NICO RESOURCES LIMITED — AGM Information 2023

Nov 21, 2023

AGM PRESENTATION

DEVELOPING A WORLD CLASS NICKEL COBALT PROJECT

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IMPORTANT NOTICE AND DISCLAIMER

This presentation (Presentation) is dated 22nd of November 2023 and has been prepared by Nico Resources Limited (ABN 80 649 817 425) ( Nico or the Company ). This presentation has been prepared in relation for the Company’s Annual General Meeting to be held on 22[nd] November 2023 at London House, 216 St. Georges Terrace, Perth.

Summary Information

The Presentation is based upon information available to the Company at the date of this Presentation. The Company makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and to the maximum extent permitted by law takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this Presentation. This Presentation contains information of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act . Recipients of this Presentation should conduct their own investigation and perform their own analysis before making any investment decision. All persons should consider seeking appropriate professional advice in reviewing this Presentation and all other information with respect to the Company and evaluating the business, assets and operations of the Company. Neither the provision of this Presentation nor any information contained in this Presentation or subsequently communicated to any person in connection with this Presentation is, or should be taken as, constituting the giving of investment advice to any person. This Presentation is not a prospectus, product disclosure statement, disclosure document or offer document. This presentation has not been approved by or any other regulatory or supervisory authority.

This Presentation contains summary information about the company and its activities which is current as a date of this Presentation. The historical information in this Presentation is, or is based upon, information that has been released to the Australian Securities Exchange ( ASX ). www.asx.com.au. This Presentation should be read in conjunction with the Company’s others periodic and continuous disclosure announcements lodged with the ASX, which are available at

Forward-looking statements and forecasts

This presentation contains “forward-looking statements” and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as “expect”, “anticipate”, “likely”, “intend”, “aim”, “should”, “could”, “may”, “predict”, “plan”, “propose”, ”will”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and any other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the outcome of effects of the Offer and the use of proceeds. All statements other than those of historical facts included in this presentation are forward-looking statements, including projections and estimates of ore reserves and mineral resources. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, exploration, development and operational risks. Any such statements, opinions and estimates in this Presentation speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only and you are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Refer the key risks in this Presentation under the subject heading “Key Risks’ for a non exhaustive summary of certain general and specific risks that may affect the Company. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including the risk factors set out in this Presentation. Investors should consider the forward-looking statements contained in this Presentation in light of those risks and disclosures. The forward-looking statements are based on information available company as at the day of this Presentation. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Investment Risk

There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company including economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimates, metallurgical risk, native title, heritage and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. Any production guidance in this Presentation is subject to risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company. And investment in the Company s subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in this Presentation under the heading “Risk Factors” when making their investment decision.

Financial data

All dollar values are in Australian dollars ($A or AUD) unless otherwise stated. EBITDA is earnings before interest, tax, depreciation and amortisation and is an unaudited non IFRS measure. Abbreviations, terms and acronyms not defined in this presentation have the same meaning as defined in the PFS results released to the ASX on 22 December 2022. The information contained in this Presentation may not necessarily be in statutory format. Amounts totals and change percentages are calculated on the whole numbers and not the rounded numbers presented. Nico confirms that in this investor presentation, all the material assumptions underpinning the production target or the forecast financial information derived from the production target in the PFS release on 22 December 2022 announcement continue to apply and have not materially changed.

Ore reserves, mineral resources and exploration results

This presentation contains references to ore reserve estimates, mineral resource estimates and exploration results, all of which have been extracted from the Company’s replacement prospectus dated 23 November 2021 (“ Prospectus ”) released to ASX on 17 January 2022 and the - Company’s announcement to the ASX on 22[nd] December 2022 “PFS confirms Wingellina as a Tier 1 Nickel Cobalt Project” ( PFS Release ) both of which are available for view at the https://www.nicoresources.com.au/ and the ASX website at https://www2.asx.com.au/markets/trade our-cash-market/historical-announcements using the ASX code ‘NC1’. The Company confirms that it is not aware of any new information or data that materially affects the information included in this Presentation about the Company’s ore reserves, mineral resources and exploration results and that all material assumptions and technical parameters underpinning the ore reserve and mineral resource estimates in the Prospectus and the PFS Release continue to apply and have not materially changed. Nico confirms that in the Presentation, all the material assumptions underpinning the production target or the forecast financial information derived from the production target in the PFS Release continue to apply and have not materially changed.

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COMPANY SUMMARY

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Board and Management Share Price Performance Relative Price Performance
1 2,000
Peter Cook (Non-Executive Chairman)
Ardea Resources Centaurus Metals Sunrise Energy Metals Chalice Mining
Jonathan Shellabear (Managing Director/CEO) 0.9 1,800 Alliance Nickel Nico Resources Nickel Price (USD) Lunnon Metals
1.4
- 0.8 1,600
Rod Corps (Non Executive Director)
1.2
0.7 1,400
Stewart Findlay (Non-Executive Director)
0.6 1,200 1.0
Brett Smith (Non-Executive Director)
0.5 1,000
0.8
Amanda Burgess (Company Secretary)
0.4 800
Fergus Kiley (General Manager Operations) 0.6
0.3 600
Francois Schmid (Processing Manager) 0.2 400 0.4
0.2
Len Glumac (Principal Process Engineer) 0.1 200
0 0 0.0
Hermann Scriba (Principal Process Engineer)
Frank Raschella (Principal Mechanical Engineer)
Lara Jefferson (Head of ESG)
Market Data Shareholders
Matt Jones (Head of Geology)
Share price (A$/share) 0.34
Max Maczurad (Senior Project Geologist)
Shares on issue (million) 109.2 Metals X 8.5%
Kim Pervan (Stakeholder Manager)
Options on Issue (million) 42.8 12.6%
Blackstone Minerals
See Appendices for bios of board and management Market capitalisation (A$m) 37.1 44.9%
Board & Management
Cash (A$m) (30 September, 2023) [1] 9.8
20.6%
Institutional Shareholders
Debt (A$m) Nil
Retail Shareholders
13.4%
Enterprise Value 27.3
12 Month High/Low (A$) 0.92 - 0.30
Volume (000s)
Share Price (A$) Relative Price Performance
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23
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1. As at 30 September (adjusted for net proceeds from rights issue)

A highly experienced, competent and focused team that has a track record of creating value for all shareholders

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EXECUTIVE SUMMARY

• The world needs significant need new supplies of nickel and cobalt for the energy transition currently underway. According to Benchmark, US$75 billion of additional upstream development is required to satisfy expected growth 2030.

