NICKEL DIVISION The Company’s nickel strategy is built around the Central Musgrave Project (“CMP”) located in the Central  Musgrave Ranges, straddling the triple-point of the WA/NT/SA borders. The project represents the Company’s  key nickel assets and comprises the globally significant Wingellina deposit, the Claude Hills Nickel prospect  and the Mt Davies exploration prospect. The project encompasses 1,957km 2  of prospective exploration tenure  encompassing the whole of the Wingellina layered intrusive sub-set of the Giles Complex. The CMP consists of exploration titles in both Western Australia and South Australia, covering the Giles complex  intrusives of the Musgrave block in central Australia. Key geological units are Giles Complex ultramafic and mafic  layered intrusives, which are known to host nickel and copper sulphide mineralisation, and importantly, nickel  and cobalt rich limonite ores. These ores are the product of deep weathering of the ultramafic lithologies within  the project area. In particular, these weathering processes formed the Wingellina and Claude Hills nickeliferous  ore bodies. During the year works at the Central Musgrave Project year focused on the following key areas: 1. Completing a mining agreement with the native title holders in order to establish the Company’s right to  develop and mine the Wingellina Project; 2. Advancing financing and development options for the Wingellina Project; 3. Water exploration; 4. Finalising the statutory environmental approvals process, and undertaking additional field work necessary to  complete approvals; and  5. Expanding the resource base within the Company’s South Australian tenements. 05  OPERATIONAL REVIEW ^ _ ^ _ ^ _ ^ _ ^ _ WESTERN AUSTRALIA SOUTH AUSTRALIA NORTHERN TERRITORY CLAUDEHILLS WINGELLINA !( Irrunytju !( Pipalyatjara !( Kalka E3555 E3555 E3555 E69/535 CALCRETE 0 2.5 5 7.5 10 Kms Scale. 1:250,000 Basement Gneiss Metasediments Giles Complex Resource Outlines ^ _ Nickeliferous Laterite Occurence E3932 Fault Beadell North Scarface Scarface Greenwood Mt Davies CENTRAL MUSGRAVE PROJECT