#1NAC NICKEL ASIA CORP. Investor Presentation MAY 2023 1#2NAC NICKEL ASIA CORP. NAC OVERVIEW 2#3RTN SAFETY AWARENESS CAMPA NAC BIOSECURITY versary NAC NICKEL ASIA CORP. OUR INVESTMENT STORY We are well-positioned to achieve our twin goals of being included in PSE's Top 25 companies in terms of market capitalization and becoming a Premier ESG investment by 2025: 1 Leading, growing, profitable, and rewarding mining business underpinned by a structurally supportive industry outlook on the Green mega-trends such as electric vehicle adoption and renewable energy 2 3 The growing renewable energy business diversifies NAC revenue streams and accelerates its next leg of growth ESG is ingrained in our DNA, affirmed by the lasting impact we leave in the communities we touch and the recognition and awards we continuously receive due to our sustainable business operations and practices 3#4NAC NICKEL ASIA CORP. 4 NIKL AT A GLANCE Largest producer of lateritic ore in the Philippines, 39% of Philippine nickel mine production and 5.6% of global nickel mine production in 2021, and through Emerging Power, Inc., is a forerunner in the Philippine renewable energy industry with aspirations to hit 1GW installed capacity by 2028. COMPANY FACTS 8 Mines 436 mWMT* Total nickel resources as of 2022 *395m WMT of which is measured and indicated, the remaining balance is inferred. 15.625% and 10% Interest in Coral Bay and Taganito HPAL plants, respectively. 1 GW Installed renewable energy capacity by 2028 from current 100 MW solar PERFORMANCE As of YE 22 P28B Revenue 51% EBITDA Margin OUR PARTNERS SUMITOMO METAL MINING CO., LTD. P79.6B Market capitalization m) PACIFIC METALS CO., LTD. - 0.5x NET DEBT / EBITDA SUSTAINABILITY EFFORTS 2017-2021 7M Trees planted 1,250 Hectares rehabilitated $422M Taxes and royalties paid $53M Expenditures for Environmental Protection Shell TBEA 特变电工 capacity#5NAC NICKEL ASIA CORP. OVERVIEW OF MINING BUSINESS EXPA-116 (Cervantes) EXPA-116 (Mankayan) Nickel Mining Largest nickel mining company in the Philippines and one of the largest suppliers of lateritic nickel ore globally О 。 Accounted for 39% of Philippine nickel mine production and 5.6% of global nickel mine production in 2021 Mining Assets include: Five operating mines and three development nickel projects 15.6% and 10% equity in, and supplier of low-grade_limonite ore to Coral Bay and Taganito HPAL plants, respectively One exploration permit and seven Exploration Permit Applications for copper and gold Mining Assets LEGEND Operating mines Exploration Projects - Nickel Exploration Projects - Gold Development Projects - Nickel Major Cities Source: CRU, Company filings EP-004 (Manmanok) EXPA-0014 (Kutop) AFTA-008-CAR Dinapigue EP-001-2016-III (Newminco) ● Manila Puerto Princessa Cagdianao Surigao City Taganaan Bulanjao Rio Tuba Taganito Kepha 5#6NICKEL ASIA CORPORATION NICKEL ORE PRODUCTS ORE TYPE CONTENT COUNTRY / TECHNOLOGY Ni: 1.3-1.6% Japan: FeNi SAPROLITE Fe: <20% LIMONITE FOR EXPORT HIGH FE Ni: 0.8-0.9% Fe: 48-50% FINAL PRODUCT USED IN China: NPI (RKEF) FeNi or NPI (10% Ni) 300-Series Stainless Steel China: NPI (BF) Low Grade NPI (1-2% Ni) LIMONITE FOR HPAL LOW GRADE Ni: 1.0-1.2% Fe: ≥40% Philippines: HPAL Ni-Co Sulfide (~55% Ni) 200-Series