ANC-Presentations-Full-18-10_Neat

Exploration Targeting: Structural Framework








A recent study defined a fold-

thrust belt architecture for
Carlingup Project Area



Conceptual nickel targets
(green circles) identified based

on structural grounds



Structural targets coincide with
favourable komatiite host units &

drill hole lithogeochemistry


Trough structure embayments

that partly confine the Ni sulphide
ore shoots have been modified

during regional fold–thrusting


Potential exists for structural

folding & thickening of ore shoots





12

Exploration Targeting: Geophysics






▪ Leveraging an extensive, high-

quality exploration database



▪ Over 45 inadequately or untested

tested EM targets




▪ Tenure covers the most prospective
areas of the Ravensthorpe

Greenstone belt for high grade

nickel sulphides



▪ Refine existing and define

additional drill targets through:

– Structural-stratigraphic analysis


– Lithogeochem fertility studies

– Mapping of target areas


– Ultra fine soil geochemistry


– Reprocessing historical EM data
13

Ravensthorpe Range Prospectivity






▪ Ni, PGE & Co rights for land package from MM8:

M74/83, E74/602, E74/638, E74/656 & E74/683 – all
granted




▪ Most advanced target is the B1Prospect


– Surface geochemical sampling defined a 400m x

100m anomaly


– Drill testing intersected disseminated Ni sulphides

with up to 1.52% Ni & 0.13% Cu


– Further drilling is required to fully test the target




▪ Historical soil geochemistry identified widespread nickel

anomalism coincident with the north-west trending

Bandalup Ultramafics



▪ Numerous zones of coincident Ni-Co anomalism
NiS License
associated with magnetic features



▪ No systematic follow up or drilling of anomalous areas 14

Nickel Sulphide Resource Drilling



▪ Multiple nickel sulphide

deposits with potential to

significantly extend along strike
and at depth



▪ Shallow mineralisation identified

to date is amenable to open pit
mining



▪ Existing drilling highlights

include:

– 4.13m at 2.15% Ni (RAV1)

– 2.56m at 7.86% Ni (RAV4W)




▪ Resource drilling to upgrade to
JORC 2012 at RAV1, RAV4 &

RAV4 West



▪ Walk-up high potential targets

identified at RAV5



▪ Drilling planned for Q4 CY21 15

RAV-8 Mineral Resource






Leapfrog 3D block model – looking northeast
▪ Historic high grade nickel
production of 16.1kt Ni at

3.45% incl. 9.6kt Ni at 5.83%




▪ Classic Komatiite-hosted
nickel sulphide deposit with 3

main massive sulphide shoots

(red) with an overlying large
disseminated nickel halo




▪ The mineralised halo has an
inferred JORC 2012 Mineral

Resource of 13.2Mt @ 0.60%

Ni for 75.1kt Ni



▪ Copper and cobalt credits

likely to be included in future

resource calculations



16

Conventional & Green Processing Route






Bio-leach is a low cost, efficient and green treatment process


▪ Simple to operate &
produces high value

products



▪ Low environmental
impact and is well suited

to remote locations



▪ Western Areas currently
integrating their

BioHeap™ process into

Cosmic Boy Concentrator

operations


▪ Terrafame’s bio-heap

leach project in Finland

was the world’s first for
nickel – cost effectively

processing low grade

(0.26% Ni) ore 17

Nickel Laterite Production Optionality






▪ 100% owned John Ellis Ni laterite

deposit is contiguous with FQM’s
Nindilbillup Deposit



▪ Infrastructure advantage, adjacent to
FQM’s Ravensthorpe Nickel Operation

(RNO) & nickel laterite resources


▪ JORC Inferred Resource:

16Mt @ 0.56% Ni & 0.026% Co for 91kt
Ni & 4 kt Co metal



▪ Comparable grades & metallurgy to
RNO



▪ John Ellis deposit has potential to

extend FQM’s RNO operation by 2 to 3
years



▪ Royalty over FQM’s Nindilbillup deposit
has a gross undiscounted value

of US$3.7M at Ni price of US$15,000/t
18

3





















CORPORATE





















19

Board & Management








David Royle Craig Moulton Norm Taylor Paul Bennett Donald James Leo Horn
Non-executive Managing Director Non-executive Non-executive Non-executive Senior Technical
Chairman Director / Founder Director Director Advisor
Geologist Geologist Corporate Mining engineer Operational & Corporate Geologist


