DFS Result

Mincor has a long history of nickel mining in Kambalda, dating back to the acquisition of the Miitel mine from Western Mining Corporation (“WMC”) in 2000. The Company currently has in excess of 300km2 of tenements in the Kambalda region.

Before embarking on its nickel re-start strategy, the Company executed an Ore Tolling and Offtake Purchase Agreement (“OTCPA”) with BHP Nickel West in August 2019. The materially improved commercial terms of the new OTCPA has set the foundation for the Company’s integrated nickel re-start plan, which includes the mining of Mincor’s greenfield high-grade discovery, Cassini.

The DFS philosophy is centred around the development of an optimised integrated mine plan from each separate mining operation with ore processed at the Kambalda Nickel Concentrator (“KNC”) under the OTCPA. Once the ore is processed, the resultant nickel concentrate is sold to BHP Nickel West.