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DSO	Nickel	Marke,ng	Study








            PNM’s	DSO	is	higher	grade	than	average	                                                       Ni	Laterite	Ore	Cash	Cost	Curve	2021

            Philippines	product	–	highly	sought	aber	as	                                                  (CFR	China,	US$/wmt,	ViU-Adjusted	to	1.3%	Ni	Base)
            evidenced	by	Glencore





            •  Kolosori	compares	favourably	against	the
                Philippines	“standard”	DSO,	offering:



                o  Rela4vely	high	grades	(1.5%	Ni	or	higher)

                o  Very	low	phosphorous	and	sulphur	levels



            •  Kolosori	product	forecast	to	be	in	second	cost

                quar4le	of	global	DSO	suppliers.



            •  Kolosori	expected	to	deliver	1.6%	Ni	in	the

                first	two	years.



                                                                                                            Source:	CM	Group





                                                                                                                                                                   ASX:PNM	           10
   374   375   376   377   378   379   380   381   382   383   384