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Capital Structure & Proposed IPO Terms

IPO

Maximum Subscription
Offer Price $/share 0.20

Shares to be issued m 50.0
Funds raised $m 10.0

Total shares on issue m 104.1
Market capitalisation $m 20.8

Cash (before costs) $m 10.8
Debt $m -
Enterprise value $m 10.0

Unlisted Options 2 m 9.0

Escrowed Shares at IPO 3 % of SOI 48.1%

Note:
1. IPO capital structure is indicative only and remains open to change at the Boards
discretion
30.6%
2. Issue of 5.0m options exercisable at $0.25to Board & Management expiring 4 years
from the date ofissue & 4.0m broker options exercisable at $0.25 expiring 4 years 48.0%
from the date ofissue
3. 50.1m shares subject to 12 to 24 month escrow. Includes Medallion Metals (15.7m
shares), Board & Management (6.5m shares) and existing NickelSearch
shareholders (27.9m shares)
15.1%
6.3%

Existing Shareholder Medallion Metals Board & Management IPO Investors
Ownership Ownership Ownership Ownership 21