ANDOVER PROJECT
Andover (Azure 60% / Creasy Group 40%)
• Acquired in July 2020 Port Hedland
Karratha Roebourn
e
ANDOVER Ni-Cu-Co
• Excellent success with traditional exploration methods
PROJECT
• Four Ni-Cu sulphide discoveries drilled to date
Leonora
• Pipeline of targets - more discoveries to come N
500km
• Favourable location with excellent infrastructure
available Kalgoorlie
Perth
5
ANDOVER PROJECT
Defining a new nickel province in WA’s Pilbara at the Andover
Project
Target-rich, strongly fertile landholding Dual-pathway growth strategy focused on
exploration and project development
studies
~191 diamond drill holes: ~85,000m in <2
years Potential for hub-and-spoke mining and
processing operation
Maiden Mineral Resource Estimate
published Well-funded for ongoing exploration &
Multiple new mineralised zones being drilled development work programs
6
ANDOVER PROJECT
Excellence in exploration
• Dedicated highly skilled team focused solely on the Andover Project
• Developing a robust geological understanding of the deposit-forming processes and
associated geochemical and geophysical signatures
• Leveraging that advanced understanding to identify new prospects through an
extensive geological mapping and geochemical sampling program
7
ANDOVER PROJECT
Boots on the ground = success
• Traditional ore search methodology
• Geology - mapping
• Geochemistry – surface sampling
• Geophysics – electromagnetics
• Drilling – diamond core
Nickel-rich gossan
• Extensive outcrop accelerates exploration
and increases understanding of the
geology
• Screening mineralised corridor using high
powered electromagnetic surveys
• Pipeline of targets to be drilled Copper-rich fresh outcrop
8
ANDOVER PROJECT
Australia’s newest Ni-Cu sulphide
deposit
Andover Deposit – 2022 Mineral Resource Estimate (JORC
2012)*
4.6Mt @ 1.11% Ni, 0.47% Cu and 0.05% Co (1.41% NiEq)
Containing:
51,700t of Ni, 21,700t of Cu and 2,290t of Co Inferred
• Deposit underpinned by:
• Robust resource: >80% Indicated category Indicated
• Excellent internal continuity and consistency of widths and grades
• Sulphides start at ~20m below surface
• Mineralised zone: ~300m long x >550m deep and open at
depth
* ASX: 30 March 2022 and refer to Appendix A
• Optimal shape for underground mining
9
ANDOVER PROJECT
Ridgeline:
The next deposit
• 200m from Andover Deposit
• Blind deposit with strong EM
signature
• Two high-grade massive Ni-Cu-
Co sulphides shoots
51,700t Ni
21,700t Cu
2,290t Co
• Drill-out complete with Mineral
Resource expected in late-2022
10
ANDOVER PROJECT
ANDD0134: 6.3m @ 3.59%
Ni
Ridgeline:
Higher nickel
grades
ANDD0045:
4.5m @ 3.95% Ni, 0.80% Cu & 0.16% Co 2.20% Ni
ANDD0128: 2.25% Ni
4.9m @ 3.50% Ni, 1.34% Cu & 0.17% Co
ANDD0134: 3.74% Ni 4.16% Ni
6.3m @ 3.59% Ni, 0.21% Cu & 0.17% Co
3.44% Ni 3.73% Ni
ANDD0138: 4.49% Ni 4.91% Ni
3.3m @ 2.80% Ni, 0.55% Cu & 0.13% Co
3.63% Ni 4.25% Ni
ANDD0159: 3.67% Ni
2.9m @ 3.13% Ni, 0.46% Cu & 0.12% Co 3.54% Ni
* ASX: 15 March 2022
11
ANDOVER PROJECT
Only Scratching the Surface
4 discoveries to date:
• Andover
• Ridgeline
• Seaview
• Skyline
Relatively simple and straightforward
exploration
• Outcropping mineralisation
• Ni-Cu sulphides coincide with EM
conductors
Fertile district with multiple targets:
• Atrium, Woodbrook, Pipeline,
VC-24, VC-30, VC-31 and VC-32
etc etc
12
ANDOVER PROJECT
Dual pathways to project development
EXPLORATION & RESOURCE DEFINITION PROJECT DEVELOPMENT
• Andover Deposit - Mineral Resource • Metallurgical testwork
Estimate completed
• Geotechnical study
• Ridgeline Deposit - MRE pending
• Mining studies
• Drilling continuing on new mineralised • Mineral processing and tailings
zones
storage
• Regional exploration identifying new • Infrastructure and logistics
targets & preparing for drilling
• Community, heritage and environment
Potential for a major nickel-copper sulphide mining and processing operation
Strategic view: Multiple deposits feeding a centralised processing plant
13
ANDOVER PROJECT
Creating Long-Term Value Across all Stakeholder Groups
Developing Andover using best practice ESG principles.
