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September 2014 ROGEL A. SANTOS, PhD Geochemist/Economic Geologist Geologist – PRC No. 1022 Competent Person – CP No. 12- 10-12 APPENDIX PNPI Mineral Resource Estimate

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Page 1: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

September 2014

ROGEL A. SANTOS, PhD Geochemist/Economic Geologist

Geologist – PRC No. 1022 Competent Person – CP No. 12-10-12

APPENDIX

PNPI Mineral Resource Estimate

Page 2: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 2

LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION

For Nickel (Ni) and Iron (Fe) Grade Range and Color Attributes: For Resource Category: Measured, Indicated, Inferred and Color Attributes: For Matrix Identification: Limonite (lim), Earthy Saprolite (es), and Rocky Saprolite (RS) and the Color Attributes:

Page 3: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 3

1.0 BLOCK MODELS: Nickel (Ni) and Iron (Fe)

1.1 NONOC ISLAND: AREA 1

Figure 1.1.1. Terrain model of Area 1 based on collar elevation of test pits and drill holes: (A)Plan view and (B) Orthographic view (3D).

A B

A B

Figure 1.1.2. Cell blocks distribution considered in resource estimation for limonite (LIM): (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.3. Nickel grade distribution in Limonite matrix (LIM): (A) Plan view and (B) Orthographic view (3D).

A B

A

Page 4: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 4

A B

Figure 1.1.4. Iron (Fe) grade distribution in Limonite matrix (LIM): (A) Plan view and (B) Orthographic view (3D).

B A

B A

Figure 1.1.5. Resource category distribution in Limonite matrix (LIM): (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.6. Cell Block distribution in Earthy Saprolite matrix (LIM): (A) Plan view and (B) Orthographic view (3D).

B A

Page 5: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 5

Figure 1.1.7. Nickel (Ni) grade distribution in Earthy Saprolite matrix (ES): (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.8. Iron (Fe) grade distribution in Earthy Saprolite matrix (ES): (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.9. Resource category in Earthy Saprolite matrix (ES): (A) Plan view and (B) Orthographic view (3D).

B A

B A

B A

B

Page 6: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 6

Figure 1.1.10. Cell block distribution in Rocky Saprolite matrix (RS): (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.1.11. Nickel (Ni) grade distribution in Rocky Saprolite matrix (RS): (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.1.12. Iron (Fe) grade distribution in Rocky Saprolite matrix (RS): (A) Plan view and (B) Orthographic view (3D).

B A

Page 7: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 7

Figure 1.1.13. Resource category in Rocky Saprolite matrix (RS): (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.14. All resource category showing Ni grade: (A) Plan view and (B) Orthographic view (3D).

Figure 1.1.15. All resource category showing Fe grade: (A) Plan view and (B) Orthographic view (3D).

A B

B A

B A

Page 8: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 8

1.2 NONOC ISLAND: AREA 2

Figure 1.1.16. All resource category for entire Area 1: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.1. Terrain model of Area 2 based on collar elevation of drill holes and test pits: (A) Plan view and (B) Orthographic view (3D).

Figure 1.2.2. Cell blocks distribution in Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 9: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 9

Figure 1.2.3. Nickel grade distribution in limonite of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.4. Iron (Fe) grade distribution in limonite of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.5. Resource category in limonite of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Page 10: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 10

Figure 1.2.6. Cell blocks in earthy saprolite (ES) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.8. Iron (Fe) grade distribution in earthy saprolite (ES) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Page 11: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 11

B A

Figure 1.2.9. Resource category in earthy saprolite (ES) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.10. Cell blocks in rocky saprolite (RS) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.10. Nickel (Ni) grade distribution in rocky saprolite (RS) of Area 2: (A) Plan view and (B) Orthographic view (3D).

Page 12: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 12

B A

Figure 1.2.11. Iron (Fe) grade distribution in rocky saprolite (RS) of Area 2: (A) Plan view and (B) Orthographic view (3D).

Figure 1.2.12. Resource category in rocky saprolite (RS) of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.2.13. Nickel (Ni)grade distribution in all resource category of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

Page 13: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 13

1.3 NONOC ISLAND: GABOC AREA

Figure 1.2.14. Iron (Fe) grade distribution in all resource category of Area 2: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Figure 1.2.15. Combined resource categories of Area 2: (A) Plan view and (B) Orthographic view (3D).

Figure 1.3.1. Terrain model of Gaboc Area based on collar elevation: (A) Plan view and (B) Orthographic view (3D). (Note: polygon s and triangles build-up due to scarcity of hole location.)

B A

Page 14: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 14

Figure 1.3.2. Cell blocks in limonite (LIM) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.3. Nickel (Ni) grade distribution in limonite (LIM) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.4. Iron (Fe) grade distribution in limonite (LIM) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Page 15: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 15

B A

Figure 1.3.5. Cell blocks showing resource category in limonite (LIM) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.6. Cell blocks in earthy saprolite (ES) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

Figure 1.3.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Page 16: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 16

Figure 1.3.8. Iron (Fe) grade distribution in earthy saprolite (ES) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.9. Resource category in earthy saprolite (ES) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.10. Cell block in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Page 17: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 17

Figure 1.3.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.12. Iron (Fe) grade distribution in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.13. Resource category in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Page 18: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 18

Figure 1.3.14. Overall resource category showing Ni grade distribution in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.3.15. Overall resource category showing Fe grade distribution in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

Figure 1.3.16. Overall resource category in rocky saprolite (RS) of Gaboc Area: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 19: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 19

1.4 NONOC ISLAND: AREA 4

Figure 1.4.1. Terrain model based on collar elevation in Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.2. Cell block distribution in limonite (LIM) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.3. Nickel (Ni) grade distribution in limonite (LIM) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Page 20: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 20

Figure 1.4.4. Iron (Fe) grade distribution in limonite (LIM) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.5. Resource category in limonite (LIM) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.6. Cell block distribution in earthy saprolite (ES) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Page 21: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 21

Figure 1.4.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.8. Iron (Fe)i) grade distribution in earthy saprolite (ES) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.9. Resource category in earthy saprolite (ES) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Page 22: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 22

Figure 1.4.10. Cell blocks distribution in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.12. Iron (Fe)) grade distribution in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Page 23: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 23

Figure 1.4.13. Resource category in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.14. Resource category showing Ni grade distribution in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.4.15. Resource category showing Fe grade distribution in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Page 24: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 24

1.5 NONOC ISLAND: AREA 5

Figure 1.4.16. Overall resource category in rocky saprolite (RS) of Area 4: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.1. Terrain model of Area 5 based on collar elevation: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.2. Cell blocks distribution in limonite (LIM) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Page 25: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 25

Figure 1.5.3. Nickel (Ni) grade distribution inlimonite (LIM) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.4. Iron (Fe) grade distribution inlimonite (LIM) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.5. Resource category in limonite (LIM) of Area 5: (A) Plan view and (B) Orthographic view (3D).

Figure 1.5.6. Cell blocks in earthy saprolite (ES) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 26: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 26

Figure 1.5.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.8. Iron (Fe) grade distribution in earthy saprolite (ES) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.9. Overall resource category in earthy saprolite (ES) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.10. Cell blocks in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Page 27: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 27

Figure 1.5.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.12. Iron (Fe) grade distribution in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.13. Iron (Fe) grade distribution in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

Figure 1.5.14. Overall resource category showing Ni grade in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 28: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 28

1.6 SOUTH DINAGAT PENINSULA

Figure 1.5.15. Overall resource category showing Fe grade in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.5.16. Overall resource category in rocky saprolite (RS) of Area 5: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.6.1. Terrain model based on collar elevation of drill holes and test pits of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Page 29: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 29

B A

Figure 1.6.2. Cell blocks distribution in limonite (LIM) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.3. Nickel (Ni) grade distribution in limonite (LIM) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.6.4. Iron (Fe) grade distribution in limonite (LIM) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Page 30: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 30

B A

Figure 1.6.5. Resource category in limonite (LIM) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.6. Cell blocks in earthy saprolite (ES) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 31: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 31

Figure 1.6.8. Iron (Fe) grade distribution in earthy saprolite (ES) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.6.9. Resource category in earthy saprolite (ES) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.10. Cell blocks in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

B A

Page 32: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 32

Figure 1.6.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.6.12. Iron (Fe) grade distribution in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Figure 1.6.13. Resource category in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

Page 33: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 33

1.7 HANIGAD ISLAND

B A

Figure 1.6.14. Combined resource category with nickel (Ni) grade distribution in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.15. Combined resource category with iron (Fe) grade distribution in rocky saprolite (RS) of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

Figure 1.6.16. Combined resource category for the whole section of South Dinagat peninsula: (A) Plan view and (B) Orthographic view (3D).

B A

B A

B

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1..7 HANIGAD ISLAND

Figure 1.7.2. Resource category in limonite (LIM) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.3. Cell blocks in limonite (LIM) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.1. Terrain model of Hanigad Island based on collar elevation of drill holes and test pits in combination with the digitized contour map of the island based on commercial map: (A) Plan view and (B) Orthographic view (3D).

B A

B A

B A

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B

Figure 1.7.4. Nickel (Ni) grade distribution in limonite (LIM) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.5. Iron (Fe) grade distribution in limonite (LIM) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.6. Cell blocks in earthy saprolite (ES) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

B A

B A

A B

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Figure 1.7.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.7.8. Iron (Fe) grade distribution in earthy saprolite (ES) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.7.9. Resource category in earthy saprolite (ES) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

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A B

Figure 1.7.10. Cell blocks in rocky saprolite (RS) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.7.12. Iron (Fe) grade distribution in rocky saprolite (RS) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

A B

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Figure 1.7.13. Combined resource categories in rocky saprolite (RS) of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.7.14. Ni grade distribution in all resource categories of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.7.15. Fe grade distribution in all resource categories of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

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1.8 AWASAN ISLAND

Figure 1.7.16. Overall resource categories of Hanigad Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.1. Terrain model based on collar elevation of test pits and drill holes in Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.2. Cell blocks in limonite (LIM) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

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Figure 1.8.3. Nickel (Ni) grade distribution in limonite (LIM) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.4. Iron (Fe) grade distribution in limonite (LIM) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.5. Overall resource categories in limonite (LIM) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

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Figure 1.8.6. Cell blocks distribution in earthy saprolite (ES) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.7. Nickel (Ni) grade distribution in earthy saprolite (ES) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

Figure 1.8.8. Iron (Fe) grade distribution in earthy saprolite (ES) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

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A B

Figure 1.8.9. Resource categories in earthy saprolite (ES) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.8.10. Cell blocks distribution in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.8.11. Nickel (Ni) grade distribution in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

A B

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A B

Figure 1.8.12. Iron (Fe) grade distribution in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.8.13. Overall resource categories in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.8.14. Overall resource categories showing nickel grade in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

A B

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2.0 SERIES OF TABULATIONS USED IN RESOURCE ESTIMATION

Figure 1.8.15. Overall resource categories showing Fe grade in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

Figure 1.8.16. Overall resource categories in rocky saprolite (RS) of Awasan Island: (A) Plan view and (B) Orthographic view (3D).

A B

A B

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AREA Matrix CATEGORY Cut-off

%Ni Volume Resource

Ni Wt%

Fe wt %

Nonoc Area 1 Limonite Measured 0.7 7,344,600 10,062,102 1.09 47.20

Earthy Saprolite Measured 0.7 740,600 881,314 1.30 39.23

Rocky Saprolite Measured 0.7 3,427,400 431,112 1.40 32.77

Sub-total 0.7 11,512,600 11,374,528 1.26 39.73

Nonoc Area 2 Limonite Measured 0.7 27,636,094 37,861,448 1.24 46.44

Earthy Saprolite Measured 0.7

Rocky Saprolite Measured 0.7

Sub-total 0.7 27,636,094 37,861,448 1.24 46.44

Gaboc Area Limonite Measured 0.7 414,900 568,413 1.10 43.25

Earthy Saprolite Measured 0.7 534,000 635,460 1.16 21.37

Rocky Saprolite Measured 0.7 858,300 755,304 1.05 21.47

Sub-total 0.7 1,807,200 1,959,177 1.10 28.70

Nonoc Areas 3 & 4

Limonite Measured 0.7 8,724,300 11,952,291 1.14 43.31

Earthy Saprolite Measured 0.7 5,300,600 6,307,714 1.51 38.63

Rocky Saprolite Measured 0.7 6,831,100 6,011,368 1.24 22.00

Sub-total 0.7 20,856,000 24,271,373 1.30 34.65

Nonoc Area 5 Limonite Measured 0.7 17,708,400 24,260,508 1.19 47.41

Earthy Saprolite Measured 0.7 2,940,200 3,498,838 1.40 39.13

Rocky Saprolite Measured 0.7 5,932,500 5,220,600 1.70 16.51

Sub-total 0.7 26,581,100 32,979,946 1.43 34.35

Nonoc Sub-TOTAL

0.7 88,392,994 108,446,472 1.27 36.77

AREA Matrix CATEGORY Cut-off

%Ni Volume Resource

Ni Wt%

Fe wt %

South Dinagat

Limonite Measured 0.7 16,145,400 22,119,198 1.30 46.42

Earthy Saprolite Measured 0.7 2,985,300 3,552,507 1.25 39.54

Rocky Saprolite Measured 0.7 5,472,000 4,815,360 1.80 18.18

Sub-total 0.7 24,602,700 30,487,065 1.45 34.72

Hanigad Island

Limonite Measured 0.7 196,100 61,756 0.99 36.65

Earthy Saprolite Measured 0.7 320,000 380,800 1.15 39.92

Rocky Saprolite Measured 0.7 621,400 776,118 1.14 22.27

Sub-total 0.7 1,137,500 1,218,674 1.09 32.95

Awasan Island

Limonite Measured 0.7 2,024,300 2,773,291 1.14 47.59

Earthy Saprolite Measured 0.7 103,800 123,522 0.99 39.84

Rocky Saprolite Measured 0.7 183,400 161,392 1.40 20.17

Sub-total 0.7 2,311,500 3,058,205 1.18 35.87

Islands Sub-TOTAL

0.7 28,051,700 34,763,944 1.24 34.51

Grand TOTAL

0.7 116,444,694 143,210,416 1.25 35.64

Table 2.1 Summary of measured resources for all areas in consideration on per matrix classification.