• The Wingellina Ni-Co deposit (“Wingellina” or the “Project”) - Australia’s sleeping giant – part of the company’s Central Musgrave Project (“CMP”) is the largest undeveloped Ni-Co deposit by reserves in Australia and one of the world’s largest undeveloped deposits with a total of 1.56 Mt of contained nickel and 123kt of contained cobalt in probable reserves.

• A limonite (goethite), high iron deposit of around 45% Fe203 and 0.93% Ni and 0.07% Co that is ideally suited to processing by High Pressure Acid Leach (“HPAL”) which is now 5[th] Generation technology and widely used globally. Not a clay laterite and not related to the stigma of the troubled HPAL laterites of the Eastern Goldfields in WA in the late 1990’s and early 2000’s.

• The simplest orebody from a mining perspective - massive, all oxide, free dig, very low strip ratio (0.5:1 in first 20 years) and strip ratio of 1:1 over the LOM. The simplest ore from a processing perspective, proved HPAL Recoveries of 92% and 89% for nickel and cobalt respectively with low acid consumption.

• A long-term mega-project based upon the PFS - production of 40ktpa of Ni, 3ktpa of Co for 40+ years or a 20+ year higher grade deposit (scaleable from the grade tonnage curve) at 50ktpa of nickel and 3.6 ktpa of cobalt at a lower cash cost, higher IRR and NPV and shorter payback.

• Project is advancing swiftly to be shovel ready to meet the expected demand:

• Following the PFS, preparatory works are underway prior to DFS commencement in early 2024 with strategic partner(s); - Wingellina Project Agreement (“ILUA”) in place;

• EPA approval in place (currently being renewed under s46 extension);

• A major beneficiary of new infrastructure development in the NT and WA (eg sealing of Outback Way at a cost of $1.2 billion by the Federal, State and Territory Governments).

• Significant potential to extend size and life - massive endowment potential in the underexplored Giles ultramafic Complex within the Musgrave Belt. Development of Wingellina and BHP’s West Musgrave Project (120 kilometres to the west and currently under construction) will open up other regional development opportunities with further exploration.

• A massive option on the nickel price trading at a fraction of its inherent/latent value on any measure. Comparable listed companies (nickel developers/explorers in Australia and internationally) are trading at multiples of Nico’s implied value per pound of in-situ recoverable reserves or resources.

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• A world-class nickel/cobalt project with considerable latent value which is yet to be realized and well positioned to take full advantage of the expected growth in demand

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• NICKEL SUPPLY CHAIN - SULPHIDES AND LATERITES

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Sulphide Pyrometallurgical Flow Sheet Sulphide Hydromet Laterite Flow Sheet Legend
Flow Sheet
Sulphide ores typically
occur as economically Sulphide Ore | Ni-Cu-Co-PGE Limonite Ore | Ni-Co-Mn Saprolite Ore | Ni-Co-Mn Ore sources
viable in-situ grades POX
of between 1-5% Ni Traditional mining techniques
and are processed to
Mining
produce a 5-20% Ni Mining Mining Pyrometallurgical techniques
concentrate by
Neutralization energy intensive (smelting)
crushing, grinding Acid Plant
and flotation. Crushing & Grinding & CCD
Screening Screening
and GHG emissions
Froth flotation
Sulphuric acid Nickel Products
Steam Co- HPAL Calcination Calcination
generation
Nickel Concentrate
Concentrates are
roasted or smelted to Around 10% of global
Typically, NPI is made from low-grade
Roasting Ni production is from Neutralization & CCD Electric Furnace Electric Furnace
produce a Ni Matte
saprolites, transitional material and
HPAL
(around 30%-70%.
Flash Furnace high-grade limonites (eg Indonesia) and
Smelting is an energy
is energy intensive with high GHG
intensive and emissions
Electric Furnace emissions. NPI contains around 3-10%
heavy process. NPl
Refining Ni and is used exclusively for stainless
steel.
Mixed Hydroxide Mixed Sulphide
Precipitation Precipitation NPI from China or Fe-Ni is made from mid-grade to high-
Converting
Indonesia accounts for grade saprolites (eg Cerro Matoso and
-
nearly 50% of total Ferro Nickel Koniambo) and contains between 15 –
Matte Re-leaching Re-leaching global Ni production 40% Ni. Like NPI it is also used
of which limonite ores exclusively for stainless steel.
Fe-Ni accounts for
supply around 30%
Briquettes & around 15% of total
Hydrometallurgical Leach Powders global Ni production
Solvent Extraction Solvent Extraction
processing is used to
refine nickel matte
to produce 99.8% Ni
Leach
Solvent Extraction
products such as
Hydrogen
powders and Electrowinning
Reduction
briquettes Solvent
Electrowinning Extraction
Nickel
Limonite's typically have an in-site grade of
Sulphates
0.7-1.5% Ni with cobalt and manganese co-
product association. They are treated via
Less than 25% of
hydrometallurgical processes to form either
global Ni production is The refined briquettes or Dissolution
Mixed Hydroxide Precipitants (MHP) or Mixed
powders are dissolved and
from sulphide sources Crystallization Sulphide Precipitants (MSP). Traditionally MHP
combined with other sulphates
and MSP were feedstocks for the stainless steel
such as cobalt and manganese
industry but the recent evolution of the EV
to produce precursor cathode
active material (PCAM) PCAM market has seen the development of the NMC
lithium-ion battery.
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Legend Ore sources Traditional mining techniques

Pyrometallurgical techniques energy intensive (smelting) Hydrometallurgical techniques reduced energy consumption and GHG emissions Nickel Products

Limonite derived intermediate products are an optimal raw feedstock for downstream users with their natural metal assemblage requirements and low conversion costs to sulphate

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NICKEL MARKET DEVELOPMENTS

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• The nickel price (in USD terms) has fallen by approximately 46% from the beginning of 2023. Nothwithstanding the encouraging long term growth outlook, the nickel market is expected to be in surplus until 2027 principally as a result of the significant recent and expected increases in production from Indonesian projects.

• Based on current prices, it is estimated that around a third of the industry is cash flow negative. As an example, BHP’s NiWest and Inco’s Canadian operations have breakeven cash costs above US$20,000/tonne and most Indonesian FeNi producers and many NPI producers have also moved into cash deficits at the current prices.

• If the nickel price falls to around US$16,000/tonne it is likely a further one third of the industry will become cash flow negative, suggesting support for prices at or around the current level.

