Ore Resources and Reserves

TOTAL ORE RESERVES (1) as of December 31, 2017

OperationMineral TypeClassificationTonnes
(kWMT)
Tonnes
(kDMT)
%Ni%FeContained
Ni (kT)
Rio TubaSaproliteProved and Probable19,41912,954
1.5113.68196
LimoniteProved and Probable51,352
35,8581.0935.64391
TaganitoSaproliteProved and Probable54,903
38,291
1.4810.00567
LimoniteProved and Probable121,641
81,517
1.0546.01
856
CagdianaoSaproliteProved and Probable21,846
14,564
1.5016.70
218
LimoniteProved and Probable24,037
16,0251.2027.61192
Hinatuan(Taganaan)SaproliteProved and Probable4,9043,2081.4012.9545
LimoniteProved and Probable7,0314,6721.1636.4454
DinapigueSaproliteProved and Probable4,3372,8191.8528.7452
LimoniteProved and Probable50,57632,8751.3240.00434
Total ReservesSaproliteProved and Probable105,40971,8361.5012.891,078
LimoniteProved and Probable254,637170,9471.1340.691,927
This summary was prepared by Engr. Rolando R. Cruz, who is the current Vice President for Project Development and Research of Nickel Asia Corporation. Engr. Cruz is a Competent Person under the definition of the Philippine Mineral Reporting Code (PMRC) and has sufficient experience as to the type of deposit and mineralization. He has given his consent to the Public Reporting of this statement concerning Ore Reserve Estimation.

TOTAL MINERAL RESOURCES (1)(2)(3)(4) As of December 31, 2017

OperationMineral TypeClassificationTonnes
(kWMT)
Tonnes
(kDMT)
%Ni%FeContained
Ni (kT)
Rio TubaSaproliteMeasured and Indicated23,10114,5571.6413.47239
LimoniteMeasured and Indicated53,42037,1671.1235.46416
SaproliteInferred17,80911,1611.6212.04181
LimoniteInferred124871.2535.501
TaganitoSaproliteMeasured and Indicated54,90338,2911.6610.00636
LimoniteMeasured and Indicated121,64181,5171.0546.01856
SaproliteInferred3,6972,5581.5711.8540
LimoniteInferred-----
CagdianaoSaproliteMeasured and Indicated27,46417,8511.3913.09248
LimoniteMeasured and Indicated21,31913,8571.2334.85170
SaproliteInferred6,4314,1801.2314.2751
LimoniteInferred3,0451,9791.1630.8623
Hinatuan(Taganaan)SaproliteMeasured and Indicated10,2096,6511.2612.1084
LimoniteMeasured and Indicated7,6194,9631.0397.9651
SaproliteInferred8,3175,4181.2412.7167
LimoniteInferred4,6733,0441.0933.1233
DinapigueSaproliteMeasured and Indicated43,61528,3501.2013.78340
LimoniteMeasured and Indicated60,83039,5401.2343.32486
SaproliteInferred25,04616,2801.1413.95186
LimoniteInferred8,8005,7201.0642.3361
Total ResourcesSaproliteMeasured and Indicated159,292105,7001.4612.151,547
LimoniteMeasured and Indicated264,829177,0451.1242.101,979
SaproliteInferred61,30039,5971.3313.14525
LimoniteInferred16,64210,8301.0937.59118
This summary was prepared by Ramon N. Santos, who is a Consultant Geologist for Nickel Asia Corporation. Mr. Santos is a Competent Person for Reporting Exploration Results and Mineral Resources Estimates under the PMRC. He has sufficient experience which is relevant to the type of deposit and mineralization.

(1) Ore Reserves and Mineral Resource tonnages are shown in full. Nickel Asia Corporation owns 60% of Rio Tuba, 65% of Taganito, and 100% of the Cagdianao, Hinatuan, and Dinapigue operations.

(2) Inclusive of Mineral Resources converted to Ore Reserves

(3) Mineral Resources include stockpiles

(4) The Contained Ni does not consider mining losses and dilution

Note: Cut-off grades used to estimate Ore Reserves and Mineral Resources are as follows:

Rio TubaSaprolite: ≥ 1.0% Ni, < 20.00% Fe;Limonite: ≥ 20.00% Fe;
TaganitoSaprolite: ≥ 1.22% Ni, < 20.00% Fe;Limonite: ≥ 20.00% Fe;
CagdianaoSaprolite: ≥ 0.90% Ni, < 20.00% Fe;Limonite: ≥ 20.00% Fe;
TaganaanSaprolite: ≥ 0.95% Ni, < 20.00% Fe;Limonite: ≥ 20.00% Fe;
DinapigueSaprolite: ≥ 1.00% Ni, < 20.00% Fe;Limonite: ≥ 20.00% Fe;