Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

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The June 2024 quarter witnessed solid progress
as we advanced the project toward a DFS and later development decision.

KEYHIGHLIGHTS
 Bench scale metallurgical testwork during the June quarter has delivered improved
results and the production of a saleable nickel-cobalt product from Wingellina ore.
 Metallurgical testwork outcomes identified improved leaching kinetics, higher
metallurgical recoveries and a reduction in acid consumption without compromise of
metallurgical recovery.
 Beneficiation testwork has provided an option to increase head grade with minimal
metal loss and the nearby by Lewis Calcrete deposit has proved to be a viable long-term
source of neutralising agent. All these factors have had a positive impact by reducing
projected operating costs of the project.
 Nico received confirmation of a Crown Land Licence over land at the Brewer Estate,
south of Alice Springs from the NT Government. This licence is a beneficial step in the
company’s plans for a logistics hub at Brewer Estate.
 The extension to the previous EPA approval for the development of the Wingellina
project was granted for a further 5 years (Ministerial Statement 1223 from the Minister
for Environment.)
 Ongoing engagement with key stakeholders continued throughout the quarter
including Federal, State and Territory Governments. Additionally, Nico secured approval
from the APY Landsfor worksto proceed on the South Australian tenements where there
is significant exploration prospectivity within the Giles Complex of the Musgrave Block.
 Ongoing collaboration with CSA Global continued throughout the quarter to complete
an updated and independent resource model for the Project. Completion is expected
in the September quarter.

GLALTH.. Mal