• The Inflation Reduction Act (“IRA”) introduced in August 2022 to strengthen US supply chains for critical minerals (including nickel) provided significant tax incentives and credits. Tax incentives are available if product is sourced from compliant countries (ie those that have a FTA with the US which Indonesia does not) and do not contain any material “extracted, processed or recycled” from a Foreign Entity of Concern (“FEOC”).

Source: Macquarie Bank

• On November 13, the US and Indonesia committed to establish a minerals-based FTA. Ford, GM, Stellantis and Tesla could potentially access IRA tax credits based on Indonesian nickel production although the timetable and likelihood of completion is highly uncertain.

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• The Indonesian nickel industry is dominated by Chinese investment and equity ownership. The definition of FEOC (in the CHIPS and Science Act, August 2022) includes any entity with at least 25% ownership by a FEOC. If consistency was applied it would suggest that a very small amount of Indonesian nickel production would therefore be IRA compliant.

• Ostensibly, if batteries assembled in the US use nickel extracted in Australia but processed in China, that nickel would be considered processed by an FEOC, disqualifying EV’s that use those batteries from both the critical-minerals tax credit and the battery-components tax credit.

• Australia’s competitive advantages are limited and diminishing.

• If Australia wants to participate in a meaningful way in the energy transition (and to mitigate global supply risks), by providing Australian-produced minerals and continued investment and development in the industry (including downstream opportunities), the Government needs to work closely with the industry to develop a cogent industry policy that focuses on both the downstream and upstream of the minerals value chain.

Source: Macquarie Bank

Are offtakers prepared to pay more for nickel (and other metals) sourced from countries with stringent ESG practices and strong labor and human rights standards or do they just game the system?

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WINGELLINA PROJECT HISTORY

• The first deposits of nickel oxides in the Musgrave Block were discovered in the Mt. Davies area by South Australian Government geologists in 1954. International Nickel Company (“Inco”) identified that the regional geology was similar to the Sudbury deposit in Canada and, following the discovery of Wingellina in 1956, commenced exploration in 1957.

• The first hole drilled at Wingellina interested 87 metres at 1.39% (combined Ni and Co) and finished in mineralisation. Inco completed 97,585 metres of drilling (2,943 holes) over the ensuing 18 years. Exploration also included vertical shafts and cross-drive development, airborne magnetics and ground electromagnetics and gravity surveys.

• In 1966 and 1969, a total of 1,342 tonnes of ore was sent to Canada for pilot plant scale metallurgical test work. Testing utilized several possible extraction methods and concluded that good nickel extractions could be achieved using the Caron Process (an ammonia leach which is used at the Yabulu refinery in Qld).

• Following the proclamation of an Aboriginal Reserve in 1975 exploration activities ceased and the exploration camp was occupied by the local aboriginal people, and gradually grew into the settlement of Wingellina.

• Exploration activities did not recommence until 2001 when Hinckley Range Pty Ltd, at that time a subsidiary of Acclaim Exploration, entered into an access agreement with the local aboriginal owners. Since that time over 65,000 metres of RC and diamond drilling has been completed and comprehensive benchscale metallurgical test work, geotechnical diamond drilling, extensive flora and fauna studies, site engineering testing and logistics investigations have been undertaken.

• In 2006 Metals X Limited (“Metals X”) acquired the Project and in 2008 completed a PFS which concluded that the Project was economically robust. The Wingellina Project Agreement was signed in 2011 (and registered as an ILUA in 2011) with the Ngaanyatjarra Land Council. EPA approval was granted in September 2016.

• 2022 Nico was de-merged from Metals X and commenced trading on the ASX in January 2022.

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Inaccessible for many years but now progressing toward development with the alignment of all stakeholders

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WINGELLINA PROJECT SUMMARY

• The Project, part of Nico’s CMP, is located in Western Australia and is owned 100% by the Company’s wholly owned subsidiary Hinckley Range Pty Ltd.

• The Project is on an Exploration Lease (EL 69/535) within Aboriginal Reserve 17614 and ownership of the Project is governed by an aboriginal reserve leased for 99 years to the Ngaanyatjarra Land Council and on granted Native Title Land. Nico holds land access agreements to the Project (Wingellina Project Agreement, July 2010) which facilitates a process for the grant of a Mining Lease, subject to State Regulatory Approvals and compensation payments.

• The Project area is adjacent to the Gunbarrel Highway, southwest of Surveyor Generals Corner, the junction between WA, NT and SA. Access to site is by road through Western Australia via Warburton, using the currently unsealed Gunbarrel Highway or alternatively from the Lasseter Highway (Outback Way) via Ayers Rock in the Northern Territory.

• The Project has an Ore Reserve of approximately 1.56Mt of contained nickel and 122.6kt of contained cobalt and is one of the largest nickeliferous ‘pure oxide’ limonite deposits in the world and is the largest undeveloped oxide-type nickel-cobalt project in Australia.

• A PFS was completed in December 2022 which was based on the development of a large, conventional open-cut operation at a throughput rate of 4.3Mtpa to produce around 40ktpa of nickel and 3ktpa of cobalt in concentrate for a minimum of 42 years.

• The mineralogy of the Project’s ore is a major strength as, unlike most Australian nickel laterite projects, has characteristics that are well suited to High-Pressure Acid Leach (HPAL), with high iron and low magnesium grades and minimal clay content (which improves handling and reduces acid consumption).

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Location is no longer an impediment to development due to significant improvements in infrastructure including transport and power

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NICKEL LATERITE DEPOSIT STYLES

WA Goldfields Laterite 2 to 10 metres Ferricrete Limonite Smectite Clays Saprolite Bedrock	WA Goldfields Laterite 2 to 10 metres Ferricrete Limonite Smectite Clays Saprolite Bedrock	WA Goldfields Laterite 2 to 10 metres Ferricrete Limonite Smectite Clays Saprolite Bedrock	WA Goldfields Laterite 2 to 10 metres Ferricrete Limonite Smectite Clays Saprolite Bedrock	Coral Triangle Laterite Ni(%) Mg (%) Fe2O3(%) 0.6-1.4 1.0-2.0 35 - 45 Ni(%) Mg (%) Fe2O3 (%) 0.6-1.4 12.0 9.0 Ni(%) Mg (%) Fe2O3 (%) 1.2 3.5 18.0	Wingellina Laterite 60 to 100 metres Ni(%) Mg (%) Fe2O3(%) 1.0-1.7 1.0-4.0 45 Ni(%) Mg (%) Fe2O3 (%) 1.0-3.0 10.0-30.0 10.0-25.0 High grade Ni-Co Mn nodules
		Ferricrete		Ni(%) Mg (%) Fe2O3(%) 0.6-1.4 1.0-2.0 35 - 45 Ni(%) Mg (%) Fe2O3 (%) 0.6-1.4 12.0 9.0 Ni(%) Mg (%) Fe2O3 (%) 1.2 3.5 18.0
		Limonite Smectite Clays Saprolite
						Ni(%)	Mg (%)	Fe2O3(%)
						0.8-1.5	1.0-2.0	45
		Bedrock

Three main categories of laterite deposits are based on the dominant mineralogy and show a wide range of variations in both weathering profiles and chemistry.