+40 years +25 years +30 years +25 years +25 years +20 years
experience in experience in the experience in experience in experience in the experience in
mineral mining industry resources corporate operation, resources industry exploration across
exploration & including Rio Tinto development development and including roles as multiple commodities
project feasibility (15 years) and Cliffs including roles with financing of CEO of Investments including nickel both
including roles resource companies
with Newcrest, (5 years). The Bell Group, and projects at Perenti Group, in Australia and
MIM, Eurasian Experience has Normandy Mining Mr Bennett has GM Performance at abroad
Minerals & Kentor covered all aspects & Santos worked in technical, NRW Holdings and Previous technical &
Gold of exploration from Established management and COO at WesTrac. management roles at

Managed grass roots to mine corporate advisory business Demonstrated Impact Minerals, Emu
exploration geology and business – advised development roles successful history of NL, Redback Mining &
programs leading resource on the sale of for Newcrest, working in mining & Invictus Gold
to the discovery of optimization. Ravensthorpe Western Metals, industrial services
major gold & base Nickel Mine to QNI Panoramic delivering high Mr Horn has a track
metal deposits in Extensive Resources, RMB record of discoveries
Australia & Pacific management & founded Resources and is performance and brings an
Rim experience including several private currently the outcomes through extensive network of
resource companies Managing Director the cycle.
taking Cobra contacts in the
Resources public as including of Medallion Metals minerals exploration
NickelSearch
Managing Director business
20

Capital Structure & Proposed IPO Terms







IPO

Maximum Subscription
Offer Price $/share 0.20

Shares to be issued m 50.0
Funds raised $m 10.0

Total shares on issue m 104.1
Market capitalisation $m 20.8

Cash (before costs) $m 10.8
Debt $m -
Enterprise value $m 10.0

Unlisted Options 2 m 9.0

Escrowed Shares at IPO 3 % of SOI 48.1%


Note:
1. IPO capital structure is indicative only and remains open to change at the Boards
discretion
30.6%
2. Issue of 5.0m options exercisable at $0.25to Board & Management expiring 4 years
from the date ofissue & 4.0m broker options exercisable at $0.25 expiring 4 years 48.0%
from the date ofissue
3. 50.1m shares subject to 12 to 24 month escrow. Includes Medallion Metals (15.7m
shares), Board & Management (6.5m shares) and existing NickelSearch
shareholders (27.9m shares)
15.1%
6.3%


Existing Shareholder Medallion Metals Board & Management IPO Investors
Ownership Ownership Ownership Ownership 21

ASX Nickel Sulphide Peer Universe







$614M


Market Cap (A$M)


EV (A$M)




$351M

$306M







$162M
$129M
$101M
$69M $60M $52M $52M $45M


$49M $41M $21M $20M
$555M $331M $298M $148M $118M $70M $55M $35M $31M $34M $34M $15M $10M
MCR CTM POS BSX TOE AZS LM8 WIN DKM AOU ESR SGQ CNR N28




100% 100% 100% 90% 100% 60% 100% 100% 100% 100% 100% 75-100% 100% 100%

WA Brazil WA Vietnam WA WA WA WA WA WA WA WA WA WA
205 kt Ni 563 kt Ni 395 kt Ni 281 kt Ni N/A N/A 39 kt Ni 161 kt Ni 87 kt Ni 21.4 kt Ni 2.4kt Ni N/A 78 kt Ni 171kt Ni

Not e: All share price inform ation sourced from Factset as at 24 Sept ember 2021. All cont ained nickel resources are JORC Code (2012) com pliant sourced from the respective com pany filings. 22
NickelSearchm arket cap assum es m axim um subscription case of $10m raised.

Proposed Use of Funds & Timing










Proposed Use of Funds (Two Years Combined) ($M)





Nickel Sulphide Exploration (Geophysics, Geochem etc) 1.9


76%
Nickel Sulphide Drilling (EM Targets, Resource Extensions, Infill) 4.2 net of costs
In ground


Technical & Metallurgical Studies 1.3




RAV 8 Acquisition Costs Plus Potential Treatment Acquisitions 0.4





Offer & Listing Costs (includes Pre-IPO & IPO) 1.1




Working capital & Corporate Costs 1.9




Total 10.8



23

Indicative Timetable








Q3-CY2021 Q4-CY2021 Q1-CY2022
Jul Aug Sep Oct Nov Dec Jan Feb Mar

1 Corporate

Lodgement of Prospectus with
ASIC

Offer Period

Admission & Commencement of
trading

2 Exploration/ Operational
RAV-8 JORC 2012 Resource
Estimate
RAV-1, RAV 4 & RAV-4 West
Exploration Target
Geochemistry, geophysics & field
work
Target Generation/ Definition