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AREA Matrix CATEGORY Cut-off %Ni Volume Resource Ni

Wt% Fe wt

%

South Dinagat Limonite Indicated 0.7 16,418,100 22,492,797 1.24 46.63

Earthy Saprolite Indicated 0.7 3,281,200 799,561 1.30 39.13

Rocky Saprolite Indicated 0.7 5,597,800 4,926,064 1.70 19.87

Sub-total 0.7 25,297,100 28,218,422 1.41 35.21

Hanigad Island Limonite Indicated 0.7 923,300 296,672 1.16 19.35

Earthy Saprolite Indicated 0.7 652,200 349,384 1.14 37.19

Rocky Saprolite Indicated 0.7 1,501,500 1,321,320 1.15 23.41

Sub-total 0.7 3,077,000 1,967,376 1.15 26.65

Awasan Island Limonite Indicated 0.7 4,347,700 5,956,349 1.09 47.44

Earthy Saprolite Indicated 0.7 234,900 279,531 1.15 33.28

Rocky Saprolite Indicated 0.7 537,300 472,824 1.37 15.94

Sub-total 0.7 5,119,900 6,708,704 1.20 32.22

TOTAL Resource 0.7 33,494,000 36,894,502 1.26 31.36

Grand TOTAL

82,887,598 92,115,512 1.23 32.05

AREA Matrix CATEGORY Cut-off

%Ni Volume Resource

Ni Wt%

Fe wt %

Nonoc Area 1 Limonite Indicated 0.7 2,611,000 3,577,070 1.05 47.26

Earthy Saprolite Indicated 0.7 428,600 21,658 1.15 32.87

Rocky Saprolite Indicated 0.7 947,600 833,888 1.29 17.92

Sub-total 0.7 3,987,200 4,432,616 1.17 32.68

Nonoc Area 2 Limonite Indicated 0.7 7,261,992 9,948,929 1.14 47.05

Earthy Saprolite Indicated 0.7 8,264,238 9,834,442 1.39 37.47

Rocky Saprolite Indicated 0.7 12,059,668 10,612,509 1.39 17.44

Sub-total 0.7 27,585,898 30,395,880 1.31 33.99

Gaboc Area Limonite Indicated 0.7 984,600 1,348,902 1.09 43.27

Earthy Saprolite Indicated 0.7 929,700 1,106,343 1.15 14.27

Rocky Saprolite Indicated 0.7 1,109,400 313,896 1.05 22.66

Sub-total 0.7 3,023,700 2,769,141 1.09 26.73

Nonoc Areas 3 & 4

Limonite Indicated 0.7 1,841,300 2,522,581 1.04 43.22

Earthy Saprolite Indicated 0.7 1,713,100 2,038,589 1.14 38.45

Rocky Saprolite Indicated 0.7 2,231,800 1,963,984 1.20 22.24

Sub-total 0.7 5,786,200 6,525,154 1.13 34.63

Nonoc Area 5 Limonite Indicated 0.7 5,683,900 7,786,943 1.19 47.74

Earthy Saprolite Indicated 0.7 1,238,000 1,473,220 1.35 39.15

Rocky Saprolite Indicated 0.7 2,088,700 1,838,056 1.60 20.16

Sub-total 0.7 9,010,600 11,098,219 1.38 35.68

Nonoc Sub-TOTAL

0.7 49,393,598 55,221,010 1.21 32.74

Table 2.2 Summary of indicated resources for all areas in consideration on per matrix classification.

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AREA Cut-Off: %Ni Tonnes Grade: %Ni

Nonoc Island Mining Area 1 0.70 24,291,322 0.96

Mining Area 2 0.70 74,677,972 0.97

Gaboc Area 0.70 9,300,170 0.90

Mining Area 3 & 4 0.70 34,933,110 0.93

Mining Area 5 0.70 50,278,550 1.03

Sub-Total 0.70 193,481,124 0.97

South Dinagat 0.70 94,561,908 0.91

Hanigad 0.70 5,825,977 0.90

Awasan 0.70 20,647,930 0.95

Sub-Total 0.70 121,035,815 0.92

Total Resource 0.70 314,516,939 0.95

Table 2.2 Summary of total resources for all areas in consideration on per matrix classification at

0.70% Ni cut-off

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NONOC MINING AREA1

Matrix Category Ni Range Volume Tonnes %Ni %Fe

limonite measured 0.3 -> 0.4 25,500 34,935 0.36 47.10

0.4 -> 0.5 97,800 133,986 0.46 47.45

0.5 -> 0.6 387,900 531,423 0.56 47.36

0.6 -> 0.7 695,900 953,383 0.66 47.44

0.7 -> 0.8 1,312,400 1,797,988 0.75 47.37

0.8 -> 0.9 1,714,100 2,348,317 0.85 47.49

0.9 -> 1.0 1,712,300 2,345,851 0.95 47.33

1.0 -> 1.1 1,313,900 1,800,043 1.05 47.37

1.1 -> 1.2 762,000 1,043,940 1.15 47.28

1.2 -> 1.3 400,300 548,411 1.24 47.42

1.3 -> 1.4 105,600 144,672 1.34 47.48

1.4 -> 1.5 24,000 32,880 1.41 45.87

Sub Total

8,551,700 11,715,829 0.90 47.38

indicated 0.3 -> 0.4 58,500 80,145 0.36 47.14

0.4 -> 0.5 107,700 147,549 0.46 47.58

0.5 -> 0.6 339,000 464,430 0.55 47.38

0.6 -> 0.7 414,600 568,002 0.66 47.80

0.7 -> 0.8 707,400 969,138 0.75 47.08

0.8 -> 0.9 937,400 1,284,238 0.85 47.46

0.9 -> 1.0 496,300 679,931 0.95 47.26

1.0 -> 1.1 264,000 361,680 1.04 47.32

1.1 -> 1.2 154,300 211,391 1.16 47.10

1.2 -> 1.3 50,700 69,459 1.24 45.72

1.4 -> 1.5 900 1,233 1.40 43.52

Sub Total

3,530,800 4,837,196 0.81 47.33

inferred 0.3 -> 0.4 104,000 142,480 0.36 44.14

0.4 -> 0.5 157,600 215,912 0.47 47.02

0.5 -> 0.6 457,000 626,090 0.55 46.77

0.6 -> 0.7 647,900 887,623 0.65 47.22

0.7 -> 0.8 752,900 1,031,473 0.76 46.00

0.8 -> 0.9 1,231,200 1,686,744 0.85 47.27

0.9 -> 1.0 477,700 654,449 0.95 47.58

1.0 -> 1.1 337,200 461,964 1.04 47.94

1.1 -> 1.2 84,000 115,080 1.15 47.36

1.2 -> 1.3 5,200 7,124 1.22 46.50

1.3 -> 1.4 1,500 2,055 1.32 47.27

Sub Total

4,256,200 5,830,994 0.78 46.99

Sub Total

16,338,700 22,384,019 0.85 47.27

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ESap measured 0.4 -> 0.5 400 476 0.48 38.90

0.5 -> 0.6 26,700 31,773 0.56 40.21

0.6 -> 0.7 20,300 24,157 0.66 38.13

0.7 -> 0.8 28,500 33,915 0.76 39.79

0.8 -> 0.9 42,000 49,980 0.86 39.35

0.9 -> 1.0 69,700 82,943 0.95 39.59

1.0 -> 1.1 130,000 154,700 1.05 39.42

1.1 -> 1.2 144,600 172,074 1.15 39.06

1.2 -> 1.3 108,200 128,758 1.25 38.95

1.3 -> 1.4 87,200 103,768 1.35 39.34

1.4 -> 1.5 90,300 107,457 1.45 38.61

1.5 -> 1.6 31,900 37,961 1.54 39.36

1.6 -> 1.7 7,100 8,449 1.64 39.34

1.7 -> 1.8 800 952 1.75 38.93

1.8 -> 1.9 300 357 1.81 39.01

Sub Total

788,000 937,720 1.14 39.20

indicated 0.4 -> 0.5 300 357 0.49 40.80

0.5 -> 0.6 51,700 61,523 0.56 40.46

0.6 -> 0.7 12,400 14,756 0.64 22.67

0.7 -> 0.8 18,200 21,658 0.76 32.87

0.8 -> 0.9 31,300 37,247 0.85 30.22

0.9 -> 1.0 40,300 47,957 0.96 30.98

1.0 -> 1.1 111,900 133,161 1.05 35.83

1.1 -> 1.2 99,800 118,762 1.14 33.60

1.2 -> 1.3 42,400 50,456 1.25 35.31

1.3 -> 1.4 27,800 33,082 1.35 36.54

1.4 -> 1.5 56,000 66,640 1.46 35.08

1.5 -> 1.6 900 1,071 1.54 39.27

Sub Total

493,000 586,670 1.06 34.59

inferred 0.4 -> 0.5 100 119 0.49 -1.00

0.5 -> 0.6 46,300 55,097 0.56 26.98

0.6 -> 0.7 1,000 1,190 0.67 7.12

0.7 -> 0.8 35,900 42,721 0.76 8.86

0.8 -> 0.9 29,100 34,629 0.85 3.32

0.9 -> 1.0 66,100 78,659 0.95 11.43

1.0 -> 1.1 156,500 186,235 1.06 25.01

1.1 -> 1.2 59,000 70,210 1.14 21.29

1.2 -> 1.3 23,600 28,084 1.24 15.10

1.3 -> 1.4 10,500 12,495 1.36 22.21

1.4 -> 1.5 34,000 40,460 1.44 12.47

Sub Total

462,100 549,899 1.01 18.63

Sub Total

1,743,100 2,074,289 1.08 32.44

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RSap measured 0.2 -> 0.3 19,300 16,984 0.28 10.69

0.3 -> 0.4 147,300 129,624 0.36 12.64

0.4 -> 0.5 269,500 237,160 0.45 13.82

0.5 -> 0.6 310,600 273,328 0.55 14.81

0.6 -> 0.7 401,500 353,320 0.65 15.72

0.7 -> 0.8 489,900 431,112 0.75 15.48

0.8 -> 0.9 478,100 420,728 0.85 15.88

0.9 -> 1.0 464,400 408,672 0.95 16.40

1.0 -> 1.1 446,800 393,184 1.05 16.79

1.1 -> 1.2 357,700 314,776 1.15 17.05

1.2 -> 1.3 293,800 258,544 1.25 18.02

1.3 -> 1.4 276,300 243,144 1.35 18.30

1.4 -> 1.5 213,700 188,056 1.45 18.43

1.5 -> 1.6 167,200 147,136 1.55 18.17

1.6 -> 1.7 105,400 92,752 1.65 17.60

1.7 -> 1.8 66,800 58,784 1.75 17.61

1.8 -> 1.9 45,500 40,040 1.85 17.41

1.9 -> 2.0 17,300 15,224 1.94 17.59

2.0 -> 2.1 4,500 3,960 2.04 17.35

Sub Total

4,575,600 4,026,528 0.97 16.31

indicated 0.2 -> 0.3 14,400 12,672 0.28 11.48

0.3 -> 0.4 80,200 70,576 0.35 11.53

0.4 -> 0.5 165,100 145,288 0.45 13.31

0.5 -> 0.6 155,200 136,576 0.55 14.20

0.6 -> 0.7 188,200 165,616 0.65 15.14

0.7 -> 0.8 235,600 207,328 0.75 15.69

0.8 -> 0.9 226,100 198,968 0.85 15.59

0.9 -> 1.0 131,400 115,632 0.95 17.09

1.0 -> 1.1 127,000 111,760 1.04 18.77

1.1 -> 1.2 74,800 65,824 1.15 18.67

1.2 -> 1.3 49,800 43,824 1.25 19.17

1.3 -> 1.4 61,500 54,120 1.35 19.89

1.4 -> 1.5 22,800 20,064 1.44 20.75

1.5 -> 1.6 16,700 14,696 1.55 20.08

1.6 -> 1.7 1,500 1,320 1.62 15.65

1.7 -> 1.8 300 264 1.75 16.09

1.8 -> 1.9 100 88 1.83 17.56

Sub Total

1,550,700 1,364,616 0.80 15.87

inferred 0.3 -> 0.4 51,000 44,880 0.36 10.62

0.4 -> 0.5 53,900 47,432 0.47 11.25

0.5 -> 0.6 118,900 104,632 0.55 12.67

0.6 -> 0.7 240,600 211,728 0.66 14.66

0.7 -> 0.8 286,900 252,472 0.75 16.78

0.8 -> 0.9 274,000 241,120 0.85 14.41

0.9 -> 1.0 206,600 181,808 0.95 16.47

Page 51: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 51

1.0 -> 1.1 205,400 180,752 1.04 16.95

1.1 -> 1.2 54,300 47,784 1.15 19.27

1.2 -> 1.3 25,500 22,440 1.25 20.18

1.3 -> 1.4 20,900 18,392 1.34 21.61

1.4 -> 1.5 3,600 3,168 1.44 21.31

1.5 -> 1.6 100 88 1.50 23.58

Sub Total

1,541,700 1,356,696 0.81 15.51

Sub Total

7,668,000 6,747,840 0.90 16.06

Grand Total

25,749,800 31,206,148 0.88 39.53

MINING AREA 2

Matrix Res Cat Ni Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 6,659 9,123 0.28 43.47

