ANC-Presentations-Full-18-10_Neat

IMPORTANT NOTICE AND DISCLAIMER





This Presentation contains summary information about the Company and its activities which is current as at the date of this Presentation. The information in this Presentation is of a general
nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that
would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act.
The historical information in this Presentation is, or is based upon , information that has been released to the Australian Securities Exchange (ASX). This Presentation should be read in
conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

Forward-looking statements and forecasts
This Presentation contains certain “forward-looking statements” and comments about future matters. Forward-looking statements can gen erally be identified by the use of forward-looking
words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance” and
other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, an d guidance or outlook on, future earnings or financial position or performance
are also forward-looking statements. You are cautioned not to place undu e reliance on forward-looking statem ents. Any such statem ents, opinions and estimates in this Presentation speak
only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance
and estimates. Forward-looking statements are provided as a gen eral guide only. Th e forward-looking statements contained in this Presentation are not indications, guarantees or
predictions of future performance and invol ve known and unknown risks and uncertainties and other factors, man y of which are beyon d the control of the Company, and m ay involve
significant elements of subjective judgement and assumptions as to future events which may or may not be correct.
There can be no assurance th at actu al outcomes will not differ materially from th ese forward-looking statem ents. A number of important factors could cause actual results or performance
to differ materially from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this Presentation.
Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to supplement, revise or update forward-looking statements or to publish
prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation.
Not financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire the Company securities and has been prepared without taking
into account the objectives , financi al situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriaten ess of th e information
having regard to their own objectives, financial situation and needs, and seek legal, taxation and financi al advice appropriate to their jurisdiction and circumstances. The Company is not
licensed to provide financial produ ct advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of the Company securities. The
Company assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will
conduct its own investigation.
Disclaimer: The Compan y an d its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the m aximum extent
permitted by law, all liabilities (however caused, including negligence) in respect of, make no repres entations regarding, and take no responsibility for, any part of this presentation and
make no repres entation or warranty as to th e currency, accuracy, reliability or compl eten ess of any inform ation, statem ents, opinions, conclusions or representations contained in this
presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, repres entation, warranty or gu arantee as to the past, pres ent or the future
performance of the Company.
3

ABN 47 095 792 288 23

CORPORATE $0.30 Share price and volume 40 Capital structure Current*



35 Millions
$0.25
OVERVIEW $0.20 30
25
$0.15 20
15
$0.10
10
$0.05
5
$0.00 0



Experienced Board and Management Team

*As at 4/10/2021

Shareholder composition
Western Areas
NICHOLAS CERNOTTA VICTOR RAJASOORIAR GILLIAN SWABY 20%
Non-Executive Chair Managing Director & CEO Non-Executive Director Zeta Resources 17%
63%
Other




REBECCA HAYWARD PETER SULLIVAN GRANT DYKER
Non-Executive Director Non-Executive Director Chief Financial Officer
4

SAVANNAH NICKEL-COPPER-COBALT PROJECT











































5

PATHWAY TO RESTART



Considerable preparation programs undertaken to ensure operational readiness


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• •
•


• •


• •



1. All-in costs (AIC) are inclusive of all site and transport operating costs, capital costs, royalties, and net of by-product credits, but exclusive
of corporate, funding and exploration costs. 6
2.Calculated using Base Case pricing of (US$16,055/t Ni, US$8,750/t Cu, US$50,692/t Co) and AUD:USD rate of 0.76
3.For full details refer ASX release 6 April 2021

MINING AND PROCESSING SCHEDULE




▪
▪

▪

▪
▪


Ore Tonnes
Mining and Processing
Grade %
('000)
1,200 1.60
Ore drives with massive sulphides at Savannah North
1.40
1,000
1.20
800
1.00
600 0.80
0.60
400
0.40
200
0.20
- -
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Mined Ore - Total (Stope + Dev) Milled Ore - Total Nickel Grade (RHS)
Copper Grade (RHS) Cobalt Grade (RHS)

Refer to the announcement “Updated Savannah Ore Reserve and Mine Plan” dated 31 July 2020. All material assumptions underpinning the
7
production targets, and the forecast financial information derived from those production targets, which are referred to in th e original
announcement, continue to apply and have not materially changed.

