Quarterly Report to 30 September 2019

NICKEL
Savannah

• Safety – Lost Time Injury Frequency Rate (LTIFR) of 4.2 at the end of the quarter, no Lost Time Injuries reported
• Concentrate shipments – two concentrate shipments from Wyndham, aggregate provisional value of A$19.5 million
• Revenue – positive final QP pricing adjustments of A$4.1 million received due to the increased US$ nickel price
• Mining – total lateral development of 1,054m, up 21% quarter-on-quarter
• Processing – average nickel recovery of 85.1% is now at target
• Metal production – 1,342t Ni, 855t Cu and 64t Co in concentrate, Ni down 12%, Cu up 5% on previous quarter
• Savannah North decline access development – advancement rates continue to improve
• Savannah North ventilation rise – significant improvement in reaming rates, on-track for completion date in the March 2020 quarter
• Savannnah North Fresh Air Raise (FAR) – drilling of pilot-hole commenced in late October
• Savannah North Upper Zone Resource infill drilling - better than expected results returned including the interection of significant high-grade mineralisation outside the existing Ore Reserve

GOLD
Gum Creek (51% Indirect)

• Zinc - Altair Zn-Cu-Ag mineralisation could extend over 8kms
• Gold - Scoping Study commenced on mining the Swan and Swift free milling Resources

PGMs
Panton

• Project review completed Thunder Bay North (TBN) ▪ Benton Resources Inc. to buy TBN Project for C$9 million on a deferred payment basis – initial C$4.5 million payment expected by the end of 2019

CORPORATE

• Group Cash - $20.2 million in available and restricted ($180k) cash
• Capital Raising - $27.2 million net proceeds received from two for eleven Pro-Rata Rights Issue at 28c per new Share
• Board and management changes announced