Lithium-ion Battery Demand
The electrification of transport is driving significant new metal demand
1
Global Electric Vehicle Sales & Market Share Lithium-ion battery metal demand outlook
2
Million Vehicles Market share (%) Million metric tons
10
30 20
9
CAGR: ~49% CAGR: ~30% 18 8
(2012 – 2021) (2021 – 2025)
25 7
16 6
5
14
20 4
12 3
2
15 10 1
0
8 2020 2022e 2024e 2026e 2028e 2030e
10 Cobalt Nickel Lithium Copper
6
4 2
5 Forecast EV Demand growth 2022 – 2030e
2
0 0 Ni ▲4x Li ▲6x Cu ▲4x
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Others China United States Europe Global market share
1. Source IEA (2022), Electric cars fend off supply challenges to more than double global sales, IEA, Paris https://www.iea.org/commentaries/electric-cars-fend-off-supply-challenges-to-more-than-double-global-salessupply
2. Source: Bloomberg NEF – July 2022 5
Nickel
Near term surplus transitions quickly into deficits
Primary Nickel Supply/Demand Balance 1
200 Near term Indonesian supply increases will drive
surplus until 2025
150
100
New nickel supply needed from ~2026 as EV
50
demand accelerates in excess of supply
0
-50
2.8Mt nickel is needed from new resources by
-100 2050 under a net-zero scenario 2
-150
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2050
1. Source: Wood Mackenzie – Global Nickel strategic planning outlook to 2050 (June 2022). The data and Information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for
any purpose. You may not copy or use this data and Information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your
use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such of such data and Information
2. Source: Wood Mackenzie – Nickel Outlook (August 2022) 6
Overview of Our Journey
7
Our Company, Our Strategy
Our Purpose of Making a Difference has underpinned our strategy
Leading diversified clean energy metals
company with Mkt Cap of $11B 1
Production across Li, Ni, Cu and Co
clean energy metals
Development of integrated clean energy
business with assets both upstream and
downstream
Proudly Western Australian with all
producing assets in WA
1. As of 4 October 2022
8
Supplying Products Critical to Clean Energy
Focused on delivering products that will enable electrification and decarbonisation
Ni Li Cu Co
Nickel Lithium Copper Cobalt
Upstream mining and downstream processing
Renewable Energy Renewable Energy
Electrification of Transport
Storage Generation
9
Our Transformation Journey
Aligned our portfolio to benefit from the clean energy revolution
DIVERSIFIED (GOLD & BASE METALS FOCUS) CLEAN ENERGY METALS FOCUS
Rebuild of
exploration team Divestment of Tianqi Lithium Joint Acquisition of
Nova Acquisition & portfolio Jaguar Operation Venture Investment Western Areas
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Nova – Commercial Divestment of Long Divestment of 30%
Production commenced Operation stake in Tropicana
Divestment of Stockman
Operation
10
Our Portfolio Transformation
Key transactions have delivered a 100% clean energy metals focused portfolio
Tianqi Lithium JV Tropicana Silver Knight Western Areas
Investment Divestment Acquisition Acquisition
December 2020 April 2021 July 2021 June 2022
Li Au Ni Ni
Lithium Gold Nickel Nickel
11
Our Portfolio
Diverse portfolio of clean energy metals in Australia with a pipeline of growth
Production
(Li, Ni, Cu, Co)
Development
(Li, Ni, Co)
Studies
(Li, Ni, Cu, Co)
Exploration
(Li, Ni, Cu, Co, REE)
12
Our Operations
13
Our Nickel Business
Quality portfolio of production, development & exploration assets with downstream potential
Downstream
Nova Cosmos Forrestania Exploration
Nickel Sulphate
High quality, low cost High quality Operating underground Focused on discovery Opportunity to value
nickel production asset development asset nickel mining and of Nova-style magmatic add through
with 10+ year mine life processing operation nickel sulphide downstream processing
deposits
Enduring focus on Established ~4years of mine life Extensive belt-scale IGO Process developed
operational excellence infrastructure in a remaining land holdings to convert concentrate
and sustainability prolific nickel camp into battery-grade nickel
sulphate
Silver Knight Scoping Study into Long and successful Potential to deliver
development project to development of history of operations significant value for
provide additional ore Mt Goode resource shareholders
source underway
14
Nova
Strong operational performance and higher nickel prices delivered an excellent FY22
FY22 Highlights
Production within guidance and cash costs better than
guidance at A$1.95/lb - lowest cost nickel operation in
Australia
Underlying EBITDA: A$631M
EBITDA Margin: 70%
Underlying Free Cash Flow: A$574M
Free Cash Flow Margin: 64%
FY23 Strategic Priorities
• Continued business improvement and cost reduction
• Complete new solar farm and battery storage to
reduce emissions
• Progress electric vehicle trials
• Progress Silver Knight Feasibility Study
15 2
15
Forrestania
Assessing further nickel and lithium upside