Clay laterites develop in less severe conditions of weathering and silica is not leached and forms a zone where smectitic clays (nontronite) predominate in the upper part of the profile along with chalcedonic nodules (eg Murrin Murrin and Bulong).

Oxide laterites comprise Fe oxides and hydroxides in the upper part of the profile (eg Moa Bay and Wingellina) sometimes with abundant free chalcedonic silica (eg Ravensthorpe, a silica-oxide laterite). The lack of aluminium in the dunite precursor at Wingellina precluded the pervasive

Silicate laterites generally develop where there is tectonic uplift and weathering results in the the upper part of the profile (eg Moa Bay and development of a thick saprolite zone. Wingellina) sometimes with abundant free Hydrated Ni-Mg silicates occur deeper in the chalcedonic silica (eg Ravensthorpe, a silica-oxide profile which may be overlain by oxide laterites laterite). The lack of aluminium in the dunite (eg New Caledonia, Indonesia and Philippines) precursor at Wingellina precluded the pervasive development of secondary smectitic clays.

Wingellina is a quality iron oxide orebody with an extremely favourable combination of geological, mineralogical and mining factors

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• WINGELLINA NICKEL- COBALT MINERALISATION

• The Wingellina nickel-cobalt oxide resource comprises two main zones which contain several semi-linear north-westerly striking zones of limonitic and lesser saprolitic (elevated Mg) styles of mineralisation.

• The nickel mineralisation was produced by deep weathering, facilitated by shearing, of olivine-rich ultramafic units (predominately dunites) which originally contained background values of about 0.1% to 0.3% Ni. The almost complete removal of MgO and SiO2 by downward-percolating ground waters during weathering resulted in extreme volume reductions and consequential significant upgrading of nickel, cobalt, Fe2O3 and Al2O3.

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Simplified Cross-Section (12,680N) through typical Wingellina mineralisation

Block model schematic of Wingellina orebody

Wingellina is a quality iron oxide orebody dominated by limonite (goethite) not saprolite

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INVESTMENT HIGHLIGHTS

• The Project is located in Western Australia, which is a premier global destination for mining investment.

• Executed Mining and Infrastructure Agreement (Wingellina Project Agreement);

• Granted EPA approval – signed Ministerial Statement No. 1034 (s46 extension pending);

• .

• A sustainable and ethical supply of materials for end users are key requirements to facilitate project development

• Wingellina is a world class, globally significant project with forecast production of around 40,000 tpa of contained nickel and 3,000 tpa contained of cobalt as outlined in the PFS (refer to ASX announcement released 22 December 2022). The PFS showed a robust economic project characterised by:

• A minimum mine life of 40 years;

• Competitive production costs; and

• High operating margins.

• A proven and mature HPAL processing route to produce around 100,000 tpa of an intermediate product Mixed Hydroxide Precipitate (MHP), to supply into the growing lithium-ion battery market.

• Located in the upper 1[st] to lower 2[nd] quartile of the global nickel cost curve due to its large-scale open pit mining with a very low strip ratio, high grade nickel and cobalt ore, low acid consumption resulting in good leaching kinetics and low energy costs.

• C1 cash cost of US$4.23/lb nickel (before cobalt by-product credits) and US$1.87/lb (after cobalt by-product credits);

• ASIC of US$4.61/lb (before cobalt credits) and US$2.74/lb (after cobalt credits);

• Sulphur delivered to site is a major operating cost (around 25%-30% of Opex).

• Capital cost estimate - $2.9 billion (includes A$0.5bn contingency) in December 2022 PFS

• NPV of A$3.34 billion (forecast prices at US$21,472/t Nickel and US$49,686/t Cobalt and 0.67 exchange rate) and A$6.54 billion (at US$30,000/t)

• Recent infrastructure advancements including upgrade of transport links (road and rail including the upgrading and sealing of the Outback Way at a cost of $1.2 billion), transport logistics, power options (including renewables), advances in HPAL technology (5[th] Generation), identification of water resources and other process inputs (calcrete) have significantly improved the Project’s economics and path to development.

• Optimisation of the mine plan, processing and other project parameters will add significant value to project.

• Significant endowment potential in the Musgrave Block which is relatively unexplored provide the potential to underwrite any future project expansion or additional developments in the region.

• A near term significant development opportunity that has robust economics with numerous value-accretive opportunities without the impediments that have precluded the path to development in the past

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MINING SUMMARY

• Out cropping orebody – no pre-strip required.

• 0.5:1 strip ratio for first 20 years or 1.1:1 strip ratio over the LOM.

• Orebody is free digging for LOM with minimal blasting required (ore has an SG of 1.1).

• Mine plan resulting in >1% NiEq for the first 20 years and further optimisation will significantly improve upfront project cashflows.

• Option for crush and conveyor over truck and shovel will be investigated during the DFS.

