For personal use only - ASX · 2007. 9. 14. · Quick Learners Grow Quickly ... 6.5 mt SS in 2007 9.0 mt SS in 2010 Aerospace, land based turbines, hybrid electrical vehicles Major

...tailoring nickel products...tailoring nickel products

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AMEC National Investor Briefing SydneySaturday 15 September 2007

“A Revival Story”

Presented by

Iggy TanManaging Director

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NIO ..tailoring nickel productsNIO ..tailoring nickel products

The following presentation represents Nickelore’s management’s best judgment at the time of presentation. The contents include forward

looking statements prepared on the basis of assumptions which may prove to be incorrect.

This presentation should not be relied upon as recommendation orforecast by Nickelore Limited. No representation or warranty is made as to

accuracy, completeness or reliability of the information

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Who is Nickelore?

Revival Story

Clear Strategy

Single Commodity Focus

Company Maker

Development Strategy

Streamline & Focus

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Characteristics of Children

Flexible & Nimble

No Preconceived Ideas

Quick Learners

Grow Quickly

Have Fun, Happy

Get what they want

“Nickelore aspires to these values”For

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Corporate Overview

ASX Code: HCY� Shares on Issue: 658 million� Current Price: 3.8 cents (13 Sept 07)� Market Cap: $25 million

Major Shareholders:R Gardner 9.4%Wessex 4.7%G Grogan 3.6%Newlake 2.4%K Lingohr 0.98%Victoria St Nom 0.95%Capraro 0.90%

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Nickelore Limited Board

Craig ReadheadChairman

SolicitorB Juris, LLB29 yrs corporate lawPullinger Readhead Lucus

Heron ResourcesMt Gibson IronGalaxy ResourcesIndia ResourcesFranklin River Olive Co

Iggy TanManaging Director

Process EngineerBSc MBA MAICD24 yrs in mining Operations, MarketingBus Development

Lyon DellSons of GwaliaWestralian SandsIluka ResourcesImdex MineralsMetals X

Mark BojanjacNon Executive Director

AccountantBCom CA18 yrs public gold companies

Gilt-Edge MiningAdamus ResourcesGryphon Minerals

Andrew RadonjicNon Executive Director

GeologistBAppSc MSc MAusIMM20 yrs mining & explorationEastern Goldfields

Agnew NickelPaddingtonMt PleasantVenture MineralsF

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Nickel – Still a Positive Future

Nickel Cadmium Batteries

Glass (Green)

Rolls Royce

Jet Engines Armour PlatingCoins

Stainless Steel

Marine Bronze

Industry

Building Construction

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Nickel – Still a Positive Future

� Stainless Steel (SS) fastest growing major use of metals � China – 19% growth ’89 to ‘07 � 6.5 mt SS in 2007 � 9.0 mt SS in 2010� Aerospace, land based turbines, hybrid electrical vehicles� Major new projects – keeping up with demand

World Nickel Consumption

Stainless Steel65%

Other Steel Alloys10%

Electroplating8%

Others Chemicals5%

Non Ferrous Alloys12%

Source BHPB

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Canegrass Nickel Cobalt Project

� Eastern Goldfields 70km NNW of Kalgoorlie� Flagship development of Laterite Nickel � Close to highway, railway and gas pipeline

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Nickel Sulphide Projects

Norilsk Honeymoon Well BHPB Mt Keith

BHPB LeinsterJubilee Cosmos

Norilsk Black Swan

Western Areas Forrestania

Mincor Miitel

Beneficiate� Feed 10-26% Ni – Lower Capex and Opex

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Laterite Nickel Projects

Minara Murrin Murrin

Norilsk Cawse

BHPB Ravensthorpe

Norilsk Bulong SD

Heron Jump Up Dam

Heron/CVRD KNP

Canegrass

Feed 1%-3% Ni - Bigger plants, higher Capex and Opex

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Major Players

CVRD / Inco � 60% equity in Kalgoorlie Nickel Project (“KNP”) � 10% equity in Heron Resources