Opportunity for long-term positive relationships with the local Roebourne and
West Pilbara communities.
Infrastructure expected to be established within or near Roebourne and
designed to provide long term community benefits.
Employing local where possible with major contractors encouraged to do
similar.
Ensuring that the project meets the highest environmental standards expected
of modern mining projects.
Produce high purity metal concentrates with low carbon intensity and
traceability from the mine to the end-product.
14
Developing Andover into a major nickel producer
Dual pathway strategy
• Successful exploration & discovery
• Fast-tracking project development studies
Leveraged for success
• Strong balance sheet
• Exposure to high-value battery metals
• Supportive and reputable major shareholders
Strong management and technical team
• Successful history of nickel discovery
• Mine development skillset
Azure Minerals & the Andover Project
Together building a bright future in the
Pilbara
Tony Rovira
Managing Director
Azure Minerals Ltd
@AZUREMINERALS WWW.AZUREMINERALS.COM.AU
ANDOVER PROJECT Appendix A
Maiden Mineral Resource
Andover Deposit - Mineral Resource Estimate (JORC 2012)*
4.6Mt @ 1.11% Ni, 0.47% Cu and 0.05% Co (1.41% NiEq)
Containing: 51,700t of Ni, 21,700t of Cu and 2,290t of Co
Including high-grade resource: 2.0Mt @ 1.41% Ni, 0.49% Cu & 0.06% Co (1.78%
NiEq)
Tonnes Ni Cu Co S NiEq Ni Metal Cu Metal Co Metal
Classification
Mt % % % % % kt kt kt
Indicated 3.8 1.16 0.47 0.05 8.23 1.51 44.0 17.9 2.06
Inferred 0.9 0.89 0.44 0.04 6.33 1.20 7.7 3.8 0.37
Total 4.6 1.11 0.47 0.05 7.87 1.41 51.7 21.7 2.29
Andover Mineral Resource Estimate by classification reported above a 0.5% Ni cut-off
High Grade 2.0 1.41 0.49 0.06 9.85 1.78 28.8 10.0 1.28
High-grade resource component reported above a 0.9%% Ni cut-off
* ASX: 30 March 2022
17
“Transforming The Australian
Nickel Industry”
Paydirt: Australian Nickel Conference 5-6 October 2022
th
ASX:NC1 1
DISCLAIMER
General Disclaimer:
This presentation has been prepared by Nico Resources Limited (“Nico” or the “Company”) for the purpose of providing an overview of the Company. The presentation is based upon information available to
the Company at the date of this presentation. The Company makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and to the maximum extent permitted by
law takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in
this presentation. This presentation contains information of a general nature. This presentation is not an offer or invitation or inducement to subscribe for, or purchase, securities in the Company. Recipients of
this presentation should conduct their own investigation and perform their own analysis before making any investment decision. All persons should consider seeking appropriate professional advice in
reviewing this presentation and all other information with respect to the Company and evaluating the business, assets and operations of the Company. Neither the provision of this presentation nor any
information contained in this presentation or subsequently communicated to any person in connection with This presentation is, or should be taken as, constituting the giving of investment advice to any
person. This presentation is not a prospectus, product disclosure statement, disclosure document or offer document. This presentation has not been approved by Australian Securities and Investments
Commission or any other regulatory or supervisory authority.
Forward-looking statements:
This presentation contains forward-looking statements. All statements other than those of historical facts included in this presentation are forward-looking statements, including projections and estimates of
ore reserves and mineral resources. Forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Such risks include, but are not limited to, exploration, development and operational risks. The Company does not undertake any obligation to release
publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of This presentation, or to reflect the occurrence of unanticipated events, except as may be required
under applicable securities laws.
