ANC20-Proceedings-Presentations-Full

2020 Deep Drilling



Thick fertile ultramafics confirmed at depth



• Until 2020 there was limited drilling beyond 200m below surface


• Deep diamond drilling in 2020 targeted the newly identified conductive zones and

successfully intersected thick mineralised mafic-ultramafic units including:


• MAD185 at Investigators with:
✓ 25.4m thick mafic-ultramafic intersected from 300.6m downhole

✓ Includes a 15m thick ultramafic with disseminated and blebby nickel-copper
sulphides (<5% sulphides with pentlandite (pn), chalcopyrite (cp) and pyrrhotite
(py)) from 311.3m downhole


• MAD184 at Investigators:

✓ 23.2m thick mafic-ultramafic intersected from 444.5m downhole
✓ Includes a 5m thick ultramafic with disseminated and blebby nickel-copper
sulphides (<5% sulphides with pn, cp and py) from 462.7m downhole



• MAD186 at Cathedrals:
✓ 57.9m thick mafic-ultramafic from 282.1m downhole
✓ Includes a 2.1m thick ultramafic with disseminated and blebby nickel-copper

sulphides (<5% sulphides with pn, cp and py) from 337.9m



Strong potential for the discovery of further mineralisation along strike and also down-dip
and up-dip from the latest mineralised intercepts

ASX: SGQ | St George Mining Limited 6 October2020 5

Large Target Horizon



Prospectivity for further discoveries



• Latest drill results validate St George’s geological model of the mineralised Cathedrals Belt
commencing near surface and dipping to the N-NW at an angle of approx. 40 degrees


• The continuity of nickel-copper sulphide mineralisation along this target horizon is now

established for more than 600m in the down-dip direction


• Drilling and downhole EM surveys are continuing the search for high-grade mineralisation at

depth with increased confidence for near-term success





Left: Schematic
orthographic view of the
Cathedrals Belt showing the
large interpreted target
horizon, the new discoveries
in deep holes MAD184,
MAD185, MAD186 and
MAD187. Shallow drilling
and known shallowmassive

nickel-copper sulphides are
also shown.







ASX: SGQ | St George Mining Limited 6 October2020 6

Development


Advancing towards a mine




Starter mine:


• Strategy is to establish a low-cost, high-margin mining
operation at Mt Alexander – initially to mine the Stricklands
deposit and then roll out the same model to the shallow

high-grade deposits at Investigators and Cathedrals
• Scoping study underway

Resource definition:

• Resource drill-out of Stricklands completed in Q2 2020

• Entech retained as external geological consultant to
determine 2012 JORC-compliant resource

Metallurgical test work:

• XPS in Canada (subsidiary of Glencore) engaged to assess
the metallurgy of the Stricklands mineralisation and to

develop a flowsheet for the potential mining and
processing of the Stricklands ore
• Key focus is to optimise economic recoveries of all metals
in the Ni-Cu-Co-PGE mineralisation at Stricklands



Right: photo of drill core (PQ size) from STD007 which was
completed at Stricklands to a downhole depth of 57.3m and
intersected 11.9m of nickel-copper sulphides from 40.8m .

ASX: SGQ | St George Mining Limited 6 October2020 7

Metallurgical Performance


High-value saleable concentrates




• Preliminary metallurgical test work completed in Perth on samples of massive and disseminated
mineralisation from the Investigators Prospect


• Separate nickel and copper concentrates produced from each of the massive and disseminated

sulphide samples through conventional flotation circuits at high grades and with high values for
PGEs – comprising mostly palladium and rhodium



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
6.26
Massive Ni Concentrate 16.2 90.6 0.66 0.59 Massive Cu Concentrate 30.3 90.6 1.07 0.03 7.39 52
Disseminated NiConcentrate 13.6 62 0.37 0.50 Disseminated Cu Concentrate 25.1 59.8 0.36 0.02 18.1
8.10


Detailed PGE analysis Au Ir Os Pd Pt Rh Ru Total

g/t g/t g/t g/t g/t g/t g/t PGEs g/t
Massive Cu Concentrate 0.14 0.02 0.00 5.26 1.82 0.14 0.02 7.39
Disseminated Cu Concentrate 2.78 0.02 0.00 13.6 1.52 0.01 0.04 18.1
Massive Ni Concentrate 0.09 0.02 0.00 5.01 0.780 0.22 0.13 6.26
Disseminated Ni 0.58 0.03 0.01 6.16 0.88 0.23 0.21 8.10
Concentrate

• Very favourable results which are likely to have a positive impact on potential project economics
for a potential mining operation at Mt Alexander





ASX: SGQ | St George Mining Limited 6 October2020 8

Developing a high-grade
nickel-copper sulphide project


in the heart of Western
Australia’s Goldfields.



























Photo: Diamond drilling underway at the Mt
Alexander Project.




ASX: SGQ | St George Mining Limited 15 May 2020 9

Paydirt Nickel




Conference




6 October 2020

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 generally 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 and include, but are not limited to, the outcome and effects
of the Offer and the use of proceeds. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You
are cautioned not to place undue reliance on forward-looking statements. Any such statements, 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 general guide only. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions
of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve
significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Refer to the “Key Risks” in this Presentation under the
caption “Key Risks” for a non-exhaustive summary of certain general and specific risk factors that may affect the Company.