BHP-Billiton� Ravensthorpe HPAL - $2.4bn � 10% equity stake in Heron Resources

Glencore� Effective 70% interest in Murrin Murrin HPAL

Norilsk� Acquired Cawse operations � Recently acquired Lionore

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Heron ResourcesHeron Resources

Monarch GoldMonarch Gold

Norilsk CawseNorilsk Cawse


Wingstar(ex WMC)Wingstar(ex WMC)


Monarch

Total 41 km2Total 41 km2Canegrass 15 km2Canegrass 15 km2

Canegrass

KBR 14 km2KBR 14 km2

KBR

KBR

KBR

Monarch 13 km2Monarch 13 km2

Monarch

140,000 t NiUS$ 2.1 billion

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Company Maker

� Mining Rights - two (2) well developed tenements� Tenements held by WMC for 40 years� Private owned major Ni project – under the radar� Granted Mining Leases – ready to go� No Native Title exposure� First pit area – in fill drilling � “probable reserve”

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WMC Development

� Discovery WMC 1966� 1966-67, 225 holes random traverses� 1968-76 Sherritt Gordon / WMC JV � WMC Kal Laterite Project (750 holes)� SM7 Dolerite Mining 1976-81� WMC 1996-98 - 134 holes total 7,451 m

� Wingstar – 218 RC holes 10,229m� To date: 2,595 holes for 69,413 metres� Today’s value >$20 m of drilling

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Past WMC Mining

Ore PitPit Mined (t) Ni Co Depth (m)

SM7 Silica 841,077 1.3 14

Linger & Die 62,623 1.22 0.34 16

Gulch 11,943 1.75 0.41 15

Patch 18,688 2.1 0.57 13

Total 934,331 1.32

Grade %

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Company Maker

� Canegrass Nickel Cobalt Project� Acquired Mineral Rights to a total of 140,000 t of Ni metal “sold”� In ground value of US $2.1 billion (@ US$15,000/t) � Other 34 km2 laterite nickel ground

� Enough critical mass for a Nickel Extraction Project� Ore to support GME Heap Leach Plant for 10 years� Ore to support Heron Heap Leach Plant for 14 years

“Represents the start of the company’s production era”

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BUSINESS STRATEGYTo utilise this excellent opportunity

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Staged Development

Stage 1 - Mining & Supply Ni Ore Products

Stage 2 - Screening Upgrade Plant

Stage 3 - Heap/Atmospheric Leach Ni Plant

Immediate cash flow, proves up mining, grades, generates feed for heap leach

Upgrades medium grade ore to saleable product

Lower Capex and Opex cost option for Laterite Nickel Ore

SHAREHOLDER


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Staged Development

Stage 1 - Mining & Supply Ni Ore ProductsImmediate cash flow, proves up mining, grades, generates feed for heap leach

SHAREHOLDER

Immediate Cash Flow

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Stage 1 Development

� In HPAL Nickel Laterite district � Build a business supplying nickel ore

products� Find what customers want – mine it� Immediate returns & cash flow� Simple and effective model� Proves up costs, grades and mining

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Laterite Profile

� Lateritic Duricrust� Alluvial� Manganese Blanket� Upper Saprolite� Silica Zone� Lower Saprolite� Saprock

Duricrust

GrindOre

UG Ore

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsTypical pit in the AreaTypical pit in the Area

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Pit Output 5.5 mt

Min Ore 1.5 mt0.76% Ni

Grind Ore 150 kt1.7% Ni

High Grade UG Ore 400 kt0.9% Ni

Med Grade UG Ore 400 kt0.7% Ni

Duricrust 80 kt0.7% Ni

Low Grade Ore 470 kt0.4% Ni

Primary Primary Primary Primary

Laterite Producer Laterite Producer

130 kt

10% 25% 30% 10%

30%

Mining & Supply of Ore

Waste 3.9 mt

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Grind Ore Product

� High Nickel (1.8%) Cobalt (1%) Mn (9%) Ore� 10% of resource� Possible supply of 150,000 tpa of Grind Ore� Progressively running out of Grind Ore � Beneficial for local HPAL producers� Extra nickel in ore is win/win for both parties