Ore reserves, mineral resources and exploration results:
This Presentation contains references to ore reserve estimates, mineral resource estimates and exploration results, all of which have been extracted from the Company’s replacement prospectus dated 23
November 2021 (“Prospectus”) released to ASX on 17 January 2022 and which is available for view at the https://www.nicoresources.com.au/ and the ASX website at
https://www2.asx.com.au/markets/trade-our-cash-market/historical-announcements using the ASX code ‘NC1’. The Company confirms that it is not aware of any new information or data that materially affects
the information included in the Prospectus about the Company’s ore reserves, mineral resources and exploration results and that all material assumptions and technical parameters underpinning the ore
reserve and mineral resource estimates in the Prospectus continue to apply and have not materially changed.
Currency and definitions:
All currency in the presentation is in AU$ unless stated otherwise. EBITDA is earnings before interest, tax, depreciation and amortisation and is an unaudited non IFRS measure. C1 Cash Cost (“C1”)
represents the cost for mining, processing and administration after accounting for movements in inventory (predominantly stockpiles). It does not include proceeds from by-product credits and excludes the
cost of royalties and capital costs for exploration, mine development and plant and equipment. All-in-Sustaining Cost (“AISC”) and is made up of the C1 cash cost plus royalty expense, sustaining capital
expense and general corporate and administration expenses. AISC is an unaudited Non-IFRS measure. All-in Cost (“AIC”) is made up of AISC plus growth (major project) capital and exploration discovery
expenditure. AIC is an unaudited non-IFRS measure.
2
ACKNOWLEDGMENT OF
Welcome to country
COUNTRY
NiCo acknowledges the Traditional Custodians of the
lands upon which we operate, the Pitjantjatjara,
Ngatatjara & Nakako peoples. We recognise their
unique cultural heritage, beliefs and connection to
these lands, waters and communities. We pay our
respects to all members of these Indigenous
communities, and to Elders past, present and emerging.
We also recognise the importance of continued
protection and preservation of cultural, spiritual and
educational practices.
3
WINGELLINA KEY POINTS
1 Resources - Globally Significant Tier 1
~2Mt of Nickel ~154kt of Cobalt
Australian CriFcal Minerals Project Status (Cobalt)
2
Approvals – Mining and infrastructure agreement
signed. EPA approval granted
3
Mining – Free dig, very low strip raFo, mining
costs less than 5% of operaFng costs
4 Metallurgy - Limonite ore perfectly suited HPAL
produce products for any market Energy,
Chemical & Stainless
5 Power & Water – Gas availability confirmed,
renewables alternaFves being explored & project
water source confirmed 40+ years supply
6
Resource expansion and inventory growth
potenFal with significant exploraFon upside 4
THE GLOBAL GIGAFACTORY PIPELINE TO 2030
And the squeeze on raw commodity supply
Raw material supply for a ~30GWH NCM Factory
Global Gigafactory Growth Profile Graphite
GWh Lithium(t) Nickel(t) Cobalt(t) Manganese(t) Anode(t)
30 25,000 19,000 6,000 9,000 33,000
May 2022
304
North America – 23 Europe – 30
Apr 2021 China – 226
208
Sep 2019
102
Asia – 25
Data supplied by Benchmark Mineral Intelligence
(haps://www.benchmarkminerals.com/membership/global-gigafactory-pipeline-hits-300-china-maintains-lead-but-west-gathers-pace/)
WHAT DOES THIS MEAN FOR NICKEL SUPPLY
2025 2030
2020
755GWh 2,491GWh 3,439GWh
Nickel(t) NMC Total GWh LFP Total GWh
1,200 1,800 LIB Chemistry Market Share Over Time
1,089 1,500 2030 50% 50%
Nickel Metal tonnes '000 (t) 600 1,200 LIB Total GWh 2020 30% 70%
900
947
40%
60%
2025
900
600
300
335
300 0% 25% 50% 75% 100%
LFP NMC
0 0 Data supplied by Benchmark Mineral Intelligence
2020 2025 2030 (haps://www.benchmarkminerals.com/membership/global-gigafactory-pipeline-hits-300-china-maintains-lead-but-west-gathers-pace/)
GLOBAL NICKEL PRODUCTION & RESERVES IN 2020
Sulphide ProducFon Ore
Laterite ProducFon Ore
DomesFc Nickel ProducFon in Tons
DomesFc Nickel Reserves in Tons
Share of World ProducFon
Share of World Reserves
Data source: U.S Geological Survey, Mineral Commodity Summaries January 2021 + data supplied by StaFsta 15/7/2022
haps://pubs.er.usgs.gov/publicaFon/mcs2021 7
(haps://www.staFsta.com/staFsFcs/603621/global-distribuFon-of-nickel-mine-producFon-by-select-country/)
LARGEST UNDEVELOPED GLOBAL NICKEL RESERVES
Contained NiEq Tonnes Central Musgraves Project
3,500 Brazil/China/Cuba/Coral Triangle/Russia (8) 2
Contained NiEq Grade Australian/ Nth American Projects (7)
3,000
1.5
2,500
Contained NiEq Tonnes '000's 2,000 1 NiEq Grade (%)
1,500
1,000
0.5
500
0 0
Note: data sourced from S&P Global Data base 23/3/2022
8 1) Ni Eq calculated with Ni & Co values.