0.3 -> 0.4 90,497 123,981 0.35 44.21

0.4 -> 0.5 446,727 612,015 0.46 46.41

0.5 -> 0.6 1,598,855 2,190,431 0.56 46.31

0.6 -> 0.7 3,782,891 5,182,560 0.65 46.49

0.7 -> 0.8 5,547,256 7,599,741 0.75 46.44

0.8 -> 0.9 6,062,616 8,305,783 0.85 46.58

0.9 -> 1.0 5,932,091 8,126,964 0.95 46.73

1.0 -> 1.1 4,385,311 6,007,876 1.05 46.66

1.1 -> 1.2 2,906,494 3,981,896 1.15 46.74

1.2 -> 1.3 1,540,091 2,109,924 1.24 46.78

1.3 -> 1.4 771,805 1,057,372 1.34 46.83

1.4 -> 1.5 356,153 487,930 1.44 47.00

1.5 -> 1.6 118,798 162,754 1.54 47.08

1.6 -> 1.7 15,306 20,970 1.63 46.83

1.7 -> 1.8 173 238 1.71 45.53

Sub Total

33,561,722 45,979,559 0.90 46.60

indicated 0.2 -> 0.3 5,413 7,415 0.29 41.92

0.3 -> 0.4 58,938 80,744 0.36 43.40

0.4 -> 0.5 363,425 497,892 0.45 46.37

0.5 -> 0.6 1,296,945 1,776,815 0.56 46.35

0.6 -> 0.7 2,053,777 2,813,674 0.65 46.84

0.7 -> 0.8 2,525,602 3,460,074 0.75 46.81

0.8 -> 0.9 2,225,511 3,048,950 0.85 47.03

0.9 -> 1.0 1,525,684 2,090,188 0.94 47.06

1.0 -> 1.1 643,555 881,670 1.04 46.70

1.1 -> 1.2 282,181 386,588 1.15 47.09

1.2 -> 1.3 44,203 60,558 1.24 46.89

1.3 -> 1.4 11,253 15,417 1.34 46.92

1.4 -> 1.5 3,548 4,861 1.44 47.38

1.5 -> 1.6 455 623 1.52 47.62

Sub Total

11,040,489 15,125,470 0.77 46.80

inferred 0.2 -> 0.3 4,620 6,330 0.29 38.75

Page 52: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 52

0.3 -> 0.4 101,500 139,055 0.39 40.48

0.4 -> 0.5 514,202 704,456 0.45 40.99

0.5 -> 0.6 1,057,277 1,448,469 0.56 42.28

0.6 -> 0.7 1,476,463 2,022,754 0.66 44.52

0.7 -> 0.8 1,778,739 2,436,873 0.75 44.58

0.8 -> 0.9 1,375,720 1,884,737 0.85 45.81

0.9 -> 1.0 901,581 1,235,166 0.95 46.48

1.0 -> 1.1 400,866 549,186 1.04 45.04

1.1 -> 1.2 120,369 164,905 1.14 40.20

1.2 -> 1.3 6,823 9,348 1.23 40.29

1.3 -> 1.4 195 268 1.38 45.04

Sub Total

7,738,355 10,601,546 0.74 44.35

Sub Total

52,340,566 71,706,575 0.85 46.31

ESAP indicated 0.1 -> 0.2 4,742 5,643 0.19 38.87

0.2 -> 0.3 83,794 99,715 0.26 36.43

0.3 -> 0.4 388,261 462,031 0.36 34.61

0.4 -> 0.5 613,875 730,511 0.45 34.33

0.5 -> 0.6 922,236 1,097,461 0.55 36.57

0.6 -> 0.7 1,493,322 1,777,053 0.65 37.00

0.7 -> 0.8 1,730,327 2,059,089 0.75 34.55

0.8 -> 0.9 1,426,953 1,698,074 0.85 34.30

0.9 -> 1.0 1,067,236 1,270,011 0.95 36.09

1.0 -> 1.1 1,068,022 1,270,946 1.05 36.31

1.1 -> 1.2 902,405 1,073,862 1.15 36.17

1.2 -> 1.3 777,689 925,450 1.25 36.22

1.3 -> 1.4 611,536 727,728 1.35 38.04

1.4 -> 1.5 343,758 409,072 1.44 38.77

1.5 -> 1.6 161,327 191,979 1.55 38.87

1.6 -> 1.7 82,923 98,679 1.65 38.96

1.7 -> 1.8 60,309 71,768 1.76 37.65

1.8 -> 1.9 26,956 32,078 1.82 38.36

1.9 -> 2.0 4,795 5,706 1.94 38.24

2.0 -> 2.1 2 2 2.00 42.12

Sub Total

11,770,467 14,006,856 0.89 35.95

Sub Total

11,770,467 14,006,856 0.89 35.95

RSAP indicated 0.0 -> 0.1 25,809 22,712 0.09 21.60

0.1 -> 0.2 323,094 284,323 0.14 19.65

0.2 -> 0.3 360,256 317,026 0.25 16.17

0.3 -> 0.4 793,672 698,431 0.35 15.02

0.4 -> 0.5 794,784 699,410 0.45 15.73

0.5 -> 0.6 1,191,066 1,048,138 0.55 16.06

Page 53: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 53

0.6 -> 0.7 1,755,742 1,545,053 0.65 16.27

0.7 -> 0.8 1,921,450 1,690,876 0.75 16.84

0.8 -> 0.9 1,596,444 1,404,871 0.85 16.91

0.9 -> 1.0 1,477,389 1,300,102 0.95 16.84

1.0 -> 1.1 1,301,780 1,145,566 1.05 17.30

1.1 -> 1.2 1,251,509 1,101,328 1.15 17.48

1.2 -> 1.3 1,280,353 1,126,711 1.25 17.58

1.3 -> 1.4 1,130,411 994,762 1.35 17.83

1.4 -> 1.5 871,247 766,697 1.45 17.70

1.5 -> 1.6 565,503 497,643 1.54 17.16

1.6 -> 1.7 339,161 298,462 1.64 16.78

1.7 -> 1.8 219,084 192,794 1.74 16.23

1.8 -> 1.9 76,909 67,680 1.85 16.69

1.9 -> 2.0 25,242 22,213 1.94 18.14

2.0 -> 2.1 3,186 2,804 2.00 20.74

Sub Total

17,304,092 15,227,601 0.92 16.89

Sub Total

17,304,092 15,227,601 0.92 16.89

Grand Total

81,415,125 100,941,032 0.87 40.43

GABOC AREA

Matrix Res Cat Ni Range Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 3000 4110 0.267 34.806

0.3 -> 0.4 5100 6987 0.363 36.611

0.4 -> 0.5 29100 39867 0.458 44.136

0.5 -> 0.6 39300 53841 0.553 44.414

0.6 -> 0.7 83300 114121 0.654 43.894

0.7 -> 0.8 99700 136589 0.748 43.769

0.8 -> 0.9 95300 130561 0.847 43.37

0.9 -> 1.0 63300 86721 0.95 43.15

1.0 -> 1.1 55200 75624 1.042 42.945

1.1 -> 1.2 28400 38908 1.146 43.399

1.2 -> 1.3 23900 32743 1.253 42.435

1.3 -> 1.4 24000 32880 1.352 41.881

1.4 -> 1.5 25100 34387 1.43 45.059

Sub Total

574700 787339 0.863 43.43

indicated 0.2 -> 0.3 1300 1781 0.269 30.52

0.3 -> 0.4 14500 19865 0.362 39.045

0.4 -> 0.5 61400 84118 0.455 42.154

0.5 -> 0.6 120800 165496 0.551 44.248

0.6 -> 0.7 221600 303592 0.647 42.602

0.7 -> 0.8 338700 464019 0.748 43.161

0.8 -> 0.9 253700 347569 0.849 42.6

0.9 -> 1.0 140200 192074 0.943 43.148

1.0 -> 1.1 86800 118916 1.045 42.75

1.1 -> 1.2 77400 106038 1.14 42.949

Page 54: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 54

1.2 -> 1.3 41000 56170 1.24 44.348

1.3 -> 1.4 21300 29181 1.349 41.979

1.4 -> 1.5 25500 34935 1.421 45.211

Sub Total

1404200 1923754 0.811 42.982

inferred 0.3 -> 0.4 37100 50827 0.373 41.596

0.4 -> 0.5 95800 131246 0.447 34.864

0.5 -> 0.6 235700 322909 0.545 43.472

0.6 -> 0.7 492600 674862 0.639 41.508

0.7 -> 0.8 709500 972015 0.758 41.512

0.8 -> 0.9 448400 614308 0.85 42.457

0.9 -> 1.0 235200 322224 0.94 42.514

1.0 -> 1.1 101700 139329 1.038 43.44

1.1 -> 1.2 53300 73021 1.145 44.206

1.2 -> 1.3 27800 38086 1.246 45.491

1.3 -> 1.4 6800 9316 1.34 40.591

1.4 -> 1.5 3700 5069 1.419 45.841

Sub Total

2447600 3353212 0.758 41.898

Sub Total

4426500 6064305 0.789 42.441

GABOC AREA

Matrix Res Cat Ni Range Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 3,000 4,110 0.27 34.81

