ALASKA ENERGY METALS ANNOUNCES MAJOR INCREASE IN MINERAL RESOURCE ESTIMATE, NIKOLAI NICKEL PROJECT, ALASKA, USA This new release constitutes a “designated news release” for the purposes of the
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ALASKA ENERGY METALS ANNOUNCES MAJOR
INCREASE IN MINERAL RESOURCE ESTIMATE,
NIKOLAI NICKEL PROJECT, ALASKA, USA
This new release constitutes a “designated news release” for the purposes of the
Company’s prospectus supplement dated January 31, 2025 to its short form base shelf
prospectus dated November 1, 2024.
HIGHLIGHTS
• The Eureka deposit of the Nikolai project is a globally significant nickel resource
with multiple accessory critical and strategic metals including copper, cobalt,
chromium, platinum and palladium. It is the largest nickel resource in the
USA. The deposit remains open in three directions and is well positioned to
provide a reliable, long-life, secure domestic source of strategic and critical
mineral resources in the USA.
• The updated resource now outlines 5.61 billion pounds of nickel with 1.77 billion
pounds of copper (11.03 billion pounds nickel equivalent) in the Measured &
Indicated category (a 46 percent (%) increase) and 9.38 billion pounds of nickel
with 2.43 billion pounds of copper (17.98 billion pounds nickel equivalent) in the
Inferred category (122% increase).
• Hallmarks of the Eureka deposit include a low strip ratio, higher grade core at
surface, and highly consistent, continuous, homogenous mineralization.
Metallurgical work continues and AEMC expects the deposit will respond well to
processing using a conventional flow sheet methodology.
Resource Update
• The new Eureka deposit Mineral Resource Estimate (“2025 MRE”) has increased the
tonnage, metal content, and grade, relative to the 2024 Mineral Resource Estimate
(“MRE”), dated February 12, 2024
o In situ Indicated resource contains 1,190 million tonnes at a grade of 0.30%
NiEq (0.42% NiEq including chromium and iron), a 46% increase in tonnage.
o In situ Inferred resource contains 2,087 million tonnes at a grade of 0.28%
NiEq (0.39% NiEq including chromium and iron), a 133% increase in tonnage.
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Updated NI 43-101 Resource Estimate
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• Chromium and iron have been included in the 2025 MRE. 7.88 billion pounds of
chromium and 117 million tonnes of iron are added to the in situ Indicated
resource. 12.29 billion pounds of chromium and 205 million tonnes of iron are
added to the in situ Inferred resource.
• The Eureka Zone 2 (“EZ2”), within the Central Eureka deposit, contains an in situ
Indicated resource of 818 million tonnes at a grade of 0.32% NiEq (0.44% NiEq with
chromium and iron) and an in situ Inferred resource of 951 million tonnes at a
grade of 0.31% NiEq (0.42% NiEq with chromium and iron).
• The Central Eureka Zone 2 (“CEZ2”), a subset of the Central Eureka EZ2 deposit, now
has continuity along ~ 2.5 km of strike length. This higher-grade core contains an in
situ Indicated resource of 225 million tonnes at a grade of 0.39% NiEq (0.52% NiEq
including chromium and iron) and an in situ Inferred resource of 246 million tonnes
at a grade of 0.36% NiEq (0.48% NiEq including chromium and iron).
• The tables below reflect the 2025 MRE compared to the 2024 MRE.