Forrestania to contribute to IGO earnings from FY23
(following completion of transaction in June 2022)
• Production of 14,028t Ni in Concentrate from FY22
FY23 Strategic Priorities
• Optimise mine and processing activity
• Leverage offtake and operational synergies with Nova
• Undertake systematic review to understand
exploration potential for additional nickel and lithium
discovery
16
16
Cosmos
Project development strategy set to deliver a robust and resilient mining operation
Revising development plan to enable the following to be
completed prior to producing first concentrate:
• Completion of shaft infrastructure
• Development of multiple ore sources underground
• Expansion of process plant to 1.1Mtpa capacity
FY23 Strategic Priorities
• Finalise and execute revised development plan
• Deliver first nickel concentrate production mid-CY23
• Progress Mt Goode Scoping Study
17 2
17
Battery Supply Chain
Optimisation of the supply chain
Lithium
Anode
Mine Concentrator SC 6 Electrolyte
Concentrate Refinery LiOH Separator
Addition of LiOH and
Greenbushes Kwinana Refinery Coating
Nickel / Cobalt
Lithiation and CAM Battery Battery EV
Other? Coating Cell Pack Assembly
Production System
Assembly
Mine Concentrator Ni / Co
Concentrate Refinery NiSO4 Precursor PCAM
CoSO4
MnSO4
Nickel Mines Downstream Feasibility
(Nova, Cosmos, Forrestania) (Western Australia)
18
Nickel Downstream
Western Australia Nickel Sulphate/PCAM facility
19
Our Journey to Decarbonisation
Nova Operation – renewable power generation
First solar farm constructed in 2019
(5.5MW)
Currently installing new 10MW solar
farm and 10MW /10MWhr battery
First mine to run “Engines-Off” for
8-9hrs per day in summer months
~30-35% reduction in CO2 emissions
since 2019
Adopted an Internal Carbon Price of $60/
Nova 5.4MW Solar Farm t
20
Our Lithium Business
Building a global and integrated lithium business
Greenbushes Mine Kwinana Refinery Product Marketing Exploration
TLEA 51% (IGO:25%) TLEA 100% (IGO:49%)
World’s lowest cost and Australia’s first fully Strong relationships with Collaborating with joint
highest-grade hard rock automated LiOH plant leading battery venture partners to pursue
lithium mine manufacturers exploration opportunities
20+ year mine life Designed to produce battery IGO benefiting from
grade lithium hydroxide improved visibility of end
customers
Spodumene production Train 1 production fully
capacity expanding rapidly contracted to global
customers
21
Concluding Remarks
Well positioned to leverage the disruptive transition to clean energy
Lithium battery and energy metals are part of the
solution
Surging EV demand putting pressure on the
supply of raw materials
Supply chain dynamics are shifting
IGO is making a difference as we accelerate
towards a clean energy future
22
Cautionary Statements & Disclaimer
This presentation has been prepared by IGO Limited (IGO) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an
inducement to make an offer or invitation with respect to those securities in any jurisdiction.
This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with
IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in
relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation.
This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking
statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and
may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such
forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual
results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in
relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary
infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as
any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date
of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publicly
update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and
not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational
risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The
production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO.
All currency amounts are in Australian Dollars (A$) unless otherwise noted. Net Cash is cash balance less outstanding debt, Net Debt is outstanding debt less cash balance.
Nickel cash costs are reported inclusive of royalties and after by-product credits on a per unit of payable metal basis, unless otherwise stated. Lithium cash costs are reported as COGS (cash
costs of goods sold) per tonne sold and is inclusive of ore mining costs, processing, general and administrative, selling & marketing, inventory movements and royalty expense.
Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude income tax expense, finance costs, interest income, asset impairments, gain/loss on
sale of investments, depreciation and amortisation and once-off transaction costs. Underlying EBITA includes IGO’s share of TLEA net profit after tax.
Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition costs, proceeds from investment
sales, and payments for subsidiaries, investments and mineral interests.
