Ann: Mining Lease Granted for Isabel Nickel Project - San Jorge, page-139

The mineralised ore body at Tenement D (previously held by Sumitomo) is very similar to that found in the Kolosori deposit for which Axiom already has a JORC Resource. They had a LOM of 18 years for Kolosori with a average grade of 1.55 to 1.60 % Ni so the addition of Tenement D which is even bigger will significantly improve the NPV and economics of the project.

The previously combined NPV for Kolosori and San Jorge Axiom released in Aug 16 had an NPV of around US$200m. The addition of Tenement D is only going to increase this by a large factor considering LME prices look to be on the increase.

Kolosori is 36 Sq Km's and Tenement D is 145 Sq Km's, potential for large upside when Axiom is awarded the PL's for these two tenements.