Ann: Scoping Study Update, page-3

A rough guide with a 2.o mt p/a mill feed, no metal recoveries included ( around 90% - 92%)

Nico resources
18,000 tonnes Nickel @ us$18,500 p/t = us$333.0 mill.
1,400 tonnes Cobalt...@ us$33,400 p/t = us$46.80 mill.
..............................................................total=us$379.80mill fx 1.58 = a$600.1 million.

Mt T.
8,600 tonnes Nickel @ us$18,500 p/t =us$159.1 mill.
1,200 tonnes Cobalt @ us$33,400 p/t =us$40.1 mill.
9,000 tonnes Mn......@ us$1,780 p/t....=us$16.0 mill.
...........................................................total =us$215.2 mill fx 1.58 = a$340.0 million.
The manganese price came from GSR ann.