Ann: Capital Raising and Project Update, page-30

These charts compare MYL alongside our nickel sulphide peers using EV per tonne of nickel equivalent.

MYL is near the middle of the pack at 70c. Producers are valued higher, PAN is valued x2 MYL and MCR is x4, so there's plenty of room to go higher from here once we're de-risked, in production and making $$.

MYL might attract a higher valuation relative to peers due to our 1st rate management, and green energy credentials. However, there are lots of reasons for the variations between valuations, like grade, stage of development, and project-specific economics.

Peer group is Australian projects and ASX-listed companies. Assumptions are max $70M will be raised, and for Ni equivalent values I used recent metal prices off *****. Market caps are today's and cash as at June 30 to calculate the EV's. Green bars = producers, yellow = developers, blue = explorers.