RKEF OPERATIONS

Angel Nickel Project

Nickel Industries – 80% Interest

• Nickel Industries holds an 80% interest in the Angel Nickel Project, a project located in the IWIP comprising:
  • 4 RKEF lines with a nameplate capacity of 36kt pa
  • 380MW power plant
• The Company acquired its interest in Angel Nickel across several tranches for a total consideration of US$557.6M
• NPI production at Angel Nickel commenced in January 2022
• In 2022 the Project was awarded material tax concessions, paying no income tax for a period of 10 years followed by an additional 2-year period paying 50% of the prevailing corporate income tax rate