#1MINERAÇÃO VALE VERDE ATLANTIC NICKEL#2TARTALLAR Appian Capital Advisory Introduction 1#31 Appian - A leading metals & mining long-term value investor leading and differ ~$2.0bn Assets under management 9 Investments made invest ม deep technic 2 Exits 6 Mines brought into production Dedicated mining-focused investors Experienced and focused investment technical team In-house development, financing, and operational expertise and ☐ 30 Investment professionals ས Fully committed discretionary long-term capital, with co-investment pool Fund consists of small group of long-term investors suited to mine development timelines Nine strategic investments made, with six mines financed and in production 30 person global team with Tier 1 expertise and 300+ years of cumulative mining industry experience Careers with BHP Billiton, Anglo American, Rio Tinto, Barrick and JPMorgan 80% engineers and geologists (miners talking to miners, geologists talking to geologists) APPIAN CAPITAL ADVISORY LLP 2,600 Employees Proven track record of mine finance and value creation through the cycle, able to support management through development Built, operated, and expanded 60+ mines globally across commodities and geographies Executed and advised on >US$250bn of mining transactions worldwide Long-term, collaborative, value maximizing investor Long-time horizon (12+ years), matching long-term capital with a long-term industry Enabling operational development by providing full funding solution and technical expertise to management teams ■ Able to achieve better debt financing terms given cornerstone fully funded nature Source: Appian Capital Advisory LLP STRICTLY PRIVATE AND CONFIDENTIAL#41 Appian Capital Brazil - Asset overview APPIAN CAPITAL ADVISORY LLP Atlantic Nickel - Santa Rita mine Ownership: Commodity Life of mine Annual production Cash cost: 100% Nickel-Copper-Cobalt 8 years OP + 26 year UG expansion OP: ~20 ktpa(1) UG: ~30 ktpa(1) $2.32/lb Ni Eq (1st quartile) Relevant notes: 1) Assumed pricing for NI 43-101 1 Brazil Mineracao Vale Verde - Serrote Project Ownership: Commodity Life of mine Annual production Cash cost: 100% Copper-Gold 14 years (initial case) 20000t Cu eq(1) US$ 1.54/lb Cu (2nd quartile) Belo Horizonte Corporate Office STRICTLY PRIVATE AND CONFIDENTIAL#51 Appian Capital Brazil Management Team APPIAN CAPITAL ADVISORY LLP High caliber local team with 100+ years of combined mining experience backed by Appian Capital's technical and financial teams 4 Paulo Castellari Chief Executive Officer Ned Jalil Chief Operating Officer ■ 25+ years in the mining and industrial sectors ■ Formerly employed by Anglo American and Mubadala ■ 20+ years experience in mining operations and business ■ improvement Formerly by employed Freeport McMoran, Cameco and Kinross Milson Mundim Chief Financial Officer ■ 20+ years experience in the finance, private equity and mining sectors ■ Formerly employed by Deutsche Bank, IFC, Patria, Vale and Kinross Silvio Lima Director, Corp Affairs, People & SHE ■ 15+ years experience in the mining and industrial sectors with stakeholder ■ engagement and people management Formerly employed by Anglo American and Kinross Murilo Nagato Director, Business Planning & Delivery ■ 15 years experience in the mining sector with business improvement and planning ■ Formerly employed by Anglo American and Mubadala STRICTLY PRIVATE AND CONFIDENTIAL#61 Appian Standards Building a truly sustainable business by applying our corporate values and leveraging 100+ years experience in the field of mining and mineral resources 5 A sustainable business based on the concept of Social Integration APPIAN CAPITAL ADVISORY LLP Understanding what matters and applying best practice in the field, such as IFC Performance Standards Protect Agreed Business reputation Social Environment ☐ Prestige 圖2 ☐ Permits Equitable Viable Economic Being integrated means that we are part of the territory just like any other member of the community - like any other stakeholder ■ If we are part of the territory, we engage, we debate, we seek alternatives, we share our learnings and are open about areas that can improve, like in any constructive social setting. ■ Promote Social License to Operate Our values ■ Favourable image Goodwill towards the organization Stable operation environment Integration with the territory where we operate Our strategic priorities STRICTLY PRIVATE AND CONFIDENTIAL#7ATLA Atlantic Nickel Overview 2#87 2 Diligent and responsible restart of the Atlantic Nickel operations One of the very few Nickel Sulphide mines in operation ◉ Sulphide deposits are rare ■ Sought-after product with the increased demand for electrification Defensive position in the long term Significant upside potential - LoM 34 years ▪ Revised operating strategy enabled safe, sustainable and low-cost operations Strategically located Significant contribution to a mining-friendly jurisdiction ■ Favorable logistics to ship material Easy access to infrastructure and qualified labour WANA ATLANTIC NICKEL STRICTLY PRIVATE AND CONFIDENTIAL#92 Diligent and