Ann: All Phase 2 RC Holes Show Broad Sulphide Mineralisation, page-3

The new Phase 2 results are generally inline, or better than, the modelling work with consistent mineralisation
seen between the holes. The broad ~200m intervals, with grades of around 0.28% to 0.31% Ni, were generally
defined by coincident 0.16% Ni and 0.1% S cut-offs, with only very minimal inclusion of material below mineable
widths. At higher cut-offs these results should comfortably increase to averages over 0.30% Ni, inline with the
Company’s target for the central core of several hundred million tonnes at better than 0.30% Ni grade.