Stainless Steel Nickel Smelter 6#7NAC NICKEL ASIA CORP. RESERVES AND MINE LIFE Nickel Asia has the largest nickel reserves and its mines have the longest remaining mine life in the Industry Shipments by Mine (mWMT) 8.58.3 7.9 Ore Reserves by Mine (mWMT) Proved and Probable (as of Dec. 31, 2022 120.2 Mine Life Years from December 31, 2021 5.04.8 4.2 3.03.0 Average mine life: 15 74.3 80.1 60.6 11 10 37.1 27.0 2.1 1.7 1.8 1.4 37.2 40.2 11.7 33.5 0.3 6.5 6.9 4.8 21 4.5 RTN TMC CMC HMC DMC 2020 2021 2022 Rio Tuba Taganito Cagdianao Taganaan Dinapigue Saprolite Limonite 4 1 7 23 Rio Tuba Taganito Cagdianao Taganaan Dinapigue#8NAC NICKEL ASIA CORP. PHILIPPINE MINES ARE AMONG THE MOST COST-COMPETITIVE IN THE WORLD Philippines has the 4th-lowest nickel mining costs globally in 2021 Majority of nickel mine operations in the Southeast Asian region are open-pit and benefit from lower cost and 2024 Global mining cost by major country, 2021 ($/t Ni) Main cost drivers comparison by mining type (%) 120 8,000 6,649 102 5,798 6,000 86 3,820 4,161 80 4,000 2,450 40 50 40 2,000 969 1,138 1,297 40 655 21 21 0 9 8 10 4 5 Other C&S Brazil America Laterite Laterite Indonesia Philippines Australasia Australasia China Laterite Laterite Laterite Sulphide Sulphide N. America Europe Sulphide Sulphide. 0 Mining cost US$/t ore Power consumption Diesel consumption I/t KWh/t ore ore Labour productivity tore/100 x man Global mining cost by major country, 2024 ($/t Ni) ■Underground ■Open Pit ■ Mixed 8,000 6,887 6,149 6,000 4,854 4,268 Open pit 6 38 25 49 4,000 2,763 2,000 736 1,020 1,243 1,445 Underground 6 19 3 34 3 35 0 Other C&S Brazil America Laterite Laterite Indonesia Philippines Australasia Australasia China Laterite Laterite Laterite Sulphide Sulphide N. America Europe Sulphide Sulphide. 0% 25% ■Maintenance Consumables 50% 75% Explosive Diesel Power ■Labour 100% Source: CRU as of Aug 2022.#9NAC NICKEL ASIA CORP. LEADING AND STABLE MINING BUSINESS Nickel Asia is the largest Philippine nickel ore producer 9 And we are an established supplier. Philippines nickel mine production by major operator, (In kt Ni) Nickel Asia Ore output (In mWMT) 450 400 350 19.4 300 17.7 18.8 18.2 17.9 2.2 250 2.0 1.7 15.9 2.5 1.8 2.6 200 2.8 3.0 1.9 3.0 9:4 150 2.1 100 7.6 8.8 9.2 8.5 8.3 50 7.9 0 2016 2017 2018 2019 2020 2021 2022 5.8 5.7 4.9 5.0 4.8 4.2 2017 2018 2019 2020 2021 2022 NAC ■SR metals Adnama Mining Agata Mining ■ Others ■Global Ferronickel CTP ■Citinickel Mines ■ CNC ■Marcventures NAC is on of the largest suppliers of lateritic nickel ore globally and the largest nickel ore producer in the Philippines. Its ore production was -16Mt nickel ore (~144kt Ni) in 2022. Source: CRU Taganito Cagdianao Hinatuan Dinapigue -Total ■ Stable long-term nickel ore output due to long remaining mine life of its operating mines and substantial exploration programs in Bulanjao and Manicani that will see them in operation by 2024.