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Why Nickel, Why Auroch?

AUROCH LEVERAGED TO CLASS 1 NICKEL DEMAND

Refined Nickel Supply Capacity & Demand
(By Class of Nickel, Kt Estimate, McKinsey, Sept 2020)
Nickel price is >US$18,000/t

climbing

With current trends,
• Global stainless steel demand projected to increase by Class 1 nickel is expected
5% YOY from 2021 2 to be undersupplied

• Within the broader nickel market, the scarcity of nickel
sulphide deposits is contributing to an even greater
looming shortage of Class 1 nickel which can be used in
batteries

• Electric vehicle disruption: increased uptake on EVs and
improving battery technology requiring more and more Ni

Goldman Sachs has a 12 month price
target for nickel of US$24,000/t 2

2 Goldman Sachs: Metals Watch: A fundamentally mispriced market, 30 August 2021

16 WWW.AUROCHMINERALS.COM