High Grade Starter Pits

Pit	Tonnes (MT)	%Ni	%Co	NiEq	NiT (Kt)	CoT (Kt)
1	4.47	1.32	0.09	1.52	59.0	4.2
2	3.67	1.14	0.09	1.33	42.0	3.1
3	2.65	1.17	0.11	1.41	31.0	3.0
4	2.26	1.17	0.11	1.42	26.5	2.5
5	2.79	1.01	0.07	1.17	28.3	2.0
6	1.96	1.14	0.09	1.34	22.4	1.8
7	1.87	1.20	0.09	1.40	22.6	1.7
8	1.47	1.10	0.10	1.32	16.2	1.5
9	2.09	1.08	0.06	1.22	22.7	1.3
10	1.53	0.97	0.07	1.13	14.8	1.1
11	0.20	1.62	0.08	1.79	3.2	0.2
12	0.86	1.07	0.09	1.26	9.2	0.8
13	1.07	1.07	0.08	1.24	11.4	0.8
14	0.85	1.02	0.09	1.22	8.7	0.8
15	0.69	1.25	0.07	1.40	8.6	0.5
Total Pits	28.4	1.15	0.09	1.34	326.7	25.2
Resource	182.6	0.92	0.07	1.07	1679.9	127.8

Assumptions for nickel equivalent results are derived from the JORC Table 1 presented in the 2022 PFS announcement (See Nico Announcement 22/12/22). The assumptions and recoveries are as follows:

Prices (in USD) $20,000/t Ni, $45,000/t Co. Recovery assumptions: 92% Ni, 89% Co NiEq% = Ni% + ((Co% * (89%Co recovery/ 92%Ni recovery)) * ($45,000/t Co/$20,000/t Ni)).

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Wingellina 2022 RC Drill hole Collar locations with proposed high-grade starter pits

Simple truck and shovel operation with minimal overburden, minimal drill and blast and a very low strip ratio

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MINING SUMMARY

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An infill drilling programme in 2022 confirmed the continuity within the identified high-grade nickel and cobalt domains and provides confidence of additional resources at depth – a revised resource for Wingellina is currently underway

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PROCESSING SUMMARY

• Project to utilise simplified and proven HPAL technology (now 5[th] Generation) to reduce execution risk.

• Project supported by onsite acid plant for the creation of sulphuric acid with an energy by-product.

• PFS was focussed of the production of MHP – the preferred midstream offtake product for the LIB industry.

• The processing plant is planned to be located approximately 500m east of and central to the overall strike of the ore body.

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• ROM ores are planned to be crushed, ground to 100% passing 500 µm and then subjected to HPAL.

• Following HPAL, the discharged slurry is neutralised in two stages using locally sourced calcrete (Lewis Calcrete) in order to remove impurities.

• A nickel–cobalt hydroxide is then precipitated in two stages from the purified solution. Ni recovery of 92% and cobalt recovery of 89%.

• The Tailings Storage Facility (TSF) is located approximately 500m to the northeast of the processing plant.

The orebody’s mineralogy is a major strength as it is highly amenable to High Pressure Acid Leaching with low acid consumption

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GLOBAL COST CURVE POSITION

• Wingellina is anticipated to be situated in the upper 1[st] quartile to lower 2[nd] quartile on the global cost curve (C1 costs). C1 cash cost of US$1.87/lb (including cobalt credits) or US$4.23/lb (excluding cobalt credits) and AISC of US$2.74/lb (including cobalt credits) or US$4.61 excluding cobalt credits.

• Wingellina is expected to be globally competitive due to its large-scale free dig open pit mining, low strip ratio, high nickel and cobalt concentration ore, low sulphur consumption per pound of nickel (compared to other deposits) and low energy costs.

• 95% renewable power generation from solar, wind and battery storage reduces costs and enhances ESG performance.

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Forecast Global C1 cost curve (2028)
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• A near term significant development opportunity with a very competitive cost position and opportunities for additional value enhancement

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SUPPORTING INFRASTRUCTURE

• Water supply of 12.4GL/yr (1,200 cubic metres/hour) required sourced from the Cobb Embayment (Canning Basin). The Officer Basin is also another option (albeit further away and of lower quality) as the extension of the Mann Fault into South Australia to provide a source of construction water.

• The water quality is an advantage from the Cobb Embayment as it is low in total dissolved salts (tds) at around 2,000 (mg/L) which provides processing advantages.

• Transport logistics – east route via Great Central Road to Brewer Estate (near Alice Springs) rail sidings, followed by rail to Darwin is preferred but will continue to review other options through the west to the port of Geraldton for both development and operational phases. The Project is located 1,800 kilometres by road from Geraldton and 2,300 kilometres from Darwin (of which 1,420 kilometres is rail).

• Federal, State and Territory Governments have committed expenditure of A$1.2 billion to upgrade the “Outback Way” to a sealed road. The upgrading of the road in the NT is anticipated to be completed by 2027.

• Fly-in-Fly-out operation supported by Wingellina airstrip (upgraded) and on-site accommodation camp with around 400 permanent rooms.

• Power around 50MW, supplied by co-generation and renewable energy - low carbon dioxide footprint. Some LNG (with diesel back-up) will be required to provide thermal base load power. Currently reviewing LNG virtual pipeline options to site.

• Local sources of calcrete (Lewis Calcrete >40mt) over the life of mine, a key Project input (c. 1.5mtpa), significantly reduces operating costs.

• Significant work is being undertaken to finalise all options relating to logistics and infrastructure and further enhance project economics.

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• The proposed power solution will assist the Company deliver a project of the highest environmental credentials in a cost effective manner

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• GOVERNMENT & STAKEHOLDER ENGAGEMENT

Traditional Owners

• In July 2010, Hinckley Range, a subsidiary of Nico, signed a landmark mining agreement with the Traditional Owners and the granted Native Title holders of the Project.

• The agreement was the first to be successfully negotiated on the Ngaanyatjarra Lands ( Lands ) and the Aboriginal Reserve and provides consent for the grant of a mining lease and subsequent mining operations at the Project.

• The Ngaanyatjarra Council has advised that the agreement does not preclude economic development on the Lands including mining.

• Continual engagement with Traditional Custodians, including the Pitjantjatjara, Ngatatjara and Nakako peoples. We recognise the importance of continued protection and preservation of cultural, spiritual and educational practices and we will strive to develop the under supported local communities with engagement, infrastructure development and employment opportunities.

Federal Government

• Awareness and understanding with key political and departmental stakeholders that will assist and support any final permitting and regulatory approvals.

• State and Territory Governments

• To grow and leverage existing support from the State and Territory Governments to facilitate major project status (application has been made for Lead Agency Status in WA) and expedite applications.

• To continue to develop the support from the Department of Planning and Infrastructure ( DPI ) (NT) and the Department of Primary Industries and Regional Development ( DPIRD ) (WA).

Local Government

• Identify LGA’s from mine to port that have an influence on project development and develop their awareness, understanding and their demonstrable support for works applications, Road User Support Agreements and advocacy actions and other key matters.

NGO

• Identify, engage and consult with key NGO stakeholders who may influence project development.

• Overall Strategy

• Develop and maintain Nico’s credentials, integrity and reputation with Government and all key stakeholders.

