Preliminary September 2019 Quarterly Statistics

• Safety – continued improvement in performance, no LTIs recorded 
• Development – 1,054m, up 21% on previous quarter
• Ore Milled – 120,771t at 1.31% Ni, 0.76% Cu and 0.06% Co, tonnes down 14%, Ni grade up 3% on previous quarter
• Metallurgical Recoveries – 85.1% Ni, 93.1% Cu and 88.5% Co, at target recoveries
• Metal Production – 1,342t Ni, 855t Cu and 64t Co in concentrate, Ni down 12%, Cu up 5% on previous quarter
• Concentrate Shipped – 15,734dmt, down 27% on the previous quarter, September ship delayed to October
• Savannah North Development – twin declines only 70m from the ore zone, ore on track to be mined in November
• Raise Bore – advanced 256m, more than double the previous quarter
• New Equity – fully underwritten 2 for 11 rights issue completed, raising $28.2M before costs
• Project Loan – restructured and reduced by 50% to $20M, hedging rolled forward to match loan repayments
• Thunder Bay North – Thunder Bay North to be sold for C$9M, first tranche of C$4.5M expected in 2019
• Group Cash – $20.2M in available and restricted cash
• Nickel Price – averaged US$7.04/lb (A$10.29/lb) over the quarter, up 27% on the previous quarter