Ann: Quarterly Activities Presentation, page-19

Well Indonesia basically flooded the market with too much Nickel. Its like a flood gate
was opened and everyone including us did a rapid expansion. Looks like its happening again
with MHP and Nickel Sulphides. By 2025 to 2030 New Indo HPAL plants will be pumping
around 700,000T of Class 1 Nickel per annum. ENC alone will produce 72000t phase 1.
So by the time ENC is commissioned 2025, there will be 4 others that will come online and flood the
market with Class1 nickel.

Surely this drop in Revenue will have an effect on the Voting by Share Holders this 12 December.
NIC at this time should Preserve Cash, Pay Debt outright, We don't know how long the Nickel price
will be this low. There is too much glut in Nickel right now.
I'm worried about the Yes outcome cause I'm sure SP as you said could drop in the 60's.
With a NO vote, I think our sp will go up. But this is just my opinion.