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High Grade UG Ore

� Upgradeable ore (High Silica)� 75% of resource� Upgrading removes silica and magnesite� Cawse - crushing & wet screening plant at front end� Ore at 0.7% Ni will upgrade to >1.3% Ni

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsTypical Laterite Profile – SM7Typical Laterite Profile – SM7

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� Feasibility study underway � 5.5 mt open pit mine – Patch, Gulch� In fill drilling completed – Pit optimisation� Employ around 25 people� 7 days a week, dayshift operation� Inject $15-$20 m to the Kalgoorlie region


Fly Through

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� In fill drilling work completed – Stage 1 site� Resource - 3.1 mt @ 0.8% Ni (24,970 t Ni metal)� Pit Optimisation� Target Reserve – 1.7 mt @ 0.88% Ni (15,000 t Ni metal)


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NIO ..tailoring nickel productsNIO ..tailoring nickel productsProposed Site LayoutProposed Site Layout

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsSite of first pit – Patch / Gulch Site of first pit – Patch / Gulch

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Patch Pit

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Mining Fleet

� 1 x 1100 Excavator 100t� 3 x 777B Dump Trucks 85t� 1 x D10 Dozer� 1 x 990 Loader� 1 x Water Truck� 1 x 16G Grader

RESERVED

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsCalweld Drilling at Patch Pit AreaCalweld Drilling at Patch Pit Area

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsMetallurgical sample collectionMetallurgical sample collection

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Feasibility / Project Team

Ray SmithProject Manager

BSc MSc (Bus)

BHP, WMC, North LtdCliffs Robe River Kaiser EngineersFluor-DanielMinproc

Wannaway/RedrossFalconbridge

Mick EliasConsultant Geologist

B.Sc. (Hons), FAusIMM, CPGeo

24 years Ni resource development

WA Nickel OperationsWMC Resources Ltd

Geoff PocockCommercial Consultant

BSc (hons) B LawGDip Fin & Invest

Corporate Consulting

Polaris ConsultingPoynton and Partners Argonaut Capital

Peter TaylorGeneral Manager

BSc (Hons) Geology

20 Years Mine Geology

Heron ResourcesCube ConsultingEllesmere Geological ServicesMt Gibson GoldWoodcutters JV

Tim LeonardExploration Manager

MSc (Geology)

20 Years Exploration

South China ResourcesAGR LtdMarymia GoldRobe RiverCRA ExplorationHamersley

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MiningCommencementQuarter 1 2008

Preliminary Project Roadmap

Halcyon Board Halcyon Board Halcyon Board Halcyon Board Halcyon Board

Stop, Hold, Recycle

• Complete Ore body model 7/8 M.Elias• Finalise Pit Design 10/8 M.Elias• Revise Mining Contract Price 5..5mtpa 1/8 M.Wills• Sales Pricing Structure 10/7 G.Pocock• Est Future Exploration Program 6/7/07 P Taylor• Plan preliminary site layout 20/7 P.Taylor• Office/Toilets requirements 20/7 P.Taylor• Mine plan & schedule 24/8 R.Smith• Resolve Water Supply 30/7 P.Taylor• MYOB Costs Capture 30/8 D.Leighton• Test Bore at Bardoc for capacity 10/8 P.Taylor• Organization Structure 10/7 I.Tan• Preliminary Financial Model 15/7 G.Pocock, T.Sheard• Land Disturbance Permit 30/8 R.Smith• MOU with Norlsik Cawse 15/7 G.Pocock• Site Visit Cawse 20/7 R.Smith, I.Tan• Flora & Fauna Survey 5/7 K.Sell• Calweld Drilling 16/7• Bulk Sample Splitting 20/7 P.Taylor• Metallurgical Testing 15/8 R.Smith• Fuel Farm Purchase 30/7 R.Smith• Mining Proposal to DOIR 30/8 R.Smith• Wingstar Agreement Structure 30/7 I.Tan•

