Australia’s New Nickel

Diggers & Dealers Mining Forum

David Singleton, MD & CEO

August 2015

2Private & Confidential

Indonesian Ore Stocks in China are well down as predicted

3Private & Confidential

Philippines Ore exports up - but not much

4Private & Confidential

Chinese NPI reducing as predicted albeit more slowly

5Private & Confidential

As a result Ferronickel and Refined Nickel imports up

Australia’s New Nickel

Diggers & Dealers Mining Forum

David Singleton, MD & CEO

August 2015

7Private & Confidential

Projects within 300kms centred around Australia’s Major Nickel Region

88Private & Confidential

3 Production ready nickel projects in Western Australia

• Black Swan Nickel Project

• Lake Johnston Nickel Project

• Windarra Nickel Project

9Commercial in Confidence

Windarra Nickel Project

10Private & Confidential

Long section of Mt Windarra at mine closure

Mineralisation

Original Long SectionPre Drilling

11Commercial in Confidence

Mineralisation

Upper G Shoot

12Private & Confidential

Mineralisation

H Shoot

13Private & Confidential

Mineralisation

C & G Deeps

14Private & Confidential

Mineralisation

D Deeps

15Private & Confidential

Mineralisation

F Shoot

16Commercial in Confidence

Windarra Nickel ProjectDiscovery of Cerberus

17Private & Confidential

Development of the Windarra Project

Mt Windarra

South WindarraOpen Pit

Cerberus Greenfields Orebody

18Private & Confidential

Cerberus: Further Developments

Resource Extensions

ModelledPositionsWith Limited to No Drill Testing

19Private & Confidential

Mt Windarra - Operational Site

20Commercial in Confidence

Black Swan Nickel Project

21Private & Confidential

The Black Swan Process Plant and open pit resource was bought by Poseidon from Norilsk in July 2014

22Private & Confidential

Black Swan pit showing smeltable reserves

Ore for smeltable

grade concentrate

23Private & Confidential

Black Swan resources available for non-traditional uses

24Commercial in Confidence

Lake Johnston Nickel ProjectMaggie Hayes

25Private & Confidential

Windy HillCamp

Maggie HaysMine

Tailings Dam

Concentrator and Administration

Emily Ann Mine

Lake Johnston includes 2 mines, a concentrator and camp in operational ready condition

2626Private & Confidential

MINED OUT SLC

North Shoot

RemainingSLC

Suture Zone

Maggie Hays - Increasing Life by over 3 times

2727Private & Confidential

Maggie Hays

North ShootExpansion Opportunity

Maggie Hays South Potential for Future

Production Western ZoneOpportunity

Initial resource extension targets

28Commercial in Confidence

Lake Johnston Nickel ProjectEmily Ann

29Commercial in Confidence

SurfaceDecline

Structurally Offset Targets

Fault Movement=into page (westward)

Fault Movement=out of page (eastward)

Emily Ann was a 4% Ore Body truncated by Toolangi Fault

30Private & Confidential

Supporting Modelled

DHEM Targets

Electromagnetics support strong targets dislocated from the original ore body.

31Private & Confidential

Planned Drill Holes

EIS Grant will support drilling these targets.

32Private & Confidential

High Quality Process Plant

3 stage crushing circuit operating

Grinding Mills operating

Flotation Cells inspected

Concentrate Filtration & Storage facilities tested

Processing capacity of 1.5m tonnes per annum

33Private & Confidential

Windy Hill Camp

277 Rooms available180 required

34Private & Confidential

Poseidon has the second largest published nickel sulphide resource in Australia*

0

50

100

150

200

250

300

350

400

450

500

Publ

ishe

d R

esou

rces

(‘000

tonn

es N

icke

l)

*Australian nickel sulphide producers and developers excluding BHP(B). Data compiled from Deutsche Bank report dated 28.07.14.

35Private & Confidential

Summary

• Lake Johnston can be in production in 4 months• Definitive Feasibility Study completed• Fully permitted• Major contracts either signed or nearing signature• Offtake Contracts and working capital loans agreed subject to final contract• 8,000 tonnes in nickel concentrate• All in sustaining cost of US$5.19

• Windarra and Black Swan can be in production in circa 6 months• Start up studies completed• Final permitting updates submitted• Circa 9,600 tonnes nickel per annum in concentrate• All in sustaining cost estimated at US$5.40