Indicated MRE:
% Increase
tonnage 813 million tonnes 1,190 million tonnes 46%
nickel 3.87 billion pounds 5.61 billion pounds 45%
copper 1.28 billion pounds 1.77 billion pounds 38%
cobalt 0.30 billion pounds 0.44 billion pounds 47%
gold 0.33 million ounces 0.47 million ounces 42%
palladium 2.45 million ounces 3.33 million ounces 36%
platinum 1.25 million ounces 1.72 million ounces 37%
nickel equivalent grade w/o Cr, Fe 0.29% 0.30% 3%
nickel equivalent metal w/o Cr, Fe 5.18 billion pounds 7.86 billion pounds 52%
chromium 0.00 billion pounds 7.88 billion pounds N/A
iron 0.00 billion pounds 117 million tonnes N/A
nickel equivalent grade with Cr, Fe N/A 0.42% N/A
nickel equivalent metal with Cr, Fe N/A billion pounds 11.03 billion pounds N/A
2024 MRE 2025 MRE
2025 Indicated Mineral Resource Estimate Compared to 2024 Mineral Resource Estimate
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Updated NI 43-101 Resource Estimate
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Inferred MRE:
VANCOUVER, BRITISH COLUMBIA, March 10, 2025 - Alaska Energy Metals Corporation
(TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) announced today an updated
independent mineral resource estimate prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) (“2025 MRE” or “2025
Resource”) for its 100% owned Eureka Deposit, Nikolai Nickel Project (“Nikolai” or “Deposit”)
in Alaska, USA, with an effective date of March 7, 2025. The newly published 2025 MRE
contains 1,190 million tonnes of in situ Indicated resource (an increase of 46%), 2,087
million tonnes of in situ Inferred resource (an increase of 133%), and features an increase
in the NiEq grade, a deeper economic pit due to a decrease in the cutoff grade (“COG”) of
0.064% recovered NiEq, and a 1.6 to 1 strip ratio. The study was completed by Stantec
Consulting Services, Inc., to include the four diamond drill holes (1,597.6 meters) completed
by AEMC in 2024. Note: in-situ resources refer to metal in the ground and do not account for
metal recoveries. Metallurgical studies to determine metal recoveries are in progress.
Alaska Energy Metals President & CEO Gregory Beischer commented, “In less than two years,
we have taken the Nikolai Project from an exploration concept to a substantial deposit of nickel
and multiple other critical metals. The Eureka deposit represents a globally significant
accumulation of nickel and is the largest of its type in the United States. At a time when the
United States government has prioritized the reshoring of critical mineral supply chains to
America, AEMC’s Nikolai project offers immediate opportunity on US soil in Alaska. I am
% Increase
tonnage 896 million tonnes 2,087 million tonnes 133%
nickel 4.23 billion pounds 9.38 billion pounds 122%
copper 1.04 billion pounds 2.43 billion pounds 134%
cobalt 0.33 billion pounds 0.76 billion pounds 130%
gold 0.27 million ounces 0.66 million ounces 144%
palladium 1.97 million ounces 4.56 million ounces 131%
platinum 1.13 million ounces 2.58 million ounces 128%
nickel equivalent grade w/o Cr, Fe 0.27% 0.28% 4%
nickel equivalent metal w/o Cr, Fe 5.41 billion pounds 12.75 billion pounds 136%
chromium 0.00 billion pounds 12.29 billion pounds N/A
iron 0.00 billion pounds 205 million tonnes N/A
nickel equivalent grade with Cr, Fe N/A 0.39% N/A
nickel equivalent metal with Cr, Fe N/A billion pounds 17.98 billion pounds N/A
2025 Inferred Mineral Resource Estimate Compared to 2024 Mineral Resource Estimate
2024 MRE 2025 MRE
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Updated NI 43-101 Resource Estimate
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particularly encouraged by the extension and delineation of the higher-grade core zone. This
zone comes right to surface and could be mined in the early years to achieve rapid payback of
capital. Nikolai could potentially become an important source of nickel for the USA, catering to
the needs of various manufacturing sectors including stainless steel, defense components,
aeronautical components, rechargeable batteries, grid-scale renewable energy storage systems
and a myriad of other uses. The significant achievement speaks volumes about AEMC's
commitment to developing the Nikolai Project and to the hard work our team has put into the
project over the past two years.”
Nikolai Mineral Resource Estimate Update
• Total in situ Indicated mineral resources of 5.60 billion pounds of nickel, 1.76 billion
pounds of copper, 442 million pounds of cobalt, plus a total of 5.5 million ounces of
platinum, plus palladium and gold in a constrained model totaling 1,190 million
tonnes, at an average grade of 0.30% NiEq, using a 0.064% recovered NiEq COG.
Additionally, 7.88 billion pounds of chromium and 117 million tonnes of iron are
included in the resource and increase the in situ NiEq grade to 0.42%. See detailed
breakdown in Table 1 below.
• Total in situ Inferred mineral resources of 9.38 billion pounds of nickel, 2.43 billion
pounds of copper, and 758 million pounds of cobalt, plus a total of 7.8 million
ounces of platinum, plus palladium and gold in a constrained model totaling 2,087
million tonnes, at an average grade of 0.28% NiEq, using a 0.064% recovered NiEq
COG. Additionally, 12.3 billion pounds of chromium and 205 million tonnes of iron
are included in the resource and increase the in situ NiEq grade to 0.39%. See
detailed breakdown in Table 1 below.