2) Ni calculated at US$8.05/lb
3) Cobalt calculated at US$24.07/lb
AUSTRALIAN NICKEL LATERITE RESOURCES
Nickel Laterite Reserves Ravensthorpe Pre-Production Murrin Murrin
Bubble size: Contained Ni ('000 t)
Label: Property name
[CELLRANGE]
1.5%
[CELLRANGE]
[CELLRANGE]
[CELLRANGE] [CELLRANGE]
[CELLRANGE] [CELLRANGE]
[CELLRANGE]
NiEq Grade (%) [CELLRANGE] [CELLRANGE]
1.0%
[CELLRANGE] [CELLRANGE]
[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]
0.5%
[CELLRANGE]
0.0%
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
Note: data sourced from S&P Global Data base 23/3/2022 Contained NiEq Tonnes '000's
1) Ni Eq calculated with Ni & Co values.
2) Ni calculated at US$8.05/lb 9
3) Cobalt calculated at US$24.07/lb
PROJECT HIGHLIGHTS
Wingellina is a development-ready, large resource project, with a demonstrated ability to
produce nickel & cobalt sulphates, sulphides and hydroxides. The unique characterisFcs of
Wingellina provides several investment and development opFons for NiCo Resources and
potenFal investment partners.
1 The Central Musgraves current resource contains ~2Mt of Ni metal and ~154Kt of Co
2 ExcepFonal Metallurgy ideally suited for development of HPAL circuit
3 Approvals – Mining and infrastructure agreement signed. EPA approval granted
4 ! Regional upside with deposits like Claud Hills . Current exploraFon accounFng for less
than 25% of the mineralised trend.
10
WINGELLINA PRODUCTION CHARACTERISTICS
Wingellina Proposed HPAL Opera8on
Strip RaFo 1:1 (0.5:1 for 0-20 yrs)
Ore Thickness 80 metres average
Tonnes/km2 50-60 Mt
Mining Technique Free Dig
MgO Low
Iron High
Low Acid ConsumpFon < 300 Kg/t
Ore Blending Not Required
11
WINGELLINA STUDY SUMMARY
2008 PFS Results
Late stage development or
100% 475 producing primary nickel
projects globally
Nickel Cobalt Nickel Cobalt Mineral Reserve
US$20K US$45K Recovery Recovery 168Mt = 42 Years
FX 92% 89% Ni 0.93%
0.85 Co 0.07%
33% 160 Pre producFon assets located in
Australia or North America
Annual Throughput
CAPEX 4.16Mt 6% 31 Projects that have achieved
AUD$2.2B Metal Produced study phase
Cash Cost Ni-40Kt
US$3.34/lb NiEqu
Co-3Kt
EPA Approval, TrandiFonal
0.8% 4 Owner Access Agreemnt &
Shovel Ready
Tier 1 Project
Economics & 1 Contained NiEqu Resources
5yr Payback 0.2% Wingellina Project >2Mt with NiEq Grade >1%
Wingellina Nickel Wingellina Cobalt
Sulphate Sulphate
12
SIGNIFICANT EXPLORATION UPSIDE
Only 25% of the contact zone has been drilled
Wingellina, Irrunytju, WA Ni Co
Project Status Development stage
Current Work Program Drilling ~10,000m in 2022
Comments Project Currently has a reserve of
~2Mt of contained Nickel. Largest
known resource in the belt
Claude Hills, Claude Hill, SA Ni Co
Project Status Resource definiFon stage
Current Work Program Drilling ~5,000m in 2023
Comments Project Currently has a resource of
~33Mt grading 0.81% Ni & 0.07%
Co
Ni Co PGE
Scarface, Kalka, SA
Project Status ExploraFon stage
Current Work Program Field reconnaissance mapping and
sampling 2023
Comments Early stage Nickel oxide
exploraFon target, preliminary
mapping indicates strong trend of
mineralisaFon
Beadell, Irrunytju, WA Ni Co
Project Status ExploraFon stage
Current Work Program Field reconnaissance mapping and
sampling 2023
Comments
Prospect demonstrates elevated
PGE’s in an oxide style
mineralizaFon
13
2022 KEY DELIVERABLES
1 CompleFon of our 10,000m Drill Program
• Wingellina H.G DelineaFon
• Lewis Calcrete Resource DelineaFon
• Mann Fault Paleochannel
2
CompleFon of Pre-Feasability Study
3
Design Renewable Power Supply Feasibility Study