ATTRACTIVE FINANCIAL METRICS 28 29 27




Strong leverage to commodity price upside Ni Cu Co
nickel copper cobalt


2 2 2
Price Price Price
Base case
(April 2021) US$16,055/t US$8,750/t US$50,692/t
Spot case
US$19,533/t US$9,664/t US$52,431/t
(July 2021)


A$M
Average
Ore mined & FX Life of Mine
5
AIC
1 Pre-tax
treated (kt) (AUD:USD) (years)
Mine Mine Upfront Pre-tax
(A$/lb)
mine
3 4
Revenue Costs capital costs NPV8
cashflow
Base case
10,628 2,369 1,718 41 610 353 6.36 0.76 12
(April 2021)
Spot case
10,628 2,852 1,740 41 1,071 644 6.14 0.75 12
(July 2021)
- 20% 1% - 76% 82% 3% -
Refer to the announcement “Updated Savannah Ore Reserve and Mine Plan” dated 31 July 2020. All material assumptions underpinning the production targets, and the forecast financial
information derived from those production targets, which are referred to in the original announcement, continue to apply and have not materially changed.
1. Life of mine production of 10,628 kt @ 1.23% Ni, 0.54% Cu, and 0.08%% Co
2. Pricing based on 28 July 2021 (i.e. Ni US$19,533/t, Cu US$9,664/t, Co US$52,431/t) and AUD:USD 0.75 FX .
3. Nickel + copper + cobalt
8
4. Total capital and operating costs
5. Payable Ni, inclusive of all site and transport operating costs, capital costs, royalties, and net of by-product credits, but exclusive of corporate, funding and exploration costs

SAVANNAH PRODUCTION PROFILE




Contained Metal
A$/lb
Tonnes
25,000 Contained Cobalt Contained Copper Contained Nickel 14.00
Contained Nickel Eq Nickel Price - Spot 29 July 2021 (RHS) Nickel Price - Base Case (RHS)
12.00
20,000
10.00

15,000
8.00


6.00
10,000

4.00

5,000
2.00


- -
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33



NiEq grade and NiEq contained metal in Mineral Resource and Reserves for all projects calculated based on prevailing spot metal prices 28 July
2021 (i.e. Ni US$19,533/t, Cu US$9,664/t, Co US$52,431/t) and AUD:USD 0.75 FX .
Refer to the announcement “Updated Savannah Ore Reserve and Mine Plan” dated 31 July 2020. All material assumptions underpinning the
production targets, and the forecast financial information derived from those production targets, which are referred to in th e original 9
announcement, continue to apply and have not materially changed.

UNDERGROUND MINING




Mining and development activities underway Activity Jul-21 Aug-21 Sep-21

▪ Jumbo development (m) 402 362 391

Ore trucked to surface (t) 14,315 40,329 49,916
▪ Blasted stock underground (t) 21,948 39,980 29,507

Drilled stock to blast (t) 85,949 88,568 89,207
▪ Total ore on surface stockpile (t) 14,315 54,644 103,951

























10

PROCESSING PLANT




Processing contract executed with leading process engineering group

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11

OWNER’S TECHNICAL TEAM




Rearing to go

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12

PATHWAY TO FIRST SHIPMENT











































13

EXPLORATION PATHWAY TO EXTENDING MINE LIFE




Savannah North exploration upside Savannah North
Reserves *
▪
90,100t Ni
40,400t Cu
▪ 6,400t Co


Savannah North
Resources *
170,300t Ni
71,100t Cu
11,600t Co


*Refer Appendix Resources and Reserves (July 2021) Tables
▪
▪


▪


▪



14

PLANNED FY22 EXPLORATION




Underground drill programs

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▪


▪


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15

BUILDING A SUSTAINABLE NICKEL-COPPER BUSINESS







Seeking to improve environmental sustainability in production


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▪


▪
Community Support programs


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16

INVESTMENT SUMMARY










































1. Life of mine production of 10,628 kt @ 1.23% Ni, 0.54% Cu, and 0.08%% Co
2. Pricing based on 28 July 2021 (i.e. Ni US$19,533/t, Cu US$9,664/t, Co US$52,431/t) and AUD:USD 0.75 FX .
17

APPENDICES

SAVANNAH PROJECT MINERAL RESOURCE ESTIMATE











































19

SAVANNAH PROJECT MINERAL RESOURCE ESTIMATE











































20

SAVANNAH PROJECT ORE RESERVE ESTIMATE











































21

SAVANNAH PROJECT ORE RESERVE ESTIMATE











































22

High-Grade Nickel-Copper

Sulphides – Discoveries


Continue








Massive nickel-copper sulphides in
MAD199; announced 14 April 2021

Australian Nickel Conference, Perth
5 October 2021







ST GEORGE MINING LIMITED
ACN 139 308 973 ASX: SGQ

Decade of Decarbonisation



Nickel’s critical role in world’s next big investment theme






Decade of digitalisation: Decade of decarbonisation:


• Business processes and social practices • Transitioning to a low carbon world with
changed with new technology: electric vehicles and new energy storage
solutions:
2010 2020

Internet 35 million 193 million
devices

Smartphones 4.4 million 21.6 million







• Remarkable wealth created for technology
companies and their shareholders:





NYSE: FANG+ index
Source: EV Volumes, Argus Metals, Terra Studio

• EV driven battery demand is changing the
market dynamics for nickel

• Nickel companies poised to be big winners




ASX: SGQ | St George Mining Limited 5 October 2021 2

The Race has Begun



Nickel sulphide supplies are scarce









































Elon Musk (CEO, Tesla):

“Well, I’d just like to re-emphasise, any mining companies out
there, please mine more nickel. Okay. Wherever you are in the
world, please mine more nickel...”
23 July 2020





ASX: SGQ | St George Mining Limited 5 October 2021 3

Nickel Supply Response



Miners stepping up to the challenge




New offtake deals being negotiated: Consolidation and M&A activity underway:

BHP Chief Commercial Officer, Vandita Pant: Battery blitz: ‘Twiggy’ Forrest fights BHP for
“Demand for nickel in batteries is estimated to Canadian nickel miner
grow by over 500 per cent over the next decade, The Sydney Morning Herald, 31 Aug 2021
in large part to support the world’s rising
demand for electric vehicles.” Nickel hungry BHP will be watching talks

28 July 2021, BHP enters into nickel supply agreement between Western Areas and IGO
with Tesla The Australian, 19 Aug 2021







But there is only one
way to meet demand –
through exploration
and development…..



……..which requires a
high incentive price for
the long-term outlook












ASX: SGQ | St George Mining Limited 5 October 2021 4

Mt Alexander - Overview



High-grade discovery in strategic location



Exceptional high-grade mineralisation:


• Nickel-copper sulphides discovered 30m from
surface and over a 5.5km strike

• Style of mineralisation is very rare – combination of
high-grade nickel, copper, cobalt and platinum group
metals is not seen anywhere else in Australia
• Preliminary metallurgical test work produced 18%
nickel and 32% copper concentrates

• Pipeline of regional nickel prospects



Foundation for development:


• Tier 1 mining jurisdiction Western Australia
• Neighbouring major nickel operations, including
BHP’s flagship nickel mines

• Access to existing infrastructure, roads and power

• Established route to market



About the Project: St George Mining Ltd holds 100% of all the
Mt Alexander tenements with the exception of E29/638, which
is held in Joint Venture: St George Mining Ltd (75%) and
Western Areas Ltd (25%).
St George is the manager with Western Areas retaining a 25%
non-contributing interest in the Project until decision to mine.

ASX: SGQ | St George Mining Limited 5 October 2021 5

Initial Discoveries



Shallow mineralisation over a 5.5km strike


• Four shallow, high-grade discoveries over a 5.5km strike of the Cathedrals
Belt, east-west oriented belt

 Extensive strike suggests the system must be deeper than the extent of
current shallow discoveries

• Intrusive mineral system with potential for significant mineralisation at depth


• Petrography confirms host rocks as gabbronorite and leuco-norite
 textbook intrusive rocks that host major intrusive nickel sulphide
deposits in WA like Nova-Bollinger, Savannah and Nebo-Babel



From Width Ni Cu Co PGE
Prospect Hole
m m % % % g/t
MAD71 37.5 17.45 3.0 1.3 0.13 1.68
Stricklands including 39.3 5.30 4.4 1.5 0.21 2.09
and 50.6 2.02 5.1 2.0 0.21 3.31

MAD56 57.8 7.50 3.9 1.7 0.12 3.32
Cathedrals
including 61.8 3.15 6.4 2.9 0.20 5.03


Investigators MAD38 25.4 2.74 3.77 1.48 0.1 3.85


MAD127
Investigators including 183.9 8.49 5.8 2.6 0.18 3.61
6.5
2.8
3.68
0.21
184.4
6.39
Drill core from
Radar MAD152 46 6.00 2.14 0.74 - 1.62 MAD56

