MINERAL RESOURCE AND ORE RESERVE

SAVANNAH PROJECT MINERAL RESOURCE ESTIMATE

ResourceDateMetalJORCMeasured Indicated Inferred Total Metal Tonnes
ComplianceTonnes(%)Tonnes(%)Tonnes(%)Tonnes(%)
Savannah (above 900F)Apr-20Nickel20121,010,0001.44565,0001.77--1,575,0001.5624,500
Copper0.81.441.0316,200
Cobalt0.070.080.071,200
Savannah (below 900F)Jun-15Nickel2012--780,0001.64125,0001.72905,0001.6514,900
Copper-0.760.75-0.766,900
Cobalt-0.10.09-0.1900
Savannah North (Upper)Apr-20Nickel20121,840,0001.483,050,0001.431,544,0001.256,434,0001.490,100
Copper0.660.570.420.5635,900
Cobalt0.10.10.070.096,100
Savannah North (Lower)Apr-20Nickel2012--2,654,0001.84958,0001.673,612,0001.7964,800
Copper-0.90.730.8530,800
Cobalt-0.130.110.124,500
Savannah North (Other)Apr-20Nickel201246,0001.71414,0001.34470,0001.93930,0001.6615,400
Copper0.490.480.460.474,400
Cobalt0.120.090.120.111,000
TotalNickel13,456,0001.56209,800
Copper0.794,200
Cobalt0.113,700

Qualifying Statements and Notes:

Refer to ASX announcement dated 7 May 2020 covering the Savannah Project May 2020 Mineral Resource update for detailed assumptions and estimation methodologies.
Figures have been rounded and therefore may not add up exactly to the reported totals.
All Mineral Resources are inclusive of Ore Reserves.
Mineral Resource cut-off grade is 0.50% Ni.

Cross references to previous Company ASX  announcements:

Savannah (above 900F) – refer to ASX announcement of 30 September 2019, titled "Mineral Resources and Ore Reserves at 30 June 2019”
Savannah (below 900F) – refer to ASX announcement of 30 September 2015, titled "Mineral Resources and Ore Reserves at 30 June 2015”
Savannah North – refer to ASX announcement of 24 August 2016, titled “Major Resource Upgrade for Savannah North”

No New Information or Data

The Mineral Resource estimate tabled above for Savannah (below 900F), have been previously reported and the relevant market announcements cross referenced. Except where stated otherwise, the Company confirms that it is not aware of any new information or data that materially affects the information included in the  relevant market announcements and, in the case of estimate of Mineral Resources, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed.

Ni Equivalent References

References to Ni equivalent contained metal in Mineral Resources and Ore Reserves is based on assumed metal prices as noted in footnotes and calculated using the formula Ni Eq kt = (Ni kt * Ni price + Cu kt * Cu price + Co kt * Co price) / Ni price. Ni equivalent grade % in Mineral Resources are calculated using the formula Ni Eq % = Ni Eq kt / Total Mineral Resource tonnes. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential of being recovered and sold. Metallurgical recoveries for all metals are assumed to be equal.

SAVANNAH NICKEL PROJECT ORE RESERVE

Ore ReserveMetalProved Probable Total Metal Tonnes
Tonnes(%)Tonnes(%)Tonnes(%)
SavannahNickel1,233,0000.95--1,233,0000.9511,700
Copper0.66-0.668,100
Cobalt0.05-0.05600
Savannah NorthNickel1,795,0001.215,246,0001.287,041,0001.2890,100
Copper0.540.570.5740,400
Cobalt0.090.090.096,400
TotalNickel 3,028,0001.1 5,246,0001.288,274,0001.23101,800
Copper0.59 0.570.5948,500
Cobalt 0.070.090.087,000

Qualifying Statements and Notes:

Calculations have been rounded to the nearest 1,000t of ore, 0.01% Metal grade and 100t of metal.

Savannah & Savannah North Ore Reserve average cut-off (NSR) of $135/t.

No New Information or Data

The Mineral Reserve estimate tabled above for Savannah has been previously reported on 22 July 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the  relevant market announcement and, in the case of estimate of Mineral Reserves, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed.

Ni Equivalent References

References to Ni equivalent contained metal in Mineral Resources and Ore Reserves is based on assumed metal prices as noted in footnotes and calculated using the formula Ni Eq kt = (Ni kt * Ni price + Cu kt * Cu price + Co kt * Co price) / Ni price. Ni equivalent grade % in Mineral Resources are calculated using the formula Ni Eq % = Ni Eq kt / Total Mineral Resource tonnes. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential of being recovered and sold. Metallurgical recoveries for all metals are assumed to be equal.

Competent Person Statement

The information in this presentation that relates to Ore Reserves for Savannah and Savannah North is based on information compiled by or reviewed by Shane McLeay. Mr McLeay is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Principal Mining Engineer and full-time employee of Entech Consulting based in Perth, Western Australia.