IGO has a 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA) and therefore, as a non-controlling shareholder, recognises its share of Net Profit After Tax of TLEA in its consolidated
financials. As such, IGO has provided additional information on the operating, financial and expansion activities at both Greenbushes and the Kwinana Refinery which reflects IGO’s
understanding of those operating, financial and expansion activities based on information provided to IGO by TLEA.
2
Australia’s
Emerging Ba>ery
Minerals Explorer
5 October 2022 | ASX:NIS
Acknowledgement of Country
View of Culham Inlet and ocean from the top of East Mount Barren, 1971
2
Important NoHce and Disclaimer
This presentaHon has been prepared by NickelSearch Limited (“NiS” or the “Company”) to assist in informing interested parHes about the Company and its progress. It should not be
considered as an offer or invitaHon to subscribe for or purchase any securiHes in the Company or as an inducement to make an offer or invitaHon with respect to securiHes in the Company.
No agreement to subscribe for securiHes in the Company will be entered into on the basis of this presentaHon.
Summary informaHon
You should not act or refrain from acHng in reliance on this presentaHon material. This overview of NIS does not purport to be all inclusive or to contain all informaHon which recipients may
require in order to make an informed assessment of the Company’s prospects. You should conduct your own invesHgaHon and perform your own analysis in order to saHsfy yourself as to
the accuracy and completeness of the informaHon, statements and opinions contained in this presentaHon before making any investment decision.
Not financial product advice
Reliance should not be placed on the informaHon or opinions contained in this presentaHon. This presentaHon is for informaHon purposes only and is not financial product or investment
advice, nor a recommendaHon to acquire securiHes in the Company (or any interest in Company securiHes). It has been prepared without taking into account the objecHves, financial
situaHon or needs of individuals. Before making any investment decision, prospecHve investors should consider the appropriateness of the informaHon having regard to their own objecHves,
financial situaHon and needs and seek legal and taxaHon advice appropriate to their jurisdicHon.
No liability
The Company has not verified the accuracy or completeness of the informaHon, statements and opinions contained in this presentaHon. Accordingly, to the maximum extent permi>ed by
law, the Company makes no representaHon and give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenHcity,
validity, accuracy, suitability or completeness of, or any errors in or omission, from any informaHon, statement or opinion contained in this presentaHon. The contents of this presentaHon
are confidenHal.
Forward looking informaHon
This presentaHon includes certain “Forward-looking Statements”. The words “forecast”, “esHmate”, “like”, “anHcipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other
similar expressions are intended to idenHfy forward looking statements. All statements, other than statements of historical fact, included herein, including without limitaHon, statements
regarding forecast cash flows and future expansion plans and development objecHves of NIS involve various risks and uncertainHes. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ materially from those anHcipated in such statements.
Compliance Statement
The informaHon in this presentaHon that relates to esHmates of Mineral Resources for NickelSearch has been extracted from the Company’s Prospectus dated 23 August 2021, which was
released to ASX on 14 October 2021 and is available on the Company’s website at www.nickelsearch.com. NickelSearch Limited confirms that it is not aware of any new informaHon or data
that materially affects the informaHon included in the Company prospectus and, in the case of esHmates of Mineral Resources, that all material assumpHons and technical parameters
underpinning the esHmates in that relevant ASX market announcement conHnue to apply and have not materially changed. NickelSearch 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 announcement, and are per Appendix 1.
