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Jaguar Project – Proceeding Straight to DFS
Robust project with plenty of project development & Ni price upside
Project Development Opportunities kt Nickel in Sulphate
25
22.7 22.3
21.5 21.2 21.7 21.2 21.2
Post Tax NPV 8 Refine local based 20 20.0 19.7 18.7 18.4 18.7
A$1.11 billion CAPEX & OPEX 15
with IRR of 52% estimates 10 9.5
5.6
5
Mine Schedule Process Route 0
optimisation by-product opportunities 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
High Cash Operating Margin of US$4.27/lb Ni =
downside protection &
outstanding upside opportunity
At US$9.00/lb LOM Ni price, post tax NPV 8
A$1.62 billion with 70% IRR
12 12
