Ann: BFS supports strong commercial case for developing Sconi, page-5

Sconi BFS financial metrics1:
o Average annual revenue from production (life of mine): $512 million
o Average annual EBITDA (life of mine): $295 million o Project payback period (post tax): 5.2 years
o Pre-tax IRR: 21% / Post-tax IRR: 15%
o Post tax project NPV8%: $697 million

o Total capital cost estimate:
US$974million, of which:
▪ Processing plant capital cost: US$730 million
▪ Non-Process capital costs: US$103 million
▪ Mine construction capital cost: USS$31 million
▪ Contingencies: US$110 million

Sconi BFS project metrics:
o Life of Mine (LOM): 18 Years
o Processing plant throughput: 2.0 million tonnes per annum
o Average strip ratio over Life Of Mine (wastere): 1.06 : 1.00
o Average cobalt sulphate production (Years 2-6): 9,898 tpa
o Average nickel sulphate production (Years 2-6): 70,894 tpa
o Average cobalt sulphate production (Life-of-Mine): 8,496 tpa
o Average nickel sulphate production (Life-of-Mine): 53,301 tpa