4
Design pCAM feasibility study
14
TIMELINE
Dec ‘22 2023 Jan ’23 Mar ‘23 Jun ‘23 Sep ‘23 Dec ‘23 2024 Jan ‘24
PFS Refresh
Commence and complete DFS/
B.F.S
Feasibility
Workstreams
Detailed Engineering & Design
Project Funding Strategy
HG Cobalt Reserve Drilling -
Wingellina
Regional
Explora8on Resource Drilling - Calcrete
Resource Drilling - Claud's Hill
pCAM Processing
Technology
Inves8ga8on AlternaFve Renewable Power
InvesFgaFon
15
CAPITAL STRUCTURE
12,000
1.7
A$46 million 1.5 10,000
1.3 8,000
A$/sh 1.1 6,000 Volume (000s)
Market CapitalisaFon 1
0.9
4,000
0.7
0.5 2,000
0.3 0
A$10 million 19-Jan-22 19-Feb-22 19-Mar-22 19-Apr-22 19-May-22 19-Jun-22 19-Jul-22 19-Aug-22 19-Sep-22
Cash 1 Board & Management
Non-ExecuFve Chairman Warren Hallam
17%
Metals X Managing Director Rod Corps
Non-Exec Director Brea Smith
Blackstone Minerals
51% 15% General Manager Fergus Kiley
Board & Management Company Secretary Amanda Burgess
19-Jan-22 Other Shareholders
17% Ownership
IPO Date Board & Management 17%
Top 20 Shareholders 74.46%
Top 50 Shareholders 80.13%
1) As at 19-Jul-22 – (un-audited)
16
“Transforming The Australian
Nickel Industry”
17
The Australian Nickel
Conference- The Pathway to
Sustainable Nickel Production
th
5 October 2022
Mt Edwards Headframe (c1976)
www.widgienickel.com.au Picture: Jim Reeve
Important Notice & Disclaimer
This presentation has been prepared by Widgie Nickel Limited (“WIN” or the “Company”)) to assist in informing interested parties about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to
make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
Summary information
This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of Widgie Nickel Limited . The material contained in this presentation is for information
purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.
This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or in a transaction exempt from, or not
subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States.
The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Not financial product advice
Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company
securities). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial
situation and needs and seek legal and taxation advice appropriate to their jurisdiction.
Past performance
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance.
Forward-looking information
This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate",
"estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of
which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Widgie
Nickel Limited does not make any representation or warranty as to the accuracy of such statements or assumptions.
No liability
This presentation has been prepared by Widgie Nickel Limited based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in
this presentation.
Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of
evaluating any investment in the Company.
To the maximum extent permitted by law, none of Widgie Nickel Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this
presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of Widgie Nickel Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such
party.
Financial data
All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures
may differ from the figures set out in this presentation.
Photographs and diagrams
Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by Widgie Nickel Limited. Diagrams and maps
used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation.