#10NAC NICKEL ASIA CORP. 10 10 NIKL and EPI 1Q2023 HIGHLIGHTS NICKEL MINING Reported attributable net income of P970 million for FY-2022, which was down 8% YoY due to FX losses on Financial Assets amounting to P202 million. The group's consolidated Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled P2.21 billion, relatively unchanged from the same period last year. We sold 2.39 mWMT of nickel ore for 1Q-2023, relatively unchanged from last year's nickel ore sold. Effective Feb. 17, 2023, we signed an LOI to be the exclusive mining service contractor for Hallmark Mining Corporation and Austral-Asia Link Mining Corp's MPSA's (Mineral Production Sharing Agreement) spanning 10,000 ha's Part of this LOI is to also conduct feasibility study to establish HPAL or equivalent mineral processing plant In April 2023, FinanceAsia awards NAC the Gold citation for as the Philippines' Best Basic Materials Company. RENEWABLE ENERGY (EMERGING POWER INC.) Jobin-SQM Inc. (JSI) is now operating a total capacity to 100- MW for the solar power plant, more than the 62-MW in the same period last year, hence generation has increased to 37,628-megawatt hours, or an increase of X% YoY. JSI's 1Q23 Revenues is up 84% YoY to P182.2 million. JSI's EBITDA up 90% YoY to P151.3 million, and net income is up 85% YoY to P26.30 million. JSI's additional 72 MW in the Subic site is set to go online by 4Q2023. 130-MW plant pre-development activities underway with EPI's other long-term lease agreement with the Subic Bay. Metropolitan Authority (SBMA), with construction expected to begin in early 2024 120 MW project under Greenlight Renewables (JV with Shell) had started construction this 2Q2023.#11NAC NICKEL ASIA CORP. FINANCIAL HIGHLIGHTS (1Q'23 VS 1Q'22) - Revenue (PHP bn) " 28.0 ■Sale of ore ■Services and others 17.9 21.8 27.4 " 6.5 9.5 EBITDA (PHP bn) 14.4 14.3 D D D B Net Income (PHP bn) 7.8 7.9 all…. all…....u. 2019 2020 3.8 3.6 2021 2022 1Q23 1Q22 - 2.2 2.2 4.1 2.7 0.97 1.05 2019 2020 2021 2022 1Q23 1Q22 2019 2020 2021 2022 1Q'23 1Q'22 2019 2020 2021 2022 1Q2023 1Q2022 EBITDA margin Net income margin Ave. Ni LME price per pound (US$) Average price in US$/WMT 36% 43% 53% 51% 54% 60% 15% 19% 29% 28% 24% 29% 6.32 6.25 8.39 11.21 11.79 11.91 Ore Exports 23.52 33.99 40.40 39.39 50.37 47.48 HPAL Deliveries 8.19 8.33 12.03 18.72 18.84 19.58 Ore Exports 16.94% 25.18% 24.11% 18.02% 21.11% 19.69% Effective Ni Pay factor¹ HPAL Deliveries 8.21% 8.33% 8.81% 9.63% 10.65% 9.48% Dividend Yield² 2.4% 10.8% 8.2% 7.2% N/A N/A 32% 152% 151% 79% N/A N/A Cash dividend payout ratio of PY earnings Source: Company Data Ni Pay factor is the ratio of revenue to LME price for each unit of contained nickel sold. Dividend yield is computed as dividend per share divided by average NIKL price per share 11#12NAC NICKEL ASIA CORP. REVENUE – VARIANCE ANALYSIS 1Q2023 YoY COMPARISON Sales Volume (mWMT) 12 1Q'23 Flat YoY 2.39 Revenue Variance, Php Millions, 3M-2023 v 3M-2022 4,000 1Q'22 2.39 65 52 137 3,514 3,500 3,343 3 (18) (68) 3,000 Sales Price (mWMT) 2,500 1Q'23 -1.4% change YoY 26.80 2,000 1,500 1Q'22 27.19 1,000 FX Rate (PHP/USD) 500 0 1Q'23 +11% YoY change 54.80 Ni^1.5% Volume HPAL Volume HPAL Price 3M-2023 3M-2022 Ni^<1.4% Volume Ni~1.5% Price Forex 1Q'22 51.51#13NAC NICKEL ASIA CORP. COST & EXPENSES - VARIANCE ANALYSIS 1Q2023 YoY COMPARISON Sales Volume (mWMT) 1Q'23 Flat YoY 2.39 2,500 1Q'22 Fuel Prices (P/liter) Cost and Expenses, in Php Millions, 3M-2023 v 3M-2022 13 144 2,247 79 16 2.39 82 12 2,000 1,897 16 1,500 1,000 1Q'23 +45% YoY increase 57.6 500 1Q'22 39.8 0 Volume Excise tax and... General