0.3 -> 0.4 5,100 6,987 0.36 36.61

0.4 -> 0.5 29,100 39,867 0.46 44.14

0.5 -> 0.6 39,300 53,841 0.55 44.41

0.6 -> 0.7 83,300 114,121 0.65 43.89

0.7 -> 0.8 99,700 136,589 0.75 43.77

0.8 -> 0.9 95,300 130,561 0.85 43.37

0.9 -> 1.0 63,300 86,721 0.95 43.15

1.0 -> 1.1 55,200 75,624 1.04 42.95

1.1 -> 1.2 28,400 38,908 1.15 43.40

1.2 -> 1.3 23,900 32,743 1.25 42.44

1.3 -> 1.4 24,000 32,880 1.35 41.88

1.4 -> 1.5 25,100 34,387 1.43 45.06

Sub Total

574,700 787,339 0.86 43.43

indicated 0.2 -> 0.3 1,300 1,781 0.27 30.52

0.3 -> 0.4 14,500 19,865 0.36 39.05

0.4 -> 0.5 61,400 84,118 0.46 42.15

0.5 -> 0.6 120,800 165,496 0.55 44.25

0.6 -> 0.7 221,600 303,592 0.65 42.60

0.7 -> 0.8 338,700 464,019 0.75 43.16

0.8 -> 0.9 253,700 347,569 0.85 42.60

0.9 -> 1.0 140,200 192,074 0.94 43.15

1.0 -> 1.1 86,800 118,916 1.05 42.75

1.1 -> 1.2 77,400 106,038 1.14 42.95

Page 55: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 55

1.2 -> 1.3 41,000 56,170 1.24 44.35

1.3 -> 1.4 21,300 29,181 1.35 41.98

1.4 -> 1.5 25,500 34,935 1.42 45.21

Sub Total

1,404,200 1,923,754 0.81 42.98

inferred 0.3 -> 0.4 37,100 50,827 0.37 41.60

0.4 -> 0.5 95,800 131,246 0.45 34.86

0.5 -> 0.6 235,700 322,909 0.55 43.47

0.6 -> 0.7 492,600 674,862 0.64 41.51

0.7 -> 0.8 709,500 972,015 0.76 41.51

0.8 -> 0.9 448,400 614,308 0.85 42.46

0.9 -> 1.0 235,200 322,224 0.94 42.51

1.0 -> 1.1 101,700 139,329 1.04 43.44

1.1 -> 1.2 53,300 73,021 1.15 44.21

1.2 -> 1.3 27,800 38,086 1.25 45.49

1.3 -> 1.4 6,800 9,316 1.34 40.59

1.4 -> 1.5 3,700 5,069 1.42 45.84

Sub Total

2,447,600 3,353,212 0.76 41.90

Sub Total

4,426,500 6,064,305 0.79 42.44

ESAP measured 0.2 -> 0.3 21,700 25,823 0.28 9.43

0.3 -> 0.4 42,700 50,813 0.36 14.88

0.4 -> 0.5 166,100 197,659 0.46 19.20

0.5 -> 0.6 19,900 23,681 0.56 18.67

0.6 -> 0.7 226,500 269,535 0.66 26.94

0.7 -> 0.8 217,000 258,230 0.76 22.17

0.8 -> 0.9 56,400 67,116 0.85 12.85

0.9 -> 1.0 23,100 27,489 0.97 15.19

1.0 -> 1.1 52,500 62,475 1.09 17.95

1.1 -> 1.2 78,700 93,653 1.15 25.79

1.2 -> 1.3 65,100 77,469 1.28 32.71

1.3 -> 1.4 15,100 17,969 1.32 24.29

1.4 -> 1.5 4,900 5,831 1.49 20.91

1.5 -> 1.6 21,200 25,228 1.50 20.47

Sub Total

1,010,900 1,202,971 0.77 22.15

indicated 0.2 -> 0.3 21,600 25,704 0.28 1.99

0.3 -> 0.4 92,600 110,194 0.35 5.33

0.4 -> 0.5 238,300 283,577 0.46 9.71

0.5 -> 0.6 87,500 104,125 0.55 15.03

0.6 -> 0.7 250,800 298,452 0.65 12.52

0.7 -> 0.8 379,700 451,843 0.76 8.90

0.8 -> 0.9 144,700 172,193 0.85 8.47

0.9 -> 1.0 114,600 136,374 0.94 9.16

1.0 -> 1.1 53,800 64,022 1.06 16.97

1.1 -> 1.2 79,000 94,010 1.16 11.78

1.2 -> 1.3 124,800 148,512 1.26 23.72

1.3 -> 1.4 28,900 34,391 1.34 13.69

Page 56: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 56

1.4 -> 1.5 3,800 4,522 1.43 -0.14

1.5 -> 1.6 400 476 1.50 35.86

Sub Total

1,620,500 1,928,395 0.76 11.21

inferred 0.2 -> 0.3 300 357 0.28 -1.00

0.3 -> 0.4 195,500 232,645 0.36 2.61

0.4 -> 0.5 152,900 181,951 0.45 2.78

0.5 -> 0.6 119,800 142,562 0.56 1.67

0.6 -> 0.7 208,800 248,472 0.65 1.29

0.7 -> 0.8 292,300 347,837 0.77 -0.09

0.8 -> 0.9 195,800 233,002 0.86 1.41

0.9 -> 1.0 95,300 113,407 0.95 3.77

1.0 -> 1.1 52,700 62,713 1.03 0.83

1.1 -> 1.2 34,400 40,936 1.15 9.46

1.2 -> 1.3 26,900 32,011 1.24 0.01

1.3 -> 1.4 1,600 1,904 1.34 -1.00

Sub Total

1,376,300 1,637,797 0.69 1.73

Sub Total

4,007,700 4,769,163 0.74 10.72

RSAP measured 0.1 -> 0.2 77,300 68,024 0.16 13.85

0.2 -> 0.3 175,100 154,088 0.27 20.32

0.3 -> 0.4 630,000 554,400 0.36 16.22

0.4 -> 0.5 485,200 426,976 0.46 15.29

0.5 -> 0.6 699,100 615,208 0.55 17.04

0.6 -> 0.7 746,400 656,832 0.64 14.84

0.7 -> 0.8 255,300 224,664 0.75 19.19

0.8 -> 0.9 140,400 123,552 0.84 20.25

0.9 -> 1.0 136,300 119,944 0.97 22.18

1.0 -> 1.1 185,100 162,888 1.05 18.78

1.1 -> 1.2 17,800 15,664 1.14 23.63

1.2 -> 1.3 42,400 37,312 1.25 23.44

1.3 -> 1.4 81,000 71,280 1.35 22.79

Sub Total

3,671,400 3,230,832 0.60 17.09

indicated 0.1 -> 0.2 51,900 45,672 0.18 15.85

0.2 -> 0.3 377,100 331,848 0.27 19.02

0.3 -> 0.4 837,200 736,736 0.37 15.24

0.4 -> 0.5 614,000 540,320 0.45 15.29

0.5 -> 0.6 938,900 826,232 0.55 15.78

0.6 -> 0.7 1,005,500 884,840 0.65 16.14

0.7 -> 0.8 356,700 313,896 0.75 19.08

0.8 -> 0.9 258,400 227,392 0.84 20.38

0.9 -> 1.0 137,300 120,824 0.96 20.55

1.0 -> 1.1 158,900 139,832 1.05 20.48

1.1 -> 1.2 86,400 76,032 1.16 25.39

1.2 -> 1.3 82,300 72,424 1.24 26.49

1.3 -> 1.4 29,400 25,872 1.34 26.24

Sub Total

4,934,000 4,341,920 0.59 17.12

Page 57: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 57

inferred 0.1 -> 0.2 9,600 8,448 0.18 4.06

0.2 -> 0.3 132,900 116,952 0.27 18.01

0.3 -> 0.4 789,700 694,936 0.36 11.41

0.4 -> 0.5 568,300 500,104 0.44 11.25

0.5 -> 0.6 850,300 748,264 0.55 9.99

0.6 -> 0.7 775,400 682,352 0.64 12.65

0.7 -> 0.8 523,200 460,416 0.75 13.23

0.8 -> 0.9 239,200 210,496 0.84 13.40

0.9 -> 1.0 124,400 109,472 0.94 17.03

1.0 -> 1.1 69,100 60,808 1.05 28.62

1.1 -> 1.2 42,300 37,224 1.14 21.75

1.2 -> 1.3 11,700 10,296 1.23 18.97

1.3 -> 1.4 500 440 1.31 28.69

Sub Total

4,136,600 3,640,208 0.58 12.46

Sub Total

12,742,000 11,212,960 0.59 15.60

Grand Total

21,176,200 22,046,428 0.68 21.93

MINING AREA 4

Matrix Res Cat Ni Range Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 1,000 1,370 0.27 27.52

0.3 -> 0.4 28,300 38,771 0.38 44.06

0.4 -> 0.5 427,900 586,223 0.47 45.34

0.5 -> 0.6 1,454,300 1,992,391 0.56 46.53

0.6 -> 0.7 2,610,500 3,576,385 0.65 46.21

0.7 -> 0.8 2,848,700 3,902,719 0.75 45.94

0.8 -> 0.9 2,505,200 3,432,124 0.85 45.78

0.9 -> 1.0 1,666,700 2,283,379 0.95 45.60

1.0 -> 1.1 924,400 1,266,428 1.05 45.87

1.1 -> 1.2 478,800 655,956 1.14 45.97

1.2 -> 1.3 210,600 288,522 1.24 45.63

1.3 -> 1.4 71,200 97,544 1.34 43.29

1.4 -> 1.5 18,300 25,071 1.44 33.48

1.5 -> 1.6 400 548 1.50 38.25

Sub Total

13,246,300 18,147,431 0.79 45.92

indicated 0.2 -> 0.3 4,600 6,302 0.28 27.98

0.3 -> 0.4 27,300 37,401 0.37 34.13

0.4 -> 0.5 229,400 314,278 0.47 43.94

0.5 -> 0.6 624,500 855,565 0.56 46.60

0.6 -> 0.7 1,101,600 1,509,192 0.65 46.36

0.7 -> 0.8 716,900 982,153 0.75 46.22

0.8 -> 0.9 527,800 723,086 0.85 45.71

0.9 -> 1.0 373,900 512,243 0.95 43.35

1.0 -> 1.1 174,800 239,476 1.03 43.80

1.1 -> 1.2 31,800 43,566 1.14 39.00

Page 58: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 58

1.2 -> 1.3 13,500 18,495 1.23 39.29

1.3 -> 1.4 2,600 3,562 1.32 45.13

Sub Total

3,828,700 5,245,319 0.72 45.53

inferred 0.2 -> 0.3 14,600 20,002 0.28 27.95

0.3 -> 0.4 29,100 39,867 0.36 30.07

0.4 -> 0.5 161,900 221,803 0.46 39.13

0.5 -> 0.6 505,300 692,261 0.56 43.91

0.6 -> 0.7 528,900 724,593 0.65 43.90

0.7 -> 0.8 375,600 514,572 0.75 44.20

0.8 -> 0.9 297,300 407,301 0.84 38.94

0.9 -> 1.0 210,100 287,837 0.95 39.17

1.0 -> 1.1 53,900 73,843 1.03 35.00

1.1 -> 1.2 2,700 3,699 1.12 15.93

1.2 -> 1.3 400 548 1.22 31.53

1.3 -> 1.4 400 548 1.32 47.56

Sub Total

2,180,200 2,986,874 0.69 41.92

Sub Total

19,255,200 26,379,624 0.76 45.39

ESAP measured 0.2 -> 0.3 1,000 1,190 0.30 27.02

measured 0.2 -> 0.3 1,000 1,190 0.30 27.02

0.3 -> 0.4 18,000 21,420 0.37 31.55

0.4 -> 0.5 77,900 92,701 0.46 36.23

0.5 -> 0.6 228,900 272,391 0.56 38.10

0.6 -> 0.7 585,800 697,102 0.66 38.56

0.7 -> 0.8 1,054,100 1,254,379 0.75 38.63

0.8 -> 0.9 1,290,300 1,535,457 0.85 38.66

0.9 -> 1.0 1,101,100 1,310,309 0.95 38.73

1.0 -> 1.1 783,100 931,889 1.05 38.82

1.1 -> 1.2 475,500 565,845 1.15 38.63

1.2 -> 1.3 281,700 335,223 1.25 39.40

1.3 -> 1.4 192,200 228,718 1.35 39.74

1.4 -> 1.5 106,500 126,735 1.45 39.69

1.5 -> 1.6 16,100 19,159 1.50 39.65

Sub Total

6,212,200 7,392,518 0.91 38.69

indicated 0.2 -> 0.3 2,900 3,451 0.28 37.11

0.3 -> 0.4 47,600 56,644 0.37 28.24

0.4 -> 0.5 67,100 79,849 0.45 32.02

0.5 -> 0.6 181,600 216,104 0.56 36.33

0.6 -> 0.7 244,300 290,717 0.66 38.26

0.7 -> 0.8 319,700 380,443 0.75 38.54

0.8 -> 0.9 332,000 395,080 0.86 38.23

0.9 -> 1.0 368,600 438,634 0.95 36.99

1.0 -> 1.1 290,400 345,576 1.04 36.34

1.1 -> 1.2 187,000 222,530 1.15 37.36

1.2 -> 1.3 109,700 130,543 1.25 38.72

1.3 -> 1.4 87,800 104,482 1.34 39.26

Page 59: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 59

1.4 -> 1.5 17,800 21,182 1.45 39.53

1.5 -> 1.6 100 119 1.50 41.08

Sub Total

2,256,600 2,685,354 0.88 37.28

inferred 0.3 -> 0.4 13,800 16,422 0.39 25.78

0.4 -> 0.5 48,600 57,834 0.46 26.79

0.5 -> 0.6 113,300 134,827 0.55 35.22

0.6 -> 0.7 183,100 217,889 0.66 38.69

0.7 -> 0.8 284,100 338,079 0.75 38.92

0.8 -> 0.9 319,100 379,729 0.86 38.54

0.9 -> 1.0 289,100 344,029 0.95 39.01

1.0 -> 1.1 139,400 165,886 1.05 37.93

1.1 -> 1.2 67,600 80,444 1.14 38.63

1.2 -> 1.3 38,700 46,053 1.24 38.86

1.3 -> 1.4 16,400 19,516 1.33 39.20

1.4 -> 1.5 3,700 4,403 1.48 40.33

Sub Total

1,516,900 1,805,111 0.84 37.95

9,985,700 11,882,983 0.89 38.26

RSAP measured 0.0 -> 0.1 3,600 3,168 0.09 20.98

0.1 -> 0.2 152,700 134,376 0.17 21.10

0.2 -> 0.3 163,600 143,968 0.24 19.68

0.3 -> 0.4 123,000 108,240 0.35 21.30

0.4 -> 0.5 213,200 187,616 0.45 21.48

0.5 -> 0.6 290,500 255,640 0.55 21.72

0.6 -> 0.7 570,600 502,128 0.66 20.90

0.7 -> 0.8 920,800 810,304 0.76 21.65

0.8 -> 0.9 1,355,400 1,192,752 0.85 22.38

0.9 -> 1.0 1,406,500 1,237,720 0.95 23.14

1.0 -> 1.1 1,173,400 1,032,592 1.05 23.85

1.1 -> 1.2 748,000 658,240 1.15 23.48

1.2 -> 1.3 454,000 399,520 1.25 22.98

1.3 -> 1.4 306,300 269,544 1.35 22.29

1.4 -> 1.5 207,200 182,336 1.45 21.34

1.5 -> 1.6 188,000 165,440 1.55 21.32

1.6 -> 1.7 67,700 59,576 1.64 20.59

1.7 -> 1.8 3,800 3,344 1.70 18.98

Sub Total

8,348,300 7,346,504 0.92 22.46

indicated 0.1 -> 0.2 136,600 120,208 0.17 22.33

0.2 -> 0.3 127,500 112,200 0.24 21.05

0.3 -> 0.4 82,300 72,424 0.35 22.08

0.4 -> 0.5 168,900 148,632 0.44 19.99

0.5 -> 0.6 230,700 203,016 0.55 22.38

0.6 -> 0.7 441,100 388,168 0.66 20.82

0.7 -> 0.8 547,500 481,800 0.75 21.66

0.8 -> 0.9 529,300 465,784 0.85 21.23

0.9 -> 1.0 457,900 402,952 0.95 22.01

Page 60: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 60

1.0 -> 1.1 270,800 238,304 1.05 22.35

1.1 -> 1.2 170,300 149,864 1.14 22.29

1.2 -> 1.3 95,100 83,688 1.25 21.74

1.3 -> 1.4 87,800 77,264 1.35 21.93

1.4 -> 1.5 41,300 36,344 1.44 21.86

1.5 -> 1.6 19,400 17,072 1.55 23.30

1.6 -> 1.7 12,400 10,912 1.63 24.02

Sub Total

3,418,900 3,008,632 0.79 21.63

inferred 0.1 -> 0.2 68,900 60,632 0.17 23.36

0.2 -> 0.3 90,100 79,288 0.25 22.98

0.3 -> 0.4 137,800 121,264 0.36 22.85

0.4 -> 0.5 204,600 180,048 0.44 21.18

0.5 -> 0.6 178,200 156,816 0.55 24.93

0.6 -> 0.7 333,100 293,128 0.66 22.37

0.7 -> 0.8 578,500 509,080 0.75 21.92

0.8 -> 0.9 410,600 361,328 0.85 22.32

0.9 -> 1.0 277,500 244,200 0.95 23.34

1.0 -> 1.1 146,200 128,656 1.05 21.94

1.1 -> 1.2 101,700 89,496 1.15 22.05

1.2 -> 1.3 53,800 47,344 1.25 22.33

1.3 -> 1.4 18,600 16,368 1.36 21.42

1.4 -> 1.5 12,400 10,912 1.46 25.28

1.5 -> 1.6 9,600 8,448 1.54 22.97

1.6 -> 1.7 3,000 2,640 1.61 27.62

Sub Total

2,624,600 2,309,648 0.74 22.50

Sub Total

14,391,800 12,664,784 0.86 22.27

Grand Total

43,632,700 50,927,391 0.82 37.98

MINING AREA 5

Matrix Res Cat Ni Range Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 100 137 0.29 46.83

