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Ni NICKEL INVESTMENT OPPORTUNITIES WESTERN AUSTRALIA Government of Western Australia Department of Mines, Industry Regulation and Safety Geological Survey of Western Australia www.dmirs.wa.gov.au 200 m Source: Metals X Ltd Oxide mineralization >0.5% Ni Weathered clays <0.5% Ni Ultramafic Gabbro 106m @ 0.99%Ni 128m @ 1.22%Ni 110m @ 1.06%Ni 53m @ 1.00%Ni 41m @ 1.7% Ni 60m @ 1.31%Ni 100m @ 1.17%Ni 33.5m @ 0.98%Ni 20m @ 1.29% Ni 52m @ 1.19%Ni 20m @ 0.99% Ni Surface 6 300 mE 6 100 mE 5 600 mE 5 400 mE 650mRL 550mRL 500mRL Weathering profile and geological cross-section, Wingellina nickeliferous laterite, Musgrave Complex Areas in Western Australia prospective for nickel Ultramafic rocks (komatiite and peridotite): examples include Kambalda, Mount Keith, and Leinster. This mineralization style dominates historic production Mafic–ultramafic intrusions: (similar to Voisey’s Bay in Canada, Bushveld Complex in South Africa and the Thomson mine in the Cape Smith belt of Canada): Archean examples occur in the Pilbara and Yilgarn Cratons. Proterozoic examples occur in the Fraser Range area (Albany–Fraser Orogen), Lamboo Province (Halls Creek Orogen) and in the Musgrave Province Mafic intrusives related to Large Igneous Provinces (LIP): similar to Noril'sk-style mineralization. Potential areas include dolerite sills in the Edmund, Collier, Officer, Kimberley, Speewah, and Hamersley Basins, as well as large areas of flood basalt in the East Kimberley Lateritic deposits in regolith (residual and supergene): developed over weathered mafic–ultramafic rocks of the Archean Yilgarn Craton and Proterozoic Musgrave Province (Wingellina) Western Australia hosts world-class nickel deposits Current resources for Western Australia of 34 million tonnes contained nickel Production of 149 642 tonnes of nickel (metal and concentrate) in 2018 Exploration continues across the State, with updated mineral resource estimates reported for Quicksilver (Golden Mile Resources), Nebo-Babel (Oz Minerals Ltd / Cassini Resources Ltd) and Mt Thirsty (Barra Resources Ltd / Conico Ltd). Improving nickel prices have encouraged the reopening and further development of several nickel mines, such as Savannah (Panoramic Resources) and Cosmos (Western Areas) 2 Ni, Cu, Zn 1 may include Ni mined <2018 3 includes projects ‘possible’ to ‘under construction’ $2610 m 149 642 t 1 $2615 m 5698 2 3 $2847 m 6th Year 2018 Sales value Tonnes sold Exports Direct employees Investment projects $ Production world ranking WA nickel production vs rest of Australia 1967 1977 1987 1997 2007 2018 Thousand tonnes Rest of Australia Western Australia 200 100 0 Source: Department of Mines, Industry Regulation and Safety (DMIRS) and Department of Industry Innovation and Science (DIIS) 200 km Derby Perth Telfer Newman Broome Albany Wyndham Leonora Wiluna Laverton Exmouth Norseman Carnarvon Esperance Geraldton Coolgardie Meekatharra Halls Creek Mount Magnet Port Hedland Southern Cross Ravensthorpe Fitzroy Crossing Bunbury Kununurra Karratha Kalgoorlie–Boulder Wingellina Weld Range Forrestania Kambalda Mount Thirsty Mount Keith Leinster Ravensthorpe Nova West Musgrave Honeymoon Well Goongarrie Yerilla Murrin Murrin Windarra Savannah Highway Highway / major road Town Sulfide ore Laterite ore Significant amounts of both sulfide and laterite ore Mines and deposits <100 Kt Mines and deposits

AUSTRALIA WESTERN INVESTMENT OPPORTUNITIES ......Mafic–ultramafic intrusions: (similar to Voisey’s Bay in Canada, Bushveld Complex in South Africa and the Thomson mine in the Cape

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  • NiNICKELINVESTMENT OPPORTUNITIES

    WESTERNAUSTRALIA

    Government of Western AustraliaDepartment of Mines, Industry Regulationand Safety

