INTERNAL

Operating Performance Update

S&C Draft of 5/26/10

2INTERNAL

Production Milestones• June 26, 2012

First Nickel test briquettes were sintered.

• August 18, 2012 Single largest batch of slurry sent from the Mine (18,980 t), ex-

ceeding the Financial Completion target of 674 t/h.

• September 9, 2012 First Cobalt test briquettes were sintered.

• September 13, 2012 Operating permit granted.

• November 1, 2012 5 Autoclaves on line with dual slurry feed pumps

• November 8, 2012 First international shipment of refined nickel (40 t)

• November 13, 2012 First international shipment of refined cobalt (168 t)

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3INTERNAL

Production Achievements to November 30, 2012

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• Mixed Sulphides to Refinery:

Ni+Co contained, t 6,900

• Nickel Reduced, t

5,512

• Cobalt Reduced, t

488

• Amsul Produced, t

10,695

Note: The Project achieved “Commencement of Commercial Production” as described in the Finance Documents on November 26, 2012.

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PAL Overview

• Autoclaves PAL Autoclave Operating Hours

• Operated approximately 1,788 hours in November

Ore Throughput in the PAL Autoclaves• Processed 191,085 tonnes in November

• PAL Mixed Sulphide Production Produced approximately 1,763 tonnes of mixed sul-

phides (ni+co contained) in November

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5INTERNAL

Refinery Overview

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• Sulphide Leaching In November we processed 1,694 tonnes of nickel and

cobalt contained in mixed sulphides

• Nickel Reduction In November we reduced 1,592 tonnes of nickel pow-

der

• Cobalt Reduction In November we reduced 164 tonnes of cobalt pow-

der

• Metals Handling Produced 1,199 tonnes of nickel briquettes in No-

vember Produced 100 tonnes of cobalt briquettes in Novem-

ber

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Operating Performance – PAL Ramp-Up Curve

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Operating Performance – Refinery Ramp-Up Curve

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8INTERNAL

Operating Performance – Ore Throughput

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Operating Performance – Nickel Produced

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10INTERNAL

Nickel Quality Analysis

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• Nickel meets LME spec for all elements except silicon.

• Silicon contamination has occurred from late October and into November as Si level in Refinery solution has increased.

• Refinery is currently progressing initiatives to purge silicon from the circuit.

INTERNAL

Questions?

S&C Draft of 5/26/10