Compliance Statement
The information in this presentation that relates to estimates of Mineral Resources for the Mt Edwards Nickel Project has been extracted from the Company’s ASX Announcement titled “Widgie grows Mt Edwards Nickel Resource” dated 9 March 2022, which is also available on the
Company’s website at www.widgienickel.com.au
Widgie Nickel Limited confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements listed above and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters
underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. Widgie Nickel Limited confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the
relevant ASX market announcements. "
2 2
Overview
132N Deposit
Widgie’s Value Proposition - An Optimal Location, History & Timeline
Tier one jurisdiction and infrastructure support focus on returning Mt Edwards to production
Expe rienced and
Proximal to critical Set to be production-ready Set to be production-ready at Mt
dedicated team with
relevant
infrastructure (roads, rail, at Mt Edwards by the end of Edwards by the end of 2023,
nickelexploration and
power and water). Located 2023, coinciding optimally coinciding optimally with a global
production track record.
30km west of Kambalda, with a widely predicted nickel supply shortfall projected by
Rystad Energy in 2023/2024.
home to the nearest Nickel global nickel supply shortfall
Concentrator (BHP). in 2024/25.
Project being developed by Proven production history
an experienced and across four mines, with
dedicated team with relevant significant value to be
nickel exploration and leveraged from the project’s
production track record. historical database.
4 4
Widgie’s Value Proposition – A High-Quality Resource with Latent Value
An expanding nickel resource with substantial growth potential across multiple other clean energy
commodities
Expe rienced and
A large nickel sulphide dedicated team with
relevant
resource base across 12 Substantial resource upside,
nickelexploration and
deposits on 240sqkm with brownfields extension
production track record.
granted tenure in a globally drilling across 11 of the 12
significant nickel district, known deposits and 40 high-
readily scaleable! priority greenfields targets.
.
Latent value remains to be
fully quantified, with recently Newly discovered Lithium
confirmed presence of Cu/ occurrence could add
Co/PGM’s. Less than 10% of significant value.
the 140,000 historical assays
include PGMs
5 5
A Pragmatic & Clear Project Development Strategy
Aiming for Mt Edwards be production ready by the end of 2023, whilst setting up for the future
Drilling, Metallurgical test work, ! Nickel Production 2023 via Continue exploration on
resource re-estimation, Armstrong deposit, which is remaining resources and
permitting & scoping study progressing to plan. Greenfield targets and
underway. In parallel determine PGM Investigate feasibility of
Progression to full feasibility endowment and grow nickel processing on a standalone
study once offtake is secured. resource size & confidence of basis. Assess fully integrated
Gillett, Widgie Townsite & Widgie options targeting downstream
processing (to make battery pre-
3 (Widgie South), 132N &
Munda. cursers)
Short Term Medium Term Long Term
6 6
The Endowment
Unique attributes - 12 separate deposits to drive value
Indicated Inferred Total Resources
Tonnes Grade Tonnes Grade Tonnes Grade Contained Ni
Deposit
(kt) (% Ni) (kt) (% Ni) (kt) (% Ni) (t Ni)
Widgie 3 626 1.5 626 1.5 9,160
Gillett 1,306 1.7 1,306 1.7 22,500
Widgie Townsite 1,183 1.7 1,293 1.5 2,476 1.6 39,300
Munda 320 2.2 320 2.2 7,140
Mt Edwards 26N 871 1.4 871 1.4 12,400
132N 34 2.9 426 1.9 460 2 9,050
Cooke 154 1.3 154 1.3 2,000
Armstrong 526 2.1 107 2 633 2.1 13,200
McEwen 1,133 1.4 1,133 1.4 15,340
McEwen Hangingwall 1,916 1.4 1,916 1.4 26,110
Zabel 272 1.9 53 2 325 2 6,360
Inco Boundary 464 1.2 464 1.2 5,590
TOTAL 2,015 1.9 8,669 1.5 10,684 1.6 168,150
Note: Refer to Compliance Statement in Important Notice & Disclaimer and Slide 17
7 7
Armstrong - First Cab Off the Rank With a Clear Pathway to Production
A high-grade deposit in the heart of Mt Edwards
Key Facts
• Armstrong is an key
deposit of the Widgie
Nickel portfolio being
the most advanced
providing an ideal
1 2 3 4 standalone mining
opportunity
• 2003-2008 Open pit
mining phases
completed in
transitional material
with underground
resource in fresh rock
Step 1 Step 2 Step 3 Step 4 remaining.