There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements, including the risk factors set out in this Presentation. Investors should consider the forward-looking
statements contained in this Presentation in light of those risks and disclosures. 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.


2

Corporate Overview






Share price and volumes Capital structure Current


Price (A$) Volume (m) Shares on Issue 2,050.9m
0.80 50.0
40.0
0.60
30.0 Options on Issue 28.5m
0.40
20.0
0.20
10.0
Share Price (2 Oct 2020) A$0.095/share
- -
Oct-16 Oct-17 Oct-18 Oct-19 Oct-20
Market Capitalisation A$194.8m
Shareholder composition


Cash (30 Jun 2020) A$31.2m
Western Areas Invested in June
19.9%
Limited 2020
Zeta Resources Investor since 2013 Debt (30 Jun 2020) Nil
Limited
62.5% 17.6%
Other Institutional, high Enterprise Value A$163.6m
net worth and retail


3

Board and Management





Nicholas Cernotta, Non-Executive Chair Rebecca Hayward, Non-Executive Director
▪ Appointed: May 2018 as Non-Executive Director, May 2020 as ▪ Appointed: June 2018
Chairman ▪ Experienced infrastructure and resources lawyer with a
▪ 30+ years in mining industry with senior operational and executive background in mining, energy and large scale infrastructure
roles in Australia and overseas transactions
▪ Previously Director of Operations at Fortescue Metals Group, COO ▪ Currently manages the legal, contracts and procurement
(Underground, International and Engineering) at Macmahon and function for the Projects division of Fortescue Metals Group
Director of Operations for Barrick Australia Pacific
▪ Currently a Non-Executive Director of Pilbara Minerals, Northern ▪ Previously a Senior Associate at Clayton Utz in the Melbourne
Construction and Major Projects team
Star Resources and New Century Zinc
Victor Rajasooriar, Managing Director & CEO Gillian Swaby, Non-Executive Director
▪ Appointed: November 2019 ▪ Appointed: October 2019
▪ 25+ years in mining industry with operational and technical ▪ Experienced mining executive with a broad skill set across a
experience across both underground and open pit operations range of corporate, finance and governance areas
▪ Previously Managing Director of Echo Resources, CEO of ▪ Previously an Executive Director for uranium company Paladin
Eastern Goldfields and COO of Barminco Energy for 10 years
▪ Holds a Bachelors of Mining Engineering from the WA School of ▪ Currently an Executive Director of Deep Yellow and a Non-
Mines and a WA First Class Mine Managers Certificate Executive Director of Comet Ridge

Peter Sullivan, Non-Executive Director Grant Dyker, Chief Financial Officer
▪ Appointed: Oct 2015 as Non-Executive Director ▪ Appointed: September 2020
▪ 20+ years in mining industry with roles in engineering, corporate ▪ 15 years of experience in CFO roles at ASX-listed resources
finance, investment banking, management and public company companies with extensive project finance, feasibility studies,
directorships tendering,
▪ Currently Non-Executive Chairman of Zeta Resources, a resources ▪ Previously CFO of Dacian Gold, Sirius Resources, Doray
focused holding and development company Minerals, Avoca Resources and Aztec Resources
▪ Previously Managing Director of Resolute Mining for 14 years ▪ Chartered Accountant and Registered Tax Agent

4

Savannah Project




1Mtpa Processing Plant Paste Plant


















Tailings Storage Facility 14 MW Power Station


















5

Nickel, operational and exploration leverage






A high quality, long life Asset, balance sheet and Capital development and
nickel sulphide asset strategy now reset exploration now underway


✓ Significant Ore Reserves and ✓ Operations temporarily ✓ Pre-production capital
Mineral Resources suspended in April 2020 development by Barminco
commenced in August 2020
✓ More than $100 million ✓ Mineral Resource, Ore
invested in mining, Reserve and Mine Plan all ✓ Completion of ventilation
processing and site updated based on more raise bore advancing
infrastructure with +13 years conservative assumptions ✓ Works will leave Savannah
of operating history ✓ No debt and more than $30 capable of restart in H1 2021

✓ A largely untouched orebody million cash for future growth with full flexibility of restart
at Savannah North which activities timing maintained

remains open along strike ✓ Unhedged with leverage to ✓ Drill testing of near mine and
and at depth AUD nickel prices regional nickel sulphide
targets underway





6

Savannah updated Mine Plan





▪ Mine plan developed by independent consultants Entech based on updated Ore Reserve
and conservative assumptions (Dilution, throughput and grade) Savannah FAR #3
▪ Outcomes confirm an attractive, near-term restart opportunity

▪ Key physical outcomes include:
– Increased mine life of approximately 13 years
– Majority of ore sourced from Savannah North
– Average annual production in first 12 years of 8,810t Ni, 4,597t Cu and 659t Co