and admin 3M-2023 3M-2022 Fuel price Minesite overhead Nonmining costs#14NAC NICKEL ASIA CORP. SHIPMENTS AND REVENUES BY ORE TYPE 1Q2023 YoY COMPARISON Sales Volume (In mWMT) Average Ore Sales Prices (In US$/WMT) Revenue (In PHPbn) +3% YoY change 1.74 1.79 +7.4% YoY change 50.4 Ore Exports 3.3 3.5 14 +5.7% YoY change 1.8 46.9 1.7 -3.8 YoY change 18.8 +4.4% YoY change HPAL Deliveries 1.6 1.7 0.65 -8% YoY change 19.6 0.60 1Q'22 1Q'23 Ore Exports HPAL Deliveries 1Q'23 ■1Q'22 1Q'22 ■ Ore Exports 1Q'23 HPAL Deliveries#15NAC NICKEL ASIA CORP. HPAL PROJECTS EQUITY EARNINGS 1Q2023 YoY COMPARISON Equity Earnings, in PHP Millions 305.2 175.70 129.50 1Q'22 -17% YoY change 252.3 NAC's equity earnings from the HPAL projects have declined to P252 million, or by 17% Y/y from last year's earnings of P305 million. ■CBNC ■THPAL 229.40 22.90 1Q'23 15#16NAC NICKEL ASIA CORP. DEVELOPMENT PIPELINE 16#17NAC NICKEL ASIA CORP. MINING DEVELOPMENT PIPELINE Resources as of 12/31/2021 Percent of MPSA Area Drilled BULANJAO 70M WMT @1.61% Ni 22% of 3,553 hectares Target Annual Production 4M+ WMT Target Annual Product Mix 35% Saprolite 65% Limonite Pending Issues Regulatory Target Start Date 2023 MANICANI 47M WMT @1.55% Ni 38% of 1,165 hectares 2M+ WMT 50% Saprolite 50% Limonite Regulatory (ECC Amendment) 2024 KEPHA 6M WMT @1.22% Ni 2% of 6,981 hectares 2M+ WMT n/a Technical (Exploration) TBD 17#18NAC NICKEL ASIA CORP. The Pujada Project Disclosure - 17 FEB 2023 NAC or its wholly-owned subsidiary is the exclusive mining service contractor for Hallmark Mining Corporation and Austral-Asia Link Mining Corp's MPSA's (Mineral Production Sharing Agreement) o Conduct feasibility study to establish HPAL or equivalent mineral processing plant Mining Asset 1: Hallmark's MPSA spans 4,999.71 ha's located in Mati and San Isidro, Davao Oriental Mining Asset 2: Austral-Asia's MPSA spans 5,000 ha's located in Mati and Gov. Generoso, Davao Oriental 18#19NAC NICKEL ASIA CORP. 19 THE NICKEL CLASS DIVIDE: CLASS ONE DEFICIT, CLASS TWO SURPLUS EV's MASS ADOPTION PHASE (ICE DISPLACEME Coffee seedlings for planting at TMC rehabilit#20NAC NICKEL ASIA CORP. 20 EV MASS ADOPTION WILL DRIVE NI DEMAND & SUPPLY BOOST IN NICKEL DEMAND FROM THE EV MEGATREND Ni demand for battery use will rise rapidly from 11% in 2021 to 31% in 2030 driven by strong EV sales and high-nickel NCM cathode component in Li-ion batteries + STAINLESS STEEL's RESILIENT GROWTH REMAINS Demand for stainless steel expected to grow at a CAGR of 3.3% between 2021 and 2030, increasing from 58.7 Mt in 2021 to 78.1 Mt in 2030 EV DEMAND WILL DRIVE HEALTHY NICKEL SUPPLY AND PRICES Nickel prices need be sustained at a level that will incentivize investment new nickel processing capacity CRU forecasts long term nickel prices at $20k/t Ni Primary nickel demand by end-use sector, 2016-2030, kt Ni 6,000 5,000 4,000 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Stainless Steel (SS) Alloy steel Non-ferrous alloys Plating Batteries Others Stainless steel demand by region, 2016-2030, Mt gross weight Figure 52 Long term LME Ni price outlook, 2021-2030, nominal S/t Ni 90,000 Medium term price forecast Long term forecast 80,000 30,000 70,000 24,074 25,000 60,000 50,000 20,000 40,000 20,184 17,033 30,000 