated filer.

[ ] Large accelerated filer   [ ] Accelerated filer    [X] Non-accelerated filer

Indicate by check mark which financial statement item the registrant has elected
to follow. [X] Item 17 [ ] Item 18

If this is an annual report,  indicate by check mark whether the registrant is a
shell company as defined in Rule 12b-2 of the Exchange Act. [ ] Yes [X] No

Unless  otherwise  indicated,  all  references  herein are expressed in Canadian
dollars and United States currency is stated as "U.S.$__________."

THIS SUBMISSION  SHOULD BE CONSIDERED IN CONJUNCTION WITH PREVIOUSLY FILED FORMS
20-F AND 6-K. THE AUDITED FINANCIAL STATEMENTS AND NOTES THERETO ATTACHED ARE AN
INTEGRAL PART OF THIS SUBMISSION.
<PAGE>
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not required

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not required

ITEM 3. KEY INFORMATION

A. SELECTED FINANCIAL DATA.

The following  selected  financial data has been extracted from the consolidated
financial  statements  for the last five years  prepared  pursuant  to  Canadian
generally accepted accounting  principles  ("GAAP").  Where material differences
exist  between  Canadian  and US GAAP,  corresponding  comparison  data has been
provided in US GAAP for clarity.

North American Nickel Inc. (formerly  Widescope  Resources Inc.) (the "Company")
was  incorporated  on  September  23,  1983.  The Company  changed its name from
Widescope Resources Inc. to North American Nickel Inc. effective April 19, 2010.
The Company's principal business activity is the exploration of natural resource
properties.

Effective  April  19,  2010  the  Company's   shareholders  approved  a  special
resolution to reorganize the Company's  capital  structure by consolidating in a
reverse stock split the existing  common shares on the basis of each two (2) old
shares  being  equal  to one (1)  new  share  and  concurrently  increasing  the
authorized  capital of the Company from  100,000,000  common shares  without par
value to an unlimited  number of common shares without par value. All references
to common shares, stock options,  warrants and weighted average number of shares
outstanding in this Form 20-F reflect the share  consolidation  unless otherwise
noted. The net effect of the above was to reduce the existing outstanding common
shares from 10,883,452 to 5,441,726.

The Company has arranged two  non-brokered  private  placements.  The first will
consist  of  10,000,000  post-consolidation  shares at $0.05.  The  second  will
consist of 10,000,000  post-consolidation  units at $0.06. Each unit consists of
one post consolidation  share and one  non-transferrable  warrant to purchase an
additional post-consolidation common share at $0.10 for 30 months after closing.
The  warrants may be subject to earlier  expiry.  Both  private  placements  are
expected to close prior to May 15, 2010.

                                       2
<PAGE>
North American Nickel Inc. (formerly Widescope Resources Inc.)
Selected Financial Data in accordance with United States GAAP
(Expressed in Canadian Dollars)

<TABLE>
<CAPTION>
                                                                    Years Ended December 31,
                                               2009            2008            2007             2006             2005
                                            ----------      ----------      ----------       ----------       ----------
<S>                                    <C>                <C>             <C>          <C>                  <C>
Net operating revenues                 $             0               0               0            9,689                0

Loss from continued operations         $       (35,773)        (59,776)        (56,820)        (370,305)         (54,804)
Income from discontinued operations    $           N/a             N/a             N/a              N/a              N/a
Net loss                               $       (35,773)        (59,776)        (56,820)        (370,350)         (54,804)
Comprehensive loss                     $       (11,248)        (59,776)        (56,820)        (370,350)         (54,804)

Loss per share from continued
 operations                            $         (0.02)          (0.02)          (0.01)           (0.03)           (0.01)
Income per share from
 discontinued operations               $           N/a             N/a             N/a              N/a              N/a
Income per share after
 discontinued operations               $           N/a             N/a             N/a              N/a              N/a

Share capital                          $    13,649,333      13,649,333      13,649,333       13,649,333       13,499,333

Common shares issued                         5,441,726       5,441,726       5,441,726        5,441,726        4,941,726
Weighted average shares outstanding          5,441,726       5,441,726       5,441,726        5,191,726        4,542,045
                                       $
Total assets                                    83,212          46,312          74,339          110,607          218,438
                                       $
Net assets (liabilities)                      (102,535)       (106,684)       (104,642)         (44,086)         176,219

Convertible debentures(current         $
 and long term portions)                           N/a             N/a             N/a              N/a              N/a

Cash dividends declared per            $
 common share                                        0               0               0                0                0
Exchange rates (Cdn$ to U.S.$)         $
 period average                                 0.8757          0.9371          0.9304           0.8818           0.8253

Exchange rates (CDN$ to U.S.$)
 for most recent six months
                                             Period High     Period Low
                                             -----------     ----------
October 2009                           $        0.9716          0.9221
November 2009                          $        0.9560          0.9282
December 2009                          $        0.9611          0.9334
January 2010                           $        0.9755          0.9384
February 2010                          $        0.9597          0.9316
March 2010                             $        0.9888          0.9596
Exchange rate (CDN$ to U.S.$)
 April 23, 2010                        $        1.0009
</TABLE>


                                       3
<PAGE>
B. Not required

C. Not required

D. RISK FACTORS.

The business of the Company entails  significant risks, and an 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,  which can adversely
affect the business and in turn the financial results,  ultimately affecting the
value of an investment the Company.

     THE COMPANY HAS NO VIABLE COMMERCIAL BUSINESS.
     Having no viable  business  it is  difficult  to  determine a price for the
     common  shares.  That price must  therefore  be dependent on the value that
     each  individual  buyer and  seller  place on the future  prospects  of the
     company,  rather  than  any  objective  measurement.  This  is a very  risk
     position for shareholders, as the majority perception may turn negative and
     price decline severely.

     THE COMPANY HAS LIMITED FUNDS.
     Funds are the fuel needed to drive the  company.  Should  current  funds be
     consumed,  and the company not be able to attract more  capital,  prospects
     for shareholders  would become extremely  negative,  and shareholder losses
     will inevitably occur.

     THERE IS NO ASSURANCE THAT THE COMPANY CAN ACCESS ADDITIONAL CAPITAL.
     The  company  will  need to  demonstrate  performance  in order to  attract
     additional capital. As the mineral exploration  business has a high element
     of chance  associated  with it,  it is  possible  that none of the  current
     properties will have any value.  The capital markets could perceive this to
     be a  demonstration  of  poor  performance,  and be  unwilling  to  provide
     additional funds.  Should this happen,  shareholders will incur significant
     losses.

     THERE  IS NO  ASSURANCE  THAT THE  TRANSACTIONS  DISCLOSED  HEREIN  WILL BE
     SUCCESSFUL IN ITS QUEST TO FIND A COMMERCIALLY  VIABLE  QUANTITY OF MINERAL
     RESOURCES.
     Unless the company is able to secure other more viable projects,  providing
     better  future  prospects,  buyer  interest for common  shares will decline
     severely, resulting in lower prices and significant shareholder losses.

     THERE IS NO ASSURANCE THAT OTHER  PROSPECTIVE  MINERAL  PROPERTIES OR OTHER
     ASSETS CAN BE  ACQUIRED,  AND IF  ACQUIRED  THAT THE  NECESSARY  ADDITIONAL
     CAPITAL CAN BE ATTRACTED.
     Either of these is possible. Either occurring will have the same inevitable
     outcome. Demand for the common shares will decline severely, resulting in a
     drop in trading price, and significant shareholder losses.

     THE COMPANY HAS A HISTORY OF OPERATING LOSSES AND MAY HAVE OPERATING LOSSES
     AND A NEGATIVE CASH FLOW IN THE FUTURE.
     This  will  mean  that  additional  shares  will  need  to be  sold to fund
     operations. Without a concurrent improvement in future prospects, this will
     result in supply of stock  exceeding  demand,  and much lower prices.  This
     will cause shareholders to lose money.

     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.
     Additional  capital  will  need to be  raised.  This  could  result  in the

                                       4
<PAGE>
     perception  of lowered  future  prospects,  lower demand for the  company's
     common share, lower stock prices, and shareholder losses.

     THERE  CAN BE NO  ASSURANCE  THAT A  LIQUID  MARKET  WILL  DEVELOP  FOR THE
     COMPANY'S SHARES AND THEREFORE NO ASSURANCE THAT  SHAREHOLDERS WILL BE ABLE
     TO SELL THEIR SHARES.
     Lack of liquidity that prevents  shareholders from selling, or limits their
     abilities  to sell,  will all too  likely  lead to  significant  losses for
     shareholders.

     MANAGEMENT  HAS LITTLE  EXPERTISE  IN MINING,  WHICH MAY  ULTIMATELY  CAUSE
     SHAREHOLDERS TO LOSE MONEY.
     Management may waste the company's limited capital on worthless properties,
     or it may do the wrong things with properties that could have value. Either
     way, the outcome will be the same.  Money will have been wasted without any
     corresponding  creation  of value.  This will  cause  shareholders  to lose
     patience  and lose  interest.  This could lead to  significantly  increased
     selling  of  shares,  driving  down the  price,  and  leading to losses for
     investors.

     THE COMPANY'S  COMMON STOCK IS THINLY TRADED SO IT IS MORE  SUSCEPTIBLE  TO
     EXTREME  RISES OR DECLINES  IN PRICE,  AND YOU MAY NOT BE ABLE TO SELL YOUR
     SHARES AT OR ABOVE THE PRICE PAID.
     You may have difficulty  reselling shares of our common stock, either at or
     above the price paid, or even at fair market value.  The stock market often
     experiences  significant  price and volume  changes that are not related to
     the operating performance of individual  companies,  and because our common
     stock is thinly  traded it is  particularly  susceptible  to such  changes.
     These broad market  changes may cause the market price of our common shares
     to  decline,  regardless  of how well  the  company  performs.  This may be
     exaggerated  by the fact  that  the  shares  trade on the  over-the-counter
     bulletin  board  ("OTCBB"),  which is owned and  operated by the  Financial
     Industry  Regulatory  Authority  ("FINRA").  Trading  on the OTCBB is often
     extremely sporadic, and subject to manipulation by market-makers, and short
     sellers.  This may  cause  you to lose  money  as you may  have  difficulty
     selling the shares that you own.

     THE  COMPANY'S  COMMON STOCK IS SUBJECT TO THE "PENNY  STOCK"  REGULATIONS,
     WHICH ARE LIKELY TO MAKE IT MORE DIFFICULT TO SELL.
     A "penny stock" is generally a stock trading under $5.00 per share, and not
     registered  on a  national  securities  exchange  or quoted  on the  NASDAQ
     national  market.  The SEC has adopted  rules that  regulate  broker-dealer
     practices in connection  with  transactions  in penny stocks.  These rules,
     intended  to  protect  investors,  generally  have the  result of  reducing
     trading in such stocks,  restricting the pool of potential  investors,  and
     making it more  difficult for investors to sell their shares once acquired.
     Since our common  shares are subject to the "penny  stock"  rules,  you may
     find it more difficult to sell your shares.

     AS A FOREIGN  ISSUER,  THE  COMPANY IS EXEMPT  FROM  CERTAIN  INFORMATIONAL
     REQUIREMENTS OF THE EXCHANGE ACT TO WHICH DOMESTIC ISSUERS ARE SUBJECT.
     As a  foreign  issuer  we  are  not  required  to  comply  with  all of the
     informational  requirements of the Exchange Act. As a result,  there may be
     less information  concerning our company publicly available than if we were
     a domestic United States issuer. In addition, our officers,  directors, and
     principal  shareholders  are exempt  from the  reporting  and short  profit
     provisions  of Section 16 of the Exchange  Act,  and the rules  promulgated
     thereunder. Therefore, our shareholders may not know on a timely basis when
     our officers, directors, and principal shareholders purchase or sell shares
     of our common stock.

     AS A CANADIAN  COMPANY WITH MOST ASSETS AND KEY PERSONNEL  LOCATED  OUTSIDE
     THE UNITED  STATES,  YOU MAY HAVE  DIFFICULTY  IN ACQUIRING  UNITED  STATES

                                       5
<PAGE>
     JURISDICTION,  OR ENFORCING A UNITED  STATES  JUDGMENT  AGAINST US, OUR KEY
     PERSONNEL, OR ASSETS.
     As a  Canadian  company  many of our assets  and key  personnel,  including
     directors and officers,  reside outside the United States.  As a result, it
     may be difficult or impossible  for you to effect service of process within
     the United States upon us or any of our key personnel or to enforce against
     us or any of our key personnel judgments obtained in United States' courts,
     including  judgments  relating to United States  federal  securities  laws.
     Canadian  courts may not permit you to bring an original  action in Canada,
     or recognize or enforce  judgments of United States courts obtained against
     us predicated  upon the civil  liability  provisions of federal  securities
     laws of the United States,  or of any state thereof.  Furthermore,  because
     many of our assets are located in Canada,  it would be extremely  difficult
     to access these assets to satisfy any award entered  against us in a United
     States court. Accordingly,  you may have more difficulty in protecting your
     interests in the face of actions  taken by our  management,  members of our
     board  of  directors,  or  our  controlling  shareholders  than  you  would
     otherwise as shareholders of a United States public company.

     THE  COMPANY  DOES NOT  INTEND TO PAY ANY  COMMON  STOCK  DIVIDENDS  IN THE
     FORESEEABLE FUTURE.
     We have never declared or paid a dividend on our common stock, and, because
     we have very limited  resources,  we do not anticipate  declaring or paying
     any dividends in the foreseeable future. It is unlikely that the holders of
     our common shares will have an  opportunity  to profit from anything  other
     than  potential  appreciation  in the value of our  common  shares.  If you
     require dividend income, you should not rely in an investment in our common
     shares to provide it.

     FUTURE  ISSUANCES OF COMMON STOCK MAY DEPRESS  STOCK PRICES AND DILUTE YOUR
     INTEREST.
     We may issue additional shares of our common stock in future financings, or
     grant stock options to our employees,  officers, directors, and consultants
     under our stock incentive plan. Any such issuances could have the effect of
     depressing  the market price of our common stock,  and, in any case,  would
     dilute  the   percentage   ownership   interests  in  our  company  of  our
     shareholders.   In  addition  we  could  issue  securities  having  rights,
     preferences and privileges senior to those of our common shares. This could
     depress the value of our common shares.

ITEM 4. INFORMATION ON THE COMPANY

A. HISTORY AND DEVELOPMENT OF THE COMPANY.

The Company 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. The company's name was changed to
Widescope  Resources  Ltd.  on May 1, 1984,  and to Gemini  Technology  Inc.  on
September 17, 1985. In conjunction  with a reverse split of its common shares on
a five-old for one-new basis, the Company adopted the name International  Gemini
Technology  Inc effective  September 23, 1993. The Company's name was changed to
Widescope Resources Inc.,  effective July 12, 2006. Effective April 19, 2010 the
Company's shareholders approved a special resolution to reorganize the Company's
capital  structure by consolidating in a reverse stock split the existing common
shares on the basis of each two (2) old shares  being equal to one (1) new share
and  concurrently   increasing  the  authorized  capital  of  the  Company  from
100,000,000  common  shares  without par value to an unlimited  number of common
shares  without  par value.  Also  effective  this date the  Company's  name was
changed to North American  Nickel Inc. to reflect its new focus.  All references
to common shares, stock options,  warrants and weighted average number of shares
outstanding in accompanying financial statements reflect the share consolidation
unless otherwise noted. The Company is currently in good standing under the laws
of British  Columbia.  The  registered  and  records  office of the  Company are
located at #1750 - 1185 West Georgia Street,  Vancouver, B.C. Canada V6E 4E6 and

                                       6
<PAGE>
the Company's  principal executive offices are located at #208 - 828 Harbourside
Drive North Vancouver, B. C. V7P 3R9, telephone 604-904-8481.

