Nico Resources Limited · ASX:NC1
Nico Resources — Investor Presentation (January 2026)
26 slides from Nico Resources's investor presentation, Jan 27, 2026
Slide 1: Investor Presentation – Wingellina
For personal use only Investor Presentation WINGELLINA A WORLD CLASS NICKEL COBALT PROJECT JANUARY 2026 | ASX:NC1
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This investor presentation (Presentation) is dated January 2026 and has been prepared by Nico Resources Limited (ABN 80 649 817 425) (Nico or the Company). Summary Information Competent Person Statement The Presentation is based upon information available to the Compa
Slide 3: Executive Summary
Executive Summary Nico Resources Summary Nickel Market Summary Nico Resources Investment thesis • Nico owns 100% of the Wingellina Project, a large • Nickel price has halved in the last 2 years due to • A globally significant economically robust project – undeveloped nickel-cobalt oxide deposit in t
Slide 4: A Globally Significant Project
A Globally Significant Project For personal use only Note: Investor Presentation 1. Refer to Appendix (Page 16) for full details of the Source Data used in the chart above. 2. Please refer to Page 16 for Peer Reserves Cautionary Statement. 4 3. Projects exclude undeveloped Indonesian nickel projects
Slide 5: Project Summary
Project Summary Wingellina is one of very few PFS completed in December 2022 large-scale nickel development outlined a project with robust projects outside of Indonesia economics ● 1.56 million tonnes of contained nickel and ● Production of 40ktpa of Ni and 3ktpa of Co for 123,000 tonnes of containe
Slide 6: Company Summary
Company Summary Board and Management Market Data Share price (A$/share)1 0.30 • Peter Cook (Non-Executive Chairman) • Jonathan Shellabear (Managing Director/CEO) Shares on issue (million) 136.8 • Rod Corps (Non-Executive Director) Options on Issue (million) 7.975 For personal use only • Stewart Find
Slide 7: Company Summary – Share Price Performance
Company Summary Share Price Performance Relative Share Price Performance For personal use only Investor Presentation 7
Slide 8: Wingellina Resources
Wingellina Resources The Wingellina nickel-cobalt Independent resource estimate Additional work required as oxide resource comprises undertaken by ERM Australia recommended by ERM Australia two main north-westerly (formerly CSA Global) striking zones of limonitic ● MRE incorporated detailed geologic
Slide 9: Metallurgical Testwork Summary
Metallurgical Testwork Summary ALS Laboratories engaged to undertake Delineation of Lewis calcrete resource is a significant project Wingellina ore is extremely well suited for HPAL bench scale metallurgical testwork benefit • Objective to confirm selected pilot flowsheet • Majority of nickel is con
Slide 10: Processing Summary
Processing Summary ● Very low mining strip ratio (LOM strip ratio is around 1:1) and minimal drill and blast required ● ROM ore will be screened, oversize rejected and blended for consistent feed quality to plant. Most of the nickel is contained within the fine fraction which enhances leaching kinet
Slide 11: Process Flowsheet
Process Flowsheet For personal use only Investor Presentation 11
Slide 12: Infrastructure Summary
Infrastructure Summary ● Logistics are a key focus – upgrading and sealing of Outback Way is a major cost benefit to the project ● Two logistics options either through the Port of Darwin or Esperance Port ● Review of WA logistics route is preferred following a review of options (existing facilities
Slide 13: Wingellina Project Investment Highlights
Wingellina Project Investment Highlights The Wingellina Project is a world ● The PFS outlined an economic project characterised by: ● Recent infrastructure advancements including upgrade ○ Robust Economics - NPV8 of A$3.34 billion (forecast of transport links (both road and rail), energy solutions c
Slide 14: Future Work Program
Future Work Program As previously stated, in 2024 Nico determined that it was prudent in the current market conditions to reduce discretionary expenditure until market conditions improve. During the March 26 quarter Nico plans to focus on the following activities 1. Commence an infill drilling progr
Slide 15: Appendices
Appendices For personal use only Investor Presentation 15
Slide 16: Comparison Deposit Data
Comparison Deposit Data Project Company Location Tonnes1 Ni Grade (%) Co Grade (%) Cu Grade (%) PGM Grade (g/t) Ni Eq. Grade (%) Source Documents Canada Nickel, Crawford Nickel Sulphide Project NI 43-101 Technical Report and Crawford Canada Nickel Ontario, Canada 1,715,000,000 0.22 0.01 0.00 0.02 0.