0.3 -> 0.4 10,000 13,700 0.36 44.30

0.4 -> 0.5 80,000 109,600 0.47 45.61

0.5 -> 0.6 634,800 869,676 0.56 46.49

0.6 -> 0.7 1,721,400 2,358,318 0.66 46.90

0.7 -> 0.8 3,310,400 4,535,248 0.75 47.27

0.8 -> 0.9 4,207,800 5,764,686 0.85 47.37

0.9 -> 1.0 3,807,400 5,216,138 0.95 47.54

1.0 -> 1.1 3,210,000 4,397,700 1.05 47.76

1.1 -> 1.2 1,827,300 2,503,401 1.15 47.77

1.2 -> 1.3 885,000 1,212,450 1.24 47.65

1.3 -> 1.4 343,200 470,184 1.34 46.95

1.4 -> 1.5 96,600 132,342 1.44 46.63

1.5 -> 1.6 19,700 26,989 1.52 47.69

Page 61: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 61

1.6 -> 1.7 1,000 1,370 1.60 47.44

Sub Total

20,154,700 27,611,939 0.91 47.41

indicated 0.3 -> 0.4 10,600 14,522 0.35 43.43

0.4 -> 0.5 32,800 44,936 0.47 45.63

0.5 -> 0.6 395,800 542,246 0.57 45.39

0.6 -> 0.7 863,300 1,182,721 0.65 46.80

0.7 -> 0.8 1,131,500 1,550,155 0.75 47.26

0.8 -> 0.9 1,372,800 1,880,736 0.85 47.49

0.9 -> 1.0 1,272,800 1,743,736 0.95 47.94

1.0 -> 1.1 1,150,600 1,576,322 1.05 47.89

1.1 -> 1.2 499,100 683,767 1.14 47.81

1.2 -> 1.3 170,600 233,722 1.24 46.95

1.3 -> 1.4 77,300 105,901 1.34 46.82

1.4 -> 1.5 6,000 8,220 1.43 47.54

1.5 -> 1.6 2,800 3,836 1.54 48.72

1.6 -> 1.7 400 548 1.60 48.96

Sub Total

6,986,400 9,571,368 0.88 47.38

inferred 0.3 -> 0.4 500 685 0.36 43.27

0.4 -> 0.5 2,900 3,973 0.47 44.54

0.5 -> 0.6 313,500 429,495 0.57 44.20

0.6 -> 0.7 672,900 921,873 0.65 45.96

0.7 -> 0.8 631,100 864,607 0.75 46.51

0.8 -> 0.9 623,900 854,743 0.85 47.54

0.9 -> 1.0 898,900 1,231,493 0.95 46.20

1.0 -> 1.1 507,400 695,138 1.05 45.51

1.1 -> 1.2 234,700 321,539 1.13 46.13

1.2 -> 1.3 173,000 237,010 1.24 42.39

1.3 -> 1.4 43,600 59,732 1.34 40.09

1.4 -> 1.5 1,700 2,329 1.43 10.64

1.5 -> 1.6 500 685 1.54 -1.00

Sub Total

4,104,600 5,623,302 0.86 45.92

Sub Total

31,245,700 42,806,609 0.90 47.21

ESAP measured 0.3 -> 0.4 5,400 6,426 0.39 41.20

0.4 -> 0.5 87,700 104,363 0.46 40.58

0.5 -> 0.6 116,100 138,159 0.55 41.51

0.6 -> 0.7 158,100 188,139 0.65 40.82

0.7 -> 0.8 284,300 338,317 0.76 40.60

0.8 -> 0.9 333,000 396,270 0.85 39.69

0.9 -> 1.0 396,900 472,311 0.95 39.94

1.0 -> 1.1 509,000 605,710 1.05 40.27

1.1 -> 1.2 464,900 553,231 1.15 40.10

1.2 -> 1.3 305,400 363,426 1.25 40.03

1.3 -> 1.4 218,600 260,134 1.35 39.77

1.4 -> 1.5 171,300 203,847 1.45 39.73

1.5 -> 1.6 99,900 118,881 1.55 38.87

Page 62: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 62

1.6 -> 1.7 53,400 63,546 1.65 38.83

1.7 -> 1.8 50,400 59,976 1.75 36.81

1.8 -> 1.9 22,800 27,132 1.84 39.04

1.9 -> 2.0 26,000 30,940 1.96 38.69

2.0 -> 2.1 4,300 5,117 2.00 35.50

Sub Total

3,307,500 3,935,925 1.06 40.03

indicated 0.3 -> 0.4 200 238 0.40 39.54

0.4 -> 0.5 37,000 44,030 0.46 39.87

0.5 -> 0.6 59,400 70,686 0.55 40.46

0.6 -> 0.7 100,700 119,833 0.65 41.17

0.7 -> 0.8 148,300 176,477 0.76 40.48

0.8 -> 0.9 113,100 134,589 0.85 40.16

0.9 -> 1.0 135,900 161,721 0.95 39.82

1.0 -> 1.1 243,900 290,241 1.05 39.98

1.1 -> 1.2 177,200 210,868 1.14 40.12

1.2 -> 1.3 143,400 170,646 1.25 40.18

1.3 -> 1.4 89,500 106,505 1.35 39.32

1.4 -> 1.5 54,000 64,260 1.46 38.61

1.5 -> 1.6 46,100 54,859 1.55 37.31

1.6 -> 1.7 27,700 32,963 1.65 37.38

1.7 -> 1.8 28,900 34,391 1.76 38.23

1.8 -> 1.9 24,200 28,798 1.84 38.74

1.9 -> 2.0 5,800 6,902 1.95 38.64

Sub Total

1,435,300 1,708,007 1.06 39.88

inferred 0.4 -> 0.5 3,900 4,641 0.45 40.32

0.5 -> 0.6 17,700 21,063 0.54 25.06

0.6 -> 0.7 25,700 30,583 0.66 32.17

0.7 -> 0.8 51,500 61,285 0.75 27.64

0.8 -> 0.9 98,500 117,215 0.86 25.02

0.9 -> 1.0 128,400 152,796 0.95 27.61

1.0 -> 1.1 97,500 116,025 1.04 24.70

1.1 -> 1.2 104,600 124,474 1.15 22.95

1.2 -> 1.3 85,400 101,626 1.26 29.33

1.3 -> 1.4 59,900 71,281 1.35 30.02

1.4 -> 1.5 49,700 59,143 1.44 32.96

1.5 -> 1.6 34,900 41,531 1.54 29.70

1.6 -> 1.7 13,800 16,422 1.65 19.87

1.7 -> 1.8 7,300 8,687 1.77 4.83

1.8 -> 1.9 6,800 8,092 1.83 19.76

Sub Total

785,600 934,864 1.09 26.85

Sub Total

5,528,400 6,578,796 1.06 38.12

RSAP measured 0.1 -> 0.2 100 88 0.18 22.86

0.2 -> 0.3 600 528 0.28 24.24

0.3 -> 0.4 20,700 18,216 0.37 16.09

Page 63: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 63

0.4 -> 0.5 34,300 30,184 0.46 15.40

0.5 -> 0.6 94,600 83,248 0.55 19.89

0.6 -> 0.7 151,900 133,672 0.66 17.08

0.7 -> 0.8 264,600 232,848 0.75 17.28

0.8 -> 0.9 280,600 246,928 0.85 17.66

0.9 -> 1.0 345,400 303,952 0.96 17.64

1.0 -> 1.1 557,300 490,424 1.05 17.72

1.1 -> 1.2 665,000 585,200 1.15 18.37

1.2 -> 1.3 701,000 616,880 1.25 18.13

1.3 -> 1.4 619,300 544,984 1.35 17.58

1.4 -> 1.5 493,500 434,280 1.45 17.17

1.5 -> 1.6 443,500 390,280 1.55 17.50

1.6 -> 1.7 408,400 359,392 1.65 16.65

1.7 -> 1.8 332,700 292,776 1.75 15.83

1.8 -> 1.9 273,100 240,328 1.86 16.08

1.9 -> 2.0 195,800 172,304 1.94 16.64

2.0 -> 2.1 136,400 120,032 2.05 16.86

2.1 -> 2.2 84,000 73,920 2.15 16.96

2.2 -> 2.3 65,400 57,552 2.25 17.75

2.3 -> 2.4 30,200 26,576 2.34 15.71

2.4 -> 2.5 27,300 24,024 2.44 14.28

2.5 -> 2.6 7,500 6,600 2.54 12.20

2.6 -> 2.7 1,500 1,320 2.63 12.17

Sub Total

6,234,700 5,486,536 1.33 17.40

indicated 0.3 -> 0.4 3,200 2,816 0.38 17.62

0.4 -> 0.5 7,300 6,424 0.45 16.68

0.5 -> 0.6 83,500 73,480 0.56 21.72

0.6 -> 0.7 107,200 94,336 0.65 21.54

0.7 -> 0.8 133,000 117,040 0.74 19.54

0.8 -> 0.9 226,500 199,320 0.84 19.19

0.9 -> 1.0 163,100 143,528 0.96 19.05

1.0 -> 1.1 256,600 225,808 1.05 19.38

1.1 -> 1.2 274,300 241,384 1.15 19.81

1.2 -> 1.3 243,600 214,368 1.25 20.02

1.3 -> 1.4 183,900 161,832 1.34 19.47

1.4 -> 1.5 144,700 127,336 1.45 19.53

1.5 -> 1.6 175,000 154,000 1.55 20.19

1.6 -> 1.7 95,500 84,040 1.65 19.40

1.7 -> 1.8 59,800 52,624 1.74 19.54

1.8 -> 1.9 63,800 56,144 1.86 19.87

1.9 -> 2.0 39,500 34,760 1.95 20.51

2.0 -> 2.1 14,000 12,320 2.04 19.60

2.1 -> 2.2 7,900 6,952 2.16 20.55

2.2 -> 2.3 6,800 5,984 2.23 21.58

Page 64: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 64

SOUTH DINAGAT

Matrix Res Cat Ni Range Volume Tonnes %Ni %Fe

LIM measured 0.3 -> 0.4 19,100 26,167 0.37 41.55

0.4 -> 0.5 391,100 535,807 0.47 46.45

0.5 -> 0.6 1,337,700 1,832,649 0.56 46.51

0.6 -> 0.7 2,906,700 3,982,179 0.66 46.42

0.7 -> 0.8 5,026,200 6,885,894 0.75 46.28

0.8 -> 0.9 4,815,100 6,596,687 0.85 46.10

0.9 -> 1.0 3,639,800 4,986,526 0.95 46.19

1.0 -> 1.1 1,647,500 2,257,075 1.04 46.26

1.1 -> 1.2 634,600 869,402 1.14 46.26

1.2 -> 1.3 253,000 346,610 1.24 45.94

1.3 -> 1.4 90,300 123,711 1.34 46.63

1.4 -> 1.5 31,000 42,470 1.44 46.54

1.5 -> 1.6 5,000 6,850 1.53 46.74

1.6 -> 1.7 1,000 1,370 1.65 46.71

1.7 -> 1.8 1,000 1,370 1.75 46.71

1.8 -> 1.9 900 1,233 1.88 46.71

2.3 -> 2.4 600 528 2.34 19.72

2.4 -> 2.5 100 88 2.43 25.91

Sub Total

2,289,900 2,015,112 1.18 19.77

inferred 0.3 -> 0.4 2,500 2,200 0.35 15.21

0.4 -> 0.5 5,200 4,576 0.45 15.75

0.5 -> 0.6 65,000 57,200 0.57 19.33

0.6 -> 0.7 219,400 193,072 0.65 17.33

0.7 -> 0.8 138,700 122,056 0.74 19.37

0.8 -> 0.9 193,100 169,928 0.83 17.29

0.9 -> 1.0 114,200 100,496 0.95 17.63

1.0 -> 1.1 103,300 90,904 1.05 17.68

1.1 -> 1.2 98,900 87,032 1.15 19.52

1.2 -> 1.3 160,900 141,592 1.24 18.22

1.3 -> 1.4 101,200 89,056 1.34 20.21

1.4 -> 1.5 115,900 101,992 1.45 20.07

1.5 -> 1.6 77,700 68,376 1.55 16.23

1.6 -> 1.7 26,000 22,880 1.64 20.26

1.7 -> 1.8 16,100 14,168 1.73 19.94

1.8 -> 1.9 12,300 10,824 1.86 11.43

1.9 -> 2.0 3,800 3,344 1.95 22.47

2.0 -> 2.1 2,300 2,024 2.05 24.02

2.1 -> 2.2 1,700 1,496 2.16 20.90

Sub Total

1,458,200 1,283,216 1.04 18.31

Sub Total

9,982,800 8,784,864 1.26 18.08

Grand Total

46,756,900 58,170,269 0.97 41.78

Page 65: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 65

Sub Total

20,800,000 28,496,000 0.82 46.25

indicated 0.3 -> 0.4 20,800 28,496 0.37 38.64

0.4 -> 0.5 361,800 495,666 0.46 45.89

0.5 -> 0.6 1,239,600 1,698,252 0.55 46.48

0.6 -> 0.7 2,663,300 3,648,721 0.66 46.75

0.7 -> 0.8 4,797,800 6,572,986 0.75 46.50

0.8 -> 0.9 4,862,900 6,662,173 0.85 46.08