ASX: SGQ | St George Mining Limited 5 October 2021 6

New 2021 Discoveries



Breakthrough discovery at depth



• Deeper drilling in 2020 and 2021 along the Cathedrals Belt intersected thick intrusive rocks,
confirming an intrusive unit that is open at depth

• MAD199 intersected more than 11m of nickel-copper sulphides from 333.5m downhole (April 2021)
 the deepest and western most occurrence of massive sulphides discovered to date and
confirms that the large intrusive unit is fertile for nickel-copper sulphides at depth

• MAD201 – first step-out hole from MAD199 – intersects massive nickel-copper sulphides at 125m
down-plunge of MAD199 indicating a significant plunge extent of the high-grade mineralisation

• Multiple off-hole EM conductors proximal to MAD199 and MAD201 support the presence of a
significant volume of mineralisation in this location


Prospect Hole From (m) Width (m) Ni (%) Cu (%) PGE (g/t)

MAD199 333.50 11.07 1.58 0.71 1.23
Investigators Including 340.67 3.90 3.98 1.8 3.01
and 342.12 1.28 6.54 2.96 3.88


MAD201 434.60 2.44 1.66 0.55 0.52
Investigators including 436.76 0.26 6.18 1.2 0.79















Drill core from MAD199
ASX: SGQ | St George Mining Limited 5 October 2021 7

Field of EM Conductors



Targets for further discoveries




• Downhole EM surveys used concurrently with deeper drilling to identify conductive bodies –
potential mineralisation – at depths below the detection limit of surface EM surveys

• Multiple EM conductors identified at West End and Investigators suggest that this area is a very
active part of the Cathedrals Belt mineral system
 potential for the conductors to be associated with a greater volume of mineralisation along
strike or down-dip







Plan view map of West End and
Investigators (against gravity
data) showing new DHEM
conductors and prior drilling.


Gravity highs are shown by
warmer colours (white, red and
yellow). High density massive
sulphides and their host rocks
will typically present as gravity
highs.

Less dense material or cover are
represented by cooler colours
(blues and purples).








ASX: SGQ | St George Mining Limited 5 October 2021 8

Diamond Drilling Resumes



Testing a pipeline of EM conductors




• Drill programme commences this week – focused on EM conductors at West End and
Investigators
• Seismic survey completed in September with results pending – mapping of intrusive host
structure at depth to aid drill targeting






Drilling at Mt Alexander





































ASX: SGQ | St George Mining Limited 5 October 2021 9

Regional Targets



Exciting early results



Carnac Prospect: an east-west belt (+8km strike) that may be a repetition of the highly mineralised

Cathedrals Belt – maiden drilling intersected intrusive rocks up to 85m thick

Jailbreak Prospect: a north-south belt prospective for komatiitic nickel – maiden drilling intersected
ultramafics up to 270m thick

 RC drilling completed in September with follow-up exploration being planned with downhole
EM surveys pending







































ASX: SGQ | St George Mining Limited 5 October 2021 10

Mt Alexander – Development



Opportunity for low cost/ high margin operation being assessed




Resource definition:


• Resource definition for shallow deposits at Stricklands and Cathedrals underway to assess the
potential of a starter mine operation



Metallurgical test work:

• XPS (subsidiary of Glencore) in Canada has been engaged to assess the metallurgy of the
Stricklands mineralisation and to develop a flowsheet for processing the Stricklands ore

• Key focus is to optimise recoveries of all metals in the Ni-Cu-Co-PGE mineralisation at
Stricklands – similar suite of metals to Canadian deposits, like Raglan



Clean and high-grade concentrate will attract a premium price:


• Separate nickel and copper concentrates produced from each of the massive and
disseminated sulphides through conventional flotation circuits at high grades and with high
values for PGEs – mostly palladium (70%) and rhodium (10%) (work completed by Strategic
Metallurgy on MAD177 samples)


Nickel Concentrate Copper Concentrate
Ni Ni Cu Co Total Cu Cu Ni Co Total Ag
Metal Grades recovery Metal Grades recovery
% % % PGEs g/t % % % PGEs g/t g/t
Massive Ni Concentrate 16.2 90.6 0.66 0.59 6.26 Massive Cu Concentrate 30.3 90.6 1.07 0.03 7.39 52
Disseminated Ni Concentrate 13.6 62.0 0.37 0.50 8.10 Disseminated Cu Concentrate 25.1 59.8 0.36 0.02 18.1 0