• EZ2 in situ Indicated mineral resources of 4.00 billion pounds of nickel, 1.38 billion
pounds of copper, 312 million pounds of cobalt, plus a total of 4.2 million ounces of
platinum, plus palladium and gold in a constrained model totaling 818 million
tonnes, at an average grade of 0.32% NiEq, using a 0.064% recovered NiEq COG.
Additionally, 5.55 billion pounds of chromium and 81 million tonnes of iron are
included in the resource and increase the in situ NiEq grade to 0.44%. See detailed
breakdown in Table 1 below.
• The CEZ2 zone has continuity along 2.5 km strike length of the Central Eureka
deposit. CEZ2 in situ Indicated mineral resources of 1.24 billion pounds of nickel,
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Updated NI 43-101 Resource Estimate
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647 million pounds of copper, 97 million pounds of cobalt, plus a total of 1.7 million
ounces of platinum, plus palladium and gold in a constrained model totaling 225
million tonnes, at an average grade of 0.39% NiEq, using a 0.064% recovered NiEq
COG. Additionally, 1.60 billion pounds of chromium and 23 million tonnes of iron
are included in the resource and increase the in situ NiEq grade to 0.52%. See
detailed breakdown in Table 1 below.
• Recovered NiEq has been calculated based on mineralogy, deportment and
preliminary metallurgical open circuit testing. Due to the uncertainties of the
recovery and marketability of a ferrochrome product, chromium and iron were not
used for the reasonable prospects for economic extraction for determining an
economic pit shell. Separate NiEq calculations were completed to include these
metals. See detailed breakdown in Table 1 below.
• The Eureka deposit has now been subdivided into the Central Eureka and West
Eureka Deposits. These units were subdivided to reflect the structural nature, grade
variation and data confidence levels within the Eureka Zone 2 (“EZ2”) mineralization.
• The 2025 MRE is defined by 47 drill holes including the four drill holes completed in
2024 by AEMC. The drill holes provide confirmation that mineralization is
interconnected across all domains. The deposits remain open along strike and in
the down dip direction.
• The 2025 MRE represents a significant, material increase in the MRE for the Nikolai
Nickel project compared to the 2024 MRE (press release dated February 12, 2024).
The 2025 MRE will be incorporated into a NI 43-101 compliant technical report for the
Nikolai Nickel project to be filed within 45 days.
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Updated NI 43-101 Resource Estimate
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Table 1 – Nikolai Project Mineral Resource Estimate (MRE) – effective March 7, 2025
Indicated Resource
Ni Cu Co Au Pd Pt NiEq1 Rec. NiEq2 Cr Fe NiEq3 Rec. NiEq4
% % % g/t g/t g/t % % % % % %
- - - - - - - - - - - - -
Upper Zone (UEZ2) 234 0.22 0.06 0.02 0.012 0.112 0.054 0.31 0.19 0.35 9.4 0.44 0.23
Central Zone (CEZ2) 225 0.25 0.13 0.02 0.020 0.153 0.068 0.39 0.24 0.32 10.4 0.52 0.28