AC/ DD/ RC Drilling: EM Targets
DD/ RC Drilling: Resource
expansion & infill
Metallurgy/ Technical Work


Data Review & compilation



Note: Times and dates are indicative only and are subject to change by the Company and Lead Manager 24

4





















SUMMARY





















25

Investment Summary









A dominant land position in a highly A clear exploration strategy led by an

prospective greenstone nickel belt experienced & dedicated team with a

(>10km strike) proven nickel exploration & production

track record


Existing, shallow mineralisation open Excellent exposure to an emerging


in most directions with proven high green energy materials supplier,
grade nickel production leveraged to the global EV and low


carbon economy transition


High priority brownfield & greenfield
Strategically positioned in a world class
targets defined by geochem,
mining jurisdiction & proximal to
geophysics, structural analysis &
established nickel mining & processing
historic exploration infrastructure



Near-term mining & processing A driven business culture committed to

optionality, including bio-heap sustainable resource development and

leaching, production royalties, & nickel minimising environmental impact

laterite toll treating

Craig Moulton

Managing Director



www.nickelsearch.com
Phone +61 8 406 932 787

ASX: NIS Email [email protected]

5





















APPENDIX





















28

Appendix 1: Mineral Resources










Carlingup JORC 2012 Inferred Mineral Resources Resource Target


Deposit Tonnes (Mt) Ni % Ni (kt)
The Company’s immediate objective is to increase

RAV8 1,2 13.2 0.60% 75.1 the current Inferred resource to 300kt of contained

RAV1, 4, 4 West 2 0.52 1.08% 5.6 nickel through a combination of:


John Ellis 3 16.0 0.56% 90.3 ▪ Brownfields exploration at RAV1, RAV4, RAV4
West and RAV5; together with
Total 29.7 0.58% 171.0


▪ Greenfields exploration across the Carlingup
Notes:
Project
1. RAV8 Deposit JORC Code (2012) compliant resource estimate by Lilly Valley
International (2021). Within RAV8, the Mineral Resource is reported at a cut of grade of Whilst there can be no assurances that exploration
0.3% Ni to a depth of 250m (1200mRL) and a cut off grade of 1.6% Ni below this depth
2. These Inferred mineral resources exclude confirmed areas of mineralisation for which activities will result in an increase in mineral
there is presently insufficient confidence in the historical records to allow JORC Code resources, the Company is optimistic, based on the
(2012) resources to be calculated. Bringing these areas of confirmed mineralisation up
to JORC Code (2012) standard is a priority for the Company. historical drilling results at the brownfield targets

3. Information relating to the Mineral Resources for the John Ellis laterite deposit has been and the general exploration prospectivity of the
compiled by Mr. Andrew Weeks, Principal of 2020 Resources Pty Ltd and a Fellow of the
Australian Institute of Mining and Metallurgy. The Mineral Resource estimate is Carlingup Project, that this objective can be
reported in accordance with the JORC Code (2012). One processing route that the achieved.
Company will investigate is the joint processing of its lateritic and sulphide deposits.

Appendix 2: ASX Nickel Peer Universe References







Company ASX Ticker ASX Announcement Date and Title


th
Mincor Resources NL (ASX:MCR) ▪ 25 June 2020: "16% increase in Cassini Mineral Resource"
th
Poseidon Nickel Ltd (ASX:POS) ▪ 15 September 2021: "Silver Swan Tailings - Maiden Resource Estimate"

th
Centaurus Metals Ltd (ASX:CTM) ▪ 29 March 2021: "Jaguar Nickel Sulphide Project Scoping Study"
▪ 14 October 2020: "Blackstone positions Ta Khoa Nickel-Cu-PGE Project for Li-ion battery market with positive
th
Blackstone Minerals Ltd (ASX:BLK)
Scoping Study"
th
Lunnon Metals Ltd (ASX:LM8) ▪ 11 June 2021: "Prospectus"
th
▪ 30 October 2021: "Quarterly Activities and Cashflow Reports September Quarter Activities and Cash Flow
Azure Minerals Ltd (ASX:AZS)
Report"
rd
Toro Energy Ltd (ASX:TOE) ▪ 3 May 2021: "Quarterly Activities Report"

th
Widgie Nickel Ltd (ASX:WIN) ▪ 20 September 2021: "Prospectus"

