Ann: Operations and Guidance Update, page-2

This release adds an interesting twist on the current action.
Did Wyloo know about the off spec material?

Mincor Resources NL (ASX: MCR, “Mincor” or the “Company”) provides the following operational and
guidance update.
Mincor combines ore from its Northern and Southern Operations to deliver a blended product to
BHP’s Kambalda Nickel Concentrator. This ore is subject to product specification requirements,
including a nickel-to-arsenic ratio.
During the ramp-up period, Mincor has delivered off-specification product. Whilst BHP has been
accepting off-specification product, both parties have been working together to explore and trial
methods to better manage off-specification product going forward. This work remains ongoing.
Mincor recently initiated discussions with BHP regarding potential amendments to the off-take terms
to provide ongoing flexibility with respect to product specification requirements and provide Mincor
certainty as to its ability to deliver 100% of mined ore to BHP. Mincor was notified on Wednesday, 29
March 2023, that BHP would not agree to amend the off-take agreement specifications.
Given the lack of certainty regarding future acceptance of any off-specification product and the
incomplete status of potential solutions, Mincor has decided to withdraw its guidance (see ASX
announcement on 7 March 2023).
Mincor will continue to deliver on-specification ore to BHP and is conducting work to improve
orebody knowledge to enable optimisation of its forward mine plan to consistently deliver onspecification product. Mincor will stockpile any ore that BHP indicates will not be accepted due to
product specification requirements, allowing for blending with other Mincor ore sources at a
subsequent date.