0.9 -> 1.0 4,284,900 5,870,313 0.95 46.38

1.0 -> 1.1 1,360,700 1,864,159 1.04 46.62

1.1 -> 1.2 471,500 645,955 1.15 46.58

1.2 -> 1.3 463,800 635,406 1.25 46.08

1.3 -> 1.4 124,500 170,565 1.35 46.57

1.4 -> 1.5 38,800 53,156 1.43 46.47

1.5 -> 1.6 7,700 10,549 1.55 47.22

1.6 -> 1.7 4,600 6,302 1.64 47.23

1.7 -> 1.8 900 1,233 1.73 47.18

Sub Total

20,703,600 28,363,932 0.83 46.39

inferred 0.3 -> 0.4 144,700 198,239 0.37 27.35

0.4 -> 0.5 536,200 734,594 0.43 38.75

0.5 -> 0.6 1,532,000 2,098,840 0.56 43.94

0.6 -> 0.7 3,514,700 4,815,139 0.66 45.00

0.7 -> 0.8 4,273,000 5,854,010 0.74 42.16

0.8 -> 0.9 5,810,700 7,960,659 0.85 43.05

0.9 -> 1.0 3,719,400 5,095,578 0.95 45.14

1.0 -> 1.1 1,425,300 1,952,661 1.05 46.27

1.1 -> 1.2 648,800 888,856 1.14 46.42

1.2 -> 1.3 594,600 814,602 1.24 42.41

1.3 -> 1.4 84,800 116,176 1.32 46.28

1.4 -> 1.5 75,900 103,983 1.43 45.23

1.5 -> 1.6 3,000 4,110 1.55 46.67

1.6 -> 1.7 1,800 2,466 1.66 47.34

1.7 -> 1.8 2,800 3,836 1.74 47.28

1.8 -> 1.9 100 137 1.82 47.45

Sub Total

22,367,800 30,643,886 0.82 43.70

Sub Total

63,871,400 87,503,818 0.82 45.40

ESAP measured 0.2 -> 0.3 19,000 22,610 0.28 38.10

0.3 -> 0.4 38,700 46,053 0.36 38.87

0.4 -> 0.5 142,800 169,932 0.46 38.76

0.5 -> 0.6 136,100 161,959 0.56 39.23

0.6 -> 0.7 219,500 261,205 0.66 39.78

0.7 -> 0.8 326,200 388,178 0.76 39.67

0.8 -> 0.9 511,600 608,804 0.85 40.10

0.9 -> 1.0 759,800 904,162 0.95 40.13

1.0 -> 1.1 527,700 627,963 1.05 39.98

Page 66: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 66

1.1 -> 1.2 384,000 456,960 1.15 39.91

1.2 -> 1.3 232,900 277,151 1.25 39.42

1.3 -> 1.4 117,500 139,825 1.35 39.00

1.4 -> 1.5 46,900 55,811 1.46 39.29

1.5 -> 1.6 37,900 45,101 1.56 39.61

1.6 -> 1.7 39,700 47,243 1.65 38.90

1.7 -> 1.8 1,100 1,309 1.73 38.95

Sub Total

3,541,400 4,214,266 0.94 39.78

indicated 0.2 -> 0.3 10,800 12,852 0.28 39.21

0.3 -> 0.4 159,100 189,329 0.36 38.97

0.4 -> 0.5 207,800 247,282 0.46 38.53

0.5 -> 0.6 232,800 277,032 0.54 38.44

0.6 -> 0.7 256,000 304,640 0.66 39.10

0.7 -> 0.8 671,900 799,561 0.76 40.15

0.8 -> 0.9 494,100 587,979 0.85 40.10

0.9 -> 1.0 727,900 866,201 0.95 39.94

1.0 -> 1.1 552,900 657,951 1.05 39.79

1.1 -> 1.2 385,600 458,864 1.14 39.83

1.2 -> 1.3 199,800 237,762 1.25 39.83

1.3 -> 1.4 144,600 172,074 1.34 38.72

1.4 -> 1.5 47,300 56,287 1.45 39.57

1.5 -> 1.6 44,800 53,312 1.55 39.18

1.6 -> 1.7 10,300 12,257 1.65 37.90

1.7 -> 1.8 1,900 2,261 1.72 37.06

1.8 -> 1.9 100 119 1.90 37.49

Sub Total

4,147,700 4,935,763 0.89 39.65

inferred 0.2 -> 0.3 700 833 0.28 16.01

0.3 -> 0.4 225,100 267,869 0.35 30.43

0.4 -> 0.5 576,200 685,678 0.45 29.12

0.5 -> 0.6 547,300 651,287 0.55 27.94

0.6 -> 0.7 467,400 556,206 0.65 27.65

0.7 -> 0.8 1,569,400 1,867,586 0.76 29.28

0.8 -> 0.9 561,900 668,661 0.84 31.08

0.9 -> 1.0 607,900 723,401 0.96 32.72

1.0 -> 1.1 382,300 454,937 1.05 32.26

1.1 -> 1.2 249,700 297,143 1.14 31.21

1.2 -> 1.3 161,000 191,590 1.25 29.09

1.3 -> 1.4 179,500 213,605 1.35 26.46

1.4 -> 1.5 97,500 116,025 1.44 26.57

1.5 -> 1.6 73,800 87,822 1.55 29.03

1.6 -> 1.7 26,000 30,940 1.65 28.47

1.7 -> 1.8 22,600 26,894 1.73 6.45

Sub Total

5,748,300 6,840,477 0.81 29.63

Sub Total

13,437,400 15,990,506 0.87 35.40

Page 67: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 67

RSAP measured 0.1 -> 0.2 19,300 16,984 0.15 13.65

0.2 -> 0.3 78,800 69,344 0.23 16.77

0.3 -> 0.4 323,300 284,504 0.36 19.59

0.4 -> 0.5 697,600 613,888 0.46 18.35

0.5 -> 0.6 1,012,500 891,000 0.55 18.72

0.6 -> 0.7 1,071,200 942,656 0.65 20.09

0.7 -> 0.8 1,398,700 1,230,856 0.75 20.06

0.8 -> 0.9 1,245,500 1,096,040 0.85 20.90

0.9 -> 1.0 685,900 603,592 0.95 20.48

1.0 -> 1.1 687,500 605,000 1.05 20.41

1.1 -> 1.2 459,500 404,360 1.14 20.61

1.2 -> 1.3 239,800 211,024 1.25 20.00

1.3 -> 1.4 187,500 165,000 1.35 20.39

1.4 -> 1.5 159,500 140,360 1.45 18.49

1.5 -> 1.6 105,800 93,104 1.55 19.18

1.6 -> 1.7 54,100 47,608 1.65 17.68

1.7 -> 1.8 60,800 53,504 1.76 16.91

1.8 -> 1.9 60,000 52,800 1.86 17.96

1.9 -> 2.0 52,100 45,848 1.95 21.26

2.0 -> 2.1 30,800 27,104 2.03 19.92

2.1 -> 2.2 13,000 11,440 2.14 16.91

2.2 -> 2.3 7,000 6,160 2.24 16.92

2.3 -> 2.4 4,400 3,872 2.37 15.64

2.4 -> 2.5 1,100 968 2.45 14.97

2.5 -> 2.6 1,100 968 2.57 17.50

2.6 -> 2.7 7,400 6,512 2.67 16.97

2.7 -> 2.8 9,100 8,008 2.74 15.67

2.8 -> 2.9 1,200 1,056 2.84 15.11

2.9 -> 3.0 200 176 2.92 14.27

Sub Total

8,674,700 7,633,736 0.84 19.82

indicated 0.1 -> 0.2 5,600 4,928 0.15 13.90

0.2 -> 0.3 164,100 144,408 0.22 16.02

0.3 -> 0.4 370,400 325,952 0.36 19.01

0.4 -> 0.5 1,369,900 1,205,512 0.46 18.49

0.5 -> 0.6 1,871,000 1,646,480 0.55 19.11

0.6 -> 0.7 2,053,800 1,807,344 0.65 20.36

0.7 -> 0.8 1,503,600 1,323,168 0.76 19.97

0.8 -> 0.9 1,519,100 1,336,808 0.85 20.34

0.9 -> 1.0 775,200 682,176 0.95 19.40

1.0 -> 1.1 585,000 514,800 1.04 20.75

1.1 -> 1.2 352,000 309,760 1.14 20.29

1.2 -> 1.3 252,600 222,288 1.25 22.68

1.3 -> 1.4 133,100 117,128 1.35 23.70

1.4 -> 1.5 94,600 83,248 1.45 21.87

1.5 -> 1.6 133,100 117,128 1.54 22.84

Page 68: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 68

1.6 -> 1.7 46,900 41,272 1.66 19.29

1.7 -> 1.8 92,900 81,752 1.73 17.97

1.8 -> 1.9 43,200 38,016 1.86 18.08

1.9 -> 2.0 26,900 23,672 1.94 19.63

2.0 -> 2.1 24,200 21,296 2.02 18.47

2.1 -> 2.2 3,700 3,256 2.15 16.06

2.2 -> 2.3 3,700 3,256 2.25 21.74

2.3 -> 2.4 1,200 1,056 2.37 18.86

2.4 -> 2.5 5,400 4,752 2.44 18.90

2.5 -> 2.6 700 616 2.56 18.96

2.6 -> 2.7 700 616 2.61 17.53

Sub Total

11,432,600 10,060,688 0.76 19.81

inferred 0.1 -> 0.2 700 616 0.19 4.96

0.2 -> 0.3 218,600 192,368 0.24 7.11

0.3 -> 0.4 378,400 332,992 0.37 8.33

0.4 -> 0.5 1,614,100 1,420,408 0.46 9.61

0.5 -> 0.6 2,711,200 2,385,856 0.55 9.68

0.6 -> 0.7 2,836,300 2,495,944 0.65 12.63

0.7 -> 0.8 1,989,600 1,750,848 0.75 13.54

0.8 -> 0.9 1,485,500 1,307,240 0.85 13.22

0.9 -> 1.0 713,900 628,232 0.95 12.19

1.0 -> 1.1 401,900 353,672 1.04 12.90

1.1 -> 1.2 314,500 276,760 1.15 11.81

1.2 -> 1.3 289,900 255,112 1.24 15.49

1.3 -> 1.4 148,400 130,592 1.35 12.18

1.4 -> 1.5 169,000 148,720 1.45 14.73

1.5 -> 1.6 209,800 184,624 1.53 14.25

1.6 -> 1.7 43,800 38,544 1.65 12.43

1.7 -> 1.8 31,100 27,368 1.73 4.31

1.8 -> 1.9 15,100 13,288 1.85 8.05

1.9 -> 2.0 6,600 5,808 1.94 10.06

2.0 -> 2.1 3,900 3,432 2.04 19.45

2.1 -> 2.2 1,400 1,232 2.13 18.49

2.2 -> 2.3 7,500 6,600 2.26 23.51

2.3 -> 2.4 4,900 4,312 2.34 20.89

2.4 -> 2.5 8,300 7,304 2.43 19.15

2.5 -> 2.6 1,100 968 2.55 22.54

Sub Total

13,605,500 11,972,840 0.72 11.74

Sub Total

33,712,800 29,667,264 0.76 16.55

Grand Total

111,021,600 133,161,588 0.82 37.77

Page 69: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 69

HANIGAD ISLAND

Matrix Res Cat Ni range Volume Tonnes %Ni %Fe

LIM measured 0.2 -> 0.3 3,300 4,521 0.29 44.49

0.3 -> 0.4 23,100 (6,036) 0.38 -5.51

0.4 -> 0.5 27,300 7,302 0.44 44.19

0.5 -> 0.6 97,000 (1,489) 0.57 -310.19

0.6 -> 0.7 77,800 23,162 0.65 47.55

0.7 -> 0.8 62,300 19,702 0.75 40.10

0.8 -> 0.9 44,500 5,507 0.82 55.21

0.9 -> 1.0 43,300 8,603 0.95 33.53

1.0 -> 1.1 28,700 13,012 1.06 33.92

1.1 -> 1.2 14,500 12,518 1.15 30.89

1.2 -> 1.3 2,800 2,414 1.23 26.26

Sub Total

424,600 89,216 0.84 49.25

indicated 0.2 -> 0.3 6,600 9,042 0.30 43.70

0.3 -> 0.4 130,000 (103,693) 0.37 3.71

0.4 -> 0.5 98,000 (40,883) 0.44 4.47

0.5 -> 0.6 439,700 (163,358) 0.56 14.59

0.6 -> 0.7 341,100 (55,041) 0.65 -14.01

0.7 -> 0.8 284,800 (84,061) 0.75 3.83

0.8 -> 0.9 240,000 (120,552) 0.85 8.07

0.9 -> 1.0 187,100 (43,241) 0.95 -0.03

1.0 -> 1.1 124,000 (53,611) 1.05 11.69

1.1 -> 1.2 67,700 3,637 1.33 3.26

1.2 -> 1.3 12,300 2,157 1.24 34.32

1.3 -> 1.4 4,500 714 1.28 105.45

1.4 -> 1.5 2,800 (1,852) 1.43 8.57

1.5 -> 1.6 100 137 1.51 -1.00

Sub Total

1,938,700 (650,605) 0.67 5.47

inferred 0.2 -> 0.3 100 137 0.25 43.34

0.3 -> 0.4 20,300 27,811 0.38 4.74

0.4 -> 0.5 42,700 58,499 0.46 1.83