Lower Zones (LEZ2) 359 0.21 0.05 0.02 0.010 0.063 0.029 0.28 0.15 0.27 9.8 0.39 0.18
Total 818 0.22 0.08 0.02 0.013 0.102 0.047 0.32 0.19 0.31 9.9 0.44 0.22
97 0.16 0.02 0.02 0.008 0.018 0.030 0.20 0.08 0.43 10.1 0.35 0.11
915 0.22 0.07 0.02 0.013 0.093 0.045 0.30 0.18 0.32 9.9 0.43 0.21
- - - - - - - - - - - -
Upper Zone (UEZ2) 127 0.19 0.08 0.02 0.014 0.094 0.049 0.28 0.18 0.21 9.4 0.38 0.20
Central Zone (CEZ2) 53 0.24 0.06 0.02 0.011 0.075 0.037 0.32 0.20 0.21 10.2 0.42 0.23
Lower Zones (LEZ2) 31 0.19 0.03 0.02 0.007 0.035 0.049 0.25 0.13 0.23 11.1 0.36 0.16
Total 211 0.20 0.07 0.02 0.012 0.080 0.046 0.29 0.18 0.21 9.8 0.39 0.20
63 0.23 0.02 0.02 0.006 0.024 0.036 0.28 0.10 0.31 9.5 0.40 0.13
275 0.21 0.06 0.02 0.011 0.067 0.044 0.28 0.16 0.24 9.76 0.39 0.19
All Eureka 1,190 0.21 0.07 0.02 0.012 0.087 0.045 0.30 0.17 0.30 9.87 0.42 0.20
Ni Cu Co Au Pd Pt NiEq1 Rec. NiEq2 Cr Fe NiEq3 Rec. NiEq4
(Mlbs) (Mlbs) (Mlbs) (kozs) (kozs) (kozs) (Mlbs) (Mlbs) (Mlbs) (Mt) (Mlbs) (Mlbs)
- - - - - - - - - - - - -
Upper Zone (UEZ2) 234 1,128 331 82 90 846 403 1,588 1,000 1,802 22 2,252 1,166
Central Zone (CEZ2) 225 1,239 647 97 145 1,102 494 1,924 1,214 1,598 23 2,563 1,374
Lower Zones (LEZ2) 359 1,643 400 132 113 731 340 2,198 1,181 2,147 35 3,106 1,408
Total 818 4,009 1,378 312 349 2,679 1,237 5,710 3,394 5,546 81 7,921 3,947
97 331 47 33 24 57 94 429 165 910 9.7 746 244
915 4,340 1,425 345 373 2,736 1,331 6,139 3,559 6,457 91 8,667 4,191
- - - - - - - - - - - -
Upper Zone (UEZ2) 127 536 218 43 58 381 200 790 498 576 12 1,065 567
Central Zone (CEZ2) 53 277 72 21 19 130 64 372 236 252 5.4 495 267
Lower Zones (LEZ2) 31 131 24 12 6.8 36 50 173 93 163 3.5 253 113
Total 211 944 314 76 84 547 314 1,335 827 991 21 1,813 947
63 321 26 21 11 48 73 384 144 433 6.0 553 186
275 1,265 340 97 95 595 386 1,719 971 1,424 27 2,366 1,133
All Eureka 1,190 5,605 1,765 442 469 3,331 1,718 7,858 4,531 7,881 117 11,033 5,324
EZ1
EZ2
EZ3
West Total: EZ1 + EZ2+ EZ3
Central Eureka
EZ1
EZ2
EZ3
Total: EZ1 + EZ2 + EZ3
Mineralized Zone Domain Tonnage
(Mt)
Central Eureka
EZ1
EZ2
EZ3
Central Total: EZ1 + EZ2+ EZ3
West Eureka
EZ1
1. Calculated In-Situ NiEq
2. Calculated Recovered NiEq used from economic pit evaulation
3. Calculated In-Situ NiEq using economic pit evaulation plus Fe and Cr by-products
4. Calculated Recovered NiEq using economic pit evaulation plus Fe and Cr by-products
Base Case 0.064 Rec. NiEq 2 COG Pit Constrained Indicated Mineral Resources
Central Total: EZ1 + EZ2+ EZ3
EZ2
EZ3
West Total: EZ1 + EZ2+ EZ3
Total: EZ1 + EZ2 + EZ3
Mineralized Zone Domain Tonnage
(Mt)
Grade
Metal Content
West Eureka
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Updated NI 43-101 Resource Estimate
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Inferred Resource
Footnotes:
• NiEq = nickel equivalent, Rec. NiEq = recovered nickel equivalent, Mt = million tonnes, Mlb = Million pounds, Kozs = thousand troy ounces.
• Totals may vary due to rounding.
• CIM definitions are followed for classification of Mineral Resource.