Auroch Minerals Ltd (ASX:AOU) ▪ 20 October 2020: "Quarterly Activities Report"
th
th
Duketon Mining Ltd (ASX:DKM) ▪ 4 March 2021: "Increase to Nickel Equivalent Grade for Rosie Resource"

th
Estrella Resources Ltd (ASX:ESR) ▪ 18 October 2019: "Maiden Nickel Resource 5A Project"

th
St. George Mining Ltd (ASX:SGQ) ▪ 26 July 2021: "Quarterly Activities and Cashflow Report"
th
Cannon Resources Ltd (ASX:CNR) ▪ 10 August 2021: "Prospectus"

rd
NickelSearch Ltd (ASX:NIS) ▪ 23 August 2021: "Prospectus"

Cannon Resources Limited is a
Western Australia focused mineral Nickel Conference Presentation

resources exploration company

with flagship nickel projects at 5 October 2021
Fisher East and Collurabbie
ASX: CNR

Disclaimers








Forward-Looking Statements


This presentation has been prepared by Cannon Resources Limited (Cannon). This document contains background information about Cannon current at the date of this presentation. The presentation is in summary form and does not
purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions
contained in this presentation.
This presentationis for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A
failure to do so may result in a violation of securities law s in such jurisdiction.
This presentation does not constitute investment 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, w hich include, amongst others, the risk of adverse or unanticipated market, financialor political developments.
To the fullest extent permitted by law, Cannon, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information,
statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions fromthis presentation arising out of negligence or otherw ise is accepted.

This presentation may include forward-looking statements. Forw ard-looking statements are only predictions and are subject to risks, uncertainties and assumptions w hich are outside the control of Cannon. Actual values, results or events
may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation
speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Cannon does not undertake any obligation to update or revise any information or any of the
forward looking statements in this presentation or any changes in events, conditions or circumstances on w hich any such forward looking statement is based.


Exploration Results

The information in this report that relates to exploration results is extracted from Cannon’s Prospectus dated 26 May 2021 and released to the ASX Market Announcements Platform on 10 August 2021 (Prospectus) w hich included the
Competent Persons Statement and Table 1 of Appendix 5A (JORC Code). Cannon confirms that it is not aw are of any new information or data that materially affects the exploration results information included in the Prospectus. Cannon
confirms that the form and context in w hich the Competent Person’s findings are presented have not been materially modified fromthe Prospectus.


Resource Statement

Cannon refers to the public report regarding its mineral resources contained in its Prospectus which included the Competent Persons Statement and Table 1 of Appendix 5A (JORC Code). Cannon confirms that it is not aw are of any new
information or data that materially affects the information included in the Prospectus and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus
continue to apply and have not materially changed.


2

Fisher East and Collurabbie

Exploring for Nickel in Western Australia







































Diamond drilling on listing


at Musket - August 2021


3

Investment Highlights




















Existing High Grade Near To Medium Term Board and Attractive Valuation
Nickel Resources in Work Plan October Management Relative to Peers News flow
Tier One Jurisdiction 2021



Existing nickel sulphide Diamond drill program Cannon has a well Cannon’s valuation at News flow from multiple
JORC resources of 87 kT Ni underway at Fisher East credentialed and IPO has been keenly drill programs from listing
increased to over 6000 m experienced board of priced at $15M market
• 4.2 Mt at 1.9% Ni for 78 directors and capitalisation
kT Ni at Fisher East • Drilling is targeting management, with
extensions to Ni

• 9.3 kT of contained Ni mineralisation at exploration, corporate, Peers with less or no
resources in the ground
funding and M&A
at Collurabbie Camelwood, Musket
& Sabre experience are priced at multiples of
All deposits at Fisher East DHEM early October Cannon
remain open along strike • at Fisher East Funding in place to
and at depth complete effective
• 8,000 m AC at Fisher exploration at both flagship
Multiple prospects at both East targeting basal projects
projects with significant Ni ore position now
anomalism completed



4

Company Snapshot








About Cannon Resources Capital Structure / Enterprise Value

Cannon Resources Limited is a Western Australia focused mineral ASX Code CNR
resources exploration company with flagship nickel projects at Fisher Shares on issue 75.0m
East and Collurabbie.
Options on issue 16.8m

Market capitalisation (as at 04/10/21) $20.3m
Shareholder Information – as at 20 September 2021
Cash raised under the Listing Offer $6.0m
Enterprise value $14.3m