responsible plan to restart the Atlantic Nickel operations Safely and successfully restarted operations ahead of plan, delivering 10 shipments within spec to date. 16 months Operations re-started October 2019 1.65 LTIFR Safe re-start: LTI frequency rate by Feb 2021 3.11 USD/lb Unit Cash Cost (C1) achieved YTD Dec 2020 10 Shipments Safely completed 10 shipments in line with offtaker's spec 8 ATLANTIC NICKEL Ramp-up performance Actua McNulty Series | 1 % of Nominal Throughput - Ore milled 100 Month 3 Dec 19 85% 80 60 60 60 40 20 20 out-1 6 dez-1 19 64.743367117 Month 6 -60% Maintenance jun-2 Month 18 Dec 20 Dec 20 Mar 21 100% 87.502853846 Month 9 Jun 20 89% 69.604873502 dez-2 0 82.82 fev-2 STRICTLY PRIVATE AND CONFIDENTIAL#102 Conclusion ATLANTIC NICKEL Atlantic Nickel is well positioned to become a long-term supplier of a strategic metal for the future. Appian's management model enabled substantial value creation adopting fit-for-purpose technology, safety and responsible operations 34 year LOM ■ Scalable mineral deposit 9 ■ Favorable jurisdiction ▪ Low-risk operation 20k tonnes per annum ■ Relevant player in the industry Producing a metal for the future 3.11 USD/lb ▪ Defensive cost position in the long term ■ Cash-generating in the first months of operation STRICTLY PRIVATE AND CONFIDENTIAL#1110 10 MVV Overview 3#123 MINERAÇÃO VALE VERDE Introduction to MVV Mineração Vale Verde's Serrote Project will be the first mining venture in the state of Alagoas in Brazil. An attractive deposit with a world-class execution team to deliver a low-cost copper operation by the second half of 2021. Unique opportunity in the mining space ■ Attractive Copper deposit ■ Well drilled, understood and scalable mineral ■ resources Mining-friendly jurisdiction Sound execution programme First-class leadership team ▪ Well-established, ongoing implementation plan ■ Proven risk-management methodology ■Robust social integration strategy Efficient, low-cost operation ■ Established operations team and local workforce ■ Fit-for-purpose operating model Low complexity mining operation 22 11 CONFIDENTIAL INFORMATION#133 Key achievements since Appian acquisition. Advanced stage copper-gold asset currently under construction and benefiting from all major permits in place MINERAÇÃO VALE VERDE 12 Project overview Appian acquired 100% of MVV in March 2018 and completed a DFS in early 2019 that outlined a high margin, low capital intensity mine - Over US$80m invested by previous owners Ongoing optimisation efforts and focus on value resulted in updated DFS in November 2019 Progress in line with plan, 95% overall project completion EM Erection progressing well and 100% of detailed engineering complete Majority of key contracts in place with 91% of the Capex awarded ■ All major permits in place Equity fully underwritten by Appian Droforrod offtaker colectod Milestones achieved since Appian acquisition Q1 2018 ■ DFS completed resulting in attractive project economics and favorable construction decision ■ New management team with proven track record of project development in Brazil ■ Land acquisition program completed ■ Installation License renewed by the Environmental authority ■ Civil works and EM Erection Completed on Dry area Today TSF construction completed 230 kV Power Supply Energizing Completed 10,000m+ infill drilling covering first few years of operation completed 2,000+ person team on site including third party contractors ■ Attractive offtake terms secured with preferred offtaker selected • Financing process completed Commissioning works in line with plan CONFIDENTIAL INFORMATION#143 13 Project Construction Status MINERAÇÃO VALE VERDE At the end of August 2020, physical progress was in line with plan at 96.5% completion. 83% of the project capex is committed, with engineering and procurement completed. Serrote's safe start-up is planned for the second half of 2021. Physical Completion: Serrote Project Overall Progress: 96.5% progress achieved by end Feb 10 985 4 5 && Lat Let G 05 0 (% Complete) Jan Abr 23% 56% 96.5% - 88% Plant Start-Up during H2 2021 Jul Out Jan Abr Jul Out Jan Abr 2020 2021 2019 CONFIDENTIAL INFORMATION#153 Conclusion MINERAÇÃO VALE VERDE Appian's sound execution programme has significantly de-risked the Serrote project, an asset that will become a significant player in a structurally attractive industry in the long term Opportunity in an attractive industry Copper deposits are not easy to find ■ Favorable logistics Comprehensive understanding of the deposit First-class execution programme ■ Robust social integration strategy Experienced execution team that have significantly de-risked the project: 96%+ complete, start-up in H2 2021 Efficient, low-cost operation • Established operations team with high complement of local employees ■50kt copper concentrate or 20kt of contained copper equivalent annually 1. Commodity price and FX rates: Copper - USD2.60/lb (2021); USD2.65/lb (2022); USD2.70/lb (2023); and USD 2.75/lb (2024 and thereafter); Gold - USD1,200/oz; FX: BRL/USD 4.10. 14 CONFIDENTIAL INFORMATION