RKEF OPERATIONS

ORACLE NICKEL PROJECT (ONI)

Nickel Industries – 80% Interest

• Nickel Industries holds an 80% interest in the Oracle Nickel Project, a project entity comprising:
  • 4 x Rotary Kiln Electric Furnaces (RKEFs) with a nameplate capacity of 36kt pa; and
  • 380Mw power plant

• The Company acquired its interest in ONI across several tranches for a total consideration of US$600M
• NPI production at ONI commenced in November 2022
• In 2023 the Project was awarded material tax concession, 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