During 2004  alternatives  in the  resource  sector were  explored.  Oil and gas
projects  were   investigated,   and  one  in  particular  was  the  subject  of
considerable  attention.  Increasing  energy prices brought with them increasing
expectations  on the part of the  owners  of that  project,  ultimately  causing
interest to wane. Precious metals projects continued to be reviewed as the entry
cost was deemed to be lower, and expenditures in minerals  exploration  appeared
to  be  more   controllable.   Toward  the  end  of  2004,  the  Directors  were
contemplating making a proposal on one particular project.

A proposal was made on a precious  metals mining  prospect in 2005. The precious
metals  prospect  wass  comprised of some 2800  hectares in the Rice Lake Mining
area of the Province of Manitoba, Canada. The property is just over 3 miles from
a mine that had  produced  over 1.3 million  ounces of gold before  being closed
because  it became  uneconomic  at $35 per ounce  gold.  (This mine has now been
reopened.)  The  company  carried out early stage  geological  and related  work
during 2005, through an investment in the company owning the mining claims.

In 2006 further work was done on the prospect,  In accordance  with the terms of
the agreement with the owners of the prospect the cost of work done  effectively
resulted in the company acquiring  ownership in the company owning the prospect.
This,  combined with the exercise of an option agreement with one of the owners,
results  in  Widescope  now  owning  just  over 65% of the  company  owning  the
prospect.

In 2007 due to  unavailability  of qualified  personnel no significant  work was
undertaken on the claims in the Rice Lake Mining area.

In 2008, world economic  conditions abruptly curtailed access to new capital. No
significant  work was  undertaken  in order to preserve  the  company's  limited
capital.  In April 2010 the Company initiated a series of actions to realign its
focus into the field of nickel  exploration in the prolific  nickel belts around
Sudbury,  Ontario and Thompson  Manitoba.  These actions were reported in a news
release dated April 6, 2010.

B. BUSINESS OVERVIEW

In April  2005 the  Company  entered  into a  subscription  agreement  to invest
$200,000 into Outback  Capital Inc. dba Pinefalls Gold ("PFG") a private Alberta
company with certain directors and a principal shareholder of PFG in common with
the Company.

As of April 23, 2010 the Company's  owns 65.42% of the common shares of PFG. The
Company has entered into an agreement with an independent  third party that will
result in it divesting its interest in Outback  Capital Inc.,  and its remaining
interest in the Rice Lake properties.

Between 2005 and 2008 PFG actively  explored for mineral resources on its mining
claims in the area of  Bissett,  Manitoba.  The claims are  included in the Rice
Lake  greenstone  belt and cover an area of  approximately  2800  hectares.  The
claims are the subject of Qualifying Reports dated May 1, 2006 and June 30, 2004
prepared by Edward Sawitzky,  P. Geo. of Arc Metals Ltd.  ("Arc").  Arc prepared
the report to standards dictated by National Instrument 43-101.

Following the  recommendations  of the May 2006  Qualifying  Report - during the
summer of 2006 an exploration  program was completed under PFG's direction.  The
primary focus of the work plan was to complete more detailed  geological mapping
of the claims,  stripping of  over-burden  and grab sampling.  Approximately  30
man-days  of field  work were  completed  and more  than  seventy  samples  were

                                       7
<PAGE>
collected and delivered to TSL Laboratories in Saskatoon for assay and analysis.
Subsequent  to the year-end  the Company has  received the detailed  geologist's
maps, data and assay results. Review of these materials plus the detailed report
of the activities, findings and recommendations are under review by the Company.
This review,  and a small amount of professional work represent the total of the
progress  made in  2007,  to some  extent  due to the  inability  to  attract  a
geologist to the short work window the Company wanted.

Although the Company  remains  optimistic  about the prospect for discovery of a
definable  mineral  resource  on its  claims in  Manitoba  in 2009 it decided to
option-out its rights to Cougar Further  groundwork  will be required to elevate
the status of the claims to drill-ready.  Cautious  optimism was gained from the
reported success of the local San Gold Corp., in extending existing gold bearing
veins and  discovering  new ones, by deeper  drilling  below their  existing San
Antonio mine site.

In  conducting  its  business  operations,  the Company is not  dependent on any
patented or license processes, technology,  industrial,  commercial or financial
contract or new manufacturing processes.

The  Company  competes  with  other  exploration  companies,  some of which have
greater  financial  resources and technical  facilities,  for the acquisition of
mineral  interests,  as well as for the  recruitment  and retention of qualified
employees.  Exploration in Manitoba has experienced a dramatic revival in recent
years and  increased  activity  is  forecast  for the  future.  We  compete  for
qualified employees with other Canadian companies, including Harvest Gold Corp.,
Grandview Gold Inc., and San Gold Corp. amongst others.

With the dramatic and possibly  unprecedented  contraction  of global  financial
markets  experienced in 2008, a tidal wave of qualified people became available.
Suddenly,  capital became unavailable.  Exploration companies everywhere reduced
overhead. There is little evidence that this situation is improving.

Access to capital  eased  marginally  toward the latter part of 2009 and beyond.
More capital became available,  and enthusiasm for mining projects  increased at
much the same time. The latter because of expectations  of increased  inflation,
bringing increased demand for precious metals. And because of the expectation of
an increasing demand for base metals from Asia.

To focus on the expected  increased demand for base metals, the Company has into
agreements to acquire  rights to four  properties in the Sudbury  Ontario nickel
belt,  and one  agreement to acquire 100%  ownership of another  property in the
area of the Thompson  Manitoba nickel belt. As part of this change in focus, the
Company has entered  into an arms length  agreement to divest of its interest in
Outback  Capital Inc., and through this, its interest in the Pine Falls Manitoba
gold properties.

The Company has arranged two non-brokered  private placements to finance working
capital  and the  first  exploration  work at Post  Creek  and Bell  Lake in the
Sudbury  nickel  belt.  It has also  attracted  four new  directors,  each  with
significant  experience  in  mineral  exploration,  to  replace  three  previous
directors, and add one additional director.

C. ORGANIZATIONAL STRUCTURE.

The  Company is part of no other  group.  During  the year  ended June 30,  2006
Outback  Capital Inc. dba Pinefalls Gold ("PFG") a private  Alberta  corporation
became a majority-owned  subsidiary of the Company.  PFG was incorporated  under
the Alberta  BUSINESS  CORPORATIONS  ACT on  February  6, 2001.  The Company has
entered  into an  agreement  with an arms  length  entity that will result in it
divesting of its interest in Outback Capital Inc.

                                       8
<PAGE>
D. PROPERTY, PLANTS AND EQUIPMENT.

The Company's head office and principal facility, which is leased, is located at
828 Harbourside Drive, North Vancouver.

The Company  through its 65%  ownership  of PFG,  has  interests in the fourteen
mineral claims  referenced  above.  During April 2009 PFG entered into an Option
and Purchase and Sale Agreement with Cougar Minerals Corp.  ("Cougar"),  whereby
Cougar was granted an option to purchase  the  fourteen  remaining  Bissett area
mineral claims for total  consideration  of $180,000.  Cougar's  payments to PFG
will be made as  follows:  $10,000  (paid) and the  issuance  of 500,000  common
shares at an estimated fair value of $25,000 ($0.05 per share)  immediately,  in
consideration of the grant of the option; and upon exercise of the option Cougar
may elect to acquire a  100-per-cent  interest  by  payments  of further  annual
purchase  payments of $25,000,  $50,000 and $70,000 by April 30, 2010, 2011, and
2012, respectively with the subsequent purchase payments secured by a Promissory
Note issued by Cougar to PFG.

The Company has entered into 4 agreements  to acquire  rights to the Post Creek,
Bell Lake,  Woods Creek and Halcyon  properties in the Sudbury,  Ontario  nickel
belt;  and an agreement to acquire 100%  ownership of the  high-grade  Ni-Cu-PGE
South Bay property near  Thompson and the large  grassroots  Thompson  North and
Cedar Lake properties, which are part of the world-class Thompson Nickel Belt.

SUDBURY NICKEL PROPERTIES:

POST CREEK:  The  property is located 35 km east of Sudbury in Norman and Parkin
townships  and  consists  of 35  contiguous  unpatented  mining  claims  and one
isolated claim  covering an area of 688 hectares.  It is  strategically  located
adjacent to the producing Podolsky copper-nickel-platinum group metal deposit of
FNX Mining.  The property  lies along the  extension of the Whistle  Offset Dyke
Structure which is a major geological control for Ni-Cu-PGM mineralization. This
structure  hosted the former INCO  Whistle  Offset  copper-nickel-PGM  Mine (5.7
million tons grading  0.33% Cu, 0.95% Ni and 3.77 g/t total  platinum  metals as
well as the Podolsky North and Podolsky 2000 copper-precious metal deposits. FNX
forecast the production of 372,049 tons of ore at Podolsky  yielding 1.8 million
pounds of payable  nickel,  28.5  million  pounds of  payable  copper and 27,300
ounces of payable  platinum,  palladium  and gold for 2009.  Previous  operators
located the  extension  of the Whistle  Offset Dyke  structure on the Post Creek
property as a direct result of their  geological,  geophysical  and Mobile Metal
Ion geochemical  surveys.  Drilling on this structure  intersected a 0.66 m near
solid to solid  sulphide  zone with 0.48%  copper,  0.08%  nickel,  53 parts per
billion  (ppb)  palladium,  34  ppb  platinum  and 20 ppb  gold.  A rock  sample
collected along the structure  assayed 0.83% Ni, 0.74% Cu, 0.07% Co, 2241 ppb Pt
and 1051 ppb Pd. Significant  potential for nickel-copper-PGM is demonstrated on
the Post Creek property.

A NI 43-101 compliant  Technical Report has been  commissioned,  with Dr. Walter
Peredery, formerly of INCO, as the author.

BELL  LAKE:  The  Bell  Lake  property  is  a  256  acre  property  that  covers
approximately  1 km of the Mystery Offset Dyke or "MOD".  The MOD is interpreted
to be an  extension  of the  Worthington  Offset  Dyke  which is a 10-11 km long
mineralized  structure  that  extends from the  southwest  margin of the Sudbury
Igneous   Complex.   Offset  Dyke   environments   are   significant   hosts  to
nickel-copper-PGM  mineralization  in the Sudbury Basin. The Worthington  Offset
Dyke  hosts  the past  producing  Worthington  Mine and the  Victoria  Mine (1.5
million tons of 2.2% copper,  1.5% nickel and 2.3 g/t total precious metals). It
is also host to Vale Inco's Totten Mine  development  (10.1 million tons at 1.5%
nickel,  2% copper  and 4.8 g/t  platinum  group  metals).  Crowflight  Minerals
AER-Kidd  property  also occurs  within the  Worthington  Offset.  The Bell Lake

                                       9
<PAGE>
property  is  marked  by  surface   exposures  of   disseminated  to  near-solid
nickel-copper  sulphide  mineralization with PGM values. The Mystery Offset Dyke
offers  excellent   exploration   potential  for  the  discovery  of  additional
nickel-copper-PGM  mineralization.  Deep-looking ground geophysical technologies
and diamond  drilling will test the property after detailed  geological  mapping
has been undertaken on the property.

HALCYON: The property is located 35 Km NNE of Sudbury in the SE corner of Parkin
Twp, and consists of 46 unpatented  mining claims.  It is readily  accessible by
paved and  all-weather  gravel  road.  Halcyon  is  adjacent  to the Post  Creek
property  and  contains  the  extension  of the  metallogenetically  significant
Whistle  Offset  Structure.  It 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 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.

WOODS CREEK:  The Woods Creek claim block is located in Hyman  Township about 50
km west of Sudbury and  comprises  eight  contiguous  unpatented  mining  claims
covering  1,264  hectares.  The  target  on  the  property  is  disseminated  to
near-solid  nickel-copper-cobalt-PGM   mineralization  hosted  within  Nipissing
Diabase dykes which cover 50% of the property.  This style of  mineralization is
currently being mined by Ursa Major Minerals at their Shakespeare  deposit 15 km
southwest of the Woods Creek property.  It contains 7,301,000 tons grading 0.37%
Ni, 0.39% Cu, 0.024% Co, 0.37 g/t Pt, 0.40 g/t Pd and 0.20 g/t Au.

Previous  operators  defined a number of  mineralized  zones on the Woods  Creek
property,  but  little  follow-up  exploration  was  undertaken.  The Main  Zone
prospect is a zone of 10-40% pyrrhotite-chalcopyrite mineralization that assayed
1.22% Cu, 0.95% Ni, 354 ppb combined Pt and Pd and 136 ppb Au. Diamond  drilling
on  this  zone  intersected  a 6.5 m  section  of  gabbro  with  pyrrhotite  and
chalcopyrite  that  assayed up to 1.09% Ni, 0.37% Cu, 301 ppb combined Pt and Pd
and 1110 ppm Co (0.11%).  The  Ravenshill  prospect was  discovered in 2005 as a
result of geological mapping and prospecting. It comprises near solid pyrrhotite
and  chalcopyrite in brecciated  gabbro with assays of 0.66% Ni, 0.90% Cu, 0.09%
Co, 68 ppb Pt, 227 ppb Pd and 46 ppb Au.

MANITOBA NICKEL PROPERTIES:

SOUTH BAY:  Exploration  was spurred at the South Bay property by the September,
2003   discovery   of  a  zone  of   high-grade   nickel   mineralization.   The
nickel-copper-cobalt  platinum group element  ("PGE") zone was found in one wall
of a new road cut 60 km east of the town of Leaf Rapids,  Manitoba.  The average
grade of eleven  samples of near-solid  sulphide  collected  from  boulder-sized
blast  rubble in the road cut  exposure  is 2.42 % Ni, 0.78 % Cu, 697 ppm Co and
1.32 g/t PGE. The mineralization is sedimentary-rock-hosted and exhibits similar
metal characteristics to ores associated with magma-derived nickel deposits that
are mined at Thompson and worldwide.  Airborne  geophysical  surveys (VTEM) have
been flown over the property and preliminary soil geochemical  surveys have been
undertaken.

THOMPSON  NORTH:  The  property  overlies the world class  Thompson  Nickel Belt
("TNB")  where Vale Inco  continues  to mine  nickel-copper-cobalt  and platinum
group element  mineralization  hosted  within  sedimentary  and mafic  intrusive
rocks.  Based on research by the  Manitoba  Geological  Survey the  northeastern
extension of the TNB has been traced through the Thompson North property  making
the area highly  attractive  for  repetitions  of TNB  mineralization.  Airborne
geophysics  (VTEM) has been  flown  over the  property  and  numerous  anomalous
magnetic and electromagnetic features identified.  Follow-up exploration will be
based upon ranking and modeling of geophysics and soil geochemical surveys.

                                       10
<PAGE>
CEDAR LAKE: The property  occupies the southern  portion of the Thompson  Nickel
Belt  where  previous  exploration  based on the  drill-testing  of  geophysical
anomalies  has  identified  key  stratigraphic  components  that host  producing
nickel-copper-cobalt  and platinum group elements at the Thompson and Pipe Mines
of Vale Inco. Nickel mineralization has been intersected in drilling on adjacent
Mineral Exploration Licenses. The prospective rock units are overlain by younger
carbonate  rocks and  conceal the TNB in this area.  The Company has  undertaken
airborne  geophysical  surveys  (VTEM) and  delineated  numerous  conductive and
magnetic  anomalies.  These  anomalies  will be  prioritized  and  drill  tested
subsequent to soil geochemical surveys.