3
ASX Nickel Sulphide Peers – Attributable Mineral Resource Contained Nickel Tonnes (kt Ni) 1,2
Indicated Contained Ni (kt) Inferred Contained Ni (kt)
171kt 170kt
126kt
94kt
65kt
31kt
25kt
8kt
N/A N/A N/A
NIS WIN CNR DKM LM8 AZS AOU ESR NIM SGQ
Asset Stage Resource Resource Resource Resource Resource Resource Resource Resource Pre-Resource Pre-Resource Pre-Resource
Indicated
Ni Grade (%) 1.9% 2.1% 2.1% 3.2% 1.2% 2.3% 2.4%
Indicated
Contained Ni (kt) 37 60 42 42 26 16 2
Inferred
Ni Grade (%) 0.6% 1.5% 1.6% 0.8% 2.5% 0.9% 1.9% 0.7%
Inferred 171 133 66 52 22 5 9 6
Contained Ni (kt)
Mkt. Cap ($M) 15 59 23 34 147 52 23 18 31 26 39
Net Cash ($M) 5 16 3 16 33 11 4 1 3 4 4
EV ($M) 10 43 20 18 114 41 19 17 28 22 35
1. See slide 22 for JORC Resource and slide 23 for Financial Data used in Peer Comparison Table 4
2. Mineral Resource based on contained nickel tonnes excluding bi-products
Capital Structure
15.1%
104.1M $14.6M
SHARES ON ISSUE MARKET CAP
ASX: NIS At $0.14/sh (30-Sep-22) 6.4%
$4.6M Nil 6.9%
CASH DEBT
As at 30 Jun 22 As at 30 Jun 22
71.6%
$10.0M 8.6M
ENTERPRISE VALUE UNLISTED OPTIONS
Strike: $0.25, Exp: 18 Oct 24
61.7% 46.5%
TOP 20 OWNERSHIP ESCROWED SHARES Board & Management
46.5M shares 12-24 months Other
from ASX lis`ng Ownership
5
Established Nickel Province
6
As at 31 December 2021
ExploraHon Target Model
Carlingup Nickel Sulphide Deposit Model 7
Pipeline of Greenfields & Brownfields Targets
8
Carlingup Project showing priority Targets (in pink) over ultramafic host rocks
RAV8 Deposit Model
! Historic high grade nickel production of
16.1kt Ni at 3.45% incl. 9.6kt Ni at 5.83%
High-grade ! Classic komatiite-hosted nickel sulphide
mined ore deposit with several massive sulphide
shoots (red) with an overlying large
>3% Ni (red) disseminated nickel halo
Low-grade
! The mineralised halo has an Inferred
disseminated
JORC 2012 Mineral Resource of 13.2Mt
halo ~ 0.6% Ni @ 0.60% Ni for 75.1kt Ni
(green)
! Copper and cobalt credits will be included
in future resource calculations
! Recent drilling highlights potential PGM
credits, but historically not assayed
Example of RAV8 high-grade ore
9
Comparison with Forrestania (2016 example)
1.5 km
10
What Lies Beneath?
11
Priority Greenfields ‘Discovery’ Targets
12
RC Drilling to commence!
Javelin Sexton
3 RC holes for 4 RC holes for RAV 8
310m 740m 4 RC holes for
625m
13
Priority Greenfields ‘Discovery’ Targets
B1 & Serendipity Prospects:
! Defined by Ni/Cr and PGM soil
geochemical anomalies with
associated EM anomalies
! Historical nickel sulphides
intersected at B1 (7.6m @ 1.0% Ni
& 6m @ 1.0% Ni)
! Probable Cu-Co-PGM credits
! Follow up ground EM planned to
refine targets, followed by drilling
in Q3-Q4
14
Extensive Target Pipeline
15
Management and Board
Andy Pearce Tamsin Senders Leo Horn Nicole Duncan
ExploraHon Manager Manager Processing Senior Technical Advisor Managing Director
ExploraHon Processing ExploraHon OperaHonal & Corporate
David Royle Norm Taylor Paul Bennee Donald James
Non-execuHve Chairman Non-execuHve Non-execuHve Director Non-execuHve Director
Geology Director / Founder Mining engineer OperaHonal & Corporate
Corporate
16
Management and Board
David Royle Nicole Duncan Andy Pearce Tamsin Senders Leo Horn
Non-execuHve Chairman Managing Director ExploraHon Manager Processing Manager Senior Technical Advisor
Geologist OperaHonal & Corporate ExploraHon Bioleaching Specialist Geologist
+40 years experience in +20 years in mining, +18 years experience as a +25 years experience in +20 years experience in
mineral exploraHon, experienced execuHve geologist and exploraHon specialist processing roles exploraHon across
development & project following extensive career at manager, in greenfields, across the resources mulHple commodiHes incl.
feasibility including roles BHP and South32. brownfields exploraHon industry. nickel in Australia and
with Newcrest, MIM, Ms Duncan’s experience and near-mine operaHons Ms Senders is one of abroad.
Eurasian Minerals and spans exploraHon, project around Australia and Australia’s leading scienHsts Previous technical and
Kentor Gold. development and execuHon, overseas. in bacterial OxidaHon and
technology and corporate management roles at
Managed exploraHon He brings a wealth of leaching. Impact Minerals, Emu NL,
programs leading to the transacHons, skilled in experience in exploraHon Most recently consultant to Redback Mining and
discovery of major gold and leading teams to deliver of nickel sulphides, having nickel producer Western
base metal deposits in outcomes within predefined Invictus Gold.