Base Case 0.064 Rec. NiEq 2 COG Pit Constrained Inferred Mineral Resources
Ni Cu Co Au Pd Pt NiEq1 Rec. NiEq2 Cr Fe NiEq3 Rec. NiEq4
% % % g/t g/t g/t % % % % % %
289 0.16 0.02 0.02 0.003 0.015 0.022 0.20 0.11 0.21 9.6 0.30 0.14
Upper Zone (UEZ2) 272 0.21 0.07 0.02 0.013 0.109 0.049 0.30 0.19 0.31 9.1 0.42 0.22
Central Zone (CEZ2) 246 0.23 0.11 0.02 0.019 0.141 0.059 0.36 0.23 0.31 10.1 0.48 0.26
Lower Zones (LEZ2) 434 0.21 0.05 0.02 0.009 0.061 0.028 0.28 0.15 0.25 9.8 0.39 0.18
Total 951 0.22 0.07 0.02 0.013 0.095 0.042 0.31 0.18 0.28 9.7 0.42 0.21
172 0.16 0.02 0.02 0.006 0.018 0.029 0.20 0.08 0.41 10.0 0.34 0.11
1,413 0.20 0.05 0.02 0.010 0.069 0.036 0.27 0.15 0.28 9.7 0.39 0.18
- - - - - - - - - - - -
Upper Zone (UEZ2) 266 0.20 0.07 0.02 0.012 0.096 0.045 0.29 0.18 0.21 9.2 0.39 0.21
Central Zone (CEZ2) 135 0.26 0.06 0.02 0.007 0.068 0.036 0.34 0.22 0.22 11.4 0.46 0.25
Lower Zones (LEZ2) 145 0.20 0.04 0.02 0.010 0.045 0.053 0.26 0.14 0.22 11.0 0.37 0.17
Total 545 0.22 0.06 0.02 0.010 0.076 0.045 0.30 0.18 0.21 10.2 0.40 0.21
128 0.23 0.02 0.02 0.005 0.023 0.035 0.27 0.10 0.30 9.4 0.39 0.13
674 0.22 0.05 0.02 0.009 0.065 0.043 0.29 0.17 0.23 10.1 0.40 0.19
All Eureka 2,087 0.20 0.05 0.02 0.010 0.068 0.038 0.28 0.16 0.27 9.8 0.39 0.19
Ni Cu Co Au Pd Pt NiEq1 Rec. NiEq2 Cr Fe NiEq3 Rec. NiEq4
(Mlbs) (Mlbs) (Mlbs) (kozs) (kozs) (kozs) (Mlbs) (Mlbs) (Mlbs) (Mt) (Mlbs) (Mlbs)
289 997 106 101 32 136 203 1,255 727 1,361 28 1,899 888
Upper Zone (UEZ2) 272 1,276 403 95 116 951 429 1,812 1,141 1,850 25 2,522 1,319
Central Zone (CEZ2) 246 1,265 605 100 152 1,111 466 1,935 1,220 1,673 25 2,609 1,388
Lower Zones (LEZ2) 434 2,012 470 158 128 844 385 2,663 1,432 2,434 42 3,724 1,697
Total 951 4,554 1,478 352 396 2,906 1,280 6,411 3,793 5,957 92 8,855 4,404
172 593 79 58 36 99 159 761 292 1,549 17 1,310 429
1,413 6,143 1,663 511 464 3,140 1,641 8,427 4,812 8,867 137 12,063 5,721
- - - - - - - - - - - - -
Upper Zone (UEZ2) 266 1,182 417 93 99 823 387 1,696 1,071 1,206 25 2,267 1,213
Central Zone (CEZ2) 135 784 164 57 29 293 156 1,013 644 667 15 1,351 728
Lower Zones (LEZ2) 145 628 136 55 47 209 248 843 453 691 16 1,193 540
Total 545 2,594 717 205 175 1,324 792 3,552 2,167 2,563 56 4,812 2,482
128 646 53 43 21 93 143 772 289 860 12 1,109 373
674 3,240 769 247 196 1,417 934 4,324 2,456 3,423 68 5,920 2,855
All Eureka 2,087 9,384 2,433 758 661 4,558 2,576 12,751 7,268 12,291 205 17,984 8,576
Metal Content
Mineralized Zone Domain Tonnage
(Mt)
Grade
Total: EZ1 + EZ2 + EZ3
Central Eureka
EZ1
EZ2
EZ3
Central Total: EZ1 + EZ2+ EZ3
West Eureka
EZ1
EZ2
EZ3
West Total: EZ1 + EZ2+ EZ3
Mineralized Zone Domain Tonnage
(Mt)
Central Eureka
EZ1
EZ2
EZ3
Central Total: EZ1 + EZ2+ EZ3
1. Calculated In-Situ NiEq
2. Calculated Recovered NiEq used from economic pit evaulation
3. Calculated In-Situ NiEq using economic pit evaulation plus Fe and Cr by-products
4. Calculated Recovered NiEq using economic pit evaulation plus Fe and Cr by-products
EZ2
EZ3
West Total: EZ1 + EZ2+ EZ3
Total: EZ1 + EZ2 + EZ3
West Eureka
EZ1
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o Metal pricing used to calculate NiEq and NiEq + (Cr, Fe) is based on observation of monthly metal pricing for the past 24 months up to end -
December 2024 with Ni at US$19,558.71/tonne (US$8.90/lb) (World Bank), Cu at US$8,798.58/tonne (US$3.99/lb) (World Bank), Co
US$31,434.18 /tonne (US$14.30/lb) (Y Charts), Pt at US$962.77/toz (World Bank), Pd at US$1,189.80/toz (Trading Economics), Au at
US$2,150.48/toz (World Bank), Cr at US$4,017.33/tonne (US$1.80/lb) (Fastmarkets, Argus), and Fe at US$114.86/tonne (US$0.052/ lb)
(World Bank). Totals may not represent the sum of the parts due to rounding.