All  technical  information  in this Form  20-F has been  reviewed  by Dr.  Mark
Fedikow,  PGeo, the qualified  person for Widescope  under  National  Instrument
43-101.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

THE FOLLOWING  DISCUSSION AND ANALYSIS  SHOULD BE READ IN  CONJUNCTION  WITH THE
CONSOLIDATED  FINANCIAL  STATEMENTS AND NOTES THERETO  INCLUDED HEREIN (SEE ALSO
"SELECTED  FINANCIAL  DATA").  THE CONSOLIDATED  FINANCIAL  STATEMENTS HAVE BEEN
PREPARED IN ACCORDANCE WITH CANADIAN GAAP.  REFER TO NOTE 11 TO THE CONSOLIDATED
FINANCIAL  STATEMENTS  FOR A DESCRIPTION  OF  TRANSACTIONS  THAT WERE SUBJECT TO
MATERIAL MEASUREMENT  DIFFERENCES BETWEEN CANADIAN GAAP AND U.S. GAAP UNDER ITEM
17.

OVERVIEW

With the acquisition of PFG effective June 30, 2006, the Company's primary focus
shifted to mineral resource exploration operations rather than acquisitions. The
Company charged PFG a modest management fee to offset its reciprocal  efforts to
coordinate  PFG's affairs  until  control of PFG was  acquired.  In 2006 PFG was
charged $9,000 in management  fees.  This  management  function has been largely
carried out by the directors and large shareholders,  at their own expense.  The
Company's  management team,  affiliates and directors have special  expertise in
the areas of operations, due diligence, financial analysis and corporate finance
strategy with respect to emerging growth enterprises.  Additionally, the Company
retains Dockside Capital Group to provide certain management functions and in so
doing can also access its similar expertise.

From time-to-time the Company is approached,  through referral, to provide these
services on a consulting  basis.  Thus the Company has generated some revenue by
providing  these  services.  As these  sources  of  revenue  are not core to the
Company's focus, the services are not actively  marketed.  No consulting revenue
was earned in 2006, 2007, 2008, or 2009; although $20,000 was earned in 2004.

A. OPERATING RESULTS

Historically,  the Company has shown modest  losses for the past several  years.
These  losses  result  largely  from  having  little or no revenue  and  minimal
operating  expenses,  rather  than having  significant  operating  and  overhead
expenses.  In 2004 the Company elected to sell its passive investment,  and this
resulted in a loss that was somewhat greater than usual. Prior to the completion
of the PFG  acquisition,  the  expenses  of the Company  were almost  completely
related to satisfying  regulatory  requirements,  including the annual  meeting,
financial   reporting,   communications  with  shareholders;   and  seeking  and
evaluating   acquisition  prospects  for  suitability  and  ability  to  attract
financing.

With the June 30, 2006 completion of the PFG acquisition the Company's  expenses
became more heavily weighted in favor of the exploration work and analysis being
carried out on those  properties.  The Company will continue in the  exploration
business via the April 2010 agreements to acquire rights to the Post Creek, Bell

                                       11
<PAGE>
Lake,  Woods Creek and Halcyon  properties in the Sudbury,  Ontario nickel belt;
and the agreement to acquire 100%  ownership of the high-grade  Ni-Cu-PGE  South
Bay property near  Thompson and the large  grassroots  Thompson  North and Cedar
Lake properties, which are part of the Thompson Nickel Belt.

As a result of initiatives that were announced on April 6, 2010, activities will
shift from the Bissett  area and precious  metals,  to base metals in and around
Sudbury Ontario, and Thompson Manitoba.

BUSINESS OVERVIEW

With the April 2010 entry into base metal  exploration  North American Nickel is
effectively  a new  company  with  its  first  focus  on  its  two  key  Sudbury
properties.  The Post Creek property is  strategically  located  adjacent to the
producing Podolsky copper-nickel-platinum group metal deposit of FNX Mining. The
property lies along the extension of the Whistle Offset dike structure, which is
a major geological control for Ni-Cu-PGM mineralization.  The Bell Lake property
is a 256-acre  property that covers  approximately  one kilometre of the Mystery
Offset dike or MOD. The MOD is interpreted to be an extension of the Worthington
Offset  dike  which is a 10- to  11-kilometre-long  mineralized  structure  that
extends from the southwest  margin of the Sudbury igneous  complex.  The Company
also has rights to explore the Woods Creek and Halcyon properties in the Sudbury
area; and has an agreement to acquire 100% ownership to the high-grade Ni-Cu-PGE
South Bay property near  Thompson and the large  grassroots  Thompson  North and
Cedar Lake properties, which are part of the world-class Thompson Nickel Belt in
Manitoba.

The Company has entered into an  agreement  with an  independent  entity to sell
Outback Capital Inc., and its remaining interest in this property. This was done
in order to prepare for the shift in focus from precious metals to base metals.

FLUCTUATIONS IN RESULTS

The Company's annual operating results fluctuate,  but very little.  Revenues at
this point are solely derived from consulting  activities  which are not core to
the Company's focus and will fluctuate  greatly based upon the Company's receipt
of infrequent,  third-party  referrals for these  services.  There is no revenue
from  operations.  Expenses  fluctuate on the basis of costs for exploration and
related  activities,  and the ever increasing  administrative and other costs of
complying  with the various  regulatory  requirements  of a public  company.  We
expect that these  regulatory  related expenses will continue to increase due to
the  upward  pressure  on  professional  fees  charged to  reporting  companies,
resulting from changes to securities legislation throughout North America.

With the April 2010 entry into the arena of base metal  exploration  the Company
expects to report significant  additional  expenses in the future related to the
exploration  activities  undertaken  in the  Sudbury  area  of  Ontario  and the
Thompson Nickel Belt in Manitoba. Following the expected sale of Outback Capital
Inc.,  the Company will have no further  expenses  related to exploration in the
Bissett area.

B. LIQUIDITY AND CAPITAL RESOURCES

Since the  Company is  organized  in Canada,  the  Company's  December  31, 2009
consolidated financial statements have been prepared in accordance with Canadian
generally accepted accounting principles.

As at December 31, 2009, the Company had accumulated losses totaling $13,781,986
and a working  capital deficit of $102,535.  The  continuation of the Company is

                                       12
<PAGE>
dependent  upon the  continued  financial  support  of  shareholders  as well as
obtaining additional financing for the current and subsequent resource projects.

As noted,  these conditions raise  substantial doubt about the Company's ability
to continue as a going  concern.  The  financial  statements  do not include any
adjustment that might arise from  uncertainty.  The auditors' report includes an
explanatory  paragraph  disclosing the Company's  ability to continue as a going
concern.

As at December  31,  2009 the Company had cash of $16,515 and a working  capital
deficit of $102,535.

C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.

Not applicable

D. TREND INFORMATION

The major  trends  impacting  the company and its industry are lack of access to
capital,   caused  by  the  severe  global   financial   contraction,   and  the
corresponding  contraction of demand for most commodities.  Only precious metals
seem to have continuing and possibly increasing demand.

IMPACT OF INFLATION

The Company  believes that  inflation had minimal effect on costs related to its
exploration activities in the 12 months ending December 31, 2009.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to the Company.

E. OFF-BALANCE SHEET ARRANGEMENTS

Not applicable

F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

Not applicable

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

It should be noted that the  management  discussed  below is primarily  involved
with the Company's current  activities.  As the Company concludes an acquisition
or merger,  or embarks on any other type of project,  additional  personnel with
differing areas of expertise will be utilized. Directors are elected annually by
a majority  vote of the  shareholders  and hold  office  until the next  general
meeting  of the  shareholders.  Officers  are  appointed  by,  and  serve at the
discretion of, the board of directors. The names, place of residence,  positions
within the Company and the  principal  occupations  of the  directors and senior
officers of the Company are set out below.

                                       13
<PAGE>
A. DIRECTORS AND SENIOR MANAGEMENT.

 Name, Municipality of                        Principal Occupation and
Residence and Position                          Position During the
 with the Corporation             Age              Past Five Years
 --------------------             ---              ---------------

Douglas E. Ford (1)               46    Director   since   September  10,  1992;
West Vancouver, B.C.                    General Manager of Dockside  Capital,  a
Director                                private  merchant  banking  and  venture
                                        capital firm, from 1986 to present.

Richard J. Mark                  60     CEO & Chairman of VMS Ventures Inc. from
North Vancouver, BC                     2002  -  present,   CEO  &  Chairman  of
Chairman & Chief Executive              Harvest  Gold  Corporation  from  2005 -
Officer                                 present     President     &    CEO    of
                                        Pancontinental   Uranium  Corp.(formerly
                                        Centram  Exploration  Ltd.)  from 2007 -
                                        present.

John Roozendaal                  42     President of VMS Ventures Inc. from 1996
Brandon, MB                             -  present  President  of  Harvest  Gold
Director                                Corporation from 2005 - present

Mark Fedikow                     57     President of Mount Morgan Resources Inc.
Winnipeg,  MB                           year  -  present   Director  and  VP  of
President & Director                    Exploration  and Technical  Services for
                                        VMS Ventures Inc. 2008 - present



                                 65     President of Search  Minerals  Inc. from
James Clucas                            June  2009  -   present;   Chairman   of
North Vancouver, BC                     International Nickel Ventures Corp. from
Director                                August 2009 until March 2009;  President
                                        & CEO of  International  Nickel Ventures
                                        Corp.  from  February  2007  until  July
                                        2007;  President of International Nickel
                                        Ventures  Corp.   from  September  2003,
                                        until November 2005.

Edward D. Ford (1)               74     Director since March 20, 1990;  also has
Whistler,  B.C.                         devoted  a   portion   of  his  time  to
Chief Financial  Officer                investment  activities  and as President
& Director                              of Dockside Capital,  a private merchant
                                        banking and venture  capital  firm,  for
                                        more than the last five years; chartered
                                        accountant for more than 40 years.

----------
(1) Edward Ford is the father of Douglas Ford.

B. COMPENSATION.

Management  compensation  is  determined  by the  board  of  directors  based on
competitive  prices for services  provided.  During the year ended  December 31,
2009,  directors  and  officers,   including  private  companies  controlled  by
directors and officers,  as a group,  were paid a total of $24,000 in management
fees and rent. See "Item 7. Major  Shareholders and Related Party  Transactions"
for more detail on fees paid to members of  management  or to entities  owned by
them.

For the year ended  December  31,  2009,  the Company  paid no  compensation  to
Directors  for acting as  Directors.  The  Company  does not have any pension or
retirement plans, nor does the Company  compensate its directors and officers by
way  of any  material  bonus  or  profit  sharing  plans.  Directors,  officers,
employees  and other key personnel of the Company may be  compensated  by way of
stock options.

                                       14
<PAGE>
C. BOARD PRACTICES.

Pursuant to the provisions of the COMPANY ACT (BC), the Company's  directors are
elected   annually  at  the  regularly   schedules  annual  general  meeting  of
shareholders.  Each  elected  director is elected for a one-year  term unless he
resigns prior to the expiry of his term.

The  Company  has no  arrangements  in place for  provision  of  benefits to its
directors or upon their termination.

The Board has one  committee,  the Audit  Committee,  made-up of Messrs.  Edward
Ford, James Clucas and Douglas Ford. The Audit Committee meets with the auditors
annually prior to completion of the audited  financial  statements and regularly
with  management  during the fiscal year. On May 2, 2006, the Company's board of
directors adopted a new charter for the Audit Committee.

D. EMPLOYEES.

Effective at December 31, 2009 the Company had no salaried employees.

E. SHARE OWNERSHIP.

A total of ten percent  (10%) of the common  shares of the Company,  outstanding
from time to time,  are reserved for the issuance of stock  options  pursuant to
the Company's  Incentive  Stock Option Plan. None were allocated at December 31,
2009. Other information on ownership is contained in the table below.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.

A. MAJOR SHAREHOLDERS.

The  following  table  sets  forth  certain  information   regarding  beneficial
ownership of the Company's shares at December 31, 2009 by (i) each person who is
known to own  beneficially  more  than 5% of the  Company's  outstanding  Common
Stock, (ii) each of the Company's directors and executive officers and (iii) all
current directors and executive  officers as a group. The table does not reflect
common  shares  held of  record  by  depositories,  but does  include  currently
exercisable  options  and  warrants  which are  included in the  calculation  of
percentage of class  ownership for each  individual  holder.  As of December 31,
2009 there were  5,441,726  common  shares issued and  outstanding.  Each of the
listed persons may be reached at the Company's head offices.

                                       15
<PAGE>
 Name and Address                  Amount and Nature of           Percent of
of Beneficial Owner                Beneficial Ownership              Class
-------------------                --------------------              -----

Principal Holders
Not applicable

Officers and Directors
Edward Ford                             2,246,500  (1)               41.3%
Douglas Ford                              457,000  (2)                8.4%
Richard J. Mark                                 0
John Roozendaal                                 0
Mark Fedikow                                    0
James Clucas                                    0

All Officers and Directors
 as a Group (6 persons)                 2,703,500                    49.7%

----------
(1)  Includes  741,500  shares held  directly;  and 215,000  shares held through
     Singer  Associates  Holdings Ltd.; and 215,000 shares held through  Arizona
     Outdoor   Specialists  Inc.;  and  215,000  shares  held  through  BWN  Oil
     Technologies  Inc.; and 215,000 shares held through  Dockside Capital Group
     Inc.;  and 215,000  shares held through Good Times  Enterprises  Inc.;  and
     215,000  shares held through  Specialty  Holdings  Inc.; and 215,000 shares
     held through Wheels `n Gear Inc.
(2)  Includes 242,000 shares held directly; and 215,000 shares held through Wink
     Holdings Ltd.

The Company has arranged two non-brokered  private  placements of common shares.
The first will consist of  10,000,000  post-consolidation  shares at $0.05.  The
second will consist of 10,000,000  post-consolidation  units at $0.06. Each unit
consists of one post consolidation  share and one  non-transferrable  warrant to
purchase an  additional  post-consolidation  common share at $0.10 for 30 months
after  closing.  The  warrants  may be subject to earlier  expiry.  Both private
placements  are  expected to close prior to May 15,  2010.  The  closings of the
private  placements when combined with the share issuances  required to complete
the acquisition of the Ontario and Manitoba nickel properties will result in new
share  positions  being created that could have an influence on the direction of
the  Company.  The  Company  knows  of no  other  arrangements  which  may  at a
subsequent date result in a change in control of the Company.

B. RELATED PARTY TRANSACTIONS.

During  the  fiscal  year ended  December  31,  2009,  directors,  officers  and
companies  controlled  by them have been engaged in the  following  transactions
with the Company:

During the year ended  December  31,  2009, a company in which a director has an
interest charged the Company $24,000 (2008: $24,000, 2007: $24,000) for rent and
management fees. The unpaid portion of these amounts,  plus additional  advances
and other amounts due to directors, aggregating (2009: $143,723, 2008: $118,657)
is included in accounts payable and accrued liabilities at December 31, 2009.

The above  transactions  were made on terms as favorable as or more favorable to
the Company than those that could be obtained from unaffiliated third parties.

                                       16
<PAGE>
C. INTERESTS OF EXPERTS AND COUNSEL

Not required

ITEM 8. FINANCIAL INFORMATION

A. Consolidated Statements and Other Financial Information

See Item 17 and our consolidated  financial  statements and  accompanying  notes
beginning on page F-1

B. SIGNIFICANT CHANGES

The Company is not aware of any significant  change since December 31, 2009 that
is not otherwise reported in this filing.

