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Widgie Nickel – Nickel Sulphide Peer Comparison





        Widgie’s Enterprise Value per Nickel tonne compares favourably with ASX listed peers

             450                                                                                                                                                                   3,000
                         2,756
                                                                                                        395 kt Ni
             400
                                                                                                                                                                                   2,500

             350

                                                                                                                                                                                          Ni)
             300                             1,840                                                                                                                                 2,000
            Metal (kt Ni)  250              210 kt Ni                                                                                                                              1,500  Contained





            Contained   200  196 kt Ni                           1,240               1,192                                  163 kt Ni                                                     EV / Metal t (A$/t



             150                                                                                                                                                                   1,000

                                                                                                         622
             100                                                                                                                                87 kt Ni            94 kt Ni
                                                                                                                                                                                   500
              50                                                 37 kt Ni            39 kt Ni                                193                 167                 161



               0                                                                                                                                                                   0
                          MCR                 PAN                 AOU                 LM8                 POS                 WIN                CNR                 DKM




         * See Slide 30 for JORC Resource and Financial Data used in Peer Comparison Table

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