o Nickel equivalent grade formula is as follows:
▪ NiEq = (Ni%) + (Cu% * 0.45) + (Co% * 1.61) + (Pt% * 1,582.61) + (Pd% * 1,955.80) + (Au% * 3,534.97)
o Nickel equivalent + Cr and Fe grade formula is as follows:
▪ NiEq = (Ni%) + (Cu% * 0.45) + (Co% * 1.61) + (Pt% * 1,582.61) + (Pd% * 1,955.80) + (Au% * 3,534.97) + (Cr% * 0.21) + (Fe% * 0.00587)
o Coefficients used to calculate the value of other metals to Ni equivalent and are calculated as follows:
▪ Coefficient = Metal Price/Ni Price.
o Recovered NiEq grade by domain formula is as follows:
▪ In EZ1: Rec. NiEq = (0.6 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au%
* 3,534.97)
▪ In UEZ2 and CEZ2: Rec. NiEq = (0.65 * Ni%) + (0.7 * Cu% * 0.45) + (0.55 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% *
1,955.80) + (0.5 * Au% * 3,534.97)
▪ In LEZ2: Rec. NiEq = (0.55 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5
* Au% * 3,534.97)
▪ In EZ3: Rec. NiEq = (0.35 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5
* Au% * 3,534.97)
o Recovered NiEq + Cr and Fe grade by domain formula is as follows:
▪ In EZ1: Rec. NiEq = (0.6 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au%
* 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
▪ In UEZ2 and CEZ2: Rec. NiEq = (0.65 * Ni%) + (0.7 * Cu% * 0.45) + (0.55 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% *
1,955.80) + (0.5 * Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
▪ In LEZ2: Rec. NiEQ = (0.55 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 *
Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
▪ In EZ3: Rec. NiEQ = (0.35 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 *
Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
o Base case Rec. NiEq cutoff grade is 0.064% calculated from a Ni price of US$19,558.71/tonne (US$8.90/lb), surface mining cost of
US$2.50 per tonne with a run-of-mine between 45-60k tonnes/day, processing costs with an estimated US$10.00 per tonne, and variable
metal recoveries where:
▪ EZ1 Ni recovery is 60% and Au, Cu, Co, Pd, and Pt is 50%
▪ UEZ2 and CEZ2 Ni recovery is 65%, Cu is 70%, Co is 55%, and Au, Pd, Pt is 50%
▪ LEZ2 Ni recovery is 55% and Au, Cu, Co, Pd, and Pt is 50%
▪ EZ3 Ni recovery is 35% and Au, Cu, Co, Pd, and Pt is 50%
o Mineral Resources are reported from within an economic pit shell whose extent has been estimated using a Ni price of US$19,558.71/tonne
(US$8.90/lb), surface mining cost of US$2.50 per tonne, from a recovered Ni equivalent grade calculated from Ni, Cu, Co, Pt, Pd, and Au,
and a 45-degree constant slope angle.
• The Mineral Resource estimate has been prepared by Erik Lagenfeld of Stantec Consulting Services Inc. in conformity with CIM “Estimation of
Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators
NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral
resource will be converted into mineral reserve.