ITEM 9. THE OFFER AND LISTING

Effective December 21, 2006 our common shares became quoted on the United States
OTC Bulletin Board, under the symbol "WSCRF". The table below sets forth certain
information  regarding the price history of our common shares. Note this trading
data does not take into  effect the 2-old for 1-new  reverse  split  effected on
April 20, 2010.

            Period                              High (USD)            Low (USD)
            ------                              ----------            ---------

Fiscal year ended December 31, 2007               $0.30                 $0.05
Fiscal year ended December 31, 2008               $0.16                 $0.06
Fiscal year ended December 31, 2009               $0.25                 $0.02

Quarter ended December 31, 2008                   $0.06                 $0.06
Quarter ended March 31, 2009                      $0.06                 $0.01
Quarter ended June 30, 2009                       $0.02                 $0.02
Quarter ended September 30, 2009                  $0.02                 $0.02
Quarter ended December 31, 2009                   $0.25                 $0.02
Quarter ended March 31, 2010                      $0.05                 $0.03

Month ended October 31, 2009                      $0.02                 $0.02
Month ended November 30, 2009 (1)                 $0.02                 $0.02
Month ended December 31, 2009                     $0.25                 $0.02
Month ended January 31, 2010                      $0.05                 $0.05
Month ended February 28, 2010 (1)                 $0.05                 $0.05
Month ended March 31, 2010                        $0.03                 $0.03
Month ended April 30, 2010 (2)                    $0.24                 $0.03

----------
(1) No recorded trades
(2) Through April 23, 2010

                                       17
<PAGE>
ITEM 10. ADDITIONAL INFORMATION

A. SHARE CAPITAL

Not required

C. MEMORANDUM AND ARTICLES OF ASSOCIATION

     1.   The Company was  incorporated as Rainbow  Resources Ltd.  September 20
          1983 under  certificate of incorporation no. 268952 in the Province of
          British Columbia Canada.  The name was changed to Widescope  Resources
          Ltd. May 1 1984,  to Gemini  Technology  Inc.  September  13 1985,  to
          International  Gemini  Technology  Inc.  September  23  1993,  and  to
          Widescope  Recources  Inc.,  effective  July  12,  2006.  The name was
          subsequemtly  changed to North American  Nickel Inc.,  effective April
          19, 2010. No objects and purposes are described.
     2.   If a director has a material  interest in a matter  subject to a vote,
          he must  declare  it and  abstain  from  voting,  or have his vote not
          counted,  except for certain specific exclusions which include setting
          director compensation.  There are no restrictions on directors issuing
          debt however  shareholder  approval may be required in connection with
          convertible  debt or other debt driven  requirements  to issue shares.
          There  is  no  retirement  age  or  share  ownership  requirement  for
          directors.
     3.   Dividends are declared by directors and subject to any special rights,
          paid to all  holders of shares in a class  according  to the number of
          shares held. Voting rights are one vote per share. Directors stand for
          election every year at the annual meeting. Shareholders have no rights
          to share directly in the company's profits. Subject to prior claims of
          creditors and preferred shareholders,  common shareholders participate
          in any surplus in the event of liquidation  according to the number of
          shares held. The company may redeem shares by directors' resolution in
          compliance  with applicable law unless the company is insolvent or may
          become insolvent by doing so. It must make its offer pro rata to every
          member who holds a class,  subject to applicable  stock exchange rules
          or  company  act  provisions.  The  directors  have  wide  discretion.
          Shareholders   have  no  liability  for  further   capital  calls.  No
          discriminatory   provisions,   against  an  existing  or   prospective
          shareholder  of a  substantial  number of shares,  are  imposed by the
          articles.
     4.   Rights of  holders  of any class of shares  can only be  changed  with
          their consent, and in accordance with the company act. Consent must be
          in writing by the holders or by a three fourths  majority of a vote of
          the  holders,  and by the consent of the British  Columbia  Securities
          Commission.
     5.   A notice  convening an annual general or special  meeting must specify
          the  place,  date,  hour,  and in the case of a special  meeting,  the
          general  nature  of  the  special  business,  and  must  be  given  in
          accordance  with the  company  act.  There are no  special  conditions
          outlining rights of admission.
     6.   There are no limitations on rights to own securities.
     7.   There  are no  provisions  to  delay,  defer,  or  prevent a change in
          control.
     8.   Nothing in the articles requires ownership disclosure.
     9.   Not applicable.
     10.  Not applicable.

D. MATERIAL CONTRACTS

The Company  entered  into a  subscription  agreement  to invest  $200,000  into
Outback  Capital Inc. dba Pinefalls  Gold (PFG) a private  Alberta  Company with
certain directors and principal  shareholders in common with the Company. PFG is
an  exploration  company  with  mining  claims  located in the area of  Bissett,
Manitoba.  The Company will invest  $200,000 in exchange for 4 million  units at
$0.05 per unit,  each unit  comprised  of one  common  share and one  warrant to
purchase an additional  common share at $0.075 for a period of two years.  Prior
to exercising the warrants,  after making the investment of $200,000 the Company

                                       18
<PAGE>
will own approximately 37% of the common shares of PFG. As at December 31, 2005,
the Company had invested $90,000 for 1.8 million units, approximately 17% of the
outstanding common shares of PFG.

In  addition  the  Company  entered  into an  option  agreement  with one of the
principal  shareholders  of PFG, a director of the Company,  which  entitles the
company to acquire a further 3 million  common shares of PFG in exchange for one
million common shares of the Company.  The option,  exercisable at the Company's
discretion until March 31, 2007, was exercised.

Pursuant to the terms of the  subscription  agreement and the option  agreement,
the latter having been  exercised,  the company owns 65.42% of the common shares
of PFG.

On April 6, 2009 the company  entered into an option  agreement  with respect to
its 14 remaining  claims in the Rice Lake area of Manitoba.  The option provides
Cougar Minerals Corporation, a corporation traded on the Canadian National Stock
Exchange (CNSX) to acquire 100% of the company's  interest in these claims,  and
is open for exercise  until April 6, 2009.  The purchase  price is $180,000 with
$35,000 paid as a non-  refundable  deposit.  The deposit was paid as to $10,000
cash and 500,000 of Cougar's common shares at a deemed price of $0.05 per share.

The Company has entered into an agreement with an  independent  entity that will
result in it divesting of Outback Capital Inc.

On April 6, 2010 the Company  announced that it had entered into 4 agreements to
acquire rights to the Post Creek, Bell Lake, Woods Creek and Halcyon  properties
in the Sudbury, Ontario nickel belt; and one agreement to acquire 100% ownership
of the  high-grade  Ni-Cu-PGE  South Bay  property  near  Thompson and the large
grassroots  Thompson  North and  Cedar  Lake  properties,  which are part of the
world-class Thompson Nickel Belt.

E. EXCHANGE CONTROLS

THIS  SUMMARY IS OF A GENERAL  NATURE ONLY AND IS NOT INTENDED TO BE, AND SHOULD
NOT BE INTERPRETED AS, LEGAL ADVICE TO ANY PROSPECTIVE  PURCHASER.  ACCORDINGLY,
PROSPECTIVE  PURCHASERS  OF THE COMPANY'S  SHARES SHOULD  CONSULT WITH THEIR OWN
ADVISORS WITH RESPECT TO THEIR INDIVIDUAL CIRCUMSTANCES.

There are no laws or governmental decrees or regulations in Canada that restrict
the export or import of capital,  or which affect the  remittance  of dividends,
interest or other  payments to holders of the Company's  securities  who are not
residents of Canada, other than withholding tax requirements.  Reference is made
to "Item 7. Taxation".

There are no limitations  imposed by the laws of Canada,  the laws of Alberta or
by the  charter or other  governing  documents  of the Company on the right of a
non-resident  to  hold or vote  common  shares  of the  Company,  other  than as
provided in the Investment  Canada Act (the "Investment  Act") and the potential
requirement for a Competition Act Review.

The following  summarizes  the principal  features of the Investment Act and the
Competition Act Review for a non-resident who proposes to acquire common shares.
This summary is of a general nature only and is not intended to be, nor is it, a
substitute for independent  advice from an investor's own advisor.  This summary
does not anticipate statutory or regulatory amendments.

                                       19
<PAGE>
THE CANADIAN INVESTMENT ACT

The Canadian Investment Act generally  prohibits  implementation of a reviewable
investment  by  an  individual,   government  or  agency  thereof,  corporation,
partnership,  trust or joint  venture that is not a "Canadian" as defined in the
Investment  Act  (a   "non-Canadian"),   unless,   after  review,  the  minister
responsible  for the  Investment  Act (the  "Minister")  is  satisfied  that the
investment is likely to be of a net benefit to Canada. Under the Investment Act,
a United  States  citizen  qualifies as a "World Trade  Organization  Investor."
Subject to the restrictions noted below, an investment in a Canadian business by
a World Trade Organization Investor would be reviewable under the Investment Act
only if it is an investment to acquire control of such Canadian business and the
value  of  the  assets  of the  Canadian  business  as  shown  on its  financial
statements is not less than a specified amount, which for 1999 was $184 million.
An investment in the shares of a Canadian business by a non-Canadian  other than
a "World Trade  Organization  Investor"  when the Company is not controlled by a
World Trade Organization Investor,  would be reviewable under the Investment Act
if it is an investment to acquire control of the Canadian business and the value
of the assets of the Canadian  business as shown on its financial  statements is
$5 million or more, or if an order for review is made by the federal  cabinet on
the  grounds  that the  investment  relates to  Canada's  cultural  heritage  or
national identity.

The acquisition by a World Trade Organization  Investor of control of a Canadian
business in any of the following  sectors is also subject to review if the value
of the assets of the  Canadian  business  exceeds  $5  million  (as shown on its
financial   statements):   uranium,   financial  services  (except   insurance),
transportation  services and cultural businesses,  which include broadcast media
(publication, distribution or sale of books, magazines, periodicals, newspapers,
music,  film and video products and the exhibition of film and video  products),
television and radio services. As the Company's business does not fall under any
of the aforementioned  categories, the acquisition of control of the Company, in
excess of the $5 million threshold, by a World Trade Organization Investor would
not be subject to such review.

A  non-Canadian  would  acquire  control  of the  Company  for  purposes  of the
Investment Act if the non-Canadian acquired a majority of the common shares.

The  acquisition  of less than a majority  but  one-third  or more of the common
shares would be presumed to be an  acquisition  of control of the Company unless
it could be established that, on acquisition,  the Company was not controlled in
fact by the acquirer through the ownership of common shares. Notwithstanding the
review  provisions,  any  transaction  involving the acquisition of control of a
Canadian  business  or  the  establishment  of a new  business  in  Canada  by a
non-Canadian is a notifiable transaction and must be reported to Industry Canada
by the  non-Canadian  making the investment  either before or within thirty days
after the investment.

Certain  transactions  relating to common shares are exempt from the  Investment
Act, including:

     *    an acquisition of common shares by a person in the ordinary  course of
          that person's business as a trader or dealer in securities;
     *    an  acquisition  of control  of the  Company  in  connection  with the
          realization  of  security  granted  for  a  loan  or  other  financial
          assistance  and not for a purpose  related  to the  provisions  of the
          Investment Act; and
     *    an acquisition of control of the Company by reason of an amalgamation,
          merger, consolidation or corporate reorganization, following which the
          ultimate  direct or indirect  control in fact of the Company,  through
          the ownership of common shares, remained unchanged.

                                       20
<PAGE>
CANADIAN COMPETITION ACT REVIEW

Investments  giving  rise  to the  acquisition  or  establishment,  directly  or
indirectly, by one or more persons of control over, or a significant interest in
the whole or part of a business  of a  competitor,  supplier,  customer or other
person are subject to substantive review by Canada's  Competition Law Authority,
the Director of  Investigation  and Research  (the  "Director").  If or when the
Director  concludes  that a merger,  whether by  purchase  or lease of shares or
assets, by amalgamation or by combination, or otherwise, prevents or lessens, or
is likely to prevent or lessen competition substantially, he may apply as may be
necessary to eliminate the  substantial  lessening or prevention of competition.
Such substantive merger review power applies to all mergers, whether or not they
meet limits for pre-notification under the Competition Act.

In addition to substantive  merger review,  the  Competition  Act provides for a
pre-notification regime respecting mergers of a certain size. The regime applies
in  respect  of  share  acquisitions,  asset  acquisitions,   amalgamations  and
combinations.  For ease of reference,  this filing refers  specifically to share
acquisition,  although the pre-notification regime applies, with the appropriate
modification, to other types of acquisition of control as well.

In order for a share acquisition  transaction to be pre-notifiable,  the parties
to the transaction  (being the person or persons who proposed to acquire shares,
and the corporation the shares of which are to be acquired), together with their
affiliates (being all firms with a 50% or more voting shares linkage up and down
the chain) must have:

     (i)  aggregate gross assets in Canada that exceed $400,000,000 in value, as
          shown on their  audited  financial  statements  for the most  recently
          completed  fiscal  year (which  must be within the last  fifteen  (15)
          months); or
     (ii) aggregate gross revenue from sales in, from or into Canada that exceed
          $400,000,000 for the most recently  completed fiscal year shown on the
          said financial statements; and
     (iii)the party being  acquired  or  corporations  controlled  by that party
          must have gross assets in Canada,  or gross  revenues from sales in or
          from  Canada,  exceeding  $35,000,000  as shown on the said  financial
          statements. Acquisition of shares carrying up to 20% of the votes of a
          publicly-traded  corporation,  or  35%  of  the  votes  in  a  private
          corporation,  will not be subject to  pre-notification,  regardless of
          the above thresholds. However, exceeding the 20% or the 35% threshold,
          and again exceeding the 50% threshold,  gives rise to an obligation of
          notification if the size threshold is met.

If a  transaction  is  pre-notifiable,  a filing must be made with the  Director
containing the prescribed information with respect to the parties, and a waiting
period  (either seven or twenty-one  days,  depending on whether a long or short
form filing is chosen) must expire prior to closing.

As an alternative to pre-notification,  the Director may grant an Advance Ruling
Certificate, which exempts the transaction from pre-notification. Advance Ruling
Certificates are granted where the Director concludes,  based on the information
provided to him, that he would not have sufficient  grounds on which to apply to
the Competition Tribunal to challenge the Merger.

F. TAXATION

THIS  SUMMARY IS OF A GENERAL  NATURE ONLY AND IS NOT INTENDED TO BE, AND SHOULD
NOT BE  INTERPRETED  AS,  LEGAL OR TAX ADVICE TO ANY  PROSPECTIVE  PURCHASER  OR
HOLDER  OF THE  COMPANY'S  SHARES  AND NO  REPRESENTATION  WITH  RESPECT  TO THE

                                       21
<PAGE>
CANADIAN FEDERAL INCOME TAX  CONSEQUENCES TO ANY SUCH  PROSPECTIVE  PURCHASER IS
MADE. ACCORDINGLY, PROSPECTIVE PURCHASERS OF THE COMPANY'S SHARES SHOULD CONSULT
WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THEIR INDIVIDUAL CIRCUMSTANCES.

The  following  summary  describes  the principal  Canadian  federal  income tax
considerations generally applicable to a holder of the Company's shares who, for
purposes  of the  Income  Tax Act  (Canada)  (the  "Canadian  Tax  Act") and the
Canada-United  States Income Tax Convention,  1980 (the "Convention") and at all
relevant  times is  resident  in the United  States and not  resident in Canada,
deals at arm's length with the Company,  holds the  Company's  shares as capital
property,  and  does  not  use or hold  and is not  deemed  to use or  hold  the
Company's  shares  in or in the  course of  carrying  on  business  in Canada (a
"United States Holder").

