Ann: Significantly Oversubscribed Placement, at a Premium-NSL.AX, page-2

PLACEMENT SIGNIFICANTLY OVERSUBSCRIBED BY 70%, CONDUCTED AT A PREMIUM ____________________________________________________________________________ HIGHLIGHTS:
* Placement commitments received for $3.4m equity raising to predominantly investment funds, as part of transitioning the share register to include institutional based investors.

* Demand significantly exceeds expectations by 70%, with Company targeting $2m, closing book and accepting oversubscriptions of $1.4m. The placement was conducted at a 21% premium to the 30 day VWAP.

* Raising completed to accelerate the purchase of an additional 200,000 tonnes per annum plant in Q4 2016 for rapid expansion and provide flexibility to repay debt.

* Magna to retire security over Company and its assets.

* Phase Two wet beneficiation plant program continues on schedule in line with project plan. Erection will commence prior to end July, commissioning to commence in September 2016, and cash flow positive by end Q4 2016.

* Offtake agreements already in place with India’s JSW Steel and BMM Ispat for Phase Two product.

* India, world’s fastest growing major economy at 7.6% GDP growth.

* Andhra Pradesh state on track for +14% growth for next 15 years as a result of building a new state.