    Geological Survey ofWestern Australiawww.dmirs.wa.gov.au

    200 m

    Source: Metals X Ltd Oxide mineralization >0.5% Ni

    Weathered clays

  • NICKEL Ni

    JULY 2019

    Nickel resources bymineralization style*

    Laterite62.1%

    Sulfide37.9%

    Source: Western Areas NL

    Resource reporting codes varyA H M PTectonic unit is Yilgarn except: Albany–Fraser Orogen, Halls Creek Orogen, Musgrave Province, Pilbara Craton

    Flying Fox, ForrestaniaInterpreted long projection

    * calculated from projects in table below

    BHP Billiton

    Glencore

    Independence Group

    43%

    25%

    18%

    Western Areas 13%

    Top producers 2018(% of total production in Western Australia)

    Laterite Sulfide Laterite + sulfide

    Nickel projects with resources >100 Kt contained metal

    0.764

    0.581

    0.64

    0.687

    0.995

    0.882

    0.905

    0.583

    0.826

    0.691

    0.809

    0.67

    0.351

    1.039

    0.76

    0.77

    0.946

    1.717

    0.572

    2.05

    1.65

    0.71

    0.743

    0.64

    0.621

    0.59

    0.645

    0.3

    1.53

    0.52

    1.691

    0.488

    0.75

    0.99

    4005.26

    3960.10

    2465.92

    2404.04

    2298.29

    2013.00

    1952.49

    1792.05

    1403.02

    1219.51

    1178.70

    1089.79

    838.50

    696.89

    689.91

    619.85

    599.04

    446.60

    291.57

    271.36

    218.34

    209.28

    192.66

    192.00

    191.57

    182.90

    169.65

    151.70

    147.61

    146.530.54426.92

    139.03

    125.02

    122.41

    110.12

    103.74

    Av. Grade(%Ni)Ore (Mt)Project ownerProject

    Contained metal (Kt)

    Honeymoon well

    Mt Keith

    Weld Range – Range Well

    Kalgoorlie Nickel Project – West

    Murrin Murrin

    Leinster

    MWingellina

    Ravensthorpe

    Avalon

    Cawse

    Kalgoorlie Nickel Project – East

    Siberia JV

    MWest Musgrave

    NiWest

    Yerilla

    Wilconi

    Cosmos

    Forrestania

    Carlingup – Nindilbillup

    ANova-Bollinger

    HSavannah

    Canegrass

    Julia

    Black Hills

    Silver Swan – Black Swan

    Jericho

    Quicksilver

    PPardoo–Highway

    Windarra

    Kalgoorlie Nickel Project –Siberia – Black Range

    Mt Thirsty

    Mt Edwards

    Norseman

    Kurnalpi – Grey Dam

    Pyke Hill

    Noril’sk

    BHP Billiton (Nickel West)

    Ausinox

    Ardea Resources

    Glencore

    BHP Billiton (Nickel West)

    Metals X

    First Quantum Minerals

    Wingstar Investments

    Wingstar Investments

    Ardea Resources

    Eastern Goldfields / Ardea Resources

    Oz Minerals / Cassini Resources

    GME Resources

    Ardea Resources

    A-Cap Resources / Blackham Resources

    Western Areas

    Western Areas

    Australasian Mining

    Independence Group

    Panoramic Resources

    Nickelore

    Wingstar Investments

    Western Resources / Zetek Resources

    Poseidon Nickel

    BHP Billiton (Nickel West) / Noril’sk

    Golden Mile Resources

    Caeneus Minerals

    Poseidon Nickel

    Barra Resources / Conico

    Neometals

    Galileo Mining

    Carnavale Resources

    Cougar Metals

    Ardea Resources

    524.20

    682.00

    385.30

    349.90

    230.90

    228.36

    215.84

    307.30

    169.80

    176.49

    145.70

    163.30

    239.00

    67.10

    90.80

    80.50

    63.34

    26.02

    51.01

    13.24

    13.21

    29.60

    25.93

    30.00

    30.84

    31.00

    26.30

    50.00

    9.68

    26.60

    7.40

    25.10

    14.60

    10.50

    Government of Western AustraliaDepartment of Mines, Industry Regulationand Safety

    Geological Survey ofWestern Australiawww.dmirs.wa.gov.au