Ann: Agreements for producing Ni assets and US$471M capital raise, page-20

These announcements is huge news. Ive always wanted NIC to diverse into hpal projects and class 1 nickel, which is where they are heading now. Yes the capital costs are much bigger but the profit margins are larger as well, not to mention the carbon foot print adavantages of hpal over NPI processing.

The companies vision of having roughly 50/50 NPI and Ni battery grade production is perfect in my view.

Also in relation to capital costs for dawn hpal project, I noticed tsingshan have given a guarantee cap of 2.5B usd. What I have read is that the local hpal projects owned by Huayue Nickel & Cobalt (HNC) and the other by PT QMB, both had capital costs of under 1.5B and both tsingshan had a major hand in the construction. The proposed dawn project is expected to produce 60ktpa of ni which is the same as (HNC), so you would expect the capital costs of the dawn project to be more around the 1.5B mark. Nic propose to have a majourity interest in this of between 51-70+ %.

The experience from Tsingshan in building the other two hpal projects will be invaluable for us and they have a good track record of being on time and on budget.

We are entering a new phase in the company and Im happy to go along for the ride. There is alot of capital being raised now and in the future expect more, but obviously the opportunity has come for the company to aquire strategically viable assests and participate in growth opportunities in the best interests of its shareholders.

Good luck to all holders and hold onto your hats im the 12-18 months.