– Clean bulk concentrate with attractive Fe:MgO and Ni:Fe ratios
Savannah Nth
Mine Plan: Metal in Conc (kt) & AIC (A$/lb Ni)




















1. All-in cash costs shown are inclusive of all site and transport operating costs, capital costs, royalties, and net of by-product credits, but exclusive of 7
corporate and exploration costs. Calculated using Reserve (Base case) pricing of (US$15,750/tNi, US$6,300/t Cu, US$38,500/lb Co) and Life of Mine Plan – Savannah and Savannah North
AUD:USD rate of 0.70

Mine plan – attractive financial outcomes





▪ Attractive Financials based on Base Case Site Costs Base Case (A$M) Consensus Case (A$M)
(Reserve modelling) and Consensus pricing Life of Mine Capital Costs 223 223

▪ Base case pricing flat for LOM with Consensus Life of Mine Operating Costs 1,384 1,384
pricing rising over time (see tables below) Total Life of Mine Site Costs 1,607 1,607
Site Unit Costs (LOM Average) A$/lb payable Ni A$/lb payable Ni
▪ Flat AUD:USD exchange rate of 0.70 assumed Capital Costs $1.12 $1.12
in both cases
Operating Costs $8.29 $8.29
▪ All-in cash costs are inclusive of all site and By Product Credits $(2.47) $(2.92)
transport operating costs (updated for Site All-in Costs $7.54 $7.14
contractor costs), capital costs, royalties, and Financial Summary A$M A$M
net of by-product credits, but exclusive of Gross Revenue $2,289 $2,480
corporate and exploration costs Pre-Tax Cashflow $468 $637
Pre-tax NPV 8 $262 $343
Pre-tax IRR 67% 61%

Base Case Consensus Case

Item US$/t A$/t Item 2020 2021 2022 2023 2024 2025 2026+
Nickel 15,750 22,500 Nickel (US$/t) 12,606 13,903 14,741 15,012 15,628 16,077 17,595
Copper 6,300 9,000 Copper (US$/t) 5,335 5,787 6,154 6,258 6,469 6,765 7,351

Cobalt 38,500 55,000 Cobalt (US$/t) 36,206 38,512 42,668 43,539 46,794 48,950 53,457
8

Upcoming activities




Activities planned to be undertaken in FY21 are anticipated to drive future operational
performance, reduce risk and leave the mine capable of being restarted at the end of FY21.


Capital works to de-risk the mine and increase flexibility

▪ Develop bypass drive to connect into ventilation raise –
Completed
1 ▪ Back-ream Savannah North ventilation raise (FAR #3) –

Commencing mid October
▪ Advance decline and incline development at Savannah North –
Ongoing Development breakthrough into FAR #3



Exploration

▪ Deep drilling for EM surveying of Oxide and Stoney Creek
ultramafic intrusions – underway
2 ▪ Underground drilling of potential Savannah North upper zone
extension targets – October 2020

▪ Mapping and drill testing of regional ultramafic targets including
Nortons – starting October 2020
RUC Raisebore rig setting up on surface 9

Ventilation raise




FAR #3 is a critical piece of infrastructure for achieving planned ore tonnages from Savannah North.


▪ Work on the Fresh Air Raise (FAR #3) was halted in
December 2019 due to ground stability issues

▪ Following an options analysis, a preferred strategy to
complete FAR #3 was identified:
– Remaining development of a 468m access drift
from the 1675m RL drill drive, to intersect the
partially completed raise
– Excavation and support of a chamber at this
intersection to allow reattachment of the
reaming head

– Continuation of back-reaming to surface
(~340m)
– Establishment of surface & underground
infrastructure to allow the raise to be
commissioned as a fresh air intake as originally
intended

▪ Horizontal development complete and RUC Mining
commencing back-reaming mid October 2020
10

Regional exploration opportunities




▪ Several other mafic / ultramafic intrusive
bodies occur at Savannah 1

▪ CSIRO age dating indicates these are part
of the same magmatic event as the

Savannah / Savannah North mineralised
bodies
▪ Minimal drilling has been undertaken outside
of Savannah / Savannah North orebodies

▪ Currently drilling at Oxide & Stoney Creek in

preparation for deep penetrating EM survey
Diamond drilling at Stoney Creek














1. Refer to ASX Company announcement dated 3 August 2020
A Panoramic view of the Stoney Creek area 11

Savannah North near-mine exploration





▪ Mineral Resource drilling completed to date is
mostly confined to the Savannah North Upper and
Lower zones within an area between 5600mE to
6250mE

▪ Exploration drilling and associated DHEM
surveying indicates the Savannah North
mineralisation may extend well beyond this area
▪ Exploration upside includes:

– Only half of the potential Upper Zone
mineralisation has been adequately
tested
– The Upper Zone remains open up-plunge
to the east and down-plunge to the north-
west
– The Lower Zone remains open down-
plunge to the north
▪ Drilling in October 2020 will test the potential
down-plunge extension of the Upper Zone and
modelled EM plates SMD167 and SMD167A
Refer ASX announcement dated 28 October 2015, titled “Quarterly Report for the Period Ending 30 September 2015”
Refer ASX announcement dated 31 January 2017, titled “Quarterly Report for the Period Ending 31 December 2016”
Refer ASX announcement dated 10 October 2019, titled “Savannah North Drilling and Development Update” 12

