RKEF OPERATIONS

Ranger Nickel Project

Nickel Industries – 80% Interest

• Nickel Industries holds an 80% interest in the Ranger Nickel Project, a project entity comprising:
  • 2 RKEF lines with a nameplate capacity of 15kt pa
• The Company acquired its interest in Ranger Nickel across several tranches for a total consideration of US$230.1M
• NPI production at Ranger Nickel commenced in May 2019
• In 2019 the project was awarded material tax concessions, paying zero income tax for a period of 7 years followed by an additional 2-year period paying 50% of the prevailing corporate income tax rate