ASX: SGQ | St George Mining Limited 5 October 2021 11

Paterson Project – Adding More Value


Highly successful maiden drilling programme




Excellent address:

• Paterson region is a hotspot for major new
discoveries
• St George holds 100% of two prospective
tenements

• Neighbouring companies Antipa (ASX: AZY)
and Sipa (ASX: SRI) have joint ventures with

Rio Tinto
• St George ground has not been explored by
modern geophysics and drilling techniques



Prospective lithology confirmed:


• Maiden drilling confirmed the presence of
chalcopyrite and metasediments, the lithology
known to host base metal mineralisation in the
Paterson region

• Elevated levels of pathfinder elements for base
metal and gold deposits including highly

anomalous bismuth, arsenic, copper, zinc, lead,
molybdenum and vanadium
• Follow-up exploration underway – airborne
EM, ground gravity and more drilling




ASX: SGQ | St George Mining Limited 5 October 2021 12

Corporate Overview


Expertise and ability to create value for shareholders





Directors and Management –
Vision and Experience for Success


Market Capitalisation Listed Shares John PRINEAS, Executive Chairman – founding shareholder
(30 Sept 2021) with over 25 years experience in mining, and the banking
and legal sectors servicing the resources industry.
$42m 589,190,937
John DAWSON, Non-Executive Director – over 30 years in
the finance and mining sectors where he occupied very
Top 20 Shareholders Listed Options senior roles with global investment banks Goldman Sachs

23% Nil and Dresdner Kleinwort Wasserstein.
Sarah SHIPWAY, Non-Executive Director/Company
Directors & Share Price (30 Sept Secretary – Chartered Accountant with extensive

Management 2021) experience in advising listed exploration companies.
Dave O’NEILL, Exploration Manager – over 20 years
5% $0.07 experience as a geologist with expertise in nickel

exploration gained in senior roles with WMC Resources,
Cash (30 June 2021) Debt BHP, Western Areas; managed exploration programmes at

$6.37m Nil Mt Alexander for BHP and Western Areas.
Charles WILKINSON, Technical Consultant – over 32 years’
as a geologist with 16 years at WMC including as
Exploration Manager - Nickel. Joined Western Areas in 2008
as General Manager Exploration. During his 9 years at WSA,
it grew its resource inventory to become Australia’s No. 1
independent nickel sulphide producer.




ASX: SGQ | St George Mining Limited 5 October 2021 13

Developing a high-grade
nickel-copper sulphide project
in the heart of Western

Australia’s Goldfields.
























Photo: Drill core from metallurgical hole
STD014 at Stricklands showing massive
nickel-copper sulphides




ASX: SGQ | St George Mining Limited 5 October 2021 14

Forward looking statements and disclosures









The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Dave O’Neill, a
Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr O’Neill is employed by St George Mining Limited to provide technical advice on
mineral projects and holds performance rights in the Company.

This ASX announcement contains information extracted from the following reports which are available on the Company’s website at www.stgm.com.au:

• 1 April 2020 Breakthrough Results at Mt Alexander • 14 April. 021 New Discovery of Nickel-Copper Sulphides at Mt Alexander
• 8 April 2020 Strong Results at Paterson Province Hotspot • 27 April 2021 Nickel-Copper Sulphide Potential Grows at Mt Alexander
• 22 April 2020 MT Survey Continues to Unlock Mt Alexander • 27 May 2021 High-Grade Nickel-Copper Sulphides Intersected Down-Plunge
• 22 May 2020 St George Starts Major Drilling Campaign • 22 June 2021 Assays Confirm High-Grade Discovery at Mt Alexander
• 2 July 2020 Mt Alexander – Drilling Update • 6 July 2021 New EM Conductors at Mt Alexander
• 9 September 2020 More Thick Intercepts of Mineralised Units • 8 July 2021 Drilling Intersects Prospective Lithology at Paterson
• 14 September 2020 Excellent Metallurgical Results for Mt Alexander • 13 August 2021 Highly Successful Drilling at Paterson Project
• 3 December 2020 Multiple New EM Conductors at Mt Alexander • 16 August 2021 Drilling Underway at Mt Alexander
• 21 December 2020 Mt Alexander – Exploration and Development Update • 18 August 2021 Field of EM Conductors at Mt Alexander
• 23 February 2021 Drilling Update for Mt Alexander • 13 September 2021 Drilling of New Targets at Mt Alexander