Savannah is a high quality nickel asset





Unique combination of established infrastructure, operating history and +12 year mine life



Australian Nickel Sulphide Mines & Projects Enterprise Value of ASX-Listed Nickel
(+20kt NiEq contained metal in Mineral Resources ) Sulphide Developer & Explorer Peers
2
7.0% $800 $747m

6.0%

5.0% $346m $313m
4.0% $164m
$129m $117m $101m
$44m
3.0% Odysseus
Nova-Bollinger $0
Current Savannah Project total Mineral Resource 1 1,2 CHN LEG MCR PAN CTM POS BSX SGQ
2.0% Ore Reserves n.a. n.a. 71 3 139 n.a 77 n.a. n.a.
(NiEq kt cont.)
1.0% Mineral
Resources 1,2 n.a. n.a. 209 3 283 564 396 n.a. n.a.
- (NiEq kt cont.)
- 500 1,000 1,500 2,000 2,500 3,000 4
Process Plant?   ✓ ✓  ✓ ✓ 
Savannah Ore Reserve: 8.3Mt @ 1.23% Ni, 0.59% Cu and 0.08% Co 1. 2. Refer to Appendix for Panoramic Mineral Resource and Ore Reserves tables
Mineral Resources and Reserves sourced from company announcements. NiEq grade and NiEq contained metal in
for 102kt Ni, 48.5kt Cu and 7kt Co contained metal Mineral Resource and Reserves for all projects calculated based on prevailing spot metal prices at 10 September 2020
(i.e. Ni US$14,785/t, Cu US$6,690/t, Co US$33,000/t.
Savannah Mineral Resource: 13.45Mt @ 1.56% Ni, 0.7% Cu and 3. Mincor reported exclusive of the Widgemooltha Gold and Tottenham Copper-Gold projects. Cassini exclusive of Ag, Au,
0.1% Co for 209.8Kt Ni, 94.2kt Cu and 13.7kt Co contained metal Pd. Pt, Co by-products.
4. Mincor has the right to process up to 600ktpa of nickel sulphide ore at the Kambalda Nickel Concentrator.
13

Peer share price performance relative to nickel





400


350


300
Share Price Performance Re-Based to 100
+186%
250
+133%

200


150 +43%



100 Flat
-18% Nickel
50
-60%

-
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20


Panoramic Resources Blackstone Minerals Centaurus Metals Mincor Resources Poseidon Nickel Nickel Price (US$/t)
14

Short-term demand driven by stainless steel





▪ More than two thirds of current
nickel demand is from
stainless steel use

▪ A demand shock due to
COVID-19 resulted in the

market reverting to surplus for
most of 2020

▪ Stainless steel production now
recovering has seen the nickel
price increase ~15% since

mid-2020

▪ Some recent softness due to
softening stainless steel
however the longer-term
outlook remains bullish




15

Longer-term outlook driven by emergence of EVs




Committed investment by vehicle manufacturers into electrification
Anticipated Growth in EV
from 2017 – 2025 is now +US$500 billion and still growing (millions of vehicles produced per year) 2
▪ Electric vehicle batteries currently account for less than 5% of nickel demand
27
▪ Rapid transformation of the European and Chinese vehicle markets towards EVs Battery Electric
▪ High purity Class 1 nickel is the most important metal required in battery production: Plug-in Hybrid 16% CAGR
– Savannah offtake partner Jinchuan currently increasing nickel sulphate production Hybrid 13 16
▪ A significant increase in nickel production will be required to satisfy this new source of
demand with very few new nickel sulphide operations in the global project pipeline: 6 6 6
– Sulphide production forecast to remain flat from now until 2025 and then decline at a 1 2 4 5
2
CAGR of (3.4)% to 2040 2 3
▪ An ethical nickel supply chain is becoming increasingly important for consumers 2016 2020 2025 2030


Global Nickel Production (Mtpa) 3 Demand for Class 1 Nickel (ktpa) 4
Forecast Ni Sulphide < 50% Class 1 Ni Demand
Stainless Steel +520kt
2.84
2.85
2.85
2.77
2.11 1.96 2.14 2.28 2.47 2.45 2.65 0.74 0.74 0.74 0.73 2.69 2.38 2.20 Non-SS 1,460kt
0.62
0.73
0.80 0.73 0.75 0.73 0.71 0.72 0.48 0.45 EV 940kt 380
1.31 1.23 1.39 1.55 1.76 1.73 1.92 2.04 2.10 2.11 2.12 2.07 1.90 1.76 390 510
30 520 570
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 2035 2040
Laterite Ni Production (Mt) Sulphide Ni Production (Mt)
2017 demand 2025 demand
1. Rho Motion presentation 21 September 2020
2. Lithium and Cobalt – a Tale of Two Commodities (McKinsey & Company, 2018). Note base case is shown, aggressive case anticipates even greater growth rates.
3. WoodMac production forecasts and historical data as at 18-Mar-20. 16
4. The future of nickel: a class act (McKinsey & Company, 2017). Class 1 Nickel defined as a product with 99.8% Ni content or above.

