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Ore Resources and Reserves

This summary was prepared by Engr. Aloysiuz Diaz, who is the current Vice President for Operations of Taganito Mining Coporation and Cagdianao Mining Corporation. Engr. Diaz 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 Kristine Grace Victoria, who is the current Resource Geology Manager under Ore Resources Management Group of Nickel Asia Corporation. Ms. Victoria is a Competent Person for Reporting Exploration Results and Mineral Resources Estimates under the PMRC. She has sufficient experience which is relevant to the type of deposit and style of 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 Cagdianao and Hinatuan

(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

(5) The mineral resouce of RTN consists of 4.7 million WMT of saprolite and 14.3 million WMT of limonite within economic zone.

(6) The mineral resource of RTN consists of 0.1 million WMT of saprolite and 8.2 million WMT of limonite within economic zone.

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

Rio TubaSaprolite: ≥ 1.00% 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: ≥ 0.60% Ni, < 30.00% Fe;Limonite: ≥ 0.60% Ni, > 30.00% Fe