11.4%

6.5%
Rox Resources Cannon Resources - Share Price Performance
6.0% Hawke's Point

2.4% Ponderosa Investments 0.35
0.33
Directors & Management
0.30
73.8% Other
0.28
0.25

0.23
Top 20 Shareholders 46.7% 0.20
12-Aug-21 19-Aug-21 26-Aug-21 02-Sep-21 09-Sep-21 16-Sep-21 23-Sep-21 30-Sep-21
Top 70 Shareholders 61.0%

2 - Year Escrow 11.4%



5

Experienced Board and Management










STEPHEN LYNN - Chief Executive Officer
Mr Lynn is a geologist with over 25 years’ experience in Australia and internationallyexploring and developing a range of commodities including nickel, gold, and base metals. He has
played a key role in the discovery of both nickel and VMS style base metal deposits within Western Australia, working previously for Great Central Mines, Gold Fields Limited and IGO
Limited.Mr Lynn is a member ofthe Australian Institute of Geoscientists and holds Bachelor ofScience (App Geology) and Master of Economic Geologydegrees.





TREVOR BENSON - Independent Non-Executive Chairman
Mr Benson has extensive experience as an investment banker and has served on a number of ASX listed company boards as both Chairman and Director. He has specialised in cross
border transactions within the natural resources sector across China, Africa and Southeast Asia. Mr Benson holds a Bachelor of Science Degree from the University of Western
Australia.Mr Benson was recentlyChairman and Executive Director of Walkabout Resources Limited and is currentlyChairman ofIonic Rare Earths Limited.





ALEX PASSMORE - Non-independent Non-Executive Director
Mr Passmore is a qualified geologist and experienced corporate executive. He holds a Bachelor of Science degree with First Class Honours in Geology and a Graduate Diploma of
Applied Finance from the Securities Institute of Australia. Mr Passmore was recently Chief Executive Officer of Cookatoo Iron NL, Non-Executive Director of Aspire Mining Ltd, Non-
Executive (and Executive) Director of Equator Resources Ltd/Cobalt One, and CEO of Draig Resources (now Bellevue Gold Ltd). Mr Passmore is currently Managing Director of Rox
Resources Limited.




RICHARD BEVAN - Independent Non-Executive Director
Mr Bevan has experience as a Chief Executive Officer and non-executive director and Chairman for listed and unlisted companies. He brings experience in the execution and
integration of mergers, acquisitions and other major corporate transactions. Mr Bevan is a member of the Australian Institute of Company Directors and is currently a Non-Executive
Director of Empired Ltd (ASX: EPD). Mr Bevan was also recently Managing Director of Cassini Resources Limited.






6

Current Nickel Resources










Current Nickel Resources


Fisher East Overview of Company Projects

Deposit Category Tonnes (Mt) Grade Ni % Contained Ni Metal
Indicated 1.7 2.0 34.0
Camelwood Inferred 0.3 1.5 5.0

Total 2.0 2.0 39.0
Indicated 0.24 2.9 7.0
Cannonball Inferred 0.02 1.9 0.3
Total 0.26 2.8 7.3
Indicated 1.8 1.7 30.0

Musket Inferred 0.1 1.5 1.6
Total 1.9 1.7 31.6
Indicated 3.7 1.9 71.0
Total Inferred 0.5 1.5 7.0

Total 4.2 1.9 78.0


Collurabbie

Grade Pd
Deposit Category Tonnes (Kt) Grade Ni % Grade Cu % Grade Co % Grade Pt g/t
g/t
Olympia Inferred 573 1.63 1.19 0.082 1.49 0.85


7

Collurabbie Project












Intrusive style sulphide Ni Cu Co PGE system (Nova, Savannah, Julimar)


Ni-Cu-Co-PGE resource at Olympia. Mineralised ultramafic sill with total
Mineral Resource (JORC) estimate of 0.573Mt at 1.63% Ni, 1.19% Cu, 0.082%
Co, 1.49g/t Pd, 0.85g/t Pt



Multiple mineralised sills with a strike extent of over 15 km on Cannon tenure.





Multiple Ni anomalous historical drill intercepts within the sills, most yet to be
adequately tested




Anomalous gold and VMS style mineralisation also intersected in historical
drilling within the Project area. Most yet to be followed up














8

Fisher East Nickel Project










3 Kambalda style nickel sulphide ore bodies over a 2 km section of basal
komatiite at Camelwood, Cannonball and Musket with a combined resource of
4.1Mt at 1.86% Ni for 78 kT contained Ni.