Investment summary








More than $100 million
Long life, high quality invested in mining, A largely untouched

nickel sulphide asset with orebody at Savannah
significant Ore Reserves processing and site North which remains open
and Mineral Resources infrastructure with +13 along strike and at depth
years of operating history





Updated Mine Plan has
outlined a 13 year mine life Underground development Savannah expected to be
ready for restart in H1
with attractive financial underway and on-ground 2021 with full flexibility of

outcomes including a base exploration underway restart timing maintained
case NPV of A$262M
8

APPENDIX – RESERVES & RESOURCES

Savannah Project Mineral Resource Estimate (May 2020)






JORC Measured Indicated Inferred Total Metal
Resource Date Metal
Compliance Tonnes (%) Tonnes (%) Tonnes (%) Tonnes (%) Tonnes
Savannah (above 900F) Apr 20 Nickel 2012 1,010,000 1.44 565,000 1.77 - - 1,575,000 1.56 24,500
Copper 0.80 1.44 1.03 16,200
Cobalt 0.07 0.08 0.07 1,200
Savannah (below 900F) Jun 15 Nickel 2012 - - 780,000 1.64 125,000 1.72 905,000 1.65 14,900
Copper - 0.76 0.75 - 0.76 6,900
Cobalt - 0.10 0.09 - 0.10 900
Savannah North (Upper) Apr 20 Nickel 2012 1,840,000 1.48 3,050,000 1.43 1,544,000 1.25 6,434,000 1.40 90,100
Copper 0.66 0.57 0.42 0.56 35,900
Cobalt 0.10 0.10 0.07 0.09 6,100
Savannah North (Lower) Apr 20 Nickel 2012 - - 2,654,000 1.84 958,000 1.67 3,612,000 1.79 64,800
Copper - 0.90 0.73 0.85 30,800
Cobalt - 0.13 0.11 0.12 4,500
Savannah North (Other) Apr 20 Nickel 2012 46,000 1.71 414,000 1.34 470,000 1.93 930,000 1.66 15,400
Copper 0.49 0.48 0.46 0.47 4,400
Cobalt 0.12 0.09 0.12 0.11 1,000
Total (Equity) Nickel 13,456,000 1.56 209,800
Copper 0.70 94,200
Cobalt 0.10 13,700



19

Savannah Project Mineral Resource Estimate (May 2020)





Qualifying Statements and Notes:
Refer to ASX announcement dated 7 May 2020 covering the Savannah Project May 2020 Mineral Resource update for detailed assumptions and
estimation methodologies.
Figures have been rounded and therefore may not add up exactly to the reported totals.
All Mineral Resources are inclusive of Ore Reserves.
Mineral Resource cutoff grade is 0.50% Ni.
Cross references to previous Company ASX announcements:
Savannah (above 900F) – refer to ASX announcement of 30 September 2019, titled "Mineral Resources and Ore Reserves at 30 June 2019”
Savannah (below 900F) – refer to ASX announcement of 30 September 2015, titled "Mineral Resources and Ore Reserves at 30 June 2015”
Savannah North – refer to ASX announcement of 24 August 2016, titled “Major Resource Upgrade for Savannah North”

No New Information or Data
The Mineral Resource estimate tabled above for Savannah (below 900F), have been previously reported and the relevant market announcements
cross referenced. Except where stated otherwise, the Company confirms that it is not aware of any new information or data that materially affects
the information included in the relevant market announcements and, in the case of estimate of Mineral Resources, that all material assumptions
and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed.

Ni Equivalent References
References to Ni equivalent contained metal in Mineral Resources and Ore Reserves is based on assumed metal prices as noted in footnotes and
calculated using the formula Ni Eq kt = [(Ni grade * Ni price + Cu kt * Cu price + Co kt * Co price) * Total Mineral Resource Tonnes] / Ni price. Ni
equivalent grade % in Mineral Resources are calculated on the formula Ni Eq % = Ni Eq kt / Total Mineral Resource tonnes. It is the Company’s
opinion that all elements included in the metal equivalent calculation have a reasonable potential of being recovered and sold. Metallurgical
recoveries for all metals are assumed to be equal.


20

Savannah Project Ore Reserve Estimate (June 2020)





Proved Probable Total Metal
Ore Reserve Metal
Tonnes (%) Tonnes (%) Tonnes (%) Tonnes

Savannah Nickel 1,233,000 0.95 - - 1,233,000 0.95 11,700
Copper 0.66 - 0.66 8,100
Cobalt 0.05 - 0.05 600
Savannah North Nickel 1,795,000 1.21 5,246,000 1.28 7,041,000 1.28 90,100
Copper 0.54 0.57 0.57 40,400
Cobalt 0.09 0.09 0.09 6,400
Total Nickel 3,028,000 1.10 5,246,000 1.28 8,274,000 1.23 101,800
Copper 0.59 0.57 0.59 48,500
Cobalt 0.07 0.09 0.08 7,000


Qualifying Statements and Notes:
Calculations have been rounded to the nearest 1,000t of ore, 0.01% Metal grade and 100t of metal
Savannah & Savannah North Ore Reserve average cut-off (NSR) of $135/t.