0.5 -> 0.6 128,400 175,908 0.56 11.14

0.6 -> 0.7 169,800 232,626 0.66 11.18

0.7 -> 0.8 154,700 211,939 0.75 10.58

0.8 -> 0.9 84,200 115,354 0.84 9.59

0.9 -> 1.0 28,100 38,497 0.94 5.78

1.0 -> 1.1 18,400 25,208 1.07 7.98

1.1 -> 1.2 9,100 12,467 1.12 0.00

1.2 -> 1.3 2,400 3,288 1.24 29.32

1.3 -> 1.4 300 411 1.35 43.98

Sub Total

658,500 902,145 0.70 9.63

Sub Total

3,021,800 340,756 0.78 27.95

ESAP measured 0.4 -> 0.5 47,900 57,001 0.47 40.88

0.5 -> 0.6 44,000 52,360 0.58 37.17

Page 70: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 70

0.6 -> 0.7 141,900 168,861 0.65 38.04

0.7 -> 0.8 118,100 140,539 0.75 37.97

0.8 -> 0.9 83,000 98,770 0.85 38.04

0.9 -> 1.0 29,700 35,343 0.94 39.03

1.0 -> 1.1 17,800 21,182 1.05 40.12

1.1 -> 1.2 9,500 11,305 1.16 40.47

1.2 -> 1.3 18,800 22,372 1.26 40.50

1.3 -> 1.4 32,700 38,913 1.35 41.10

1.4 -> 1.5 9,100 10,829 1.43 41.10

1.5 -> 1.6 1,300 1,547 1.53 40.95

Sub Total

553,800 659,022 0.79 38.69

indicated 0.4 -> 0.5 104,300 124,117 0.47 22.40

0.5 -> 0.6 100,300 119,357 0.58 21.47

0.6 -> 0.7 323,100 384,489 0.65 27.00

0.7 -> 0.8 293,600 349,384 0.76 29.37

0.8 -> 0.9 169,900 202,181 0.85 35.91

0.9 -> 1.0 56,800 67,592 0.93 30.50

1.0 -> 1.1 14,400 17,136 1.05 38.78

1.1 -> 1.2 17,200 20,468 1.15 38.44

1.2 -> 1.3 54,700 65,093 1.27 40.33

1.3 -> 1.4 34,400 40,936 1.33 40.77

1.4 -> 1.5 10,300 12,257 1.43 40.02

1.5 -> 1.6 900 1,071 1.53 40.55

Sub Total

1,179,900 1,404,081 0.77 29.62

inferred 0.4 -> 0.5 83,000 98,770 0.49 12.15

0.5 -> 0.6 256,300 304,997 0.57 11.79

0.6 -> 0.7 244,200 290,598 0.64 18.67

0.7 -> 0.8 190,600 226,814 0.77 15.42

0.8 -> 0.9 170,000 202,300 0.85 17.75

0.9 -> 1.0 187,100 222,649 0.96 17.76

1.0 -> 1.1 94,700 112,693 1.04 35.15

1.1 -> 1.2 30,000 35,700 1.16 27.73

1.2 -> 1.3 16,600 19,754 1.24 18.40

1.3 -> 1.4 1,100 1,309 1.33 9.88

Sub Total

1,273,600 1,515,584 0.76 17.54

Sub Total

3,007,300 3,578,687 0.77 26.18

RSAP measured 0.0 -> 0.1 36,200 31,856 0.07 14.65

0.1 -> 0.2 80,700 71,016 0.15 14.60

0.2 -> 0.3 47,400 41,712 0.27 11.76

0.3 -> 0.4 91,100 80,168 0.37 14.78

0.4 -> 0.5 177,800 156,464 0.45 13.93

0.5 -> 0.6 43,300 38,104 0.55 13.86

0.6 -> 0.7 82,700 72,776 0.65 14.73

0.7 -> 0.8 127,100 111,848 0.74 13.71

0.8 -> 0.9 197,800 174,064 0.86 16.70

Page 71: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 71

0.9 -> 1.0 167,200 147,136 0.95 19.00

1.0 -> 1.1 94,100 82,808 1.05 17.95

1.1 -> 1.2 11,900 10,472 1.13 24.26

1.2 -> 1.3 7,100 6,248 1.25 28.86

1.3 -> 1.4 8,900 7,832 1.35 27.63

1.4 -> 1.5 6,200 5,456 1.43 25.85

1.5 -> 1.6 1,100 968 1.55 26.50

Sub Total

1,180,600 1,038,928 0.66 15.88

indicated 0.0 -> 0.1 117,900 103,752 0.08 14.89

0.1 -> 0.2 265,600 233,728 0.15 15.09

0.2 -> 0.3 135,300 119,064 0.27 11.63

0.3 -> 0.4 265,500 233,640 0.37 14.98

0.4 -> 0.5 518,500 456,280 0.44 14.27

0.5 -> 0.6 92,000 80,960 0.55 13.61

0.6 -> 0.7 246,200 216,656 0.64 14.95

0.7 -> 0.8 235,700 207,416 0.75 14.09

0.8 -> 0.9 517,400 455,312 0.85 15.13

0.9 -> 1.0 372,000 327,360 0.94 18.40

1.0 -> 1.1 276,300 243,144 1.05 18.63

1.1 -> 1.2 40,600 35,728 1.15 27.76

1.2 -> 1.3 34,600 30,448 1.24 29.15

1.3 -> 1.4 10,800 9,504 1.35 31.00

1.4 -> 1.5 13,200 11,616 1.44 28.62

1.5 -> 1.6 900 792 1.55 27.89

Sub Total

3,142,500 2,765,400 0.64 15.80

inferred 0.0 -> 0.1 58,500 51,480 0.08 10.24

0.1 -> 0.2 427,200 375,936 0.16 8.78

0.2 -> 0.3 379,600 334,048 0.25 11.65

0.3 -> 0.4 1,075,500 946,440 0.37 12.05

0.4 -> 0.5 1,143,800 1,006,544 0.44 10.62

0.5 -> 0.6 541,500 476,520 0.56 13.69

0.6 -> 0.7 646,100 568,568 0.64 13.95

0.7 -> 0.8 632,300 556,424 0.75 13.85

0.8 -> 0.9 755,700 665,016 0.84 12.42

0.9 -> 1.0 410,100 360,888 0.93 13.58

1.0 -> 1.1 128,900 113,432 1.06 15.06

1.1 -> 1.2 82,400 72,512 1.15 15.69

1.2 -> 1.3 17,300 15,224 1.23 18.24

1.3 -> 1.4 4,700 4,136 1.34 22.24

1.4 -> 1.5 4,400 3,872 1.43 1.46

Sub Total

6,308,000 5,551,040 0.56 12.31

Sub Total

10,631,100 9,355,368 0.60 13.74

Grand Total

16,660,200 13,274,811 0.65 17.46

Page 72: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 72

AWASAN ISLAND

Matrix Rock Type Ni Volume Tonnes Ni Fe

measured LIM 0.2 -> 0.3 27,600 37,812 0.29 46.89

0.3 -> 0.4 356,800 488,816 0.35 49.65

0.4 -> 0.5 737,800 1,010,786 0.46 49.20

0.5 -> 0.6 1,439,800 1,972,526 0.55 48.74

0.6 -> 0.7 1,008,500 1,381,645 0.65 49.46

0.7 -> 0.8 656,400 899,268 0.75 48.56

0.8 -> 0.9 552,700 757,199 0.83 47.72

0.9 -> 1.0 429,600 588,552 0.95 48.38

1.0 -> 1.1 193,700 265,369 1.03 48.59

1.1 -> 1.2 116,000 158,920 1.16 47.12

1.2 -> 1.3 64,400 88,228 1.23 46.59

1.3 -> 1.4 9,500 13,015 1.34 46.74

1.4 -> 1.5 1,900 2,603 1.45 46.47

1.5 -> 1.6 100 137 1.50 48.18

Sub Total

5,594,800 7,664,876 0.66 48.76

ESAP 0.1 -> 0.2 300 357 0.20 38.24

0.2 -> 0.3 75,200 89,488 0.28 36.46

0.3 -> 0.4 171,600 204,204 0.37 39.59

0.4 -> 0.5 29,200 34,748 0.45 34.05

0.5 -> 0.6 20,800 24,752 0.56 41.40

0.6 -> 0.7 18,500 22,015 0.66 39.23

0.7 -> 0.8 8,900 10,591 0.72 40.25

0.8 -> 0.9 12,600 14,994 0.88 39.04

0.9 -> 1.0 8,700 10,353 0.91 35.11

1.0 -> 1.1 9,700 11,543 1.08 41.76

1.1 -> 1.2 45,400 54,026 1.13 42.32

1.2 -> 1.3 18,500 22,015 1.24 40.56

Sub Total

419,400 499,086 0.55 39.01

RSAP 0.0 -> 0.1 12,200 10,736 0.09 9.27

0.1 -> 0.2 15,400 13,552 0.20 13.55

0.2 -> 0.3 157,700 138,776 0.25 18.55

0.3 -> 0.4 102,000 89,760 0.33 21.59

0.4 -> 0.5 189,200 166,496 0.45 20.72

0.5 -> 0.6 144,700 127,336 0.55 21.29

0.6 -> 0.7 69,300 60,984 0.65 23.51

0.7 -> 0.8 84,300 74,184 0.76 24.62

0.8 -> 0.9 5,100 4,488 0.83 23.80

0.9 -> 1.0 23,500 20,680 0.96 19.94

1.0 -> 1.1 2,000 1,760 1.02 20.57

1.1 -> 1.2 11,300 9,944 1.18 19.19

1.2 -> 1.3 16,800 14,784 1.27 18.02

1.5 -> 1.6 10,500 9,240 1.59 30.99

Page 73: APPENDIX PNPI Mineral Resource Estimate Appendix.pdf · LEGENDS FOR SUCCEEDING MAPS BASED ON GEMCOM-GEMS GEOSTATISTICAL COMPUTATION For Nickel (Ni) and Iron (Fe) Grade Range and Color

MINERAL RESOURCE ESTIMATE REPORT FOR PACIFIC NICKEL PHILIPPINES INCORPORATED (PNPI) September 2014

Competent Person Report | RASantos 73

1.6 -> 1.7 3,200 2,816 1.60 30.64

1.7 -> 1.8 10,900 9,592 1.79 13.20

1.8 -> 1.9 500 440 1.81 12.88

1.9 -> 2.0 15,100 13,288 1.99 14.25

2.0 -> 2.1 200 176 2.05 13.96

Sub Total

873,900 769,032 0.56 20.71

Sub Total

6,888,100 8,932,994 0.65 45.80

indicated LIM 0.2 -> 0.3 13,200 18,084 0.29 48.20

0.3 -> 0.4 888,300 1,216,971 0.36 50.67

0.4 -> 0.5 1,998,600 2,738,082 0.46 48.70

0.5 -> 0.6 3,922,800 5,374,236 0.55 48.79

0.6 -> 0.7 2,545,900 3,487,883 0.65 49.13

0.7 -> 0.8 1,819,300 2,492,441 0.75 48.65

0.8 -> 0.9 1,331,800 1,824,566 0.83 48.25

0.9 -> 1.0 589,300 807,341 0.95 47.74

1.0 -> 1.1 229,500 314,415 1.03 48.38

1.1 -> 1.2 130,100 178,237 1.16 47.43

1.2 -> 1.3 230,200 315,374 1.23 46.25

1.3 -> 1.4 13,900 19,043 1.33 46.48

1.4 -> 1.5 3,600 4,932 1.44 46.34

Sub Total

13,716,500 18,791,605 0.64 48.78

ESAP 0.1 -> 0.2 1,900 2,261 0.17 25.41

0.2 -> 0.3 141,100 167,909 0.28 24.47

0.3 -> 0.4 398,200 473,858 0.37 24.58

0.4 -> 0.5 90,900 108,171 0.46 30.01

0.5 -> 0.6 42,100 50,099 0.54 32.90

0.6 -> 0.7 35,400 42,126 0.67 34.91

0.7 -> 0.8 10,600 12,614 0.71 37.35

0.8 -> 0.9 8,600 10,234 0.88 39.56

0.9 -> 1.0 1,300 1,547 0.98 20.28

1.0 -> 1.1 23,300 27,727 1.07 34.31

1.1 -> 1.2 151,500 180,285 1.13 28.36

1.2 -> 1.3 35,000 41,650 1.24 31.44

1.3 -> 1.4 1,000 1,190 1.33 36.32

1.4 -> 1.5 1,700 2,023 1.45 35.26

1.5 -> 1.6 1,900 2,261 1.52 36.64

Sub Total

944,500 1,123,955 0.57 27.28

RSAP 0.0 -> 0.1 29,400 25,872 0.09 8.39

0.1 -> 0.2 26,200 23,056 0.19 12.20

0.2 -> 0.3 267,400 235,312 0.25 13.44

0.3 -> 0.4 304,000 267,520 0.33 16.58

0.4 -> 0.5 431,100 379,368 0.45 19.44

0.5 -> 0.6 316,100 278,168 0.55 18.88

0.6 -> 0.7 153,400 134,992 0.66 21.27

0.7 -> 0.8 243,000 213,840 0.76 21.00

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0.8 -> 0.9 22,700 19,976 0.84 17.39