• Current Armstrong
Infill drilling is completed, Updated resource model Final Feasibility Study Following completion of resource of
with high-grade nickel to bolster confidence in (FFS) to follow the the FFS and permitting, [email protected]% for
intercepts. Scoping Study on Armstrong deposit and Scoping Study. The Armstrong is set to reach 13,200t Ni.
the cusp of completion complete met test work/ mining and environmental production-ready status
enhancing confidence in offtake discussions. permitting process, set to with a clear pathway to
Armstrong reaching Ground conditions begin in Q4 2022, all of progress the mine
production-ready status by contemplated from the which is expected to be construction process.
the end of 2023. geotechnical assessment concluded first half 2023.
are believed to be
favourable.
8 8
Armstrong Scoping Study – A Major Step Forward
A key step towards production and self funding
Key Highlights
• Mining & Feasibility
• Entech Pty Ltd
• Wood Plc
• MBS Environmental Ltd
• Auralia & Snowden Optiro Peer
Review
• MineGeotech Pty Ltd
• Low CAPEX, Simple underground
conventional approach, high
leverage to Ni price
• Outcome Imminent
9 9
Exploration Success - Widgie South
A key target for resource growth after excellent exploration success from recent campaign
Key Facts
• Widgie South comprises
Widgie 3, Gillett & Widgie
Townsite
• Gillet North success
extends mineralised
corridor further towards
Widgie Townsite Resource.
Our main exploration
focus.
• Gillett Resource Update
imminent.
• Planned production centre
#2 - long life and scale
potential
10
10
Exploration Success – Gillett getting bigger
At Gillett in the heart of Widgie South
Key Highlights
• Assays from first hole
drilled at Gillett North
prospect delivered multiple
high-grade nickel
intercepts.
• Follow up holes confirmed
high-grade nature &
demonstrates grade
continuity between Gillett
Deposit & Gillett North.
11
11
New High-Grade Lithium Discovery – Additional Value Potential
Multiple high-grade lithium bearing pegmatites from rock chip sampling unlocks another avenue of growth
Key Facts
• Rock chip sampling at the Faraday prospect recently
identified high-grade lithium bearing pegmatites over
a 0.6-kilometre strike extent with surface expressions
up to 25m wide.
• Multiple high-grade Li O values returned from 14 rock
2
chip samples, with grades as high as 3.70% Li O.
2
• Significant potential to extend the footprint of the
pegmatite to the north under transported cover.
• The discovery adds to our exposure to the burgeoning
renewable battery and broader decarbonisation
thematic.
12
12
• \
Highlights
100% owned Mt Edwards Project encompasses Presence of copper, cobalt & PGM confirmed -
significant Mineral Resources of 10.684Mt @ 1.60% potential to capture additional value from by-
Ni for 168.15kt of Nickel product credits
~240km2 tenements covering the highly New lithium discovery adds exposure to the
prospective Widgiemooltha Dome, including 12 renewable battery and broader decarbonisation
high-quality deposits on granted Mining Leases thematic – providing more critical metals for a
Ni, Au, Li presence established cleaner future
~31k Ni tonnes mined across 4 mines 1980 to 2008
Located 80km south of Kalgoorlie, Western – limited exploration undertaken since due to
Australia – the best Tier 1 mining jurisdiction in the fragmented ownership, providing significant
world
exploration / resource extension upside
Strategically positioned next to major infrastructure Experienced & dedicated team with relevant nickel
(road, rail, energy & water) & processing hubs. exploration and production track record
13
Corporate Summary
Board & Management Share Price
Andrew Parker
Non-Executive Chair - Corporate / Legal
Andrew holds a Bachelor of Laws (LLB) degree from the University
of Western Australia and has significant experience in the resources
industry involving corporate advisory, strategic consultancy and capital raisings.
Steve Norregaard
Managing Director and CEO - Mining Engineer
Steve is an experienced resources industry executive, company director, and
mining engineer with over 25 years’ experience in executive and operational
roles.
Felicity Repacholi-Muir
Non-Executive Director - Geologist
Felicity is a broad-based professional geologist with 19 years of experience as a
geologist, manager and consultant within the field of mineral exploration and
resource development.