Competent Person Statement
The information in this presentation that relates to Ore Reserves for Savannah and Savannah North is based on information compiled by or reviewed by Shane
McLeay. Mr McLeay is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Principal Mining Engineer and full-time employee of Entech
Consulting based in Perth, Western Australia.
21

Nickel & nickel sulphate marketoutlook















Jack Anderson – Senior Analyst, Steel Alloys


[email protected]



October 2020

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Arange of products analysing all stepsof the industry and value chain








Cathode & Pre-cursor
Outlook to 2029, 1 st Edition












Nickel Nickel sulphate Project analysis Market analysis Cost analysis First use analysis End use analysis



Roskill’s nickel, ferroalloys and batteries team















Olivier Masson Jack Anderson Ying Lu Dr Nils Backeberg Dr Jack Bedder Tong Tong Oliver Heathman David Merriman Jake Fraser
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Stainless steel Nickel Sulphate Alloys Research Alloys China & Electric Vehicle
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Disclaimer








The statements in this presentation represent the considered views of Roskill Consulting Group Ltd. It includes

certain statements that may be deemed "forward-looking statements“. All statements in this presentation, other

than statements of historical facts, that address future market developments, government actions and events, are

forward-looking statements. Although Roskill Consulting Group Ltd. believes the outcomes expressed in such

forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future

performance and actual results or developments may differ materially from those in forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include

changes in general economic, market or business conditions.







While Roskill Consulting Group Ltd. has made every reasonable effort to ensure the veracity of the information
presented it cannot expressly guarantee the accuracy and reliability of the estimates, forecasts and conclusions


contained herein. Accordingly, the statements in the presentation should be used for general guidance only.

Overview of the nickelindustry



Nickel demand continues to be dominated by stainlesssteel







































• Stainless steel accounted for 70% of primary nickel demand in 2019 vs batteries with 5%


• Unrelenting rise of nickel pig iron in 2019, representing 40% of refined nickel supply

• Nickel sulphate gearing up for near exponential demand growth

Impact of COVID-19 and market





developments

COVID-19 impacts the market Forecast Global GDP growth scenarios, 2012-2023(%)

10.0%

5.0%
Global macro climate
0.0%
• Global GDP growth in the “deep V recovery” scenario this -5.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
year is now assumed to be -3.1% with a 5.8% recovery in -10.0%

2021.
Prolonged recovery Deep V
• Under “prolonged recovery” case global GDP falls by 4.6%

this year followed by a 5.6% recovery in 2021. Primary nickel in stainless demand, 2019-2023 (%)

Stainless 100%

50%
• Roskill expects COVID-19 to result in a 7.8% y-o-y drop in
stainless steel demand, translating into a ~115kt y-o-y 0%

decline in primary nickel use by the stainless steel 2019 2020 2021 2022 2023
industry in 2020. Prolonged COVIDforecast COVID forecast pre-COVID forecast


Batteries Short-term impact scenarios on battery capacity (GWh), 2020

• Battery capacity impacted by length of lockdowns 150 4.0

compared to business as usual scenario 100 3.0
GWh capacity 50 2.0 EV sales(,M)





1.0

0 0.0
BaU 2020 2019 1m lockdown 2m lockdown 4m lockdown 6m lockdown

GWh EV sales(Million)

COVID-19 impacts the market: Supply







Primary refined nickel supply, 2017-2021 (kt Ni)
3,000
Refined nickel supply in 2020 +0.5% y-o-y


2,500 • National lockdowns introduced to mitigate the spread of
the virus have impacted nickel operations globally


2,000 • H1 2020 Chinese NPI output down 16% y-o-y, but
Indonesian NPI up 58% y-o-y over the same period


1,500 • World ex China and Indonesia in 2020 forecast to be
down 3.0% y-o-y


1,000 • Suspension of Ambatovy and other disruptions have led
Roskill to forecast a Class I nickel decline of 2.9% y-o-y in

2020
500
• Supply trends also being governed by events besides

COVID-19…
0
2017 2018 2019 2020 2021

Rest of World China Indonesia

Nickel market developments: Supply



Indonesian export policy change shakes the market as IndonesianNPI surges




Trade in nickel ores & concentrates, 2019 (kt gross) Trade in nickel ores & concentrates, H1 2020 (kt gross)














• Many of the nickel units
previously imported by China
from Indonesia in ore, rapidly
being imported asNPI


• Chinese NPI imports in H1 2020
up by 140%y-o-y

China: Monthly imports of ferronickel (kt gross)
400
300
200
100

0






Indonesia Rest of World

Nickel market developments: Nickel sulphate




Volatility characteristic of nickel and nickel sulphatemarkets



…market in Indonesia announces to
22,000 structural deficit bring forward the export Market moved into
in late 2017 ban of unprocessed ores surplus in Q1 amid
Indonesia bans exports of in Sep 2019 and draw COVID-19 pandemic
20,000
unprocessed ores in 2014 …but global primary supply down of stocks Stronger
18,000 does not fall. Market Indonesia eases export ban stainless
demand in
remains in surplus of low-grade ores in 2017 China, combined
16,000 Operations with Chineseraw
suspended material
14,000 shortage fears
sends price rising
12,000