The Company confirms that it is not aware of any new information or data that materially affects the exploration results included in any original market announcements referred to in this
report and that no material change in the results has occurred. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcements.
Disclaimer

Certain statements contained in this presentation, including information as to the future financial or operating performance of St George Mining Limited (ASX:SGQ) and its
projects, are forward looking statements:
-may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades
and recovery rates, production and prices, recovery costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future
technical, economic, market, political, social and other conditions;
-are necessarily based upon a number of estimates and assumptions that, while considered reasonable by St George Mining, are inherently subject to significant technical,
business, economic, competitive, political and social uncertainties and contingencies; and
-involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected
in such forward-looking statements.
St George Mining disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or
otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”
and similar expressions identify forward looking statements.

All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward looking statements are
not guarantees of future performance and investors are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein.


ASX: SGQ | St George Mining Limited 5 October 2021 15

Fill the Mill Strategy










Australian Nickel Conference


Peter Harold MD/CEO


5 October 2021

Disclaimer and Competent Person Statement





Disclaimer
This presentation is for information purposes only. It has been prepared for the purpose of providing general information about Poseidon Nickel Limited ("Poseidon"). It should not be considered as an offer, invitation, solicitation or recommendation to
subscribe for or purchase any securities in Poseidon in any jurisdiction. It is not recommended that any person makes an investment decision in relation to Poseidon in reliance on this presentation material. This presentation does not constitute financial
product advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent
recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or
unanticipated market, financialor political developments.
This presentation contains forecasts and forward-looking statements. Such statements are predictions only based on available data which maybe unreliable and is subject to inherent risks and uncertainties. Investors are cautioned that forward-looking
statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein, which could cause actual values, results, performances or
achievements to differ materially fromthose expressed, implied or projected in this presentation.
This overview does not purport to be all-inclusive or to contain all information w hich its recipients may require in order to make an informed assessment of the project prospects. Each of Poseidon, its officers, employees and advisers expressly disclaims
any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability, direct, indirect or consequentialfor any loss or damage w hich may be suffered by any person as a consequence of any information
in this presentation or any error or omission there from. Poseidon accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation.

Competent Person Statement
The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled and review ed by Mr Andrew Pearce, who is an employee of Poseidon Nickel, and is a Member of The Australian Institute of
Geoscientists
The information in this report w hich relates to the Black Sw an Mineral Resource is based on, and fairly represents, information compiled by Mr Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd. The information in this report w hich
relates to the Black Sw an Ore Reserve is based on, and fairly represents, information compiled by Mr Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd and w ho is a Members of the Australasian Institute of Mining and Metallurgy.
The information in this report w hich relates to the Silver Sw an Mineral Resource is based on, and fairly represents, information compiled by Mr Steve Warriner, Chief Geologist, w ho was a full-time employee at Poseidon Nickel, and is a Member of The
Australian Institute of Geoscientists and Mr Kahan Cervoj who is a full time employee of Optiro Pty Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy. The information in this report which relates to the Silver Swan Ore Reserve is
based on, and fairly represents, information compiled by Mr Matthew Keenan w ho is a full-time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.
The information in this report which relates to the Lake Johnston Mineral Resource is based on, and fairly represents, information compiled by Mr Steve Warriner, Chief Geologist, who was a full-time employee at Poseidon Nickel, and is a Member of The
Australian Institute of Geoscientists and Mr Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. The information in this report which relates to the Lake Johnston
Ore Reserves Project is based on, and fairly represents, information compiled by Mr Matthew Keenan w ho is a full-time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.
The information in this Updated Gold Tailings Project Mineral Resource Statement which relates to Mineral Resources is based upon details compiled by Ian Glacken, w ho is a Fellow of the Australasian Institute of Mining and Metallurgy and the Australian
Institute of Geoscientists. Ian Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and the deposit under consideration, and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).
The Company is not aw are of any new information or data that materially affects the information in the relevant market announcements. All material assumptions and technical parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed.
Mr Pearce, Mr Warriner, Mr Cervoj, Mr Weeks, Mr Glacken and Mr Keenan all have sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Pearce, Mr Warriner, Mr Cervoj, Mr Weeks, Mr Glacken and Mr Keenan
have consented to the inclusion in the report of the matters based on his information in the formand context in w hich it appears.
The Australian Securities Exchange has not review ed and does not accept responsibility for the accuracy or adequacy of this release
ForwardLooking Statements
This release contains certain forward looking statements including nickel production targets. Often, but not alw ays, forward looking statements can generally be identified by the use of forward looking w ords such as “may”, “will”, “except”, “intend”, “plan”,
“estimate”, “anticipate”, ”continue”, and “guidance”, or other similar w ords and may include, w ithout limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance
on future earnings, cash flows, costs, financialposition and performance are also forward looking statements
Forw ard looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, w ithout notice, as are statements about market and industry trends, which are based on
interpretation of current market conditions. Forw ard looking statements are provided as a generalguide only and should not be relied on as a guarantee of future performance.
Forw ard looking statements may be affected by a range of variables that could cause actual results or trends to differ materially. These variations, if materially adverse, may affect the timing or the feasibility and potential development of the Golden Sw an
undergroundmine.
2