15,000 20,000 10,000 10,000 0 5,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2016 2018 2020 2022 2024 2026 2028 2030 China Europe India Indonesia Japan North America Other Asia Rest of world Source: CRU DATA: CRU#21NAC NICKEL ASIA CORP. RENEWABLE ENERGY 21#22NAC NICKEL ASIA CORP. 22 PHILIPPINE SHIFT TO RENEWABLE ENERGY ■ Demand growth of 6%+ p.a. until 2040, exceeding dependable capacity by 2024: MW 100,000 80,000 60,000 40,000 20,000 0 Existing capacity Additional variable Capacity and Peak Demand (2018-40) Committed capacity Additional flexible Indicative capacity Additional peaking Additional baseload -System peak demand Additional intermediate -Reserve requirement ■ At least 50% of electricity demand to be supplied by RE by 2040, half of which coming from solar, wind and geothermal: Power Generation by Fuel Type (2021 vs. 2030 vs. 2040) ■ Coal ■ Oil-Based ■Natural Gas RE 50% 22% 35% 18.0% 2% 19.3% 1% 26.7% 58% 45% 0% 23% Source: DOE, EIA 2021 2030 2040 Key drivers of electricity consumption: Macroeconomic recovery post- pandemic and strong population growth M Government goal and supporting programs to accelerate and achieve 100% electrification by 2028, and energy sufficiency by 2030 ■ RE development facilitated by favorable government policies and infrastructure: RE Act of 2008 ✓ "Must (priority) dispatch" for RE resources ✓ Feed-in Tariff ✓ Renewable Portfolio Standards (RPS) ✓ Green Energy Auction ✓ Green Energy Options ✓ Launch of WESM Mindanao#23NAC NICKEL ASIA CORP. INVESTMENT INTO RENEWABLE ENERGY1 The Philippine energy sector's shift to renewable sources provides a favorable market for us to grow our renewable energy capacity and is in line with our corporate culture of sustainability. Our dual growth strategy in mining and clean energy will support both our double-digit income growth goals and ESG thrust, and diversify cash flow from operations EPI SOLAR POWER ASSETS GEOTHERMAL 52% EPI, 38% NAC Jobin SQM, Inc. (JSI) Subic Bay Freeport Zone 50-year (+25) lease for 800 hectares. 25-year Service Contracts 230kv line can accommodate 200 MW+ 172 MW by Dec 2023; 200 MW by 2025 Of existing 100 MW, 68 MW was built below budget and on time despite pandemic-related restrictions Mindoro Geothermal Power Corp. (MGPC) 100% EPI Naujan, Oriental Mindoro 25-year Service Contract 2 MW by 2024; up to 20 MW by 2027 86.29% NAC-OWNED POWER ASSETS Biliran Geothermal Inc. (BGI) 45% EPI, 15% CMC (NAC subsidiary) Caibiran, Biliran Province 25-year Service Contract 23 Source: Company filings. Notes: (1) NAC standalone renewable plans prior to EPI and Shell Joint Venture partnership for development of renewable energy. Pilot 2 MW by 2023; success may lead to development of up 50 MW by 2027 to Site has P50 resources assessment of at lest 255 MW, making it the only remaining undeveloped large-scale geothermal field in the country#24NAC NICKEL ASIA CORP. PARTNERSHIP WITH SHELL A SIGNIFICANT MILESTONE The Joint Venture On July 1, 2022, EPI and Shell signed a Joint Venture (JV) partnership to jointly develop, own, operate, and maintain onshore renewables projects in the Philippines Exclusive platform for utility scale grid-connected solar PV, onshore wind and energy storage systems in the Philippines Capacity target