RKEF OPERATIONS

Hengjaya Nickel Project

Nickel Industries – 80% Interest

• Nickel Industries holds an 80% interest in the Hengjaya Nickel Project, a project located in the IMIP comprising 2 RKEF lines with a nameplate capacity of 15kt pa
• The Company acquired its interest in Hengjaya Nickel across several tranches for a total consideration of US$180M
• NPI production at Hengjaya Nickel commenced in March 2019
• In 2019 the project was awarded material tax concessions, paying no income tax for a period of 7 years followed by an additional 2-year period paying 50% of the prevailing corporate income tax rate
• In October 2022 the Company elected to convert production from NPI to nickel matte, representing its first foray into supplying nickel intermediates to the EV battery supply chain