Australia and Pacific Rim. parameters. started his career at WMC Areas (ASX:WSA). Track record of discoveries
Leads with focus on the and BHP Nickel West, and Co-developer and patent and brings an extensive
footprint of the business, most recently as Poseidon holder of the WSA network of contacts in the
and as a valued partner. Nickel. BioHeap Bacterial heap minerals exploraHon
TM
leach process. business.
Norm Taylor Paul Bennee Donald James
Non-execuHve Director Non-execuHve Director Non-execuHve Director
+30 years experience in resources corporate development +25 years experience in operaHon, development and +25 years experience in the resources industry including
including roles with The Bell Group, Normandy Mining and financing of resource companies and projects. roles as CEO of Investments at PerenH Group, GM
Santos. Mr Benne> has worked in technical, management and Performance at NRW Holdings and COO at WesTrac.
Established corporate advisory business – advised on the business development roles for Newcrest, Western Metals, Demonstrated successful history of working in mining and
sale of Ravensthorpe Nickel Mine to QNI and founded Panoramic Resources, RMB Resources and is currently the industrial services delivering high performance outcomes
Managing Director of Medallion Metals.
several private resource companies including NIS. through the cycle.
17
Our Sustainable Future
Example of an above group sump to capture drilling water
18
Investment Highlights
highly prospecHve nickel belt Experienced team
greenfield targets sustainable resource
development
proven high grade nickel
producHon
19
Nicole Duncan
Managing Director
Email: [email protected]
www.nickelsearch.com
ASX: NIS
Appendix 1: Mineral Resources
Carlingup JORC 2012 Inferred Mineral Resources
Deposit Tonnes (Mt) Ni % Ni (kt)
RAV8 13.2 0.60% 75
1,2
2
RAV1, 4, 4 West 0.52 1.08% 6
3
John Ellis 16.0 0.56% 90
Total 29.7 0.57% 171
Notes:
1. RAV8 Deposit JORC Code (2012) compliant resource es>mate by Lilly Valley Interna>onal (2021). Within RAV8, the Mineral Resource is reported at a cut of grade of
0.3% Ni to a depth of 250m (1200mRL) and a cut-off grade of 1.6% Ni below this depth.
2. RAV1, RAV4 and RAV4 West JORC Compliant resource es>mate was prepared by Golder Associates Pty Ltd (Golder) in 2021. These Inferred mineral resources exclude
confirmed areas of mineralisa>on for which there is presently insufficient confidence in the historical records to allow JORC Code (2012) resources to be calculated.
Bringing these areas of confirmed mineralisa>on up to JORC Code (2012) standard is a priority for the Company.
3. Informa>on rela>ng to the Mineral Resources for the John Ellis laterite deposit has been compiled by Mr. Andrew Weeks, Principal of 2020 Resources Pty Ltd and a
Fellow of the Australian Ins>tute of Mining and Metallurgy. The Mineral Resource es>mate is reported in accordance with the JORC Code (2012). One processing
route that the Company will inves>gate is the joint processing of its lateri>c and sulphide deposits.
21
Appendix 2: Peer Comparison
Measured Indicated Inferred Total Resources
Company / Asset Ownership Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(kt)
(kt Ni)
(kt)
(% Ni)
(% Ni)
(kt Ni)
(kt)
(% Ni)
(kt Ni)
(kt)
(% Ni)
(kt Ni)
Auroch Minerals 1
Saints 100% 553 2.5% 14 358 2.1% 7 911 2.3% 21
Nepean 100% 114 1.7% 2 236 1.9% 2 236 1.5% 4
Azure Minerals 2
Andover 60% 3,800 1.2% 44 900 0.9% 8 4,600 1.1% 52
Cannon Resources 3
Fisher East 100% 2,800 2.1% 60 3,600 1.6% 56 6,460 1.8% 116
