Ore Resources and Reserves

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.

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;