Page 19 - ANC22-Presentations-Weds

Nickel Costs: Story of 2022

• Global average nickel costs see a record high, 66% increase YoY
CRU Cash Costs $/t, Nickel price $/t

th
• Nickel price rallies above the 90 percentile
35,500
90th 75th 50th Price

31,500

27,500

23,500

19,500

15,500

11,500

7,500
Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21 Jan 22 Jul 22

Data: CRU Base Metal Cost Dashboard 11