Collurabbie 100% 573 1.6% 9 573 1.6% 9
Duketon Mining 4
Rosie 100% 2,012 2.1% 42 761 1.8% 14 2,773 2.0% 56
C2 100% 5,700 0.7% 38 5,700 0.7% 38
Estrella Resources 5
Spargoville 100% 69 2.4% 2 58 1.3% 1 127 1.9% 2
T5 100% 860 0.8% 6 860 0.8% 6
Lunnon Metals 6
85H 100% 387 3.3% 13 300 1.3% 4 687 2.4% 17
South 100% 223 4.7% 11 116 4.8% 6 340 4.7% 16
Warren 100% 136 2.7% 4 75 3.7% 3 211 3.1% 6
N75C 100% 271 2.6% 7 142 1.9% 3 413 2.4% 10
Baker 100% 295 2.8% 8 273 2.8% 8 568 2.8% 16
Widgee Nickel 7
Widgie 3 100% 626 1.5% 9 626 1.5% 9
GilleX 100% 1,306 1.7% 22 1,306 1.7% 22
Widgie Townsite 100% 1,183 1.7% 20 1,293 1.5% 19 2,476 1.6% 40
Munda 100% 320 2.2% 7 320 2.2% 7
Mt Edwards 26N 100% 871 1.4% 12 871 1.4% 12
132N 100% 34 2.9% 1 426 1.9% 8 460 2.0% 9
Cooke 100% 154 1.3% 2 154 1.3% 2
Armstrong 100% 526 2.1% 11 107 2.0% 2 633 2.1% 13
McEwen 100% 1,133 1.4% 16 1,133 1.4% 16
McEwen Hangingwall 100% 1,916 1.4% 27 1,916 1.4% 27
Zabel 100% 272 1.9% 5 53 2.0% 1 325 1.9% 6
Inco Boundary 100% 464 1.2% 6 464 1.2% 6
2012 JORC Resource References
1. Refer ASX announcements: AOU 20/7/22 titled Company Presentation and AOU 1/9/22 titled Nepean Nickel Project – JORC (2012) Mineral Resource Estimate
2. Refer ASX announcement: AZS 30/3/22 titled Azure Delivers Maiden Mineral Resource for Andover
3. Refer ASX announcement: CNR 15/6/22 titled Investor Presentation - June 2022
4. Refer ASX announcement: DKM 10/3/22 titled Rosie Resource Increases in Tonnes, Grade and Metal
5. Refer ASX announcement: ESR 9/6/22 titled Investor Webinar Presentation and ESR 20/9/22 Exploration Target Estimated for the Carr Boyd Project, Maiden T5 Mineral Resource Estimate Declared
6. Refer ASX announcement: LM8 15/6/22 titled Company Presentation 22
7. Refer ASX announcement: WIN 3/5/22 titled 2022 RIU Sydney Resources Round Up Presentation
Appendix 2 (cont)
Cash (A$M) Debt (A$M)
Company Mkt. Cap (A$M) Enterprise Value (A$M)
30-Jun-22 30-Jun-22
Auroch Minerals 1 23 4 - 19
Azure Minerals 2 52 11 - 41
Cannon Resources 3 23 3 - 20
Duketon Mining 4 34 16 - 18
Dundas Minerals 5 39 4 - 35
Estrella Resources 6 18 1 - 17
Lunnon Metals 7 147 33 - 114
Nimy Resources 8 31 3 - 28
St George Mining 9 26 4 - 22
Widgee Nickel 10 59 16 - 43
Financial Data References
Note: Market Capitalisation as at 30/09/22
1. Refer ASX announcement: AOU 28/7/22 titled Quarterly Activities/Appendix 5B Cash Flow Report
2. Refer ASX announcement: AZS 29/07/22 titled Quarterly Activities and Cash Flow Report
3. Refer ASX announcement: CNR 29/07/22 titled Quarterly Cash Flow Report – June 2022
4. Refer ASX announcement: DKM 21/07/22 titled Quarterly Activities/Appendix 5B Cash Flow Report
5. Refer ASX announcement: DUN 27/07/22 titled Quarterly Activities Report June 2022
6. Refer ASX announcement: ESR 27/07/22 titled Quarterly Activities/Appendix 5B Cash Flow Report
7. Refer ASX announcement: LM8 27/07/22 titled Quarterly Cash Flow Report – June 2022
8. Refer ASX announcement: NIM 29/07/22 titled Quarterly Activities and Cashflow Report
9. Refer ASX announcement: SGQ 29/07/22 titled Quarterly Activities and Cashflow Report
10. Refer ASX announcement: WIN 27/07/22 titled Widgie Nickel Quarterly Activities Report & Appendix 5B
23
ASX: CHN | OTCQB: CGMLF
Julimar – the right metals
at the right time in
Western Australia
Australian Nickel Conference
5 October 2022
Forward looking statements and competent person(s) disclosure
This presentation does not include all available Information on Chalice Mining Limited and should not be used in statements.
isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Mining Limited’s
Annual Reports, ASX/OTCQB releases, filings on sedar.com and take independent professional advice before Authorisation
considering investing in the Company. For further information about Chalice Mining Limited, visit our website at This presentation has been authorised for release by the Disclosure Committee.
chalicemining.com
Forward-Looking Statement
This presentation may contain forward-looking information, including forward looking information within the Disclaimer
meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by
Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking law, the Company and its representatives:
statements are made as of the date of this report and Chalice Mining Limited (the Company) does not intend, and • Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy,
does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to completeness or reasonableness of this Presentation;
future events or future performance and reflect Company management’s expectations or beliefs regarding future • Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this
events and include, but are not limited to: the Company’s strategy and objectives; the timing for completion of Presentation; and
scoping studies, the realisation of mineral resource estimates; the likelihood of exploration success; the timing of • Accept no responsibility for any errors or omissions from this Presentation.
planned exploration and study activities on the Company’s projects; access to sites for planned drilling activities;
the success of future potential mining operations; the impact of the discovery on the Julimar Project’s capital Mineral Resources Reporting Requirements
payback and hydrogen establishing a role in long-term energy strategies. In certain cases, forward-looking As an Australian Company with securities quoted on the Australian Securities Exchange (ASX), Chalice is subject to
statements can be identified by the use of words such as, “affords”, “believe”, “continue”, “could”, “estimate”, Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the
“expected”, “future”, “interpreted”, “likely”, “may”, “open”, “plan” or “planned”, “potential”, “targets”, “will” or ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of mineral resources in
variations of such words and phrases or statements that certain actions, events or results may, could, would, might Australia is in accordance with the JORC Code and that Chalice’s mineral resource estimates comply with the
or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of
nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may United States securities laws. The terms used in this announcement are as defined in the JORC Code. The definitions
cause the actual results, performance or achievements of the Company to be materially different from any future of these terms differ from the definitions of such terms for purposes of the disclosure requirements in the United
results, performance or achievements expressed or implied by the forward-looking statements. Such factors may States. As a designated reporting issuer in the province of Ontario, Chalice is also subject to certain Canadian
include, among others, risks related to actual results of current or planned exploration activities; whether disclosure requirements and standards, including the requirements of NI 43-101. The Julimar Project is a material
geophysical and geochemical anomalies are related to economic mineralisation or some other feature; whether mineral project for the purposes of NI43-101. The confidence categories assigned under the JORC Code were
visually identified mineralisation is confirmed by laboratory assays; obtaining appropriate approvals to undertake reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
exploration activities; results of planned metallurgical test work including results from other zones not tested yet, Definition Standards – for Mineral Resources and Mineral Reserves May 2014. As the confidence category definitions
scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in are the same, no modifications to the confidence categories were required.
exploration programs and budgets based upon the results of exploration, changes in commodity prices; economic
conditions; grade or recovery rates; political and social risks, accidents, labour disputes and other risks of the mining Competent Person and Qualifying Persons Statement
industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to The Information in this presentation that relates to exploration results for the Julimar Project is extracted from the
undertake future mining development activities; changes to the regulatory framework within which Chalice following ASX announcements:
operates or may in the future; movements in the share price of investments and the timing and proceeds realised • “High-grade nickel-copper-palladium sulphide intersected at Julimar Project in WA”, 23 March 2020
on future disposals of investments, the impact of the COVID 19 pandemic as well as those factors detailed from • ‘More positive results from ongoing metallurgical testwork at Julimar”, 16 February 2021
time to time in the Company’s interim and annual financial statements, all of which are filed and available for • “Extensive Ni-Cu Soil Anomalism at Julimar” 9 June 2021
review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. The Company also refers • “Gonneville High-Grade Zones Extended at Depth”, 28 September 2021
to the “Key Risks” section of its institutional capital raise presentation released to the ASX on 24 May 2022. Although • “New Mineralised Intrusion Discovered at Julimar”, 2 December 2021
the Company has attempted to identify important factors that could cause actual actions, events or results to • “New results highlight underground potential at Julimar”, 2 March 2022
differ materially from those described in forward-looking statements, there may be other factors that cause actions, • “Exceptional high-grade extensional results at Julimar “, 2 May 2022
events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking • “New Mineralised Zone Intersected at Dampier Target”, 7 July 2022
statements will prove to be accurate, as actual results and future events could differ materially from those • “Seismic identifies potential 1.6km extension of Gonneville”, 6 September 2022
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
The information in this presentation that relates to Mineral Resources has been extracted from the ASX
announcement titled:
• “Updated Gonneville Mineral Resource”, 8 July 2022.