There is an alignment of interests between all major stakeholders - strong community relations and environmental and heritage sensitivity are key factors in the Company’s ability to develop the Project

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ENDOWMENT POTENTIAL

• The Musgrave Block covers an area of approximately 120 000 km[2] , straddling the border between South Australia, the Northern Territory and Western Australia.

• The Giles Complex within the Musgrave Block formed by voluminous magmatism which was triggered during the 1090–1040 Ma Giles Event with the evolution of the Ngaanyatjarra Rift. This event produced more than 50 million years of almost continuous, mantlederived bimodal magmatism.

• The Giles Complex comprises peridotites, pyroxenites and gabbronorites and collectively form one of the world’s largest layered suites of mafic to ultramafic intrusions. Nico controls 1,469 km[2] of exploration tenements in the prospective Giles Complex.

• These intrusions are highly prospective for magmatic nickel-copperPGE’s (BHP’s WMP - Nebo and Babel) secondary nickel-cobalt (Wingellina) and vanadium-titanium bearing magnetites associated with the most fractionated intrusions.

• 33Mt inferred resource at Claude Hills (located in South Australia) open in all directions. Only 25% of the contact zone has been explored to date with significant potential for further discoveries.

• Beadell intercept of 21 metres @ 1.34% NiEq to the north of the Wingellina orebody.

• Pt+Pd result of 9 metres at 1.1 g/t requires follow up.

• Leverage existing and future Wingellina infrastructure to develop belt

scale potential.

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The Musgrave Block is significantly underexplored and there is tremendous potential for additional discoveries - development in the region will open up other opportunities

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PROJECT DELIVERY TIMELINE

Next Steps

• Preparatory work has commenced for commencement of the DFS.

• Continue advancing ancillary permits outstanding for the Project development:

• Anthropological studies (Cobb Embayment and Mann Fault water) ;

• Archaeological studies (Cobb Embayment, Mann Fault, Lewis calcrete and Giles – Mulga Park road);

• EPA s.46 Approval (Extension to existing EPA approval).

• Continue logistics and infrastructure studies. Continue refining power options and investigations to update aquifer modelling including a passive seismic survey and the drilling of additional water bores at the Cobb Embayment aquifer.

• Additional bench scale metallurgical testwork prior to the finalisation and commencement of a continuous piloting campaign in January 2024 to produce MHP and confirm the robust project flowsheet design.

• Lewis calcrete resource delineation and testing including testing for on-site production of quicklime used in the HPAL process.

• Update resource model following 2022 drilling campaign and completion of geometallurgical model and mining models (including scheduling).

• Continue discussions and engagement with all stakeholders including traditional owners, government agencies and other parties.

• Progress strategic partnering process with completion anticipated before year end.

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Following the PFS, further definition of various development options is underway before the formal commencement of a DFS in early 2024 alongside a strategic partner(s)

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APPENDIX

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• PFS KEY CONSULTANTS AND CONTRIBUTORS

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PFS ECONOMIC HIGHLIGHTS

Robust financial and investment metrics for both Base Case and Spot Case

Base Case Spot (at the time of PFS release)	Base Case Spot (at the time of PFS release)	Base Case Spot (at the time of PFS release)
Assumptions
**Nickel price1 **	WoodMac / S&P MI (Blend) US$21,472/t	US$30,000/t
Cobalt price1	WoodMac / S&P MI (Blend) US$49,686/t	US$50,995/t
Exchange Rate	Forward Curve (Bloomberg) AUD:USD 0.67	Forward Curve (Bloomberg) AUD:USD 0.67
Discount Rate	8% real, post tax	8% real, post tax
Financial Metrics
Post-tax NPV8 (real, ungeared)2	A$3.34bn	A$6.54bn
Post-tax IRR (real, ungeared)2	18.02%	25.86%
Payback period (from start of production)	4.9 years	3.5 years

1. Real, 2022$ forecasts. Nominal prices de-escalated to real terms

2. 8% real (post-tax) discount rate equates to ~11% nominal (post-tax)

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WINGELLINA OPEX & CAPEX SUMMARY

• Low operating costs producing strong cash operating margin and payback of capital within 4 to 5 years

Area Description1 AUD/t USD/t USD/lb	Area Description1 AUD/t USD/t USD/lb	Area Description1 AUD/t USD/t USD/lb	Area Description1 AUD/t USD/t USD/lb
Mining	632.4	423.7	0.19
Process Plant	8,369.7	5,607.7	2.54
Maintenance	1,594.9	1,068.6	0.48
Site engineering/ services	34.7	23.2	0.01
Transport	1,115.7	747.5	0.34
Tailings	18.1	12.1	0.01
Environmental	49.9	33.4	0.02
General & administrative (G&A)	312.1	209.1	0.09
Off-site water infrastructure	65.2	43.7	0.02
Off-site road infrastructure	24.6	16.5	0.01
Royalties	1,715.2	1,149.2	0.52
Total Operating Costs	13,932.5	9,334.8	4.23

Processing Plant	$812.98	$544.70
Tailings	$72.78	$48.76
Process Packages	$413.98	$277.36
Water, Services & Utilities	$151.88	$101.76
Process Plant Infrastructure	$154.32	$103.40
General Infrastructure	$139.60	$93.54
Construction, Services, Support	$86.53	$57.98
Off-site water infrastructure	$161.95	$108.51
Off-site road infrastructure	$74.37	$49.83
Indirect Costs	$317.98	$213.05
Growth Allowance and Contingency	$518.52	$347.41
Total Capital Cost	$2,904.90	$1,946.28

1. 10 year average operating costs based on contained nickel tonnes

1. AUD:USD exchange rate of 0.67

Note: Excludes cobalt credits

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CENTRAL MUSGRAVE PROJECT RESOURCES AND RESERVES
0.5% Ni cut-off grade Classification
Tonnes Grade Metal (t)
Win ellina
g
Measured 37,600,000 0.98 368,000
Indicated 130,900,000 0.91 1,193,000
Nickel
Inferred 14,100,000 0.87 122,000
Total 182,600,000 0.92 1,684,000
Measured 37,600,000 0.075 28,000
Indicated 130,900,000 0.072 94,600
Cobalt
Inferred 14,100,000 0.065 9,100
Total 182,600,000 0.07 131,700
Measured 37,600,000 45.94 17,260,000
Indicated 130,900,000 45.55 59,611,000
Fe O
2 3 Inferred 14,100,000 41.25 5,8321000
Total 182,600,000 45.30 82,701,000
Claude Hills 2010
Measured - - -
- - -
Indicated
Nickel
Inferred 33,000,000 0.81 270,000
Total 33,000,000 0.81 270,000
- - -
Measured
- - -
Indicated
Cobalt
Inferred 33,000,000 0.07 22,700
Total 33,000,000 0.07 22,700
Total Central Musgrave Project
Nickel Total 215,600,000 0.91 1,954,000
Cobalt Total 215,600,000 0.07 154,400
Ore Reserve Nickel Cobalt
Project Ore Mt
category Grade (% Ni) Nickel (kt Ni) Grade (% Co) Cobalt (kt Co)
- - - - -
Proven
Wingellina Probable 168.4 0.93% 1,561 0.07% 122.6
Total 168.4 0.93% 1,561 0.07% 122.6
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COMPANY DIRECTORS

