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Reserves & Resources

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Mineral Resources

For the purposes of reporting the status of the Mineral Resources and Mineral Reserves as at December 31, 2020, the 2015 estimates have been depleted to reflect actual mining activities that occurred during the intervening period. The Mineral Resource estimate is inclusive of the Mineral Reserve inventory.

Mineral Resource inclusive of stockpiles - as at December 31, 2020, 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 10.1 0.59 0.02 7.80 1.00 12.40 2.10 20.50 21.00 55.00
Indicated 3.4 0.53 0.02 9.20 1.40 11.40 0.90 7.50 19.00 62.00
Total Meas. plus Ind. 13.5 0.57 0.02 8.15 1.10 12.20 1.80 17.30 20.50 56.76
Inferred 5.1 0.37 0.01 6.30 0.50 15.80 1.10 12.20 14.00 46.00
Hale-Bopp Measured - - - - - - - - - -
Indicated 21.1 0.62 0.03 10.60 1.70 8.50 0.80 15.70 25.00 59.00
Total Meas. plus Ind. 21.1 0.62 0.03 10.60 1.70 8.50 0.80 15.70 25.00 59.00
Inferred 27.3 0.55 0.02 5.80 0.90 5.46 0.50 10.80 15.00 33.00
Shoemaker-Levy Measured 63.1 0.62 0.03 13.90 1.90 4.60 1.20 10.50 33.00 93.00
Indicated 113.8 0.57 0.03 11.30 1.40 5.30 1.60 13.10 35.00 84.00
Total Meas. plus Ind. 176.9 0.59 0.03 12.23 1.58 5.05 1.46 12.17 34.29 87.21
Inferred 15.0 0.44 0.02 7.80 1.50 11.30 1.70 11.00 24.00 59.00
Nindilbillup Inferred 31.4 0.55 0.02 11.30 2.20 4.70 0.80 8.60 74.00 109.00
Shoemaker-Levy North Inferred 25.3 0.53 0.02 11.70 2.20 7.60 0.40 7.00 36.00 70.00
Total Resources Total Measured 73.2 0.62 0.03 13.06 1.78 5.68 1.32 11.88 31.34 87.76
Total Indicated 138.3 0.58 0.03 11.14 1.45 5.94 1.46 13.36 33.08 79.65
Total Meas. plus Ind. 211.5 0.59 0.03 11.81 1.56 5.85 1.41 12.85 32.48 82.46
Total Inferred 104.1 0.52 0.02 9.20 1.67 7.10 0.77 9.31 39.14 62.29
Stockpiled Resources Measured 16.2 0.70 0.03 11.18 1.32 10.70 1.14 14.70 - -

This December 31, 2020 Mineral Resource estimate has been prepared and verified by independent consultant and qualified person, Felicity Hughes (FJ Hughes & Associates) MAIG, MAusIMM.

Mineral Reserves

The life of mine Mineral Reserves are defined using a long term nickel price of $7.50/lb which is supported by consensus pricing forecasts. Mineral Reserves for RNO inclusive of stockpiles, as at December 31, 2020, are presented in the following table. The estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling.

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 2020 the quantity of this material (considered as Proven Reserve) was *0,000 tonnes @ 1.34%Ni.

Mineral Reserves - as at December 31, 2020, and reported based on $7.50/lb long-term nickel price

Classification Ore (Mt) Ni (%) Co (%) Ca (%) CO3 (%) Mg (%)
Limonite Ore
Total Proven 44.6 0.64 0.03 0.67 3.91 2.08
Total Probable 79.1 0.60 0.03 0.82 4.69 2.49
Total Mineral Reserves 123.7 0.61 0.03 0.77 4.41 2.34
Saprolite Ore
Total Proven 20.5 0.55 0.02 2.46 14.18 10.03
Total Probable 35.4 0.53 0.02 2.45 14.23 11.04
Total Mineral Reserves 55.8 0.54 0.02 2.45 14.22 10.67
Total Ore
Total Proven 81.2 0.63 0.03 1.21 8.65 5.81
Total Probable 114.5 0.58 0.03 1.32 7.64 5.13
Total Mineral Reserves 195.8 0.60 0.03 1.28 8.06 5.41

This Mineral Reserve estimate as at December 31, 2020, 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.