The above announcements are available to view on the Company’s website at chalicemining.com
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcements and, in the case of Mineral Resources, that all material assumptions
and technical parameters underpinning the estimates in the original release continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent Person and
Qualified Person’s findings are presented have not been materially modified from the relevant original market
announcements.
A globally recognised name in exploration – a team with a
track record of finding mines and rewarding shareholders
High-performance, results driven culture (mine finding +
commercial DNA)
Our purpose – to find the metals needed to decarbonise
the world
Our aspiration – to create a world class, multi-district green
metals province
3
11Moz 3E 2 560kt Ni 360kt Cu 54kt Co
A strategic, large-scale Green metals at Julimar are
Resource with rare mix of essential for decarbonisation
critical minerals in sulphide technologies like batteries,
mineralogy electric vehicles and hydrogen
Strategy to evaluate a
100% owned by Chalice, Gonneville starter mine
and located in one of the development while the full
world’s most attractive extent of the mineral
mining jurisdictions
system is defined
Direct access to major Exploration upside –
highway, rail, power, port ~2km of new >30km long
infrastructure as well as a intrusive Complex drilled-
large local workforce out to date 1 Refer to full Mineral Resource Statement in Appendix
4
2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
Julimar is capturing attention as a strategic asset for Australia and the
western world, given its rare palladium-nickel-cobalt content
Julimar is the first major PGE discovery in Global Palladium Primary Supply Market Share
Australia and one of the few recent large-scale
Russia also
Ni-Cu-PGE discoveries in the western world accounts for
Russia ~20% of class 1
38% (battery grade)
Pd, Pt, Ni and Co are classified as ‘critical nickel production
minerals’ by most western governments
The western world is extremely reliant on North
Russian Palladium supply (~40% of global America
supply) 15%
Strategically located in one of the world’s most
stable mining jurisdictions and driven by a
commitment to sustainable development
The Australian Government has committed Zimbabwe
6%
>$1 billion to accelerate strategically
significant projects and strengthen internal
(1)
critical mineral security and supply chains Julimar
South
Africa
37%
Source: ‘Provision of PGM market intelligence and long-term metal price forecasts’ SFA Oxford, March 2021
(1) ‘2022 Critical Minerals Strategy’ Department of Industry, Science, Energy and Resources, Australian Government, March 2022 5
Julimar has the fourth largest undeveloped nickel sulphide resource in
Australia and has significant PGE-Cu-Co credits
3,000
2,500
Including all six payable
metals, Julimar has a
Australian 2,000 contained nickel
primary nickel equivalent of ~2,000 kt
sulphide 1,500
resources in Contained Nickel (kt)
exploration or 1,000
development 1
500
0
Yakabindie West Cosmos Julimar Avebury West Black Swan Venus Jericho Fisher East Sherlock
Julimar
Musgrave Restart Jordan Bay
Source: Company filings.
1: Based on total reported JORC Resource (Measured, Indicated, and Inferred). Includes all exploration and development projects with a contained Ni resource of over 99kt. Please refer to Appendix [Australian Primary
Nickel Sulphide Resources slide] for peer comparison information; [Gonneville Mineral Resource Estimate slide] and [Metal equivalent assumptions slide] for the assumptions used for the calculation of metal equivalents. 6
The growing battery industry needs new, large scale and sustainable
sources of battery-grade nickel – a unique opportunity for Julimar
Battery-grade nickel consumers forecast to Estimated avg carbon intensity of nickel sources (kgCO eq. per kg Ni)
2
become heavily reliant on supply sources that
do not meet sustainability standards, i.e. NPI 70
60
60
With 560kt of contained nickel and growing,
Julimar has the potential to become a globally
significant source of class 1 nickel, which has a 50 45
much lower carbon footprint than other sources
40 ~4.5x
Julimar’s proximity to WA’s world class power
grid and infrastructure make it uniquely 30
positioned to deliver low carbon intensity metals
20 18
13
Class 1 nickel sources are likely to demand a 10
premium, driven by the need to comply with
emissions targets and to satisfy increasing 0
sensitivity to sustainability standards Class I nickel Nickel sulphate Ferronickel (FeNi) Nickel Pig Iron (NPI)
Source: Nickel Institute, Goldman Sachs Global Investment Research via ‘Nickel’s class divide’, April 2022. 7