COMPANY OVERVIEW

The Poseidon Story








Western Australian

focused

Gold Tailings Project
2Mtpa processing plant
Combined Nickel at Black Swan containing 180koz Au + Targeting nickel
Experienced Resources option to treat another production in 2022
1.5Mtpa processing
exploration and ~400kt Ni plant at Lake Johnston 62koz Au
development team (both on C&M) BFS completed





•Three quality

nickel sulphide
assets


Golden Swan and Multiple production

Significant Silver Swan Golden Swan scenarios given two Progressing toward

exploration Ultra high-grade High-grade nickel strategically located generating revenue in
upside nickel discovery processing plants 2022










4

Capital Structure







Capital Structure/Enterprise Value Significant Shareholders

ASX Code POS Black Mountain Metals 11.9%


Shares on Issue 3.064B Wyloo Metals
11.7%
HSBC Custody Nominees
Share Price (4 October 2021) $0.09
BNP Paribas Nominees 2.9%
Market Cap ~$276M JP Morgan Nominees 2.2%
2.1%
Cash (4 October 2021) ~$29M Private Investor 67.2% 2.1%

Remaining Shareholders
Share Price Performance


$0.16 $10.00
$9.00
CLosing Share Price ($A) $0.12 $7.00 Nickel Price ($US/lb)
$0.14
$8.00

$0.10
$6.00
$0.08
$5.00
$4.00
$0.06
$0.04
$2.00
$0.02 $3.00
$1.00
$- $-




A$ Share Price US$ Nickel Price 5 5 5

Experienced Board and Executive Team












Derek La Ferla Peter Harold Dean Hildebrand

Non-Executive Chair Managing Director and CEO Non-Executive Director


Derek La Ferla is an experienced corporate lawyer and company Peter Harold is a process engineer with over 30 years corporate Dean Hildebrand is a Director and Chief Financial Officer of Black
director with over 30 years of experience working in corporate and experience in the minerals industry, specialising in financing, marketing, Mountain Metals, a global battery metals mining company. He is a
commercial law. Derek is on the National Board of the AICD, a business development and general corporate activities. Prior to joining corporate finance professional with experience in capital markets,
member of its WA Council and a fellow since 2010. He is also a partner Poseidon, Peter was the Managing Director of Panoramic Resources for mergers and acquisitions, and project financing within the natural
(part time) at large independent WA law firm, Lavan and the Chairman 18 years which developed and operated the Savannah and Lanfranchi resources sectors. Dean is the nominee Director for Black Mountain
of Sandfire Resources Ltd. nickel suphide underground mines. Metals Pty Ltd, a significant shareholder ofthe Company.











Felicity Gooding Peter Muccilli Brendan Shalders


Non-Executive Director Non-Executive Director CFO & Joint Co Sec


Felicity Gooding is the Deputy Chief Executive Officer of Minderoo, Peter Muccilli is a geologist with more than 30 years of extensive Brendan Shalders is a Chartered Accountant having commenced his
encompassing the philanthropic holdings of Andrew and Nicola Forrest. exploration, development, operational experience in the resources career at KPMG. Most recently he was Managing Director at FTI
Felicity has held senior positions at PwC, Diageo Plc and Fortescue sector, particularly nickel, gold, zinc and lead. He has proven experience Consulting for nearly 3 years. Having held senior finance roles in both
Metals Group Ltd where she was instrumental in the raising of over in mine geology, exploration and resource estimation and was the advisory and corporate settings, he has over 16 years’ experience in
$5bn expansion financing. Prior to joining Minderoo, Felicity was an former Managing Director and Chief Executive Officer for Mincor corporate finance, accounting, risk management and business
executive at potash development company Sirius Minerals Plc. Resources NL. Peter is also the Technical Director for Constellation development, predominantly within the mining and mining services
Exploration Companies Inc. Resources Ltd. industries.