Peter Cook Jonathan Shellabear Roderick Corps Stewart Findlay Brett Smith BSc (Geology), MSc (Mineral Economics) BSc (Hons) (Geology), MBA, FAusIMM B.Comm B.Chem Eng, MBA, M Res Methodology Non-Executive Chairman Managing Director and Chief Executive Non-Executive Director Non-Executive Director Non-Executive Director Officer Peter Cook is a geologist and mineral Jonathan Shellabear is a geologist and former Rod Corps has been involved in the finance Stewart Findlay has over 25 years of in-depth Brett Smith has participated in the development economist with over 35 years’ experience in mining industry investment banker who has industry for 30 years, having worked as a banking and financial markets experience in of a number of mining and mineral processing the field of exploration, project, operational over 30 years’ experience in the Australian stockbroker for Porter Western Ltd (now arranging project finance, senior secured debt projects including coal, iron ore, base and and corporate management of mining and International mining industry. Jonathan is Macquarie Group), Morgan Stanley and JP and corporate finance facilities, equity precious metals. He has also managed companies. Peter is a highly successful and a respected and experienced mining industry Morgan in the United Kingdom. investments, commodity hedging engineering and construction companies in accomplished mining industry executive with professional that provides financial, arrangements and providing corporate advice Australia and internationally. a long history in executive management roles operational and strategic leadership with an Mr Corps has been a director of Eternal to a large number of resources companies, and more recently in various governance roles absolute focus on shareholder returns. Resources Ltd (acquired by Aziana Ltd – now having previously held senior positions in the Brett has served on the boards of private mining as Chairman of the Board. He was a joint Brainchip Holdings Ltd) and Voyager Global metals and mining divisions of Macquarie and exploration companies and has over 32 founder of Metals X Limited, which owned the Jonathan has held senior investment banking Ltd (now Cycliq Group). From 2013 to 2021 Bank and National Australia Bank. Mr Findlay years’ international experience in the Wingellina nickel/cobalt project and has an positions with Resource Finance Corporation, Rod was the corporate & investor relations is currently a Non-Executive Director of the engineering, construction and mineral intimate knowledge of the project. Deutsche Bank and NM Rothschild & Sons manager for Westgold Resources Ltd. ASX-listed gold company, West African processing businesses. Brett is an Executive where he was involved in many major Resources and an Executive Director of Director of Metals X Limited, Executive Director Peter commenced his career with Western transactions in the mining industry over his He is currently a non-executive director of unlisted Polyline Pipe Systems Ltd. and Deputy Chairman of Hong Kong listed Mining Corporation as a nickel and gold career in many different jurisdictions Marketech Limited. company APAC Resources Limited, Executive geologist and has since held roles with including North and South America, Europe, Mr Findlay holds a Bachelor of Commerce Director of Hong Kong listed company Dragon Pancontinental Mining, Australian Mine Africa and Asia. Jonathan’s senior corporate (Accounting and Finance) from the University Mining Limited and a Non-Executive director of Management, Hill 50 Gold (Managing roles in the industry include Dominion Mining of New South Wales and is a Member of the ASX listed companies Prodigy Gold NL and Director), Harmony Gold Australia (Managing Ltd (Managing Director and Chief Executive Australian Institute of Company Directors. Tanami Gold NL. Director), Abelle (Managing Director) and Officer) which merged with Kingsgate Metals X, where he was Managing Director Consolidated to form, at that time, Australia’s during which time the company acquired and second largest gold company by market advanced the Wingellina Project to its initial capitalization; Heron Resources Ltd pre-feasibility stage. Peter then became the (Managing Director and Chief Executive Managing Director of Westgold Resources Officer) which owned the Kalgoorlie after the de-merger from Metals X and then nickel/cobalt project and Portman Limited subsequently the Non-Executive Chairman (General Manager, Business Development) until 2022. which owned and operated the Koolyanobbing and Cockatoo Iron Ore mines. Over his distinguished career he has been More recently he was a Non-Executive recognised by industry, being awarded the Director and subsequently Chief Financial GMJ Mining Executive of the Year in 2001, the Officer of Capricorn Metals Ltd where he was Asia- Mining Executive of the Year in 2015 involved in the advancement of the (Mines & Money), the Mining News CEO of Karlawinda gold project from scoping study the year in 2017 and received the Gavin to pre-construction status following the Thomas Mining Award in 2019. He is currently completion of a feasibility study and the Non-Executive Chairman of Breaker arrangement of debt funding for the project. Resources NL, Titan Minerals Ltd and Castile Resources Ltd.

