Ann: Axiom Mining Corporate Update, page-2

ASX Announcement
Corporate update
Highlights
 Phase 2 of the Isabel Nickel Project resource definition drilling program completed
 Upgrade of the JORC Resource estimate due early December
 On track for bulk shipment of ore next month
 $5 million received from InCoR Holdings Plc from Convertible Note
 Negotiations for customer marketing/off-take agreement(s) nearing completion.
Axiom Mining Limited (‘Axiom’ or ‘the Company’) has recently made significant progress on the development of the
Isabel Nickel Project in Solomon Islands.
Drilling and JORC Resource update
Phase 2 of Axiom’s resource definition drilling program has now been completed across multiple areas on Santa
Isabel Island.
The recent phase of drilling has successfully defined mineralisation beyond that previously identified in the initial
JORC Resource estimate announced 30 September 2015.
Axiom has completed more than 12,000 metres of drilling over the last 12 months and has already defined an initial
JORC Resource of nearly five million tonnes of laterite ore.
Axiom expects that final assay results from Phase 2 drilling will be available by the end of November, which will allow
the Company to upgrade the JORC Resource estimate in early December 2015.
Bulk shipment
Axiom is continuing preparations for the delivery of a bulk shipment of ore to potential customers by the end of 2015.
Mine planning and equipment mobilisation is well advanced.
Engagement with the regulatory bodies is well underway in support of this initial shipment of ore.
$15 million capital raising
Axiom has recently secured a $15 million convertible note draw-down facility (‘the Convertible Note’) that will allow
development of initial mining areas and delivery of a bulk shipment to interested market participants.
The first tranche (of three tranches) of the Convertible Note has been drawn down with $5 million received.
A meeting of shareholders will be convened to seek approval for shares to be issued in connection with tranches 2
and 3 of the Convertible Note agreement.
Off-take and commercial negotiations
Negotiations for marketing and off-take arrangements have now reached an advanced stage.
The Company is now in the final round of reviewing a number of proposed sales and marketing contracts, and it is
anticipated a decision will be made this month.