Scott Perry
Non-Executive Director – Process Engineer
Scott has over 20 years of experience in commercial, mining and process Company Overview
engineering roles including over 10 years in executive roles with BHP Billiton
Nickel West Pty Ltd.
Shares on Issue 250.1 million
Current Share Price (3 October 22) $0.25
Graeme Scott
Company Secretary – Corporate
Graeme is a fellow of the Association of Chartered Certified Accountants (UK) Market Cap (3 October 22) $62.5 million
with more than 20 years’ experience in professional and corporate roles in both
Australia and the UK. IPO Price $0.20
Cash (30 June 22) $16.4 million
David Potter
Geology Manager Total Options on Issue 11.75 million
David has a 25 year track record of success as a geologist in both production
and exploration environs. Formerly with Round Oak Minerals as Head of
Geology and Exploration. David holds a B(Sc) in Geology and Masters in Mineral
Economics
14
14
Remember
you will WIN with
Widgie!!
www.widgienickel.com.au
ASX: WIN
L4/220 St Georges Terrace Perth WA 6000
15
15
Appendices
16
16
Geological Overview – Historical Production
17
17
Mineral Resource Estimate 32
Mt Edwards Global Nickel Mineral Resource
Indicated Inferred Total Resources
Compliance Statement Tonnes Grade Tonnes Grade Tonnes Grade Contained Ni
Widgie Nickel has prepared the presentation materials based on information Deposit (kt) (% Ni) (kt) (% Ni) (kt) (% Ni) (t Ni)
available to it at the time of preparation. No representation or warranty, express or
implied, is made as to the fairness, accuracy or completeness of the information, Widgie 3 626 1.5 626 1.5 9,160
opinions and conclusions contained in the meeting materials. To the maximum
extent permitted by law, its related bodies corporate (as that term is defined in the Gillett 1,306 1.7 1,306 1.7 22,500
Corporations Act) and the officers, directors, employees, advisers and agents of
those entities do not accept any responsibility or liability including, without Widgie Townsite 1,183 1.7 1,293 1.5 2,476 1.6 39,300
limitation, any liability arising from fault or negligence on the part of any person, Munda 320 2.2 320 2.2 7,140
for any loss arising from the use of the presentation or its contents or otherwise
arising in connection with it.
The information in this document that relates to Exploration Results and Mineral Mt Edwards 26N 871 1.4 871 1.4 12,400
Resource estimates for the Mt Edwards Project was previously disclosed to ASX in 132N 34 2.9 426 1.9 460 2 9,050
the Widgie Nickel Ltd Prospectus and ASX announcement dated 9 March 2022
titled “Widgie grows Mt Edwards Nickel Resource” Cooke 154 1.3 154 1.3 2,000
Armstrong 526 2.1 107 2 633 2.1 13,200
McEwen 1,133 1.4 1,133 1.4 15,340
McEwen Hangingwall 1,916 1.4 1,916 1.4 26,110
Zabel 272 1.9 53 2 325 2 6,360
Inco Boundary 464 1.2 464 1.2 5,590
TOTAL 2,015 1.9 8,669 1.5 10,684 1.6 168,150
18
18
Fuelling the Future
2022 Australian Nickel Conference
5 and 6 October 2022, Perth
ST GEORGE MINING LIMITED
ACN 139 308 973 ASX: SGQ
Ni-Cu-PGE
ST GEORGE MINING LIMITED
discovery at Mt
ACN 139 308 973 ASX: SGQ
Alexander, WA
Clean Energy Metals
Unprecedented demand growth
Multi-decade transition to
electrify energy is
underway with
unprecedented demand for
clean energy metals
Source: Benchmark Mineral Intelligence,
Sept 2022
Supply response:
• There is only one way to meet demand – through exploration and development …..…….. which requires
a high incentive price for metals in the long-term outlook
• Example: Goldman Sachs forecasts that US$150bn of investment is required in new copper projects if
net zero targets are to be met ..…… copper price needed to incentivise this investment is US$13,000/t
• The same supply and demand thematic will apply across the suite of clean energy metals …….. with
mining companies and their shareholders to be big winners
ASX: SGQ | St George Mining Limited October 2022 2