6

NICKEL MARKET

Electric Vehicles to drive massive nickel demand growth























“I’d just like to



re-emphasize, any


mining companies



out there, please



mine more nickel”



“Our team accepted the challenge to transform product
Elon Musk
development at GM and position our company for an

all-electric future,” said Mary Barra, GM chairman and

CEO.

November 2020
8 8

Nickel Outlook








Electric Vehicles (EVs) drive nickel demand Projected Base Metal Demand Growth


▪ Significant investment by car manufacturers in
electrification



▪ Traditional car makers, i.e. VW, showing they can build


EVs cost efficiently with their ID.3 model UBS, March 2021

▪ Battery manufacturers adopting battery chemistries


with higher nickel content Trafigura research, SMM, CIAP
▪ These batteries projected to hold 63% of EV market in

six years



▪ Supply deficits in nickel forming over the decade


▪ Prices expected to rise to incentivise new
production capacity












9

OUR NICKEL PROJECTS

Black Swan Project


















































Aerial view of Black

Swan concentrator





11

Project Overview





History

▪ Black Swan Production - 5.9Mt @ 0.7% Ni for 41kt Ni


▪ Silver Swan Production - 2.7Mt @ 5.1% Ni for 137.5kt Ni


▪ Total production - 178.5kpta Ni in concentrate


Existing Resources & Infrastructure

▪ Silver Swan underground - 16kt Ni* (grade - 9.5%) 1


2
▪ Silver Swan Tailings – 6.2kt Ni & 460t Co

▪ Black Swan open pit & stockpiles -179kt Ni* (grade - 0.6%) 1


▪ 2.2 Mtpa processing plant and associated infrastructure

Current Focus – FILL THE MILL


▪ BFS on 1.1Mtpa processing circuit and ore feed sources Black Swan 2.2Mtpa milling circuit

Plans to refurbish and de-rate to
▪ Ore sources – Black Swan pit, Silver Swan tailings, high 1.1Mtpa throughput
grade Golden Swan and Silver Swan


▪ Resource & Reserve for Golden Swan, upgrade Silver Swan

Resource & Reserve * 1 Contained Ni Metal
Mineral Resources Statement Table 1 attached.
2 see ASX release 15 Sept 2021
▪ Continue to explore the Southern Terrace for more high grade
12

Black Swan Project

Silver Swan Discovery -1995












































Maiden Resource 440,000 tonnes @ 14% Ni


for approximately 62,000 tonnes of Ni 1








Left to Right: Kelvin Fox, David Burt & Jarmo Vesanto 13
1 MPI Press Release 20 November 1995

Golden Swan High Grade Discovery & Southern Terrace

Prospectivity





Existing Golden N
Swan
DHEM Plates


6.4m @ 9.6% Ni Black Swan

Pit Production: 5.9Mt @ 0.7%Ni for 41Kt Ni
August 2019 Mineral Resources: 179Kt Ni
9m @ 10.46% Ni


Footwall
DHEM Plates
7.55m @ 8.82% Ni






Silver Swan

UG Production: 2.7Mt @ 5.1%Ni for 137.5Kt Ni
August 2019 Mineral Resources: 16Kt Ni



Golden Swan Drill Intercept Max Ni >0.5%
Golden Swan EM Plates Southern Silver Swan Reserve
Mine Areas Terrace 130Kt @ 5.2% Ni for 6,600t Ni
August 2019 Mineral Resource Shapes
Footwall Surface
Underground Development
Proposed Underground Development
Refer Mineral Resources Statement Table 1 attached.
Refer Mineral Reserves Statement Table 2 attached.
Refer Production statistics – from production records of previous owners compiled by POS 14

Golden Swan, Silver Swan & Southern Terrace – Future Activities










Golden Swan
• Resource drilling - 15,000m program
completed

• Maiden Resource - mid October

• Mining Inventory - late November

Silver Swan

• Reserve upgrade drilling - underway
• Resource extension drilling -
underway

Southern Terrace

• Further drill testing from Gosling Southern
drill position underway Terrace

• EM surveys ongoing

















1 ASX Announcement “Excellent results from preliminary metallurgical testwork” dated 25 November 2020.
15