Historical drilling has finished within, and not closed out mineralisation.
All orebodies remain open along strike and at depth

Sabre is 6km further south from Musket and is another channelised nickel
system. Historical drilling has multiple drill intercepts > 2% Ni in massive to
semi-massive sulphides. Sabre remains open along strike and at depth



All 4 mineralised systems steeply plunging and overturned east dipping at
between 55-70°





More than 20 km of basal ore position on Cannon tenure






Cutlass, Tomahawk and Horatio are all advanced prospects on the basal
contact. They are all potential nickel bearing channel systems and are the
focus of Cannon’s regional AC drilling program





9

Fisher East Nickel Project











Camelwood





Camelwood resource 2.0 Mt @ 2.0% Ni for 39 kT of contained
nickel. Deposit is open in all directions along strike and at
depth. Mineralisation subcrops below ~ 5m of cover


New geological and DHEM interpretation with assistance from
consultants Model Earth and Newexco defines dual controls on
mineralisation:
- a northern structural plunge
- parallel southern primary channel plunges


Majority of existing drilling concentrated along northern
structural plunge


Mineralisation along primary channel facies plunge only
modestly tested and is open at depth. EM plate models untested
up and down plunge


Current drill program concentrated on Target Areas 1, 2 and 3
testing zones along the interpreted primary plunge and EM
plates





10

Fisher East Nickel Project










Musket



Review of existing drilling confirms Musket mineralisation has
minimal structural modification with bulk of the JORC 2012
resource of 31.6 kT Ni contained within a steep northerly
plunging primary channel facies. Mineralisation subcrops below
~10m of cover

Main channel has thicker high grade mineralised central axis or
keel up to 15m thick with ultra high grade basal massive
sulphide (up to 0.9m @ 19-20% Ni); – a priority target for DHEM


High grade mineral trend north of Musket interpreted to be
parallel overbank or secondary channel system. This trend
remains outside of Musket JORC resource and is sparsely
drilled



Current drill program objectives:

- Extend the resource envelope down-plunge & below 400m
RL on the main Musket channel
- Quantify & infill parallel mineralisation trend on northern
side of orebody





11

Fisher East Nickel Project








Musket


Musket is predominantly a disseminated ore

body with a basal massive zone and an
overbank mineralisation trend



Mineralisation has a high Ni sulphide
deportment which sustains high grades in

the massive of up to 20% Ni and high
grades in the disseminated zone of between

1 - 5% Ni
























12

Fisher East Nickel Project










Sabre





Interpreted channel facies mineralisation over 650m strike
extent. Some anomalous Ni zones, especially on margins, not
followed-up with deeper drilling


Mineralisation consist of massive to semi-massive sulphide
with high grade nickel. Mineralisation subcrops (0.5 - 1m cover)
and is open along strike and at depth. Minimal existing DHEM
completed and none at base of mineralisation trend



Current drilling program will infill drill at 300mRL to an 80m hole
spacing below mineralisation trend


All new and existing holes at base of mineralisation to be DHEM
surveyed (currently unsurveyed). Follow-up drilling of EM
targets












13

Fisher East Nickel Project









Current Exploration Program Update


Diamond drill program targeting
extensions to nickel sulphide

mineralisation at Camelwood, Musket
and Sabre in progress and increased
from 4,000 metres to 6,300 metres



To date, 10 of 12 original holes

completed for 3,260 metres. The
remaining 2 and a further 6 holes now
planned. Assays are currently pending



DHEM program on completed diamond

holes underway this week














14

Fisher East Nickel Project









Current Exploration Program Update



Aircore drill program finishing this
week. 128 holes for approximately 8,200

metres drilled



Basal komatiite ore-position contact
intersected at all prospects; Musket,
Cutlass, Sabre, Tomahawk and Horatio



Up-plunge mineralised gossans

intersected at Musket and Sabre


Samples at lab this week - results

expected 8 weeks





Prospects, Ore
position contact & AC
drill locations on DEM



15

Concluding remarks













Existing High Grade Existing high grade JORC resources of 87 kT contained nickel
Nickel Resources in Most resources open and highly prospective
Tier One Jurisdiction Significant strike potential for new discoveries







Near To Medium Term Aggressive and focused drilling program underway now at Fisher East
Work Plan Aim is to increase resource base and provide pathway for expansion and development










Attractive Valuation $21M market capitalisation represents tremendous upside on this asset base
















16