0.9 -> 1.0 78,900 69,432 0.96 18.10

1.0 -> 1.1 10,500 9,240 1.03 15.24

1.1 -> 1.2 27,400 24,112 1.17 18.15

1.2 -> 1.3 31,000 27,280 1.26 12.21

1.3 -> 1.4 5,700 5,016 1.36 13.06

1.4 -> 1.5 4,800 4,224 1.44 15.00

1.5 -> 1.6 19,900 17,512 1.59 25.47

1.6 -> 1.7 12,500 11,000 1.62 27.92

1.7 -> 1.8 47,500 41,800 1.78 14.50

1.9 -> 2.0 33,300 29,304 1.99 10.18

2.0 -> 2.1 100 88 2.05 -1.00

Sub Total

2,064,900 1,817,112 0.59 17.82

Sub Total

16,725,900 21,732,672 0.63 45.08

inferred LIM 0.1 -> 0.2 27,200 37,264 0.18 33.79

0.2 -> 0.3 610,100 835,837 0.27 12.46

0.3 -> 0.4 1,644,400 2,252,828 0.36 29.42

0.4 -> 0.5 3,600,700 4,932,959 0.44 40.52

0.5 -> 0.6 4,557,700 6,244,049 0.55 44.32

0.6 -> 0.7 3,254,200 4,458,254 0.65 43.50

0.7 -> 0.8 1,836,800 2,516,416 0.75 42.94

0.8 -> 0.9 712,200 975,714 0.84 46.05

0.9 -> 1.0 474,200 649,654 0.95 29.76

1.0 -> 1.1 749,500 1,026,815 1.06 37.71

1.1 -> 1.2 1,417,300 1,941,701 1.13 38.14

1.2 -> 1.3 509,800 698,426 1.25 45.20

1.3 -> 1.4 240,100 328,937 1.35 46.75

1.4 -> 1.5 27,500 37,675 1.42 46.85

1.5 -> 1.6 242,500 332,225 1.51 46.98

Sub Total

19,904,200 27,268,754 0.66 40.27

ESAP 0.1 -> 0.2 26,700 31,773 0.18 8.28

0.2 -> 0.3 155,300 184,807 0.28 11.08

0.3 -> 0.4 568,600 676,634 0.36 10.41

0.4 -> 0.5 254,100 302,379 0.45 11.28

0.5 -> 0.6 140,200 166,838 0.55 8.90

0.6 -> 0.7 103,700 123,403 0.65 4.01

0.7 -> 0.8 43,200 51,408 0.73 4.72

0.8 -> 0.9 40,600 48,314 0.82 3.21

0.9 -> 1.0 94,600 112,574 0.97 12.66

1.0 -> 1.1 161,100 191,709 1.04 12.67

1.1 -> 1.2 195,300 232,407 1.14 18.32

1.2 -> 1.3 150,200 178,738 1.26 8.29

1.3 -> 1.4 165,800 197,302 1.35 3.40

1.4 -> 1.5 26,000 30,940 1.43 1.34

1.5 -> 1.6 34,600 41,174 1.51 -0.54

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Sub Total

2,160,000 2,570,400 0.72 9.89

RSAP 0.0 -> 0.1 31,800 27,984 0.09 7.07

0.1 -> 0.2 16,200 14,256 0.17 2.96

0.2 -> 0.3 257,300 226,424 0.25 2.16

0.3 -> 0.4 497,400 437,712 0.34 9.42

0.4 -> 0.5 543,800 478,544 0.46 6.96

0.5 -> 0.6 790,200 695,376 0.55 9.70

0.6 -> 0.7 564,300 496,584 0.65 8.90

0.7 -> 0.8 608,600 535,568 0.76 9.60

0.8 -> 0.9 180,500 158,840 0.84 10.74

0.9 -> 1.0 198,200 174,416 0.96 6.98

1.0 -> 1.1 111,400 98,032 1.04 9.50

1.1 -> 1.2 61,200 53,856 1.15 6.37

1.2 -> 1.3 43,300 38,104 1.25 3.66

1.3 -> 1.4 37,700 33,176 1.34 14.43

1.4 -> 1.5 10,800 9,504 1.45 10.38

1.5 -> 1.6 68,300 60,104 1.59 5.63

1.6 -> 1.7 32,500 28,600 1.65 13.85

1.7 -> 1.8 20,100 17,688 1.75 4.89

1.9 -> 2.0 47,200 41,536 1.99 7.30

Sub Total

4,120,800 3,626,304 0.65 8.42

Sub Total

26,185,000 33,465,458 0.67 34.48

Grand Total

49,799,000 64,131,124 0.65 39.65

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GABOC AREA

NONOC AREA 4

Cut-Off Tonnes Grade: %Ni

Cut-Off Tonnes Grade: %Ni

- 22,046,428 0.68

0 50,927,391 0.82

0.1 22,046,428 0.68

0.1 50,924,575 0.82

0.2 21,924,900 0.68

0.2 50,610,151 0.82

0.3 21,265,909 0.69

0.3 50,242,786 0.83

0.4 18,835,710 0.73

0.4 49,736,029 0.83

0.5 16,426,365 0.77

0.5 47,873,573 0.84

0.6 13,453,046 0.82

0.6 43,108,576 0.88

0.7 9,300,170 0.90

0.7 34,933,110 0.93

0.8 5,673,318 1.00

0.8 25,749,985 0.99

0.9 3,533,660 1.09

0.9 16,856,856 1.07

1.0 2,314,590 1.17

1 9,792,468 1.16

1.1 1,418,327 1.24

1.1 5,347,574 1.25

1.2 840,246 1.30

1.2 2,873,012 1.33

1.3 335,145 1.38

1.3 1,515,952 1.42

1.4 110,585 1.45

1.4 696,298 1.50

1.5 30,583 1.50

1.5 291,038 1.57

1.6 77,352 1.64

1.7 5,456 1.70

NONOC AREA 1

NONOC AREA 2

Cut-Off Tonnes Grade: %Ni

Cut-Off Tonnes Grade: %Ni

0 31,206,148 0.88

0 100,941,032 0.87

0.1 31,206,148 0.88

0.1 100,920,109 0.87

0.2 31,206,148 0.88

0.2 100,630,393 0.87

0.3 31,176,580 0.88

0.3 100,193,788 0.87

0.4 30,676,228 0.89

0.4 98,689,518 0.88

0.5 29,750,669 0.90

0.5 95,455,654 0.89

0.6 27,468,273 0.93

0.6 87,934,662 0.92

0.7 24,291,322 0.96

0.7 74,677,972 0.97

0.8 19,518,813 1.01

0.8 57,373,555 1.04

0.9 13,239,865 1.09

0.9 41,024,274 1.11

1 8,616,442 1.17

1 26,983,453 1.19

1.1 4,826,068 1.27

1.1 17,109,858 1.28

1.2 2,659,079 1.37

1.2 10,392,395 1.37

1.3 1,498,325 1.46

1.3 6,149,941 1.45

1.4 885,496 1.54

1.4 3,346,731 1.54

1.5 424,141 1.65

1.5 1,674,367 1.63

1.6 222,987 1.74

1.6 816,415 1.71

1.7 120,021 1.81

1.7 396,586 1.79

1.8 60,021 1.88

1.8 154,069 1.85

1.9 19,360 1.96

1.9 31,073 1.94

2 3,960 2.04

2 3,025 2.00

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NONOC AREA 5

SOUTH DINAGAT

Cut-Off Tonnes Grade: %Ni

Cut-Off Tonnes Grade: %Ni

0.1 58,170,269 0.97

0.1 133,161,588 0.82

0.2 58,170,181 0.97

0.2 133,140,820 0.82

0.3 58,169,604 0.97

0.3 132,696,733 0.82

0.4 58,111,427 0.97

0.4 131,000,071 0.82

0.5 57,764,471 0.98

0.5 124,905,508 0.84

0.6 55,491,276 0.99

0.6 113,303,517 0.87

0.7 50,278,550 1.03

0.7 94,561,908 0.91

0.8 42,294,865 1.08

0.8 67,973,143 0.98

0.9 32,534,698 1.15

0.9 41,038,461 1.06

1 22,999,030 1.23

1 20,638,336 1.18

1.1 14,499,607 1.34

1.1 11,318,646 1.28

1.2 9,180,266 1.45

1.2 6,688,813 1.38

1.3 5,888,623 1.56

1.3 3,493,675 1.51

1.4 4,007,592 1.66

1.4 2,140,964 1.61

1.5 2,873,486 1.75

1.5 1,338,778 1.70

1.6 2,010,606 1.84

1.6 734,877 1.83

1.7 1,428,783 1.91

1.7 506,112 1.92

1.8 965,659 1.99

1.8 305,969 2.03

1.9 593,663 2.08

1.9 200,640 2.13

2 346,722 2.17

2 125,224 2.24

2.1 205,744 2.26

2.1 73,304 2.39

2.2 122,848 2.32

2.2 57,288 2.46

2.3 59,400 2.41

2.3 41,184 2.54

2.4 32,120 2.47

2.4 32,032 2.59

2.5 8,008 2.55

2.5 18,920 2.69

2.6 1,320 2.63

2.6 16,368 2.71

2.7 9,240 2.75

2.8 1,232 2.85

2.9 176 2.92

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Competent Person Report | RASantos 78

HANIGAD ISLAND

AWASAN ISLAND

Cut-Off Tonnes Grade: %Ni

Cut-Off Tonnes Grade: %Ni

0 13,274,811 0.65

0 64131124 0.652

0.1 13,088,163 0.66

0.1 64066532 0.652

0.2 12,407,395 0.68

0.2 63962850 0.653

0.3 11,903,633 0.70

0.3 62017742 0.665

0.4 10,728,990 0.74

0.4 55913239 0.699

0.5 8,799,408 0.80

0.5 45795147 0.754

0.6 7,717,326 0.83

0.6 30857672 0.852

0.7 5,825,977 0.90

0.7 20647930 0.952

0.8 4,076,621 0.96

0.8 13830501 1.052

0.9 2,276,802 1.04

0.9 9993267 1.136

1 1,113,352 1.15

1 7563331 1.196

1.1 533,314 1.25

1.1 5617965 1.248

1.2 317,827 1.31

1.2 2777428 1.362

1.3 151,268 1.37

1.3 1352460 1.484

1.4 46,800 1.44

1.4 751058 1.594

1.5 4,634 1.53

1.5 660021 1.617

1.6 199232 1.835

1.7 154352 1.893

1.8 84920 1.989

1.9 84392 1.991

2 264 2.047

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 1

NI LIM

NI ES

NI RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 2

NI LIM

NI ES

NI RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 3

NI LIM

NI ES

NI RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 4

NI LIM

NI ES

NI RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 5

NI LIM

NI ES

NI RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 1

FE LIM

FE ES

FE RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 2

FE LIM

FE ES

FE RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 3

FE LIM

FE ES

FE RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 4

FE LIM

FE ES

FE RS

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NONOC HMC DATABASE 3D VARIOGRAM

PARCEL 5

FE LIM

FE ES

FE RS

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1

SDINAGAT 3D VARIOGRAM

NI LIM

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2

SDINAGAT 3D VARIOGRAM

NI ES

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3

SDINAGAT 3D VARIOGRAM

NI RS

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4

SDINAGAT 3D VARIOGRAM

FE LIM

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5

SDINAGAT 3D VARIOGRAM

FE ES

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6

SDINAGAT 3D VARIOGRAM

FE RS

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1

AWASAN 3D VARIOGRAM

Ni LIM

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2

AWASAN 3D VARIOGRAM

NI ES

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AWASAN 3D VARIOGRAM

NI RS

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4

AWASAN 3D VARIOGRAM

FE LIM

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5

AWASAN 3D VARIOGRAM

FE ES

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AWASAN 3D VARIOGRAM

FE RS

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1

HANIGAD 3D VARIOGRAM

NI LIM

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2

HANIGAD 3D VARIOGRAM

NI ES

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3

HANIGAD 3D VARIOGRAM

NI RS

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4

HANIGAD 3D VARIOGRAM

FE LIM

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5

HANIGAD 3D VARIOGRAM

FE ES

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6

HANIGAD 3D VARIOGRAM

FE RS