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Reserves & Resources

Mineral Resource and Reserves

Mineral Resource development drilling was completed at the Enterprise deposit towards the end of 2013. The December 2012 NI 43 101 Technical Report was updated and filed in May 2015, and employs improved estimation techniques together with added drill data and an improved understanding of the structural framework at Enterprise. The Trident Project NI 43 101 Technical Report, although dated May 2015, was filed in September 2015. This report documents the latest mineral resource estimate, benefiting from additional drilling and assaying data, an improved understanding of the geological/structural framework at Enterprise, and also improved estimation techniques.

Mineral Resources

The mineral resource estimate for Enterprise, inclusive of the mineral reserve inventory, is presented below and reflects the position as at December 31, 2017. This estimate is consistent with that reported in the May 2015 NI 43 101 Technical Report.

Mineral Resources - as at December 31, 2017, and reported using a 0.15% Ni cut-off grade

Classification Tonnes (Mt) Ni%
Non-primary sulphide

Total Measured - -
Total Indicated 4.3 0.69
Subtotal Meas. plus Ind. 4.3 0.69
Total Inferred 5.3 0.47
Primary sulphide

Total Measured 5.1 1.56
Total Indicated 30.3 0.96
Subtotal Meas. plus Ind. 30.3 1.05
Total Inferred 15.6 0.69
Total Mineral Resource

Total Measured 5.1 1.56
Total Indicated 34.6 0.92
Total Meas. plus Ind. 39.8 1.01
Total Inferred 20.9 0.63

The current Mineral Resource inventory was estimated and verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Mineral Reserves Estimate

The Enterprise reserve estimate is shown in the table below, reflecting the position at December 31, 2017 . This estimate is consistent with that reported in the May 2015 NI 43 101 Technical Report.

Mineral Reserve - as at December 31, 2017, and reported based on a $7.50/lb Ni price

 Classification  Non-primary Sulphide Ore Primary Sulphide Ore  Total Ore 

Ore (Mt) Ni (%) Ore (Mt)   Ni (%) Ore (Mt)  Ni (%) 
Total Proven - - 5.3 1.43 5.3 

1.43

Total Probable 2.9 0.70  27.1  0.91  30.1  0.89
Total Mineral Reserves 2.9
0.70
 32.5  1.00  35.4  0.97

The current mineral reserve inventory for Enterprise has been estimated and verified by the Company’s personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.

The Trident Project processing facilities can process either copper ore from Sentinel or nickel ore from Enterprise. At current metal prices, the processing of Enterprise ore has been deferred indefinitely.