COPY OF FINAL PROSPECTUS - Mirabela Nickel

The flotation circuit design is based on the metallurgical testwork that was completed and includes a
conventional rougher/cleaner arrangement. RSG Global has concluded that based on the high quality of the
flotation testwork, there would be a high degree of confidence in the established design parameters and as such
if normal engineering practices are followed, this section of the plant would be capable of achieving the results
observed in the testwork.
The plant design allows for the retro fitting of both a pebble crushing circuit and a regrind circuit if
necessary. In addition, the target plant availability is 91.3% after allowing for interruptions from the state grid
power supply. A water balance was completed by Golders Associates and confirms that there are adequate water
resources available for the proposed 4 million tonnes per annum throughput.
Tailings Storage Facility
The design of the tailings storage facility was completed by independent consultant Golder Associates
Pty Ltd. to a pre-feasibility study. The design concept includes waste rock embankments, a fully HDPE lined
facility, a fixed decant structure, a tailings underdrainage system and a liner underdrainage system.
Capital Cost Estimates
GRD Minproc Limited completed capital cost engineering estimates for the Santa Rita Project with an
accuracy of 30% for a four million tonnes per annum nickel concentrator appropriate for the Santa Rita
resource with the inclusion of an ‘accuracy provision’ of +10% on all cost estimates as a replacement for
contingencies.
The capital cost estimate including processing plant, infrastructure, port facilities, EPCM, commissioning,
first fills and spare parts of US$223 million is considered by RSG Global to be reasonable and is based on
detailed equipment lists and take off quantities with real pricing for major equipment.
A summary of the capital cost estimate with an accuracy of 30% is set out below:
Capital Cost Estimate (30%)
US$
Primary Crushing 22,201,683
Grinding Circuit 38,950,280
Flotation Circuit 11,606,491
Concentrate Thickening & Filtration 3,599,750
Tailings Thickening & Storage 15,583,551
Reagents & Services 23,960,157
Electrical & Instrumentation 40,761,710
Laboratory 2,244,429
Port Facilities 7,915,325
Admin, Access, Workshops, etc. 12,099,058
Mining, Buildings & Workshops 4,779,500
Construction Services 5,282,515
Spares & First Fills 3,132,360
Commissioning 5,302,000
EPCM 25,300,000
Total 222,718,809
36