• Est Capex Costs for Feas Study 7/9 R.Smith• Operating Cost for Feas Study 7/9 P.Taylor• Start recruit of Geo & Mine Eng 7/9 P.Taylor• Finalise sales contract 7/10 I.Tan• Finalise site layout and roads 30/8 P.Taylor• Draft Mining proposal completed 30/7 R.Smith• Mining tender invitations issued 30/7 M.Wills• Mining submissions received 30/8 M Wills • Preferred Mining Contractor selected 15/9 M Wills• Water supply finalised 15/8 P.Taylor• Clear and clean up site 15/8 P Taylor• Next 6 mths Drilling Program submitted 15/8 P.Taylor• Commence drilling program 30/8 P.Taylor• Site Communication Plan 30/7 P.Taylor• Site Power Plan finalised 30/7 R.Smith• Discussion with Ferronickel producers 30/8 I.Tan• Firm plan on export direct shipping 30/8• ID capacity and timeframe of Esperence 30/8 I.Tan• Purchase Fuel Farm 30/8 R.Smith• Site Communication Feasibility 30/8 R.Smith• Water supply plan 15/8 P.Taylor• Reverse Osmosis quote 30/7 P.Taylor• Preliminary selection and layout of offices • Working Capital requirements 30/7 T.Sheard• Finalise Cawse Sales Contract 30/9 ITan• Clear Bags offsite 30/7 P.Taylor• Drilling Budget program 30/7 P.Taylor• Haul route to Cawse 30/7 R.Smith

• Mining proposal approved 7/10 R.Smith• Award mining contract 1/11 I.Tan• Award drill and blast contract 1/11 I Tan• Build required roads R.Smith 1/11• Purchase & build and erect office buildings R.Smith

1/11• Purchase & install power generation 1/11 R.Smith• Purchase & install water bores, tank, pipiing 1/11

R.Smith• Purchase & install site communications 1/11 R.Smith• Finalise sales contract 1/11 I.Tan• Sales tonnes accounting and invoicing 1/11 P.Taylor• Commence drilling program for next 2 years 1/11

Ptaylor• Stockpile Management established 1/11 P.Taylor• Budget established & approved 1/11 P.Taylor• Safety Management Plan 1/11 P.Taylor• Environmental Management Plan 1/11 P.Taylor• Training records system 15/11 P.Taylor• Fuel contract awarded 1/11 I.Tan• Laboratory contract awarded 1/11 P.Taylor• Site Emergency Procedures 1/11 P.Taylor• Mobilise mining equipment 1/11 P.Taylor• Establish anfo shed and storage 1/11 P.Taylor• Road haulage arrangements finalised 1/11 P.Taylor• Investigate residence setup P.Taylor

• Representative Truck Sampling P.Taylor• Product analysis for Invoicing P.Taylor• First shipment to Cawse P.Taylor• Mining Ramp up to meet budget P.Taylor• Further Drilling Program to extend Reserves P.Taylor• Safety & Environmental Performance P.Taylor• Budget Performance P.Taylor

• Lesson Learned Workshop I.Tan• Close Out report to Board I.Tan

Approve to Proceed with

Project

Meet Sales Contract Volumes

Meet Sales Contract Volumes

Close Out Report

Close Out Report

Project Closed

Due DiligenceWingstar JV

Raise funds to conduct Feasibility

Study

ASSESS SELECT DEVELOP EXECUTE CLOSE OUT

Approve Wingstar Joint

Venture

Project Canegrass Roadmap – Stage 1, Mining and Supply of Nickel Feedstock Products

