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BLACK SWAN – DEVELOPMENT OPTIONS











                                                                                      ROM ore





                                      Smelter Option                                                                  POX/HPAL Option



                                          Smelter Grade                                                                           Rougher

                                            Concentrate                                                                        Concentrator

                                         1.1Mtpa ore feed                                                                   2.2Mtpa ore feed



                           •  Only serpentinite (low talc) ore can                                     •  Can process both higher talc content

                              be processed to smelter grade                                               serpentinite and talc-carbonate disseminated
                              concentrate                                                                 ores

                           •  Likely <5 year project life                                              •  Rougher concentrate processed to MHP via

                           •  Low start-up capital                                                        pressure oxidisation

                           •  Improved Ni payabilities in recent                                       •  Longer project life (>5 year)

                              years                                                                    •  Potential for local downstream processing in
                                                                                                          Western Australia (i.e. Pure Battery
                                                                                                          Technologies)


           POSEIDON NICKEL                                                                                                                                                           12
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