SIR Announcement, page-7

Definitive Feasibility Study indicates Nova is a goer (SIR)
Key points for Nova by SIR
1.Completed Nova Definitive Feasibility Study (DFS) on time and within 2 years ofdiscovery
2.DFS outcomes similar to, and in several respects, better than the scoping study
3.Outstanding conversion from Indicated Mineral Resource to Probable Ore
Reserve of 93% of contained nickel metal
4.Outstanding conversion from scoping study mining inventory to DFS life of mine
plan of 103% of contained nickel metal
5.Estimated low C1 cash cost of A$1.66/lb
* nickel (US$1.50*) in lowest quartile of
global producers, better than scoping study
6.Estimated all-in sustaining cash cost of A$2.32/lb * nickel (US$2.09*)
substantially better than scoping study
7.Estimated capital cost of A$473 million is very similar to scoping study
8.Initial mine life 10 years + 2 years development, excluding exploration upside
9.Forecast life of mine nickel revenue of A$4.5 billion and net cashflow of A$2.7
billion @ US$10/lb nickel ( this is lower than
many current forecasts)
10.Finance and offt ake discussions advancing
–strong competition
11.Approvals and permitting process underway

with RMR next door .. SIR news will boost RMR awareness to investors