Feasibility Study

Mining & Supply

Detailed Mine Plan & Budget

Product Handed

Over

Project Mgr: Ray SmithTeam: Geoff Pocock, Mick Elias, Peter Taylor, Mike Wills (contracts) Deborah Leighten, Kristy Sell (MBS Env), Tony Sheard, Steve Dent,

Stop, Hold, Recycle Stop, Hold, Recycle Stop, Hold, Recycle

Financial Model

Exp Cash Flow

Commence Mining

Operation

Routine Operation

Project Mgr: Ray SmithTeam: Geoff Pocock, Mick Elias, Peter Taylor, Mike Wills (contracts) Deborah Leighten, Kristy Sell (MBS Env), Tony Sheard, Steve Dent,

Project Mgr: Ray Smith Team:, Geoff Pocock, Mick Elias, Peter TaylorMike Wills (contracts) Deborah Leighten, Kristy Sell (MBS Env), Tony Sheard, Steve Dent,

Project Mgr: Peter Taylor Team:, Geoff Pocock, Mick Elias, Ray Smith, Mike Wills (contracts) Deborah Leighten, Kristy Sell (MBS Env), Tony Sheard, Steve Dent,

Project Mgr: Peter Taylor Team:, Geoff Pocock, Mick Elias, Ray Smith, Mike Wills (contracts) Deborah Leighten, Kristy Sell (MBS Env), Tony Sheard, Steve Dent,

Timing

Project Phase

DecisionMaker

ApprovalMilestones

Deliverables

Resources

Activities

Fits In Business Strategy

MajorActivities

Raise funds to commence mining

Finalise Sales& MiningContracts

Construction & Mobilization

Ramp Up to Design & Sales

Demand

ReviewLessons Learned

30 July 07 7 September 1 January 08 1 April 08

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Direct Shipping of Laterite Ore

Stage 2 - Screening Upgrade PlantUpgrades medium grade ore to saleable product

SHAREHOLDER

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Nickel Pig Iron

� Chinese foundries – direct smelt nickel lateritic ore� Nickel Pig Iron (NPI) alternative to refined Nickel� Low grade NPI


Nickel Pig Iron

� 4 mt laterite ore imported� Philippines, Indonesia, New Caledonia� Forecast imports to climb 10 million� Current 30 NPI producers in China� 1 June - Price China 1.5% Ni ore ex

Philippines US$183/t

� NPI profitable $10/lb ($24,000/t)� Latest news – some pull back

� Keep our options open

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Waste 3.9 mtPit Output 5.5 mt

Min Ore 1.5 mt0.76% Ni






Primary Primary Primary Primary

Laterite Producer Laterite Producer

130 kt

10% 25% 30% 10% 30%

Up Grade Ore 300kt

Rejects 400kt

1.4% Ni

Screening Upgrade Plant

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsEsperance Port Esperance Port

Railway Unloading Restricted

Railway Unloading Restricted

Ship Loading 25% utilisedShip Loading 25% utilised

ProposedStorage Shed

ProposedStorage Shed

Trucking from Mine

Trucking from Mine

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NIO ..tailoring nickel productsNIO ..tailoring nickel productsBulk Ship Loader – Cape Class Ships Bulk Ship Loader – Cape Class Ships

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Direct Shipping Option

� Yet to complete feasibility study � Applying for option on Esperance Port land� Trucking cost vs Rail Cost/Infrastructure is $10/t difference� Direct shipping of 300,000 tpa upgraded product� Depending of Ni price and demand for Ni Laterite Ore� Timeframe – 12-18 months

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Stage 3 - Heap/Atmospheric Leach Ni PlantLower Capex and Opex cost option for Laterite Nickel Ore

SHAREHOLDER

Nickel Extraction Plant

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Waste 8 mtPit Output 11 mt

Min Ore 3 mt0.76% Ni






Primary Primary

Laterite Producer

10% 25% 30% 10% 30%

Up Grade Ore 800kt

Rejects 800kt

1.4% Ni

Heap Leach Plant

Nickel Extraction Plant

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Nickel Extraction Route?

