Ann: Presentation - Australian Nickel Conference, page-2

CJ hits the first runs out of the park at the WA Nickel conference

Pivots to "strategically important Nickel assets" & the 422KT JORC & MILL capacity & highlights the recent Ni consolidation and location of BHP IGO assets in his map.
Clearly seeking large top 1 holder to oust AFAF BMM Citi once and for all.

Also his cost estimates have gone up due to payability ratios at 77% from uslb$4.90/4.30 to $5.90/7.50
Breakeven of uslb$7.50 now
now we know why PH backed out as NP went from 11 to 8, the margin was squeezed.
he also has included that 14% grade & 8KT JORC upgrade at BS open pit

So clearly CJ is waiting on the NP to go back to 10-12
Yet 2015-2019 we were told 6-7 was the restart target now it appears to have been moved to 10-12

Did you know Muccilli was CEO of MCR & Maxton was with RIO with PH former CEO of PAN.
Experienced impressive team alright.

"POSEIDON HAS 422kt OF NICKEL
BLACK SWAN NICKEL PROJECT
• Resources of 222kt Ni1
• 2.2Mtpa mill
• BFS released in Nov 2022
• Offtake and debt well advanced
• Multiple exploration targets
LAKE JOHNSTON NICKEL PROJECT
• Resources of 52kt Ni (14kt EA nonJORC also)
• 1.5Mtpa mill
• Exciting exploration targets along Western Ultramafic (add in EA AR also)

Recent consolidation in the WA nickel industry highlights the demand for nickel assets..

Breakeven Costs on 100% payability basis per BFS US$5.90/lb
• Breakeven Costs on a payable basis circa US$7.50/lb5 assuming indicative Ni payabilities used in the BFS in the high 70’s% ..

Resource of 26.3Mt at 0.72% nickel (previously 0.63%) for 189kt Ni
• Compared to the 2022 Resource:
• 48% increase in nickel in Measured and Indicated
• 14% increase in the average nickel grade and 8,000t increase in nickel
• Increased understanding of the distribution of serpentinite and talccarbonate "