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DOWNSTREAM PRE-FEASIBILITY STUDY HIGHLIGHTS






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                       Ni




                         Nickel



                     43.5ktpa                                                         85.6ktpa                                                       US$451m


            Globally significant refined                                        Production of premium                                         Average annual operating
               annual nickel output                                            NCM811 Precursor for the                                                 cash flow
                                                                                Li-ion battery industry

















                  US$2.01bn                                                     Post-tax IRR of 67%                                         Low Capital Intensity

                                                                                 Superior margins drive                                         US$491m project capital
             Post-tax NPV based on a
                                                                               strong returns on invested                                           paid back in 1.5 yrs
             10 year life-of-operation
                                                                                          capital

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