Guidance

2019 PRODUCTION FORECASTS

Production volumes	2018 Guidance	Year-to-date actual at December 31, 2018	2019 Guidance
Moa Joint Venture (tonnes, 100% basis)
Nickel, finished⁽¹⁾	30,500 - 31,000	30,708	31,000 - 33,000
Cobalt, finished⁽¹⁾	3,250 - 3,400	3,234	3,300 - 3,600
Ambatovy Joint Venture (tonnes, 100% basis)
Nickel, finished⁽²⁾	35,000 - 38,000	33,183	40,000 - 45,000
Cobalt, finished⁽²⁾	3,100 - 3,400	2,850	3,500 - 4,000
Oil – Cuba (gross working-interest, bopd)	4,300 - 4,800	4,839	3,800 - 4,100
Oil and Gas – All operations (net working-interest, boepd)⁽³⁾	2,300 - 2,600	2,209	1,800 - 2,100
Electricity (GWh, 33⅓% basis)	750 - 800	781	650 - 700

Unit operating costs	2018 Guidance	Year-to-date actual at December 31, 2018	2019 Guidance
NDCC (US$ per pound)
Moa Joint Venture⁽¹⁾⁽³⁾	$1.90 - $2.40	$2.24	$3.40 - $3.90
Ambatovy Joint Venture⁽¹⁾⁽²⁾	$3.75 - $4.25	$3.91	$3.80 - $4.30
Oil and Gas - Cuba (unit operating costs, $ per barrel)	$22.00 - $23.50	$20.21	$25.00 - $26.50
Electricity (unit operating cost, $ per MWh)	$20.75 - $21.50	$20.28	$25.25 - $26.75

Spending on capital (US$ millions)	2018 Guidance	Year-to-date actual at December 31, 2018	2019 Guidance
Moa Joint Venture (50% basis), Fort Site (100% basis)⁽⁴⁾⁽¹⁾	US$31 (CDN$40)	US$29 (CDN$37)	US$41 (CDN$54)
Ambatovy Joint Venture (12% basis)⁽³⁾	US$13 (CDN$17)	US$12 (CDN$15)	US$10 (CDN$14)
Oil and Gas⁽¹⁾⁽²⁾	US$29 (CDN$37)	US$20 (CDN$26)	US$21 (CDN$28)
Power (33⅓% basis)	US$1 (CDN$1)	US$1 (CDN$1)	US$1 (CDN$1)
Spending on capital (excluding Corporate)	US$74 (CDN$95)	US$62 (CDN$79)	US$72 (CDN$97)