This  following  summary is based upon the current  provisions  of the  Canadian
Income Tax Act, the regulations thereunder,  all specific proposals to amend the
Canadian  Tax Act and the  regulations  announced  by the  Minister  of  Finance
(Canada)  prior  to the  date  hereof  and the  Company's  understanding  of the
published  administrative  practices  of the Canada  Customs and Revenue  Agency
(formerly Revenue Canada, Customs,  Excise and Taxation).  This summary does not
take into account or anticipate any other changes in the governing law,  whether
by judicial,  governmental or legislative  decision or action,  nor does it take
into account the tax legislation or considerations of any province, territory or
non-Canadian  jurisdiction  (including the United States),  which legislation or
considerations may differ significantly from those described herein.

DISPOSITION OF THE COMPANY'S SHARES

In general,  a United States  shareholder will not be subject to Canadian income
tax on capital gains arising on the disposition of the Company's shares,  unless
such shares are "taxable  Canadian  property" within the meaning of the Canadian
Income Tax Act and no relief is afforded under any  applicable  tax treaty.  The
shares of the Company would be taxable Canadian property of a non-resident if at
any time during the five-year period immediately  preceding a disposition by the
non-resident of such shares, not less than 25% of the issued shares of any class
or series of all classes of shares of the Company belonged to the  non-resident,
to persons with whom the  non-resident  did not deal at arm's length,  or to the
non-resident and persons with whom the non-resident did not deal at arm's length
for purposes of the Canadian  Income Tax Act. For this  purpose,  issued  shares
include  options to acquire such shares  (including  conversion  rights) held by
such persons. Under the Convention, a capital gain realized by a resident of the
United States will not be subject to Canadian tax unless the value of the shares
of the  Company  is derived  principally  from real  estate  (as  defined in the
Convention) situated in Canada.

F. DIVIDENDS AND PAYING AGENTS

Not required

G. STATEMENT BY EXPERTS

Not required

H. DOCUMENTS ON DISPLAY

All  documents  referenced in this Form 20-F may be viewed at the offices of the
Company during business hours #208 - 828 Harbourside  Drive,  North Vancouver BC
V7P 3R9 Canada, Telephone 604-904-8481.

                                       22
<PAGE>
I. SUBSIDIARY INFORMATION

As of June 30, 2006 Outback  Capital Inc. dba  Pinefalls  Gold ("PFG") a private
Alberta corporation become a majority-owned  subsidiary of the Company.  PFG was
incorporated  under the Alberta  BUSINESS  CORPORATIONS ACT on February 6, 2001.
The  Company has  entered  into an  agreement  with an  independent  third party
whereby this party will acquire Outback Capital Inc.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not required

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
         PROCEEDS

Not applicable

ITEM 15. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of management,  including our
chief  executive  officer  and the chief  financial  officer,  we  conducted  an
evaluation of the  effectiveness  of the design and operation of our  disclosure
controls and  procedures,  as defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange  Act, as of December  31,  2009.  Based on this  evaluation,  our chief
executive  officer and chief financial officer concluded as of December 31, 2009
that our disclosure controls and procedures were effective.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for  establishing  and maintaining  adequate  internal
control over financial  reporting.  Internal control over financial reporting is
designed to provide reasonable  assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements in accordance
with generally  accepted  accounting  principles and includes those policies and
procedures that:

(1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of a company's assets,

(2) provide reasonable  assurance that transactions are recorded as necessary to
permit  preparation  of  consolidated  financial  statements in accordance  with
generally  accepted  accounting  principles,  and that a company's  receipts and
expenditures  are  being  made  only  in  accordance  with  authorizations  of a
company's management and directors, and

                                       23
<PAGE>
(3) provide  reasonable  assurance  regarding  prevention or timely detection of
unauthorized  acquisition,  use, or disposition of a company's assets that could
have a material effect on the consolidated financial statements.

Internal  control over  financial  reporting is a process  that  involves  human
diligence  and  compliance  and is subject to lapses in judgment and  breakdowns
resulting from human failures.  Internal  control over financial  reporting also
can be circumvented  by collusion or improper  management  override.  Because of
such  limitations,  internal  control over  financial  reporting  cannot provide
absolute  assurance  of  achieving   financial   reporting   objectives.   Also,
projections of any evaluation of  effectiveness to future periods are subject to
the risk that controls may become  inadequate  because of changes in conditions,
or  that  the  degree  of  compliance  with  the  policies  and  procedures  may
deteriorate.

However,  these  inherent  limitations  are  known  features  of  the  financial
reporting  process.  Therefore,  it is  possible  to  design  into  the  process
safeguards to reduce, though not eliminate, this risk. Management is responsible
for  establishing  and  maintaining  adequate  internal  control over  financial
reporting for the company.

Management  has used the  framework  set forth in the report  entitled  Internal
Control--Integrated   Framework   published  by  the   Committee  of  Sponsoring
Organizations  of the  Treadway  Commission,  known as  COSO,  to  evaluate  the
effectiveness of the Company's internal control over financial reporting.  Based
on this  assessment,  management  has concluded  that our internal  control over
financial reporting was effective as of December 31, 2009.

This  annual  report does not include an  attestation  report of our  registered
public accounting firm regarding internal control over financial reporting.

Our management's  report was not subject to attestation by our registered public
accounting firm pursuant to temporary rules of the SEC that permit us to provide
only our management's report in this annual report on Form 20-F.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal  controls over  financial  reporting  that
occurred  during the period covered by this annual report on Form 20-F that have
materially affected,  or are reasonably likely to materially affect our internal
controls over financial reporting.

ITEM 16.

A. AUDIT COMMITTEE FINANCIAL EXPERT

The company has as its audit committee  financial  expert Mr. Edward D. Ford who
is a Canadian Chartered Accountant. He has held this professional  qualification
since  1961.  During his  career Mr.  Ford has been an  associate,  manager  and
partner of several  Canadian  professional  accounting firms that specialized in
audit/assurance,  taxation,  insolvency  and  independent  business  consulting.
Additionally  he has  served as a Chief  Financial  Officer  of  several  public
companies.

B. CODE OF ETHICS

The Company has adopted a code of ethics applicable to its directors,  principal
executive officer, principal financial officer, principal accounting procedures,
and persons performing similar functions. A copy of the Company's Code of Ethics

                                       24
<PAGE>
will be made  available to anyone who requests it in writing from the  Company's
head office.

D. PRINCIPAL ACCOUNTING FEES AND SERVICES

(A) AUDIT FEES

Dale Matheson  Carr-Hilton  LaBonte,  Chartered  Accountants ("DMCL") billed the
Corporation  $17,000 - $19,000  (estimated)  for  audit  fees in the year  ended
December 31, 2009;  $12,000 in 2008, $14,500 in 2007; $13,000 in 2006; $9,000 in
2005;  and $6,200 in 2004.  The former  auditor,  Charlton & Company,  Chartered
Accountants billed $2,675 in 2004.

(B) AUDIT RELATED FEES

DMCL  billed  the  Company  $nil for audit  related  services  in the year ended
December 31, 2009; $nil in 2008;  $1,000 in 2007; $nil in 2006, $nil in 2005 and
$nil in 2004.  The former  auditor,  Charlton & Company,  Chartered  Accountants
billed $nil in 2004.

(C) TAX FEES

DMCL did not provide the Corporation with any professional services rendered for
tax  compliance,  tax advice and tax  planning in the years ended  December  31,
2009,  2008,  2007,  2006 and 2005.  The  former  auditor,  Charlton  & Company,
Chartered Accountants billed $nil in 2004.

(D) ALL OTHER FEES

DMCL did not bill the  Corporation  for any other  products  and services in the
years ended December 31, 2008,  2007,  2006,  2005 and 2004. The former auditor,
Charlton & Company, Chartered Accountants billed $nil in 2004.

(E) AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

To ensure  continuing  auditor  objectivity and to safeguard the independence of
our auditors,  our audit  committee has  determined a framework for the type and
authorization  of non-audit  services which our auditors may provide.  The audit
committee has adopted  policies for the  pre-approval of specific  services that
may be provided by our auditors.  The dual  objectives of these  policies are to
ensure that we benefit in a cost effective manner from the cumulative  knowledge
and experience of our auditors,  while also ensuring that the auditors  maintain
the necessary degree of independence and objectivity.

Our audit committee approved the engagement of Dale Matheson Carr-Hilton LaBonte
to render audit and non-audit services before they were engaged by us.

D. EXEMPTION FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not Applicable

E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Not Applicable

                                       25
<PAGE>
ITEM 17. FINANCIAL STATEMENTS

The financial  statements  and notes thereto as required by Item 17 are attached
hereto and found immediately after the text of this Registration Statement.  The
auditors'  report  of  Dale  Matheson   Carr-Hilton  LaBonte  LLP,   independent
registered public accountants,  on the audited consolidated financial statements
and notes thereto is included  immediately  preceding  the audited  consolidated
financial statements.

     Auditors' Report.
     Consolidated balance sheets as at December 31, 2009 and 2008.
     Consolidated  statements  of  operations  and  deficit  for the years ended
     December 31, 2009, 2008 and 2007.
     Consolidated  statements  of cash flows for the years  ended  December  31,
     2009, 2008 and 2007.
     Notes to the consolidated financial statements.

ITEM 18. FINANCIAL STATEMENTS

Not applicable.  See "Item 17. Financial Statements" above.

ITEM 19. EXHIBITS

Attached hereto are the following exhibits:

10.1     Property Option Agreement - Post Creek
10.2     Property Option Agreement - Bell Lake
10.3     Property Option Agreement - Halcyon
10.4     Property Option Agreement - Woods Creek
10.5     Agreement of Purchase and Sale - Manitoba Properties
10.6     Stock Purchase Agreement - Sale of Outback
12.1     Certification  of  Chief  Executive  Officer  pursuant  to s.302 of the
         Sarbanes-Oxley Act of 2002
12.2     Certification  of  Chief  Financial  Officer  pursuant  to s.302 of the
         Sarbanes-Oxley Act of 2002
13.1     Certification  of  Chief  Executive  Officer  pursuant  to s.906 of the
         Sarbanes-Oxley Act of 2002
13.2     Certification  of  Chief  Financial  Officer  pursuant  to s.906 of the
         Sarbanes-Oxley Act of 2002

                                   SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing
on Form 20-F and that it has duly caused and authorized the  undersigned to sign
this annual report on its behalf.

                                      NORTH AMERICAN  NICKEL INC
                                      (formerly Widescope Resources Inc.)
Date: April, 27 2010


                                      By: /s/ Douglas E. Ford
                                         ---------------------------------------
                                      Name:  Douglas E. Ford
                                      Title: Director
                                             as duly authorized signatory

                                       26
<PAGE>
   [LETTERHEAD OF DALE MATHESON CARR-HILTON LABONTE LLP CHARTERED ACCOUNTANTS]


                          INDEPENDENT AUDITORS' REPORT

To the Shareholders of North American Nickel Inc.
(formerly  Widescope Resources Inc.)

We have audited the  consolidated  balance sheets of North American  Nickel Inc.
(formerly  Widescope  Resources  Inc.) as at December  31, 2009 and 2008 and the
consolidated  statements  of  operations  and  comprehensive  loss,  deficit and
accumulated  other  comprehensive  income  and cash  flows for the  years  ended
December  31,  2009,  2008  and  2007.   These  financial   statements  are  the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian  generally accepted auditing
standards  and with the  standards of the Public  Company  Accounting  Oversight
Board (United States). Those standards require that we plan and perform an audit
to obtain  reasonable  assurance  whether the financial  statements  are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.

In our opinion,  these consolidated  financial statements present fairly, in all
material respects, the financial position of the Company as at December 31, 2009
and 2008 and the  results  of its  operations  and its cash  flows for the years
ended  December 31, 2009,  2008 and 2007 in accordance  with Canadian  generally
accepted accounting principles.

                                                                        /s/ DMCL

                                           DALE MATHESON CARR-HILTON LABONTE LLP
                                                           Chartered Accountants

Vancouver, Canada
April 23, 2010

                 COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA
                      -UNITED STATES REPORTING DIFFERENCES

In the United States,  reporting  standards for auditors require the addition of
an explanatory  paragraph  (following the opinion  paragraph) when the financial
statements are affected by conditions and events that cast substantial  doubt on
the Company's ability to continue as a going concern, such as those described in
Note 1 to the financial  statements.  Our report to the shareholders dated April
23, 2010 is expressed in accordance with Canadian  reporting  standards which do
not permit a reference to such events and  conditions  in the  auditors'  report
when these are adequately disclosed in the financial statements.

                                                                        /s/ DMCL

                                           DALE MATHESON CARR-HILTON LABONTE LLP
                                                           Chartered Accountants

Vancouver, Canada
April 23, 2010

                                      F-1
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Consolidated Balance Sheets
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                December 31,
                                                                        2009                   2008
                                                                    ------------           ------------
<S>                                                                 <C>                    <C>
ASSETS

Current assets
  Cash                                                              $     16,515           $     40,661
  Receivables                                                              4,197                  4,877
  Marketable securities  (Note 3)                                         62,500                     --
                                                                    ------------           ------------
                                                                          83,212                 45,538

Mineral properties and deferred exploration costs (Note 4)               101,000                205,000
Equipment, net of amortization (Note 5)                                       --                    774
                                                                    ------------           ------------

                                                                    $    184,212           $    251,312
                                                                    ============           ============

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

Current liabilities
  Accounts payable and accrued liabilities (Note 6)                 $    185,747           $    152,996
                                                                    ------------           ------------

Non-controlling interest (Note 4)                                         53,249                 59,980
                                                                    ------------           ------------

Shareholders' equity (deficit)
  Share capital - preferred (Note 7)                                     604,724                604,724
  Share capital - common (Note 7)                                     13,044,609             13,044,609
  Contributed surplus                                                     53,344                 53,344
  Accumulated other comprehensive income                                  24,525                     --
  Deficit                                                            (13,781,986)           (13,664,341)
                                                                    ------------           ------------
                                                                         (54,784)                38,336
                                                                    ------------           ------------

                                                                    $    184,212           $    251,312
                                                                    ============           ============
</TABLE>

Nature and Continuance of Operations (Note 1)
Subsequent Events (Note 12)

Approved by the Board:


"Richard J. Mark"
----------------------------------
Richard J. Mark


"Edward D. Ford"
----------------------------------
Edward D. Ford

                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-2
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Consolidated Statements of Operations and Comprehensive Loss
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                       Years Ended December 31,
                                                          2009                  2008                  2007
                                                       -----------           -----------           -----------
<S>                                                    <C>                   <C>                   <C>
Expenses
  General and administrative                           $    57,635           $    64,138           $    58,440
  Mineral property and deferred exploration costs
   - impairment (Note 4)                                    79,000               145,445                    --
                                                       -----------           -----------           -----------

Loss before other item                                     136.635               209,583                58,440
Other item:
  Write-off of equipment (Note 5)                              716                    --                    --
                                                       -----------           -----------           -----------

Loss from operations                                      (137,351)             (209,583)              (58,440)
Non-controlling interest (Note 4)                           19,706                 8,606                 8,681
                                                       -----------           -----------           -----------

Net loss                                               $  (117,645)          $  (200,977)          $   (49,759)
                                                       -----------           -----------           -----------

Basic and diluted loss per common share                $     (0.02)          $     (0.04)          $     (0.01)

Weighted average number of common shares
 outstanding - basic and diluted                         5,441,726             5,441,726             5,441,726
                                                       ===========           ===========           ===========
Comprehensive loss
  Net loss                                             $  (117,645)          $  (200,977)          $   (49,759)
  Unrealized gain on marketable securities                  24,525                    --                    --
                                                       -----------           -----------           -----------