of 1 GW by 2028 with aspirations of up to 3 GW Scheduled to launch its first project in 2023 Key Areas of Strategic Partnership and Collaboration 1 2 A strategic partnership with well-established global player like Shell Leverages Shell's technical expertise and integrated solutions as a global energy company Exploring synergies with a competitive retail electricity supplier (Shell Energy Philippines) 3 4 Tap into additional areas of synergies and operational collaboration between EPI and Shell Corporate Structure Shell EPI 60% Greenlight Renewables Holdings Inc. Operating Entities 40% Clean Energy Supply Various Power Offtakers 24#25NAC NICKEL ASIA CORP. JSI FINANCIAL HIGHLIGHTS (1Q'2022 to 1Q'2023) Generation (in MWh) 37,628 " 23,440 - " D Revenues (In PHP m) 182.25 D 99.10 D D B D EBITDA (In PHP m) 151.35 79.76 25 1Q'22 1Q'23 ■1Q'22 1Q'23 1Q'22 1Q'23 B 1Q'22 1Q'23 - 1Q'22 1Q'23 1Q'22 1Q'23 1Q'22 1Q'23 YoY% change Generation (in MWh) 23,440 37,628 61% Revenues (Php in millions) 99.09 182.25 85% EBITDA (Php in millions) 79.76 151.35 90% NIAT (Php in millions) 14.23 26.30 85% EBITDA Margin 80% 83% 300 bps Weighted Realized Tariff (in Php) 4.23 4.84 15% Presently operating at 100MW vs only 62 MW in previous year Positive impact due to higher generation and WESM prices within 80-85% target Sustainable profitability because of economies of scale and market conditions Within 80-85% target Tight supply in the Philippines driving prices higher Source: Company Data#26NAC NICKEL ASIA CORP. EPI'S SOLAR PROJECTS PIPELINE Capacity Attributable MW to EPI Pre-development Development Commercial Operations Date "COD" Pending Issues JSI PHASE 4 72 MW Subic Cawag 130 MW 26 1st Greenlight Project 2 x 120 MW 37 MW 130 MW Ongoing Completed on Jan 2023 Target completion: Ongoing Target completion: 3Q2023 4Q2023 4Q2023 1Q2024 Target completion: 4Q2024 1Q2025 144 MW Ongoing Acquisition of Project Company: 2Q2023 2Q2023 Target completion: 4Q2024 1Q2025 (First 1 X 120MW) None None None#27NAC NICKEL ASIA CORP. EPI'S GEOTHERMAL PROJECTS PIPELINE Capacity Attributable MW to EPI Pre-development Development BILIRAN (BGI) MINDORO (MGCP) 50 MW 20 MW 22MW Ongoing Target Completion: 2Q2023 2Q2023 Target Completion: 4Q2023 20 MW Ongoing Target Completion: 2Q 2023 3Q2023 Target Completion: 3Q2024 Commercial Operations Date "COD" 4Q2023 of Pilot 2MW 4Q2024 of Pilot 2MW Pending Issues None None 27#28NAC NICKEL ASIA CORP. 238 28 SUSTAINABILITY#29PHILIPPINES MINING EXCELLENCE IN 2022 NAC NICKEL ASIA CORP. CMC Presidential Mineral Industry Environmental Award (2019, 2020) ■ Platinum Achievement Award (2016, 2018, 2022) ■ Titanium Achievement Award (2005, 2006, 2007, 2015, 2017) RTN First ASEAN Mineral Awards ■ Presidential Mineral Industry Environment Award (2002, 2003, 2015, 2018, 2020) ■ Platinum Achievement Award (1999, 2000, 2001, 2010, 2016, 2022) ■ Titanium Achievement Award (1998, 2009, 2022) HMC Presidential Mineral Industry Environmental Award (2021, 2022) Platinum Achievement Award (2017, 2018, 2019, 2020) Titanium Achievement Award (2000, 2016) TMC Presidential Mineral Industry Environmental Award (2003, 2004, 2008, 2021, 2022) ■ Platinum Achievement Award (1999, 2006, 2009, 2017, 2022) ■ Titanium Achievement Award (2007, 2016) 29 