Slide 17: Company Directors
Company Directors Peter Cook Jonathan Shellabear Roderick Corps Stewart Findlay Brett Smith BSc (Geology), MSc (Mineral Economics) BSc (Hons) (Geology), MBA, FAusIMM B.Comm B.Chem Eng, MBA, M Res Methodology Non-Executive Chairman Managing Director and Chief Executive Non-Executive Director Non-Exec
Slide 18: Senior Company Management
Senior Company Management Amanda Burgess Peter Cook Matt Jones Jonathan Shellabear FrancoisCorps Roderick Schmid Max Maczurad Stewart Findlay KimSmith Brett Pervan BEcon, CPA BSc (Geology), MSc (Mineral Economics) BSc,(Hons) BSc Geology (Hons) MBA, FAusIMM (Geology), BEng (Hons) (Chemical) BSc (Geol
Slide 19: Nickel Laterite Deposit Styles
Nickel Laterite Deposit Styles Three main categories of laterite deposits are based on the dominant mineralogy and show a wide range of variations in both weathering profiles and chemistry. WA Goldfields Laterite Coral Triangle Laterite Wingellina Laterite 2 to 10 Ni (%) Mg (%) Fe2O3 (%) Ni (%) Mg (
Slide 20: Nickel Supply Chain
Nickel Supply Chain Limonite derived intermediate products such as MHP are an optimal raw feedstock for downstream users with their natural metal assemblage requirements and low conversion costs to sulphate Legend Ore sources Traditional mining techniques Pyrometallurgical techniques energy intensiv
Slide 21: PFS Key Consultant and Contributors
PFS Key Consultant and Contributors For personal use only Investor Presentation 21
Slide 22: PFS Economic Highlights
PFS Economic Highlights Robust financial and investment metrics for both Base Case and Spot Case Base Case Spot (at the time of PFS release) Assumptions WoodMac / S&P MI (Blend) Nickel price1 US$30,000/t US$21,472/t For personal use only WoodMac / S&P MI (Blend) Cobalt price1 US$50,995/t US$49,686/t
Slide 23: PFS Opex and Capex Summary
PFS Opex and Capex Summary Wingellina OPEX Metallurgical Testwork & CAPEX Summary Summary Appendix 5 Low operating costs producing strong cash operating margins and payback of capital within 4 to 5 years Investor Presentation Area Description1 AUD/t USD/t USD/lb Area Description AUD M’s USD1 M’s Min
Slide 24: Project Resources and Reserves
Project Resources and Reserves Classification Tonnes Ni Grade (%) Co Grade (%) Fe2O3 Grade (%) MgO Grade (%) Ni Metal (k tonnes) Co Metal (k tonnes) Measured Indicated 164,100,000 0.93 0.06 42.8 3.3 1,531 98 Inferred 23,300,000 0.72 0.03 23.0 8.6 166 7.3 Total 187,300,000 0.91 0.06 40.3 4.0 1,698 10
Slide 25: Wingellina Project History
Wingellina Project History The first deposits of nickel oxides in the Musgrave Block were discovered in the Mt. Davies area by South Australian Government geologists in 1954. International Nickel Company (“Inco”) identified that the regional geology was similar to the Sudbury deposit in Canada and,
Slide 26: Contact Details
For personal use only Contact Details Jonathan Shellabear Managing Director and Chief Executive Officer Level 6, 190 St. Georges Terrace, Perth, Western Australia jonathan.shellabear@nicorresources.com.au
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