Comprehensive loss                                     $   (93,120)          $  (200,977)          $   (49,759)
                                                       ===========           ===========           ===========
</TABLE>


                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-3
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Consolidated Statements of Deficit and Accumulated Other Comprehensive Income
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                    Years ended December 31,
                                                      2009                   2008                   2007
                                                  ------------           ------------           ------------
<S>                                               <C>                    <C>                    <C>
Deficit

Deficit, beginning of year                        $(13,664,341)          $(13,463,364)          $(13,413,605)
Net loss                                              (117,645)              (200,977)               (49,759)
                                                  ------------           ------------           ------------

Deficit, end of year                              $(13,781,986)          $(13,664,341)          $(13,463,364)
                                                  ============           ============           ============
Accumulated other comprehensive income

Balance, beginning of year                        $         --           $         --           $         --
Unrealized gain on marketable securities                24,525                     --                     --
                                                  ------------           ------------           ------------

Balance, end of year                              $     24,525           $         --           $         --
                                                  ============           ============           ============
</TABLE>


                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-4
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Consolidated Statements of Cash Flows
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                       Years Ended December 31,
                                                             2009                2008                2007
                                                           ---------           ---------           ---------
<S>                                                        <C>                 <C>                 <C>
Operating Activities
  Net loss for the year                                    $(117,645)          $(200,977)          $ (49,759)

Non cash Items:
  Non-controlling interest                                   (19,706)             (8,606)             (8,681)
  Mineral property and deferred exploration impairment        79,000             145,445                  --
  Amortization                                                    58                 331                 474
  Write-off of equipment                                         716                  --                  --
  Net change in working capital items:
    Receivables                                                  680              (1,271)                (82)
    Accounts payable and accrued liabilities                  32,751              42,601              32,969
                                                           ---------           ---------           ---------

Cash used in operations                                      (24,146)            (22,477)            (25,079)
                                                           ---------           ---------           ---------
Investing Activities
  Mineral property exploration costs, net                         --              (6,490)            (10,797)
                                                           ---------           ---------           ---------

Cash used in investing activities                                 --              (6,490)            (10,797)
                                                           ---------           ---------           ---------

Net decrease in cash                                         (24,146)            (28,967)            (35,876)

Cash, beginning of year                                       40,661              69,628             105,504
                                                           ---------           ---------           ---------
                                                                                                   ---------

Cash, end of year                                          $  16,515           $  40,661           $  69,628
                                                           =========           =========           =========

Supplemental Cash Flow Information:
  Cash paid for interest                                   $      --           $      --           $      --
                                                           ---------           ---------           ---------

  Cash paid for income taxes                               $      --           $      --           $      --
                                                           ---------           ---------           ---------
</TABLE>


                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-5
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

1. Nature and Continuance of Operations

    North  American  Nickel  Inc.  (formerly   Widescope  Resources  Inc.)  (the
    "Company") was  incorporated  on September 23, 1983. The Company changed its
    name from Widescope  Resources Inc. to North American Nickel Inc.  effective
    April 19, 2010 (Note 12). The Company's  principal  business activity is the
    exploration of natural resource  properties.  During the year ended December
    31, 2009, the Company entered into an agreement to option out certain of its
    mineral  claims and allowed  certain other mineral claims to lapse (Note 4).
    The Company is currently  seeking  opportunities  to acquire  other  mineral
    properties or enter into additional mineral property option agreements.

    Effective April 19, 2010, the Company also consolidated its share capital on
    a 2:1  basis,  whereby  each two old  shares  are equal to one new share and
    increased its authorized  capital from 100,000,000 common shares without par
    value to an unlimited  number of common shares  without par value (Note 12).
    All  references  to common  shares,  stock  options,  warrants  and weighted
    average  number  of  shares  outstanding  in  these  consolidated  financial
    statements reflect the share consolidation unless otherwise noted.

    The Company is  ultimately  dependent  upon the  discovery  of  economically
    recoverable reserves and future production. Currently, the Company will need
    additional   financing  to  continue  the   acquisition,   exploration   and
    development of its properties.  The  recoverability of the carrying value of
    mineral property assets will be dependent upon future production or proceeds
    from the disposition.  The financial statements have been prepared under the
    assumption  the  Company is a going  concern.  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. As a result, additional losses are anticipated prior
    to  obtaining a level of  profitable  operations.  The Company has a working
    capital  deficit of $102,535 at December 31, 2009 (2008 - $107,458)  and has
    accumulated a deficit of $13,781,986 (2008 - $13,664,341).

    Management  is aware that the Company's  future  capital  requirements  will
    depend on many factors,  including  costs of exploration  and development of
    the properties,  production, if warranted, and competition and global market
    conditions.  The Company's  potential recurring operating losses and growing
    working  capital  needs may  require  that it obtain  additional  capital to
    operate  its  business.  Management's  plan  includes  continuing  to pursue
    additional sources of financing through the sale of additional common shares
    and reducing overhead costs. As a result of the implementation of this plan,
    management  expects  that the Company will have  sufficient  capital to fund
    operations and keep its mineral properties in good standing for the upcoming
    fiscal  year.  However,  there  can be no  assurance  that  capital  will be
    available as necessary to meet these continuing  exploration and development
    costs or, if the capital is available,  that it will be on terms  acceptable
    to the Company. The issuances of additional equity securities by the Company
    may result in a  significant  dilution  in the equity  interests  of current
    shareholders.  Further  discussion of liquidity  risk has been  disclosed in
    Notes 9 and 10.

2. Significant Accounting Policies

    Basis of presentation
    These  financial  statements  have been prepared in accordance with Canadian
    generally  accepted  accounting  principles  ("Canadian  GAAP").  Except  as
    indicated  in Note 11, they also  comply,  in all  material  respects,  with
    United States generally accepted accounting principles ("US GAAP").

    Basis of consolidation
    These financial  statements  have been prepared on a consolidated  basis and
    include the accounts of the Company and its 65.42% owned subsidiary, Outback
    Capital Inc. dba  Pinefalls  Gold  ("PFG").  All  intercompany  balances and
    transactions have been eliminated on consolidation.

                                      F-6
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

2. Significant Accounting Policies cont'd

    Estimates, assumptions and measurement uncertainty
    The  preparation  of financial  statements in conformity  with Canadian GAAP
    requires  management  to make  estimates  and  assumptions  that  affect the
    reported  amounts of assets and  liabilities  and  disclosure  of contingent
    assets  and  liabilities  at the date of the  financial  statements  and the
    reported amounts of revenues and expenses during the period.  Actual results
    could differ from those  estimates.  By their  nature,  these  estimates are
    subject  to  measurement   uncertainty  and  the  effect  on  the  financial
    statements  of  changes  in  such  estimates  in  future  periods  could  be
    significant.  Areas  requiring  significant  use of estimates by  management
    relate to going  concern  assessments,  determining  the  carrying  value of
    mineral  properties,  determining the fair values of marketable  securities,
    asset retirement obligations and financial instruments and tax rates used to
    calculate future income tax balances.

    Equipment
    Equipment  is  recorded  at  cost.  Amortization  is  calculated  using  the
    following  annual rate,  which is estimated to match the useful lives of the
    asset:

             Computer hardware        30% declining balance

    Mineral properties and deferred exploration costs
    The cost of mineral  properties and related  exploration  costs are deferred
    until the properties are placed into  production,  sold,  abandoned or until
    management  has determined  that an impairment has occurred.  Carrying costs
    will be  amortized  over the useful  life of the  properties  following  the
    commencement of commercial production,  or written off if the properties are
    sold abandoned,  allowed to lapse, or if management has otherwise determined
    that the  carrying  value of a  property  is not  recoverable  and should be
    impaired. Properties acquired under option agreements,  whereby payments are
    made at the sole discretion of the Company,  are recorded in the accounts at
    such  time  as  the  payments  are  made.  It is  reasonably  possible  that
    economically  recoverable reserves may not be discovered,  and accordingly a
    material  portion of the carrying  value of mineral  properties  and related
    deferred  exploration  costs could be written off.  Although the Company has
    taken  steps  to  verify  title  to  mineral  properties  in which it has an
    interest,  according  to the  common  industry  standards  for the  stage of
    exploration  of such  properties,  these  procedures  do not  guarantee  the
    Company's  title.  Such  properties  may be subject to prior  agreements  or
    transfers and title may be affected by undetected title defects.

    The amounts  shown for mineral  properties  and deferred  exploration  costs
    represent costs incurred to date, net of impairments, and do not necessarily
    represent  present  or future  values  which  are  entirely  dependent  upon
    economic production or recovery from disposal.

    Asset retirement obligations
    The Company  follows the  provisions of the Canadian  Institute of Chartered
    Accountants ("CICA") Handbook Section 3110, "Asset Retirement  Obligations",
    which requires the estimated fair value of any asset retirement  obligations
    to be  recognized  as a  liability  in  the  period  in  which  the  related
    environmental  or retirement  liability can be  reasonably  established  and
    measured.  The present value of the associated future costs when measureable
    is recorded as a liability and added to the cost of the related property and
    amortized  over the  estimated  remaining  life. As of December 31, 2009 and
    2008 the Company has not incurred and is not aware of any significant  asset
    retirement obligations in respect of its mineral exploration properties.

                                      F-7
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

2. Significant Accounting Policies cont'd

    Impairment of long-lived assets
    The Company follows the  recommendations  of the CICA Handbook Section 3063,
    "Impairment of Long-Lived  Assets".  Section 3063 establishes  standards for
    recognizing,  measuring and disclosing  impairment of long-lived assets held
    for use. The Company conducts its impairment test on long-lived  assets when
    events or changes in circumstances indicate that the carrying amount may not
    be  recoverable.  Impairment  is recognized  when the carrying  amount of an
    asset to be held and used  exceeds  the  undiscounted  future net cash flows
    expected from its use and disposal.  If there is impairment,  the impairment
    amount is measured as the amount by which the  carrying  amount of the asset
    exceeds its fair value, calculated using expected discounted cash flows when
    independent or quoted market prices are not available.

    Financial instruments
    The Company adopted the CICA Handbook Sections 3855, "Financial  Instruments
    -  Recognition  and  Measurement";  Section  3856,  "Hedges";  Section 3862,
    "Financial   Instruments  -   Disclosures"   and  Section  3863   "Financial
    Instruments   Presentation".   Section  3855  prescribes  when  a  financial
    instrument  is to be  recognized  on the balance  sheet and at what  amount.
    Under Section 3855,  financial  instruments  must be classified  into one of
    five categories: held-for-trading,  held-to-maturity, loans and receivables,
    available-for-sale  financial  assets, or other financial  liabilities.  All
    financial instruments,  including  derivatives,  are measured at the balance
    sheet date at fair value except for loans and receivables,  held-to-maturity
    investments, and other financial liabilities which are measured at amortized
    cost.  Section 3862 and Section 3863 replace  Section 3861,  "Disclosure and
    Presentation" and revise and enhance disclosure  requirements while carrying
    forward  presentation  requirements.  The  Company's  financial  instruments
    consist of cash, receivables,  marketable securities,  and accounts payable.
    Cash is measured at face value,  representing  fair value and  classified is
    held for trading.  Receivables are measured at amortized cost and classified
    as  loans  and   receivables.   Marketable   securities  are  classified  as
    available-for-sale  and measured at fair value at each reporting period with
    fair  value  being  determined  by quoted  market  price of the  securities.
    Unrealized  gains  and  losses  from   available-for-sale   instruments  are
    recognized in other comprehensive income (loss) during the period.  Accounts
    payable are measured at amortized  cost and  classified  as other  financial
    liabilities.

    Unless otherwise  noted, it is management's  opinion that the Company is not
    exposed to significant interest, currency or credit risks arising from these
    financial  instruments.  The  fair  value  of  these  financial  instruments
    approximates their carrying values unless otherwise noted.

    The Company has  determined  that it does not have  derivatives  or embedded
    derivatives.

    The Company does not use any hedging instruments.

    Comprehensive income (loss)
    Effective  January 1, 2007,  the Company  adopted the CICA Handbook  Section
    1530, "Comprehensive Income".  Comprehensive income (loss) is defined as the
    change in equity from transactions and other events from non-owner  sources.
    Section 1530  establishes  standards for reporting  and  presenting  certain
    gains and  losses  not  normally  included  in net  income or loss,  such as
    unrealized  gains and losses  related to available for sale  securities  and
    gains and losses resulting from the translation of  self-sustaining  foreign
    operations, in a statement of comprehensive income (loss).

    For all periods  presented  through  December 31,  2008,  the Company has no
    items  required  to be reported in  comprehensive  loss.  During the current
    year, the Company  recognized in  comprehensive  income for the period,  its
    proportionate share of an unrealized gain on marketable securities.

                                      F-8
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

2. Significant Accounting Policies cont'd

    Loss per share
    The loss per share figures are calculated  using the weighted average number
    of  shares   outstanding   during   the   respective   fiscal   years  on  a
    post-consolidation  basis.  The  calculation of loss per share figures using
    the treasury  stock method  considers the potential  exercise of outstanding
    share  purchase  options and warrants or other  contingent  issuances to the
    extent each option,  warrant or contingent  issuance was  dilutive.  For all
    years presented,  diluted loss per share is equal to basic loss per share as
    the   potential   effects  of  options,   warrants   and   conversions   are
    anti-dilutive.

    Income taxes
    The Company accounts for income taxes using the asset and liability  method,
    whereby  future tax assets and  liabilities  are  recognized  for the future
    income tax  consequences  attributable  to differences  between the carrying
    values of the asset and liabilities and their  respective  income tax bases.
    Future income tax assets and  liabilities  are measured using  substantively
    enacted income tax rates expected to apply to taxable income in the years in
    which  temporary  differences  are expected to be recovered or settled.  The
    effect  on  future  income  taxes  and  liabilities  of a change in rates is
    included in operations in the period that includes the substantive enactment
    date. Where the probability of a realization of a future income tax asset is
    more likely than not, a valuation allowance is recorded.

    Stock-based compensation
    The  Company   follows  the  CICA  Handbook   Section   3870,   "Stock-based
    Compensation  and Other  Stock-based  Payments,"  which  recommends the fair
    value  method of valuing all grants of stock  options.  The  estimated  fair
    value of the stock  options is recorded  as  compensation  expense  over the
    vesting period or at the date of grant if the options vest immediately, with
    the  offset  recorded  in  contributed  surplus.  The fair  value of options
    granted is  estimated  at the date of grant using the  Black-Scholes  option
    pricing model incorporating  assumptions regarding risk-free interest rates,
    dividend  yield,  volatility  factor  of the  expected  market  price of the
    Company's stock,  and a weighted  average expected life of the options.  Any
    consideration  paid on the  exercise  of stock  options is credited to share
    capital.

    Accounting changes
    CICA Handbook Section 1506,  "Accounting  Changes," establishes criteria for
    changes  in  accounting   policies,   accounting  treatment  and  disclosure
    regarding  changes in  accounting  policies,  estimates and  corrections  of
    errors.  In  particular,  this  section  allows  for  voluntary  changes  in
    accounting  policies  only when  they  result  in the  financial  statements
    providing  reliable and more  relevant  information.  This section  requires
    changes in accounting policies to be applied retrospectively unless doing so
    is impracticable.

