1. INTERNAL Operating Performance Update S&C Draft of 5/26/10

2. 2 INTERNAL 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), exceeding 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) 2

3. 3 INTERNAL Production Achievements to November 30, 2012 3 Mixed Sulphides to Refinery: Ni+Co contained, t6,900 Nickel Reduced, t5,512 Cobalt Reduced, t488 Amsul Produced, t10,695 Note: The Project achieved “Commencement of Commercial Production” as described in the Finance Documents on November 26, 2012.

4. INTERNAL 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 sulphides (ni+co contained) in November 4

5. 5 INTERNAL Refinery Overview 5 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 powder Cobalt Reduction  In November we reduced 164 tonnes of cobalt powder Metals Handling  Produced 1,199 tonnes of nickel briquettes in November  Produced 100 tonnes of cobalt briquettes in November

6. 6 INTERNAL Operating Performance – PAL Ramp-Up Curve 6

7. 7 INTERNAL Operating Performance – Refinery Ramp-Up Curve 7

8. 8 INTERNAL Operating Performance – Ore Throughput 8

9. 9 INTERNAL Operating Performance – Nickel Produced 9

10. 10 INTERNAL Nickel Quality Analysis 10 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.

11. INTERNAL Questions? S&C Draft of 5/26/10