10,000
Premium
Strong demand in
8,000 EV demand started to recovered in 2017,
emerge in early2014 Chinese market in Premium crashed hitting the record Premium fell into negative
6,000 H2 2015 in 2016 after high territory owing to Chinese Premium
capacity EVsubsidy cut in H2 2019 recovered in Q1
4,000 expansions in amid tight
China supply
2,000


0

-2,000 Negative
premium in
August due to
LME nickel price (US/t Ni) Battery grade premium (US$/tNi) oversupplied
market

Outlook for nickel

Outlook: Trends for nickel demand




Battery sector to eat significantly into stainless steel’sshareof the market





• Stainless steel market to lose overall share of nickel demand to rapidly growing batteries sector


• Growing Class II feed could reduce the use of Class I in stainless, freeing this up for conversion to nickel
sulphate


• Nickel sulphate use will see largest increase in share over the outlook


Primary nickel demand by first-use: 2020 vs 2030 Primary nickel consumption by type, 2019 & 2029

100%
Plating Other Batteries, Other alloy Plating Other
Other alloy 7% 2% primary steels and 5% 1%
steels and 6% castings 80%
castings 5%
8%
Non-ferrous Batteries, 60%
alloys primary
Non-ferrous 28%
alloys 5%
40%
8%

Stainless, Stainless, 20%
primary primary
69% 56%
0%
2019 2029
2020 2030
Nickel sulphate and othersalts Class I Class II (stainless)

Outlook for nickel sulphate and





battery market

Outlook: Trends for batteries



Rapid growth from the battery sector to benefit nickel sulphate demand




• Roskill expects nickel sulphate to be the key area for nickel demand growth in the next decade underpinned by Li-ion batteries
used in the automotive sector, driven by uptake of electric vehicles


• Li-ion batteries accounted for 50% of nickel sulphate demand in 2019, which Roskill forecasts to exceed 90% by 2029

• Trends towards nickel-rich cathode chemistries is expected to benefit the use of nickel, mainly in the form of nickel sulphate


Outlook for nickelsulphate demand, Outlook for nickel use in batteries, Outlook for use of cathode chemistries
2013-2029 2019-2029 in passenger vehicles, 2019 & 2029
1,200 100%
100%
1,000
80%
80%
800
60%
600 60%
40% 40%
400

20% 20%
200
0 0% 0%
2013 2015 2017 2019 2021 2023 2025 2027 2029 2019 2029
Non-Li-ion
Li-ion Plating Li-ion, NCM, high nickel
NiMH NiCd Automotive Portable electronics Li-ion, NCM, low tomedium nickel
Other chemical applications Excluding recycling Li-ion, NCA
Other applications
Li-ion, nickel-free

Nickel sulphate supply chain integration and feedstock availability


Trend towards non-integrated sulphate supply over last decade, but this is expectedto


reverse over the near tomedium-term



Nickel sulphate production by integration (mining to refining), 2010 vs 2020 vs 2025


2010 2020


• Producers relying on externally-sourced feedstock have
played an increasingly important role in nickel sulphate

Non- Integrated supply in recentyears
integrated 33%
48% Integrated Non- • In 2010, producers with captive mine supply produced
52% integrated
67% over half of the nickel sulphate output, whilst in 2020,
production from non-integrated producers accounted for
the majority of the output

• MHP main area for growth of available intermediates for
third-party processing. Whilst crude NiSO and nickel matte
4
2025 are forecast to remain relatively flat across the period, with
marginal increases

• Roskill forecasts a much greater contribution from
integrated supply in the coming years, as non-integrated
Non-
Integrated
integrated producers remain reliant on feedstock availability and
49%
51%
demand

Outlook for nickel sulphate supply Key trade flows of MHP and MSP, 2019



Nickel sulphate supply constrained by feedstockavailability



Feedstocks used in nickel sulphate production, 2013-2029 (%)



100%









50%










0% • Recent decline in share of production accounted by
matte, processed by integrated producers, which
has led to the increase in external processing of MHP
MHP Recycled material and MSP.
Powder, pellets andbriquettes MSP
Matte Crude nickel sulphate
Concentrate (direct) • Total nickel sulphate production to grow at 17%py to
end of the decade.


