Kabanga Mineral Resources Estimates project

Kabanga is the largest development-ready nickel sulphide deposit in the world, unmatched in scale and grade, with at least 30 years life of mine and further exploration upside. An extensive amount of exploration and resource definition has been completed to date, setting the Kabanga nickel project on a well-defined path to production.”

The Kabanga Nickel Sulphide Resource

Based on approximately 600 km of drilling, Kabanga’s previous owners, Barrick Gold Corporation (Barrick) and Glencore, published a Resource Estimate (Measured, Indicated and Inferred) in 2014 of 58 million tonnes of ore at an average in-situ nickel grade of 2.62%. Mineralization of the resource is greater than 95% massive sulphide.

Kabanga Mineral Resources Estimates as at December 31, 2014 ¹:
 

_{¹ Based on total Measured, Indicated and Inferred Resources Statement published in 2014 by Barrick and Glencore of 58 million tonnes of ore at an average in-situ nickel grade of 2.62% (prevailing in-situ nickel equivalent grade is 3.14% including cobalt and copper).}

In-Situ Metal Content:

• Contained Nickel: 1.52 million tonnes (3,351 million pounds)
• Contained Copper: 0.19 million tonnes (419 million pounds)
• Contained Cobalt: 0.12 million tonnes (265 million pounds)

Kabanga Nickel is currently in the process of modernizing the mineral resource model by translation into state-of-the-art modelling software. This will culminate in higher-resolution lode modelling and consequent mineral resource optimization. A revised Mineral Resource Estimate will be published in the near future.

Project Location

Project Status

Mining

Metallurgical Processing

Hydrometallurgical (Hydromet) Base Metal Refinery in Tanzania

Creating Shared Value in Tanzania

Environmental

End Customers – Electric Vehicle & Energy Storage Markets

As the electric vehicle (EV) market grows to replace the use of fossil fuels, the requirement for battery minerals is expected to increase significantly to meet this additional demand. Kabanga Nickel will produce two of the key elements in lithium-ion batteries – nickel and cobalt – along with copper which is also expected to see demand grow in line with greater electrification.