    Capital disclosure
    CICA Handbook Section 1535 "Capital Disclosure", specifies the disclosure of
    (i) an entity's  objectives,  policies and processes  for managing  capital;
    (ii)  quantitative  data about what the entity  regards as a capital;  (iii)
    whether the entity has not complied with any capital requirements;  and (iv)
    if it has not complied, the consequences of such noncompliance.  The Company
    has  included  disclosures  recommended  by this  section in Note 9 to these
    financial statements.

    General standards for financial statement presentation
    In June 2007, the CICA modified section 1400 "General Standards of Financial
    Statement  Presentation"  in  order  to  require  that  management  make  an
    assessment  of the  Company's  ability to continue as going  concern  over a
    period which is at least, but not limited to, twelve months from the balance
    sheet date.  The Company has included this required  disclosure in Note 1 to
    these financial statements.

                                      F-9
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

2. Significant Accounting Policies cont'd

    Credit risk and the fair value of financial assets and financial liabilities
    In January 2009, the CICA approved EIC 173,  "Credit Risk and the Fair Value
    of  Financial  Assets and  Liabilities".  This  guidance  clarified  that an
    entity's own credit risk and the credit risk of the  counterparty  should be
    taken into account in  determining  the fair value of  financial  assets and
    financial liabilities including derivative  instruments.  The implementation
    of the  recommendations of this section has not had a material impact on the
    Company's financial statements.

    Mining exploration costs
    In March 2009 the CICA approved EIC 174,  "Mining  Exploration  Costs".  The
    guidance  clarified  that  an  enterprise  that  has  initially  capitalized
    exploration costs has an obligation in the current and subsequent accounting
    periods to test such costs for recoverability  whenever events or changes in
    circumstances indicate that its carrying amount may not be recoverable.  The
    implementation  of the  recommendations  of this new  section  has not had a
    material impact on the Company's financial statements.

    Recent accounting pronouncements

    International Financial Reporting Standards ("IFRS")
    In 2006, the Canadian  Accounting  Standards Board ("AcSB")  published a new
    strategic  plan  that  will   significantly   affect   financial   reporting
    requirements  for Canadian  companies.  The AcSB strategic plan outlines the
    convergence of Canadian generally accepted  accounting  principles with IFRS
    over an expected five year  transitional  period. In February 2008, the AcSB
    announced that 2011 is the changeover date for publicly-listed  companies to
    use IFRS,  replacing Canada's own generally accepted accounting  principles.
    The date is for interim and annual financial  statements  relating to fiscal
    years  beginning on or after January 1, 2011. The transition date of January
    1, 2011 will require the  restatement  for  comparative  purposes of amounts
    reported by the  Company for the year ended  December  31,  2010.  While the
    Company has begun  assessing  the adoption of IFRS for 2011,  the  financial
    reporting  impact of the  transition to IFRS has not been  estimated at this
    time.

    Consolidated Financial Statements and Non-controlling Interests
    In January  2009,  the CICA issued  Section  1601,  "Consolidated  Financial
    Statements",  and Section 1602, "Noncontrolling  Interests",  which together
    replace the existing Section 1600, "Consolidated Financial Statements",  and
    provide the Canadian  equivalent to  International  Accounting  Standard 27,
    "Consolidated and Separate  Financial  Statements  (January 2008)".  The new
    sections will be applicable to the Company on January 1, 2011.  Section 1601
    establishes   standards  for  the  preparation  of  consolidated   financial
    statements,  and Section 1602  establishes  standards for  accounting  for a
    non-controlling   interest  in  a  subsidiary  in   consolidated   financial
    statements  subsequent to a business  combination.  The Company is assessing
    the  impact,  if  any,  of  the  adoption  of  these  new  sections  on  its
    consolidated financial statements.

    Other  accounting  pronouncements  issued by the CICA with future  effective
    dates are either not applicable or are not expected to be significant to the
    financial statements of the Company.

3. Marketable Securities

    As at December 31, 2009,  PFG held 500,000  shares of Cougar  Minerals Corp.
    ("Cougar"),  a  company  listed  on the TSX  Venture  Exchange  (Note 4). At
    initial recognition, each share was recorded at a fair value of $0.05. As at
    December 31, 2009 the closing price of Cougar's  shares was $0.125 per share
    with a total fair value of $62,500. The Company classifies the investment as
    available-for-sale.  The  Company's  portion of the  unrealized  gain on the
    shares  of  Cougar  was  recorded  in  other  comprehensive  income  and the
    remaining portion is included in the balance of non-controlling  interest as
    at December 31, 2009.

                                      F-10
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

4. Mineral Properties

    (a) Pinefalls Gold Property

    In April 2005, the Company  entered into a subscription  agreement to invest
    into  PFG,  a  private  Alberta   exploration  company  with  mining  claims
    comprising  the  Pinefalls  Gold  Property,  located in the Bissett  area of
    Manitoba.  Pursuant to the  completion of the  subscription  agreement and a
    share  exchange  agreement,  the  Company  acquired  the net  assets  of PFG
    including an interest the Pinefalls  Gold Property  valued at $319,306.  The
    Company holds a 65.42% interest in PFG, effective June 30, 2006.

    During the year ended December 31, 2009,  certain mineral claims  comprising
    the Pinefalls  Gold Property  were allowed to lapse,  and mineral  rights to
    those claims reverted to the Province of Manitoba.

    On April 6, 2009 PFG entered into an Option and Purchase and Sale  Agreement
    (the  "Agreement")  with  Cougar  whereby  Cougar  was  granted an option to
    purchase the remaining claims comprising the Pinefalls Gold Property for the
    following consideration:

     -    $10,000 in cash (received) and 500,000 common shares  (received;  fair
          value of $25,000) upon execution of the Agreement;
     -    an additional $25,000 before April 30, 2010;
     -    an additional $50,000 before April 30, 2011;
     -    an additional $70,000 before April 30, 2012.

    During the year ended December 31, 2009,  the Company  incurred $Nil (2008 -
    $6,490) in deferred exploration costs and recorded $79,000 (2008 - $145,445)
    in impairment  provisions on the Pinefalls Gold  Property.  The basis of the
    impairment  was to  reflect  the  net  estimated  recoverable  value  of the
    Pinefalls Gold Property, based on anticipated future cash flows.

    The  Pinefalls  Gold  Property is subject to a 2% royalty based on the gross
    cash proceeds received from the sale of minerals, less the cost of smelting,
    refining,  freight,  insurance  and  other  related  costs,  and the cost of
    marketing and sale of minerals derived.  The royalty will be calculated on a
    cumulative  basis and will be payable in cash by the Company within 180 days
    of each fiscal year end of the Company.

    (b) Post Creek and Woods Creek Property

    On December  23, 2009 the  Company  executed a letter of intent  whereby the
    Company would have an option to acquire two groups of mineral claims,  known
    as the Post Creek  Property  and Woods Creek  Property,  located  within the
    Sudbury  Mining  District of  Ontario.  The  Company  paid a  non-refundable
    deposit of $7,500 and $2,500,  respectively,  and the terms of an  agreement
    are to be finalized in April 2010.

                                      F-11
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

4. Mineral Properties cont'd

    (c) Mineral properties summary

    Title to  mining  properties  involves  certain  inherent  risks  due to the
    difficulties of determining  the validity of certain claims,  as well as the
    potential  for problems  arising from the  frequently  ambiguous  conveyance
    history   characteristic  of  many  mining   properties.   The  Company  has
    investigated  title to all of its mineral properties and, to the best of its
    knowledge, title to all of its properties are in good standing.

    The  following  expenditures  have been  incurred on the  Company's  mineral
    properties and on deferred exploration:

<TABLE>
<CAPTION>
                                       Pinefalls Gold        Post Creek         Woods Creek
                                          Property            Property           Property             Total
                                          --------            --------           --------             -----
<S>                    <C> <C>           <C>                 <C>                <C>                <C>
Balance as at December 31, 2007          $ 343,955           $      --          $      --          $ 343,955
  Geological consulting fees                 6,490                  --                 --              6,490
                                         ---------           ---------          ---------          ---------
                                           350,445                  --                 --            350,445
  Impairment provision                    (145,445)                 --                 --           (145,445)
                                         ---------           ---------          ---------          ---------
Balance as at December 31, 2008            205,000                  --                 --            205,000
  Option proceeds received                 (35,000)                 --                 --            (35,000)
  Option payment                                --               7,500              2,500             10,000
                                         ---------           ---------          ---------          ---------
                                           170,000               7,500              2,500            180,000
  Impairment provision                     (79,000)                 --                 --            (79,000)
                                         ---------           ---------          ---------          ---------
Balance as at December 31, 2009          $  91,000           $   7,500          $   2,500          $ 101,000
                                         =========           =========          =========          =========
</TABLE>

5. Equipment

<TABLE>
<CAPTION>
                                        December 31, 2009                              December 31, 2008
                             ------------------------------------------        --------------------------------
                                                                   Net                                     Net
                                       Accumulated                Book                    Accumulated     Book
                             Cost     Amortization    Disposal    Value        Cost      Amortization     Value
                             ----     ------------    --------    -----        ----      ------------     -----
<S>                        <C>           <C>            <C>       <C>        <C>             <C>          <C>
Computer hardware          $ 1,579       $ 863          (716)     $  --      $ 1,579         $ 805        $ 774
                           =======       =====          ====      =====      =======         =====        =====
</TABLE>

6. Related Party Transactions

    During the year ended  December  31, 2009, a company in which a director has
    an interest charged the Company $24,000 (2008:  $24,000,  2007: $24,000) for
    rent  and  management  fees.  The  unpaid  portion  of these  amounts,  plus
    additional advances and other amounts due to directors, aggregating $143,723
    (2008:  $118,657) is included in accounts payable and accrued liabilities at
    December 31, 2009.

    Related  party  transactions  were in the normal course of business and have
    been  recorded  at the  exchange  amount  which is the fair value  agreed to
    between  the  parties.   Amounts  due  to  related  parties  are  unsecured,
    non-interest bearing and without specific terms of repayment.

                                      F-12
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

7. Share Capital

    Effective  April 19,  2010 the  Company's  shareholders  approved  a special
    resolution to reorganize the Company's capital structure by consolidating in
    a reverse  stock split the existing  common  shares on the basis of each two
    (2) old shares being equal to one (1) new share and concurrently  increasing
    the authorized capital of the Company from 100,000,000 common shares without
    par value to an unlimited  number of common  shares  without par value.  All
    references to common shares,  stock options,  warrants and weighted  average
    number of shares outstanding in these financial statements reflect the share
    consolidation  unless  otherwise  noted.  The net effect of the above was to
    reduce the existing outstanding common shares from 10,883,452 to 5,441,726.

     a)   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. 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; 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.

     b)   Common shares issued and outstanding

<TABLE>
<CAPTION>
                                                          2009                           2008
                                                -------------------------      -------------------------
                                                  Shares           $             Shares           $
                                                ---------      ----------      ---------      ----------
<S>                                             <C>            <C>             <C>            <C>
          Balance, beginning and end of year    5,441,726      13,044,609      5,441,726      13,044,609
                                                =========      ==========      =========      ==========

     c)   Preferred shares issued and outstanding

                                                          2009                           2008
                                                -------------------------      -------------------------
                                                  Shares           $             Shares           $
                                                ---------      ----------      ---------      ----------
          Balance, beginning and end of year      604,724         604,724        604,724         604,724

     d)   Warrants

                                                   2009            2008
                                                 --------        --------
          Balance, beginning of year                   --         780,166
          Expired during the year                      --        (780,166)
                                                 --------        --------
          Balance, end of year                         --              --
                                                 ========        ========
</TABLE>

    Each  warrant  gave the holder the right to purchase one common share of the
    Company  at $0.36 per  share on or before  the  expiry  of the  warrants  on
    December 5, 2008.

     e)   Stock Options

    As of December 31, 2009 and 2008, there were no stock options outstanding.

                                      F-13
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

8. Income Taxes

    A reconciliation  of income taxes at statutory rates with the reported taxes
    is as follows:

<TABLE>
<CAPTION>
                                                2009                 2008                 2007
                                              ---------            ---------            ---------
<S>                                           <C>                  <C>                  <C>
    Loss before income taxes:                 $ 117,645            $ 200,977            $  49,759
                                              ---------            ---------            ---------
    Statutory rates                               31.00%               31.00%               34.12%
    Expected income tax recovery                 36,470               62,303               16,978
    Non-controlling interest                      3,389                2,668                2,962
    Effect of reduction in tax rates             (4,227)             (25,427)                  --
    Permanent differences and other              (4,100)              14,307               (2,962)
    Expiring losses                             (10,932)              (7,194)                  --
    Increase in valuation allowance             (20,600)             (46,657)             (16,978)
                                              ---------            ---------            ---------
    Net future income tax recovery            $      --            $      --            $      --
                                              =========            =========            =========

     The significant components of the Company's future income tax assets are as
     follows:

                                                2009                 2008
                                              ---------            ---------
    Future income tax assets:
    Non-capital loss carry forward benefit    $  92,000            $  89,500
    Capital losses carried forward                2,000                2,100
    Mining properties                            56,000               37,800
    Valuation allowance                        (150,000)            (129,400)
                                              ---------            ---------
    Net future income tax asset               $      --            $      --
                                              =========            =========
</TABLE>

    The Company has  approximately  $366,000 in  non-capital  losses that can be
    offset  against  taxable  income in future  years  which  began  expiring at
    various dates commencing in 2009, and approximately $8,000 in capital losses
    which may be available to offset future  taxable  capital gains which can be
    carried  forward  indefinitely.  The  potential  future tax benefit of these
    losses has not been recorded as a full-future tax asset valuation  allowance
    has been provided due to the uncertainty  regarding the realization of these
    losses.

    The related  potential  income tax benefits with respect to these items have
    not been  recorded in the  accounts.  Application  and  expiration  of these
    carryforward  balances are subject to relevant  provisions of the Income Tax
    Act, Canada.

9. Capital Management

    The Company manages its capital structure and makes adjustments to it, based
    on the funds available to the Company,  in order to support the acquisition,
    exploration  and development of mineral  properties.  The Board of Directors
    does not establish  quantitative  return on capital criteria for management,
    but rather relies on the  expertise of the  Company's  management to sustain
    future development of the business.

    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 cash 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

                                      F-14
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

9. Capital Management cont'd

    feels  there is  sufficient  geologic or  economic  potential  and if it has
    adequate financial resources to do so.

    Management reviews its capital  management  approach on an ongoing basis and
    believes  that this  approach,  given the relative  size of the Company,  is
    reasonable.

    There were no changes in the Company's approach to capital management during
    the years ended  December  31, 2009 and 2008.  The Company is not exposed to
    externally imposed capital requirements.

10. Risk Factors

    The  Company is  engaged  primarily  in the  mineral  exploration  field and
    manages related industry risk issues directly. The Company is potentially at
    risk for  environmental  reclamation  and  fluctuations  in commodity  based
    market prices associated with resource property interests.  Management is of
    the opinion that the Company addresses  environmental risk and compliance in
    accordance  with  industry  standards  and  specific  project  environmental
    requirements.  There  is no  certainty  that  all  environmental  risks  and
    contingencies have been addressed.

    The  Company's  risk  exposures  and the impact on the  Company's  financial
    instruments are summarized below:

    Credit risk

    The Company's  credit risk is primarily  attributable  to  receivables.  The
    Company  has no  significant  concentration  of  credit  risk  arising  from
    operations.  Receivables  include  primarily goods and services tax due from
    the Federal Government of Canada.  Management  believes that the credit risk
    concentration with respect to its receivables is remote.

