High Contrast

Guidance

2021 PRODUCTION

Production volumes	2021 Guidance
Moa Joint Venture (tonnes, 100% basis)
Nickel, finished	31,000 - 32,000
Cobalt, finished	3,300 - 3,600
Electricity (GWh, 33⅓% basis)	450 - 500

Unit operating costs	2021 Guidance
Moa Joint Venture (NDCC, US$ per pound)	$4.25 - $4.75
Electricity (unit operating cost, $ per MWh)	$30.50 - $32.00

Spending on capital(US$ millions)	2021 Guidance
Moa Joint Venture (50% basis), Fort Site (100% basis)⁽¹⁾	US$35 (CDN$44)
Power (33⅓% basis)	US$1 (CDN$1.3)
Spending on capital (excluding Corporate)	US$36 (CDN$44)

⁽¹⁾Spending is 50% of US$ expenditures for Moa JV and 100% expenditures for Fort Site fertilizer and utilities.

Joe Racanelli,
Director,
Investor Relations.

TSX: S 0.39 -0.01 -1.28% Volume: 216,351 ~20 MIN. DELAY December 3, 2021