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Reserves & Resources

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Mineral Resources

The Mineral Resource was estimated using a combination of ordinary kriging and multiple indicator kriging of element grades into detailed geology model volumes of the respective nickel laterite domains. Dry bulk density values were assigned to the models based on core based values (caliper method) or in selected areas of the Shoemaker-Levy deposits, downhole geophysics.

The models were depleted for mining (where relevant) and reported using a 0.3% nickel cut-off grade. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Fe, Al, Mg and Ca estimates do not constitute part of the Mineral Resource or Mineral Reserve. They are included as additional information relevant to beneficiation and leaching performance.

Mineral Resource inclusive of stockpiles - as at December 31, 2022, cut-off grade 0.3% Ni

Deposit Classification Tonnes (Mt) Ni (%) Co (%) Fe (%) Al (%) Mg (%) Ca (%) CO3 (%) Cu (g/t) Zn (g/t)
Halleys Measured 2.4 0.61 0.03 11.79 1.72 5.51 1.62 - - -
Indicated 2.5 0.56 0.03 13.58 2.84 6.12 1.00 - - -
Total Meas. plus Ind. 4.9 0.58 0.03 12.71 2.305.82 1.30 - - -
Inferred 0.2 0.62 0.03 10.67 1.25 9.31 1.98 - - -
Hale-Bopp Measured 21.6 0.55 0.03 11.83 1.51 5.52 0.52 - - -
Indicated 15.4 0.55 0.03 11.50 1.65 8.04 0.77 - - -
Total Meas. plus Ind. 37.0 0.55 0.03 11.69 1.57 6.57 0.62 - - -
Inferred 1.2 0.47 0.02 9.51 1.73 10.71 1.49 - --
Shoemaker-Levy Measured 75.0 0.58 0.03 12.67 1.24 3.54 1.93 - --
Indicated 101.5 0.55 0.03 12.46 1.64 4.14 1.54 - - -
Total Meas. plus Ind. 176.5 0.56 0.03 12.55 1.47 3.88 1.71 - - -
Inferred 9.6 0.47 0.02 10.76 1.27 6.87 2.69 - - -
Nindilbillup Inferred 26.7 0.53 0.03 12.93 2.38 5.82 0.38 - - -
Shoemaker-Levy North Inferred 30.5 0.52 0.02 11.20 2.71 3.32 0.79 - - -
Total Resources Total Measured 99.0 0.57 0.03 12.47 1.31 4.02 1.61 - --
Total Indicated 119.4 0.55 0.03 12.36 1.67 4.68 1.43 - - -
Total Meas. plus Ind. 214.8 0.56 0.03 12.41 1.51 4.38 1.51 - - -
Total Inferred 68.2 0.52 0.02 11.78 2.36 4.95 0.91 - --
Stockpiled Resources Measured 17.7 0.58 0.03 11.18 1.32 5.20 1.30 8.60 - -

This 2022 Mineral Resource estimate has been prepared by independent consultant and qualified person, Richard Sulway (QP) MAppSc (Geological data processing), BAppSc (Hons, Applied Geology), MAusIMM (CP), Consulting Geologist, FQM (Australia) Pty Ltd and verified by David Gray (QP) BSc(Hons, Geology), MAusIMM, FAIG, Group Mine and Resource Geologist, FQM (Australia) Pty Ltd.

Mineral Reserves

The Mineral Reserve for RNO inclusive of stockpiles, as at December 31, 2022, is presented in the following table. The life of mine Mineral Reserve is defined using a a 0.3% nickel cut-off grade. The estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling. Mg and Ca estimates do not constitute part of the Mineral Resource or Mineral Reserve. They are included as additional information relevant to beneficiation and leaching performance.

In addition to the stockpiles there is also an intermediate beneficiated product that is held within the processing surge (buffer) ponds. At the end of December 2022 the quantity of this material (considered as Proven Reserve) was 75,000 tonnes @ 1.00%Ni.

At the current throughput rate the remaining life of mine is 18 years.

Mineral Reserves - as at December 31, 2022, and reported based on a 0.3% nickel cut-off grade

Classification Ore (Mt) Ni (%) Co (%) Ca (%) Mg (%)
Limonite Ore
Total Proven 63.1 0.46 0.03 0.5 1.7
Total Probable 62.3 0.60 0.03 0.5 2.0
Total Mineral Reserves 125.4 0.53 0.03 0.5 1.9
Saprolite Ore
Total Proven 23.4 0.45 0.02 4.4 7.5
Total Probable 23.7 0.46 0.02 3.5 8.2
Total Mineral Reserves 47.1 0.45 0.02 3.9 7.9
Total Ore in Pits
Total Proven 86.5 0.46 0.02 1.6 3.3
Total Probable 85.9 0.56 0.03 1.4 3.7
Total Mineral Reserves 172.4 0.51 0.03 1.5 3.5
Stockpile
Total Proven 17.1 0.57 0.02 1.7 8.9
Total Probable - - - - -
Total Mineral Reserves 17.7 0.57 0.02 1.7 8.9
Reserve including Stockpile
Total Proven 103.6 0.48 0.02 1.6 4.2
Total Probable 85.9 0.56 0.03 1.4 3.7
Total Mineral Reserves 189.6 0.51 0.03 1.5 4.0

This Mineral Reserve estimate as at December 31, 2022, has been prepared and verified by independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. Anthony Cameron is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, FAusIMM