• Integrated producers expected to show largest
growth in output, slightly higher than non-integrated
processors

p.17

In conclusion …









1. This year, Roskill expects supply to rise by 0.5% y-o-y and demand to fall by 5.5% y-o-y as a result of national
lockdowns and impacts to global demand on end-usesectors








2. NPI and nickel sulphate will be the main drivers of primary refined nickel supply in the coming years










3. Move towards higher nickel cathode chemistries in Li-ion batteries to drive near exponential

demand for nickel sulphate








4. Nickel sulphate supply chain to become more integrated over the next 3-5 years, with
third-party processors constrained by feedstock availability

MARKET REPORTS – COSTS & DATA – CONSULTING – EVENTS






Thank you













Jack Anderson – SeniorAnalyst, Steel Alloys


[email protected]









Cathode & Pre-cursor
Outlook to 2029, 1 Edition
st
















Project analysis Market analysis Cost analysis First use analysis End use analysis

WIDGIEMOOLTHA



NICKEL





Responsible nickel for electro mobility










Australian Nickel Conference 2020

6 October 2020
ASX Code: NMT
OTC/Nasdaq Intl: RDRUY

DISCLAIMER



Summary information: This document has been prepared by Neometals Ltd (“Neometals” or “the Company”) to provide summary information about the Company
and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does
not purport to be complete. It should be read in conjunction with Neometals’ other periodic and continuous disclosure announcements lodged with the Australian
Securities Exchange, which are available at www.asx.com.au.
Forward-looking information: This document contains, opinions, projections, forecasts and other statements which are inherently subject to significant uncertainties
and contingencies. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results
included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance.
Any opinions, projections, forecasts and other forward-looking statements contained in this document do not constitute any commitments, representations or
warranties by Neometals and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required
by law, and only to the extent so required, directors, agents and employees of Neometals shall in no way be liable to any person or body for any loss, claim, demand,
damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document.

Financial data: All figures in this document are in Australian dollars (AUD) unless stated otherwise.
Not financial product advice: This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire
securities in Neometals. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment
decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek
legal and taxation advice appropriate to their jurisdiction.
Investment risk: An investment in securities in Neometals is subject to investment and other known and unknown risks, some of which are beyond the control of
Neometals. The Company does not guarantee any particular rate of return or the performance of Neometals. Investors should have regard to the risk factors outlined
in this document.
Compliance Statement:
The information in this document that relates to Exploration Results and Mineral Resource Estimates for the Mt Edwards Nickel has been extracted from ASX
Releases set out below, which are available at www.neometals.com.au
19/4/2018 Mt Edwards Nickel – Mineral Resource Estimate
05/08/2019 Mt Edwards Nickel – Drill Results
09/10/2019 Further Nickel Drill Results at Mt Edwards
13/11/2019 Additional Nickel Mineral Resource at Mt Edwards
11/12/2019 Mt Edwards Nickel – Drill Results From Widgie South Trend
31/01/2020 High-grade Massive Nickel Sulphide at Mt Edwards
16/04/2020 60% Increase in Armstrong Mineral Resource
26/05/2020 Increase in Mt Edwards Nickel Mineral Resource
05/10/2020 132N Nickel Mineral Resource and Exploration Update at Mt Edwards

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
that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed.
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. 2

Neometals innovatively develops opportunities in minerals

and advanced materials essential for a sustainable future





• ASX-listed project developer

• Focus on minerals & materials for EV and
energy storage sectors

• 4 core projects with partners and
exploration via Mt Edwards

• Project execution success at Mt Marion

• Paid A$55M in dividends in last
5 financial years**

• Future-proof balance sheet to fund projects
through to FID

• Mt Edwards nickel – building value






** A$10.9M Partially franked dividend (2cps) paid April 2020 3

Lithium-Ion Battery
Recycling Project
(Feasibility Stage, MOU for
50:50 Incorporated JV)



Vanadium Recovery Project
(Pre-Feasibility Stage, option
to form 50:50 Incorporated JV)




Lithium Refinery Project
Vanadium Recovery
(Feasibility Stage, MOU
LiB Recycling for 50:50 Incorporated JV)



Barrambie Titanium
Lithium Refinery and Vanadium Project
(Pilot-stage, 100% NMT,
MOU for 50:50 Operating JV);


Titanium & Vanadium
Nickel
Mt Edwards Nickel
and Lithium Project

CORPORATE DASHBOARD





ASX: NMT OTC:RDRUY Neometals
Shares on Issue 1 m 545.4

Share Price (30-Sep-20) A$ 0.195
12 Month Share Price Performance
Market capitalisation A$m 100.9
(30-Sep-20)
0.30 12,000
Cash (est 30-Jun-20) 2 A$m 81.3

Debt A$m - 10,000
Investments A$m 6.3 0.25
(est 30-June-20) 3
8,000
Dividends paid in last A$m 55
5 financial years 4 Price $A 0.20 6,000

Major Shareholders (30-September-2020) Volume (‘000s)
David Reed 8.5% 4,000
(Non-Executive Director)
0.15
Westoz Funds Management 3.3% 2,000

Top 20 35.6%
0.10 0
No of Shareholders ~8,000 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

Note 1: Excludes 10.26M performance rights.
Note 2: incl A$4.3M restricted term deposits Source: Neometals
Note 3: Loan receivables and investments
Note 4. A$10.9M Partially franked dividend (2cps) paid April 2020
5

MT EDWARDS


PROJECT


WIDGIEMOOLTHA NICKEL

Neometals - 100% Nickel Mineral Rights










Responsible nickel for electro mobility









6