Heap Leach Atmospheric Leach Pressure Leach

Reaction Rate Slow (300-500 days)

Moderate Excellent

heat heatpressure

Recovery 70-80% 80-85% 86-92%

Capex $1.0-$1.3 bn $2.2-$2.6 bn $2.8 – $3.3 bn

Acid Usage 500 – 700 kg/t 700 – 900 kg/t 300 – 450 kg/t

Source – Malachite Consulting Pty Ltd

For a 60,000 t Ni Plant

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Heap Leach

� Common in copper & gold industry� Process not yet used on Nickel� Developing as viable treatment method� Dominant future nickel processing approach� Nickel Laterites low in clay content - percolation� Nickel soluble in dilute Sulphuric Acid

� Lower capital cost and operating cost route� Nickel majors are getting involved

European Nickel PLC - Caldag

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EuropeanNickel

Heap Leach Developments

Stage

Const

Pre Feas

Scope

Size

20k tpa

13k tpa

10k tpa

Capex

$350m

$455m

$350m

Net Cash

$3.9 b

$3.7b

NPV

$565m

$1.47bGME

Heron

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European Nickel

� European Nickel - Caldag (Turkey) � First Demonstration plant in operation� 70% Ni & Co extracted

� BFS Capital A$320 million� 21,400 tpa Ni 1,000 tpa Co� Capital: US$ 5.70/lb vs US$14-20/lb� Opex: US$1.20/lb vs US$1-2/lb

Caldag Heap Leach, Turkey

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Heap Leaching

Ore Mining Agglormeration

Ore stacked on pads

Percolated Dilute AcidPregnant Liquor collected

Precipitation Plant

Precipitated Iron Tailings

Tailings Plant Filtration & Washing Plant

Nickel Cobalt Hydroxide

Heap Leach

Product to Nickel Refineries

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Characteristics for Heap Leach Ore

� Low clay content� High silica levels to maintain heap

integrity� High percolation rates of leachate

through heaps� Low moisture content of ore� Dry regional climate

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Heap Leach Developments

� Minara / Glencore – Murrin Murrin� Demonstration Plant 2,000t Ni� 250,000 tonnes stacked

� GME Resources – NiWest Laterite Project� Leach trials & Pre-feasibility Study

� Heron – Jump Up Dam Project� Feasibility Study

� Metallica - Nornico (Queensland)� Lucky Break 1,600 tpa Ni

� Barra Resources – Mt Thirsty Project

GME - NiWest

CanegrassNickel Project

Murrin Murrin

Jump Up Dam

Mt Thirsty

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Previous Leaching Work

� WMC 1978� Kwinana Nickel Refinery - Hohnen 7/11/78� SM7 type and Siberia ore� Siberia ore leaches “satisfactorily”� 80% Nickel and Cobalt Extraction

� Samples have been sent to various laboratories

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Nickel Extraction Philosophy

Heap / Atmospheric Leach

Leverage existing development

Proprietary processes

Smaller size plant

Shorter lead time

“Copy & Paste”

15,000 t Ni ready to go

Copy & Paste Strategy

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Share Price

� 2.3 fold increase since June 07� All time high of 4.7 cents

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Exploration Assets

� Bardoc Gold Project� Lake Marmion Uranium Project� Mount Pleasant Copper Project

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Investment Strategy

� Nickelore acquisition of Nickel ground� Nickelore will divest its non Nickel assets

� Take an investment stake with other commodities� Dragon Mountain Gold - China� Bardoc & Mt Pleasant Gold � Lake Marmion Uranium

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Put “NIO” in your portfolio

Revival Story

Clear Strategy

Aggressive Acquisition

Company Maker


Streamline & Focus

Undervalued For

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Documents

For personal use only - ASX · 2007. 9. 14. · Quick Learners Grow Quickly ... 6.5 mt SS in 2007 9.0 mt SS in 2010 Aerospace, land based turbines, hybrid electrical vehicles Major