RKEF OPERATIONS

Oracle Nickel Project

Nickel Industries – 80% Interest

• Nickel Industries holds an 80% interest in the Oracle Nickel Project, a project located in the IMIP entity comprising:
  • 4 RKEFs with a nameplate capacity of 36kt pa
  • 380MW power plant

• The Company acquired its interest in Oracle Nickel across several tranches for a total consideration of US$600M
• NPI production at Oracle Nickel commenced in November 2022
• In 2023 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