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SENIOR COMPANY MANAGEMENT

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Amanda Burgess Fergus Kiley Francois Schmid Dr. Lara Jefferson Len Glumac
BEcon, CPA BSc, Geology (Hons) BEng (Hons) (Chemical) BSc (Hons), MBA, PhD, GAICD B. Eng (Chemical)
Company Secretary General Manager - Operations Head of Process Engineering Head of ESG Principal Process Engineer
Ms Burgess is an accounting and company Mr Kiley is a cross-disciplinary skilled Mr Schmid is a chemical engineer with over 25 Dr Lara Jefferson has over 30 years' experience Mr Glumac has a chemical engineering degree
secretary professional with over 30 years’ extractive industries professional with a years of international experience gained from working in a variety of environmental roles. Dr with over 35 years’ experience in the mining
experience. foundation grounded in geosciences. operational and management roles in a variety Jefferson’s broad experience as a scientist, and metals industry. His experience covers a
of mining and chemical refinery projects consultant and executive has enabled her to range of commodities including nickel,
Amanda graduated from University of WA
With a career spanning over 12 years’ worldwide. resolve complex issues while conducting alumina, lithium, and lead/zinc.
with a Bachelor of Economics degree and is a
experience across the entire project He has delivered multi-billion dollar projects
thorough stakeholder consultation (with
member of CPA Australia (CPA). Over his career, Mr Schmid has held various
development chain, Mr Kiley commenced his for major mining companies from feasibility
commendations by environment and social
senior roles with major organisations such as
career as a geologist with major miner study stage through to construction and
due diligence experts) to successfully obtain
First Quantum, Tianqi, Albemarle, Suez,
Newmont before transitioning to various small commissioning. He has held leadership roles in
Environmental Permits for iron ore, gold, and
Sherritt and Rio Tinto with exposure to a
and mid-tier exploration and production engineering companies such as AECOM, SNC-
rare earths projects. Dr Jefferson has
companies. Having a wide exposure to various variety of commodities such as nickel, alumina, Lavalin, Bechtel, Calibre and Kaiser.
also advised Boards on ESG strategy, risks and
commodities and geological systems coupled lithium and gold. With a demonstrated track Len has also lead site engineering projects
opportunities (e.g., climate change, diversity
with jurisdictional diversification has imparted record in project design, operation readiness within mineral processing operations
and inclusivity, biodiversity, human rights, and
Mr Kiley with a substantive platform of & plant ramp-up, commissioning and full- including Ambatovy (Sumitomo), Gove (Rio-
cybersecurity). Dr Jefferson has created a
experience. scale operation Francois has a deep Tinto Alcan) and MacArthur River (Glencore).
climate change framework aligned with TCFD
knowledge of all aspects of the project
recommendations and Sustainability Reports
In recent years, Mr Kiley leveraged his During the start-up of Ambatovy HPAL nickel
delivery.
aligned with the GRI standards to meet
operational experience and capital markets plant Len lead engineering project teams that
In recent years Francois held senior positions
exposure to join one of Australia’s largest investor, customer and financier expectations. resolved many issues around the plant to
with First Quantum Minerals and Sherritt
natural resources private investment groups, Dr Jefferson has led teams to win the improve performance, reduce pipeline wear,
during the commissioning and ramp-up
Wyloo Metals as the senior geologist for improve reliability of equipment, improve
prestigious DMIRS Golden Gecko Award
phases of the Ravensthorpe and Ambatovy
business development. Mr Kiley holds a safety and ultimately improve the plant
(2010), ISO14001 EMS certification
High-Pressure Acid Leach operations. During
Bachelor of Science (Honours) in Geology production rate towards its design rate of
(2011), National Association of Women in
from the University of Adelaide. his time at Ambatovy, from 2012 to 2015, Mr 60,000 tpa of nickel
Construction Award (2012), implemented an
Schmid oversaw the operational ramp up from
ESG strategy that ranked the company 4th in
35% to full-scale nameplate capacity resulting
the world by Morningstar Sustainalytics (2022)
in the production of 60,000t of nickel
and achieved a gold ESG rating by
production on an annual basis.
EcoVadis (2023).
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SENIOR COMPANY MANAGEMENT

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Matt Jones Max Maczurad Hermann Scriba Frank Raschella Kim Pervan
BSc, Geology (Hons) BSc (Geology) B. Eng (Chemical), M.Eng (Extractive Metall.) B.Eng (Mechanical) BA, FPRIA
Head of Geology Senior Project Geologist Principal Process Engineer Principal Mechanical Engineer Stakeholder Manager
Mr Jones is a geologist with 20 years’ Mr Maczurad has been involved in the mining Mr Scribba has a chemical engineering degree Mr Raschella has an engineering degree with Ms Pervan, a Fellow of the Public Relations
experience spanning greenfields exploration, and exploration industry since 1980 in roles and a Masters in Extractive Metallurgy with over 30 years’ experience in the mining and Institute of Australia, has over 25 years senior
resource estimation and development and ranging from gold mining and associated over 30 years’ experience in the minerals metals industry. industry experience, with a track record for
open pit grade control and mining. He has exploration in the Kalgoorlie-Coolgardie, processing industry. He has particular achieving stakeholder buy-in to clear the way
worked across junior explorers and experience in POX and HPAL and His experience covers a range of commodities
Yalgoo, Leonora and Menzies regions and to enable project development. She has
major miners (including BHP) and as a hydrometallurgical extraction. including nickel, mineral sands, rare earths,
diamond exploration in the east and west worked for NFP, corporate, rural and regional
consultant in the resource estimation space. copper and oil and gas. Frank has been
Kimberley. As a Project Geologist since the organizations in variable businesses including
Over the past 20 years he has conducted involved in the development of many large
mid-1990 Max has been involved in larger- agriculture, government, infrastructure and
Matt has over eight years’ experience in nickel several feasibility studies, options and scoping projects for major mining and oil and gas
scale pre-development exploration and mining.
laterites where he was involved in the studies and has been involved in flowsheet companies from feasibility study stage
resource definition of nickel-cobalt laterite
Ravensthorpe Project with BHP through development test work and piloting, process through to construction. The breadth of her experience extends across
deposits in the Leonora-Agnew Region for the
feasibility and into development and design, EPCM and plant commissioning. management, communications and media,
Murrin Murrin Project and more recently since
production. This exposure has given Matt a He has held leadership roles in engineering community relations, advocacy and
2005 for pre-development works at the
very good working knowledge of nickel His experience covers a range of commodities companies such as SNC-Lavalin, Flour Australia government engagement. Ms Pervan has held
Central Musgrave Project focused on the
laterite geology and resource estimation and including nickel, gold, lithium, copper, and Clough Engineering and has extensive senior positions with BHP, Sheffield Resources,
Wingellina and Claude Hills/Yapan nickel-
the relationships between geology, mineralogy platinum, uranium and rare earths. Hermann’s experience in HPAL projects including Murrin Hastings Technology Metals and the CBH
cobalt deposits.
and processing of nickel laterites. HPAL experience includes several pilot plant Murri, Ravensthorpe, Goro and the Syerston Group of Companies, as well as working in the
campaigns and feasibility studies. nickel project in NSW. Federal Parliament of Australia.
He has held leadership roles in engineering Frank was most recently the Lead Mechanical
companies such as Ausenco, SNC-Lavalin, Engineer for Flour Australia on the Eneabba
Jacobs and Lycopodium. Hermann also spent rare earths refinery for Iluka Resources.
many years with Anglo American and Anglo
Platinum in South Africa as a senior
metallurgist.
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