    Liquidity risk

    The Company's  approach to managing liquidity risk is to ensure that it will
    have sufficient  liquidity to meet third party  liabilities  when due. As at
    December 31,  2009,  the Company had a working  capital  deficit of $102,535
    (2008:   $107,458).   All  of  the  Company's  financial   liabilities  have
    contractual  maturities of less than 30 days and are subject to normal trade
    terms. The Company is dependent on management's  ability to raise additional
    funds so that it can manage its financial obligations.

    Market risk

    (a) Interest rate risk

    The  Company  has cash  balances  and no  interest-bearing  debt  therefore,
    interest rate risk is minimal.

    (b) Foreign currency risk

    The Company's functional currency is the Canadian dollar and major purchases
    are  transacted in Canadian  dollars:  therefore,  foreign  currency risk is
    minimal.

11. Reconciliation between Canadian and United States Generally Accepted
    Accounting Principles

    These  consolidated  financial  statements  have been prepared in accordance
    with Canadian  GAAP,  which  differs in certain  respects from United States
    generally  accepted  accounting  principles ("US GAAP"). A description of US
    GAAP and practices  prescribed by the US Securities and Exchange  Commission
    ("SEC") that result in material measurement and disclosure  differences from
    Canadian GAAP are summarized as follows:

                                      F-15
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

11. Reconciliation between Canadian and United States Generally Accepted
    Accounting Principles cont'd

    Consolidated Balance Sheets

<TABLE>
<CAPTION>
                                                               December 31,        December 31,
                                                                   2009                2008
                                                                ---------           ---------
<S>                                                             <C>                 <C>
    Total assets under Canadian GAAP                            $ 184,212           $ 251,312

      (a) Mineral property exploration and acquisition
          costs expensed under US GAAP                           (101,000)           (205,000)
                                                                ---------           ---------

    Total assets under US GAAP                                  $  83,212           $  46,312
                                                                =========           =========

    Total liabilities under Canadian and US GAAP                $ 185,747           $ 152,996
                                                                =========           =========

    Non-controlling interest under Canadian GAAP                $  53,249           $  59,980

      (a) Non-controlling interest in mineral property
          exploration and acquisition costs expensed
          under US GAAP                                           (31,486)            (53,614)
                                                                ---------           ---------

    Non-controlling interest under US GAAP                      $  21,763           $   6,366
                                                                =========           =========

    Total shareholders' equity (deficit)
      under Canadian GAAP                                       $ (54,784)          $  38,336

      (a) Mineral property exploration and acquisition
          costs expensed under US GAAP                           (101,000)           (205,000)

      (a) Non-controlling interest in mineral property
          exploration and acquisition costs expensed
          under US GAAP                                            31,486              53,614
                                                                ---------           ---------

    Total shareholders' equity (deficit) under US GAAP          $(124,298)          $(113,050)
                                                                =========           =========
</TABLE>

                                      F-16
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

11. Reconciliation between Canadian and United States Generally Accepted
    Accounting Principles cont'd

    Consolidated Statements of Operations and Deficit

<TABLE>
<CAPTION>
                                                                     Year ended          Year ended          Year ended
                                                                     December 31,        December 31,        December 31,
                                                                        2009                2008                2007
                                                                      ---------           ---------           ---------
<S>                                                                   <C>                 <C>                 <C>
    Net loss under Canadian GAAP                                      $(117,645)          $(200,977)          $ (49,759)

      (a) Mineral property exploration and acquisition costs
          expensed under US GAAP                                         69,000             138,955             (10,797)

      (b) Mineral property option proceeds included in income
          under US GAAP                                                  35,000                  --                  --

      (a) Non-controlling interest in mineral property
          exploration and acquisition costs expensed under US GAAP      (22,128)              2,246               3,736
                                                                      ---------           ---------           ---------

    Net loss under US GAAP                                              (35,773)            (59,776)            (56,820)

    Accumulated other comprehensive income                               24,525                  --                  --
                                                                      ---------           ---------           ---------

    Comprehensive loss - US GAAP                                      $ (11,248)          $ (59,776)          $ (56,820)
                                                                      =========           =========           =========

    Basic and diluted loss per share under US GAAP                    $   (0.02)          $   (0.02)          $   (0.01)
                                                                      =========           =========           =========

    Consolidated Statements of Cash Flows

                                                                     Year ended          Year ended          Year ended
                                                                     December 31,        December 31,        December 31,
                                                                        2009                2008                2007
                                                                      ---------           ---------           ---------
    Net cash used in operating activities under
     Canadian GAAP                                                    $ (24,146)          $ (22,477)          $ (25,079)

      (b) Mineral property acquisition and exploration costs
          incurred                                                      (10,000)             (6,490)            (10,797)

      (b) Mineral property option proceeds received in cash              10,000                  --                  --
                                                                      ---------           ---------           ---------
    Net cash used in operating activities under US GAAP               $ (24,146)          $ (28,967)          $ (35,876)
                                                                      =========           =========           =========
    Net cash provided by (used in) investing activities
     under Canadian GAAP                                              $      --           $  (6,490)          $ (10,797)

      (b) Mineral property acquisition and exploration costs
          incurred                                                           --               6,490              10,797
                                                                      ---------           ---------           ---------
    Net cash provided by (used in) investing activities under
     US GAAP                                                          $      --           $      --           $      --
                                                                      =========           =========           =========
    Net cash provided by financing activities under Canadian and
     US GAAP                                                          $      --           $      --           $      --
                                                                      =========           =========           =========
</TABLE>

                                      F-17
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

11. Reconciliation between Canadian and United States Generally Accepted
    Accounting Principles cont'd

    (a) Interest in unproven mineral properties

         In accordance  with Canadian GAAP,  the cost of mineral  properties and
         related  exploration  and  development  costs  are  deferred  until the
         properties are placed into  production,  sold,  abandoned or management
         has determined there to be impairment.

         In accordance  with US GAAP,  mineral  property  acquisition  costs are
         initially   capitalized   when  incurred  and  the  carrying  value  of
         intangible  assets and other long-lived assets is reviewed on a regular
         basis for the  existence  of facts or  circumstances  that may  suggest
         impairment.  The  Company  recognizes  impairment  when  the sum of the
         expected  undiscounted  future  cash  flows is less  than the  carrying
         amount of the asset. Mineral property exploration costs are expensed as
         incurred until  commercially  minable  deposits are determined to exist
         within  a  particular  property  as cash  flows  cannot  be  reasonably
         estimated prior to such determination.

         Accordingly,  for all periods  presented,  the Company has expensed all
         mineral  property  exploration  costs for US GAAP purposes and impaired
         the property acquisition costs incurred during the period (see Note 4).
         During  2009,  the  Company  optioned  some  of  its  mineral  property
         interest.  Under  Canadian  GAAP,  the  Company  will record the option
         proceeds  against the carrying value of the mineral  property while for
         US GAAP,  the Company will record the option  proceeds as a recovery of
         mineral property costs on the statement of operations.

    (b) Mineral property costs incurred

         Under   Canadian  GAAP,   cash  flows  relating  to  mineral   property
         acquisition  and  exploration  costs and option  proceeds  received are
         reported as  investing  activities.  Under US GAAP,  these  amounts are
         classified as operating activities.  The net cash provided by (used in)
         operating and investing  activities has been adjusted  accordingly  for
         all periods presented.

    (c) Income taxes

         Under US GAAP,  the effect on deferred tax assets and  liabilities of a
         change in tax rates is recognized in income in the period that includes
         the enactment date.  Under Canadian GAAP, the effect of a change in tax
         rates  is  recognized  in the  period  of  substantive  enactment.  The
         application  of this  difference  under US GAAP  does not  result  in a
         material  difference  between  future  income  taxes as recorded  under
         Canadian GAAP.

    (d) Stock-based compensation

         The Company has granted stock options to certain  directors,  employees
         and  consultants.  Under Canadian GAAP,  prior to 2003, no compensation
         expense was recorded in connection  with the granting of stock options.
         Under  previous  US  GAAP,  the  Company   accounted  for   stock-based
         compensation  in respect of stock  options  granted  to  directors  and
         employees using the intrinsic value based method. Stock options granted
         to  non-employees  were accounted for by applying the fair value method
         using the  Black-Scholes  option pricing model.  Commencing  January 1,
         2003,  under  Canadian GAAP the Company  expenses the fair value of all
         stock options granted. As a result, effective January 1, 2003, there is
         no material  difference  between  the  Company's  accounting  for stock
         options under US GAAP versus Canadian GAAP.

                                      F-18
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

11. Reconciliation between Canadian and United States Generally Accepted
    Accounting Principles cont'd

    (e) Reporting comprehensive income

         The Company follows the standards for the reporting and presentation of
         comprehensive  income  and  its  components  in a full  set of  general
         purpose financial  statements.  Comprehensive  income equals net income
         for  the  year  as  adjusted  for  all  other   non-owner   changes  in
         shareholders' equity. The Company recognizes all items under accounting
         standards as  components  of  comprehensive  income to be reported in a
         financial statement. Effective January 1, 2007, the Company adopted new
         Canadian  GAAP  accounting  standards  issued by the CICA  relating  to
         comprehensive   income.   The  new  standard  has  been  adopted  on  a
         prospective  basis  with  no  restatement  to  prior  period  financial
         statements.  The new standard  substantially  harmonizes  Canadian GAAP
         with US GAAP with respect to reporting  comprehensive  income and loss.
         During the year, other comprehensive loss recognized is $24,525 (2008 -
         $Nil, 2007 -$Nil).

    (f) Recent accounting pronouncements

         In May 2009, the Financial  Accounting  Standards Board ("FASB") issued
         guidance  that  establishes  general  standards of  accounting  for and
         disclosure  of events that occur  subsequent  to the balance sheet date
         but before financial  statements are issued.  The statement defines two
         types of subsequent  events (1)  recognized  subsequent  events,  which
         provide  additional  evidence  about  conditions  that  existed  at the
         balance sheet date, and (2)  non-recognized  subsequent  events,  which
         provide  evidence  about  conditions  that did not exist at the balance
         sheet date,  but arose  before the  financial  statements  were issued.
         Recognized  subsequent  events are  required  to be  recognized  in the
         financial statements, and non-recognized subsequent events are required
         to be disclosed.  The adoption had no material  impact on the Company's
         financial position, results of operations or cash flows.

         In June 2009,  the FASB issued the  Accounting  Standards  Codification
         (the   "Codification"),   which   establishes   a  sole  source  of  US
         authoritative  GAAP. The  Codification is meant to simplify user access
         to all  authoritative  accounting  guidance  by  reorganizing  US  GAAP
         pronouncements  into  approximately  ninety  accounting topics within a
         consistent  structure;  its purpose is not to create new accounting and
         reporting  guidance.  The  adoption  of this  guidance  did not have an
         effect on the Company's  consolidated results of operations,  financial
         position or cash flows.

         Other  pronouncements   issued  by  the  FASB  or  other  authoritative
         accounting  standards groups with future effective dates are either not
         applicable or are not expected to be  significant  to the  consolidated
         financial statements of the Company.

12. Subsequent Events

    The Company has evaluated  subsequent events through the date of filing, and
    the following events have been identified:

     (a)  Effective April 5, 2010 the Company  entered into 4 option  agreements
          to acquire rights to four groups of mineral claims,  known as the Post
          Creek, Bell Lake, Woods Creek and Halcyon  properties,  located within
          the  Sudbury  Mining  District of  Ontario.  In order to acquire  100%
          working  interests in the  properties,  subject to certain net smelter
          return  royalties  ("NSR") and advance royalty  payments,  the Company
          agreed  to  pay  cash  instalments,  issue  common  shares  and  incur
          exploration expenses as follows:

                                      F-19
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

12. Subsequent Events cont'd

                                             Post-consolidation    Exploration
                Commitment         Cash            shares            expense
 Property          date           payment          issued            incurred
 --------          ----           -------          ------            --------
Post Creek
                April 2010      $  12,500          400,000                N/A
                April 2011      $  30,000          300,000          $  15,000
                April 2012      $  50,000          300,000          $  15,000
                April 2013      $  50,000              N/A          $  15,000
                                ---------        ---------          ---------
Totals                          $ 142,500        1,000,000          $  45,000
                                =========        =========          =========
Bell Lake
                April 2010      $  25,000          300,000                N/A
                April 2011      $  25,000          300,000                N/A
                April 2012      $  40,000          400,000                N/A
                April 2013      $  40,000              N/A                N/A
                April 2014      $  80,000              N/A                N/A
                                ---------        ---------          ---------
Totals                          $ 210,000        1,000,000                N/A
                                =========        =========          =========
Halcyon
                April 2010      $  15,000          300,000                N/A
                April 2011      $  25,000          200,000          $  22,000
                April 2012      $  35,000          200,000          $  22,000
                April 2013      $  35,000              N/A          $  22,000
                                ---------        ---------          ---------
Totals                          $ 110,000          700,000          $  66,000
                                =========        =========          =========

Woods Creek
                April 2010      $   7,500          150,000                N/A
                April 2011      $  15,000          150,000          $  24,000
                April 2012      $  20,000              N/A          $  24,000
                April 2013      $  45,000              N/A          $  24,000
                                ---------        ---------          ---------
Totals                          $  87,500          300,000          $  72,000
                                =========        =========          =========

     (b)  Effective  April 5, 2010 the Company  entered into a Purchase and Sale
          Agreement to acquire  ownership of the South Bay,  Thompson  North and
          Cedar Lake properties in Manitoba, subject to a 2% NSR reserved by the
          vendor,   in  exchange  for  a  $1,000  cash  payment  and   6,000,000
          post-consolidation  common  shares  valued  at $0.06  per  share.  The
          agreement is subject to certain conditions  precedent and is scheduled
          to close on or before August 3, 2010.

     (c)  Effective  April 19, 2010 the name of the  Company  was  changed  from
          Widescope  Resources  Inc.  to  North  American  Nickel  Inc.  and the
          Company's shareholders approved a special resolution to reorganize the
          Company's  capital  structure by way of a consolidation,  in a reverse
          stock split,  of the existing common shares on the basis of each 2 old
          shares  being  equal to 1 new share and  concurrently  increasing  the
          authorized  capital of the  Company  from  100,000,000  common  shares
          without par value to an unlimited  number of common shares without par
          value.

                                      F-20
<PAGE>
NORTH AMERICAN NICKEL INC.
(formerly Widescope Resources Inc.)
Notes to the Consolidated Financial Statements
December 31, 2009
--------------------------------------------------------------------------------

12. Subsequent Events cont'd

     (d)  The Company's shareholders ratified the adoption of a new stock option
          plan (the "2010 Stock Option Plan") for insiders,  employees and other
          service providers to the Company. Under the 2010 Stock Option Plan the
          Company will reserve up to 10% of the issued  common  shares from time
          to time on a  rolling  basis.  Under  the new  plan  the  Company  has
          reserved up to 3,000,000 post-consolidation common shares for issuance
          at $0.10 per share for option grants to officers, directors, employees
          and consultants of the Company.

     (e)  The Company has  arranged two  non-brokered  private  placements.  The
          first will consist of 10,000,000  post-consolidation  shares at $0.05.
          The second  will  consist of  10,000,000  post-consolidation  units at
          $0.06.  Each unit  consists  of one post  consolidation  share and one
          non-transferrable warrant to purchase an additional post-consolidation
          common share at $0.10 for 30 months after closing. The warrants may be
          subject to earlier  expiry.  Both private  placements  are expected to
          close prior to May 15, 2010.

     (f)  Effective  April 7, 2010 the Company has entered into a Stock Purchase
          Agreement whereby it has agreed to sell its entire interest in Outback
          to an arms  length  party  for cash  consideration  equivalent  to the
          calculated book value of the Company's holding at the date of closing,
          which is expected to be on or before May 10, 2010.


                                      F-21