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Future Nickel Demand

Right commodity, right jurisdiction, right time…

Passenger EV Fleet Forecast 1
Australia is a Globally Significant Nickel Producer 60

Australia currently accounts for ~7% of global nickel production1 and for ~21% 50
of known Reserves1 40 Other
EVs (millions) 30
Tier 1 Jurisdiction with leading ESG credentials We are here USA
Europe
The Electric Vehicle Revolution has begun China

EV production and uptake is at the beginning of the “S curve” 20

10
Preferred cathode chemistries are reliant on nickel = demand increase
• Migrating from NMC 111 to NMC 811 (  nickel use /  cobalt use ) 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Nickel sulphides have an economic advantage when producing nickel sulphate
used in battery manufacturing – preferred source material for EVs Reserves 3
Indonesia
Australia
Nickel Use in Future Battery Chemistries 2 Brazil
100% Other countries
Russia
90% Al Philippines
Cuba
Cathode Composition 60% Co United States
80%
70%
China
50%
Canada
Mn
40%
Li
30%
5,000
10,000
0
20%
10% Ni 1 Data sourced from BloombergNEF – Electric Vehicle Outlook 2021 15,000 20,000 25,000
2 Data sourced from BloombergNEF
0% 3 Data sourced from USGS Annual Nickel Publication, 2021 Edition
LCO NMC (111) NMC (532) NMC (622) NMC (811) NCA NCA+
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