Global Ni Grade Comparison
*Effective date of resource estimate January 8th, 2021. All resources reported at a 0.5% Ni cut-off. No modifying factors have been applied to the estimates.
**Source: AME, Nickel Mine Grade Decline, November 2015
Tonnage estimates are rounded to the nearest 1,000 tones.
Metallurgical recovery factored into the reporting cut-off.
NiEq grade based on base case metal prices of $8.00lb Ni, $3.00/lb Cu, $25.00/lb Co, $1,000/oz Pt, $1,000/oz Pd and $1,300/oz Au using the following formula: NiEq% = Ni% + Cu x $3../$8.00 + Co% x $25.00/$8.00 + Pt [g/t]/31.103 x $1,000/$8.00/22/04 + Pd [g/t]/31.103 x $1,000/$8.00/22.04 + Au [g/t]/31.103 x $1,300/$8.00/22.04. No adjustments were made for recovery or payability.
For further information please see technical report entitled “NI 43-101 Technical Report Updated Preliminary Economic Assessment (PEA) #3 on the Tamarack North Project, Minnesota” with an effective date of January 8th, 2021.