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In conclusion …

1. This year, Roskill expects supply to rise by 0.5% y-o-y and demand to fall by 5.5% y-o-y as a result of national
lockdowns and impacts to global demand on end-usesectors

2. NPI and nickel sulphate will be the main drivers of primary refined nickel supply in the coming years

3. Move towards higher nickel cathode chemistries in Li-ion batteries to drive near exponential

demand for nickel sulphate

4. Nickel sulphate supply chain to become more integrated over the next 3-5 years, with
third-party processors constrained by feedstock availability