29#30NAC NICKEL ASIA CORP. SUSTAINABILITY – AT THE CORE OF NAC KEY BUSINESSES - Our businesses have always been built on a practice of social responsibility – towards our people, towards our communities and towards our environment Nickel as a key part of the global energy transition ■ As the world moves towards green energy, the need for lithium-ion batteries for use in Electric Vehicles (EV) will continue to increase ■ In 2021, nickel-based cathodes powered 80% of the battery capacity deployed in new plug-in EVs ■ The key ingredients in the batteries of Electric Cars are the New Energy Metals Typical EV battery composition NMC 811 NMC523 80% Nickel 50% Nickel Developing a significant renewable energy business In line with our vision, we have increased our commitment to developing a significant renewable energy generation business through Emerging Power, Inc. (EPI), an 86.29%-owned subsidiary On July 1, 2022, EPI and Shell signed a Joint Venture (JV) to develop, own, operate, and maintain onshore renewables projects in the Philippines EPI's current operation capacity is 100 MW with a target of 1 GW by 2028, which is boosted by our Joint Venture with Shell 10% Manganese 20% Manganese 10% Cobalt 30% Cobalt With NAC's main business in Nickel mining, we will be an enabler for the growth in demand for EV batteries, supporting the decarbonization of the transportation and automobile industry The renewable energy business represents diversification for NAC and is important towards the pivot towards clean energy which further enhances the company's push for a cleaner and sustainable future 30#31NAC NICKEL ASIA CORP. OUR SUSTAINABILITY PERFORMANCE AND TARGETS ESG is at the forefront of our priority to address material risks with our medium- to long-term targets Our Sustainability Performance and Targets SDGs CLEAM WATER AND SAMITIATION 7 AFFORDABLE AND CLEAN ENERGY CONSUMPTION AND PRODUCTION 12 RESPONSIBLE Environment 14 ELLEN WAVER Social 3 GOOD HEALTH AND WELL-BEING DECENT WORK AND ECONOMIC GROWTH 13 CUPATE ACTION 15 0 INLAND 5 GENDER EQUALITY REDUCED 10 INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES IIII Governance 5 GENDER EQUALITY 16 PEACE. JUSTICE AND STRONG INSTITUTIONS 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE Metric Renewable Energy Generation GHG Emissions (Scope 1 & 2) Biodiversity Protection Safe Workplace Health Care Mental Health Gender Equality Sustainable Communities Diversity and Inclusion Transparency Zero Bribery Governance Mechanism Board Commitments 2022 Achievements 100 MW Operational Capacity 389,149 tCO2e Total Greenhouse Gas Emissions in Scopes 1 and 2 1,192 hectares of terrestrial habitat protected and restored Zero (0) Lost Time Accidents 100% Employees Covered by Annual Physical Exam All Subsidiary Companies with Access to Mental Health Care 33% Women in Supervisory and Managerial Positions 22% of Total Households with Access to Level 3 Water System 24% Average Women Representation in Top Level Management Positions $87mn Taxes & Royalties Paid Zero (0) Bribery Incidents Created Board-level Sustainability Committee and Appointed a Chief Sustainability Officer ESG External Assessment 2025 Targets 650 MW by 2025 10% Reduction in Scopes 1 and 2 GHG Emissions 10,376 hectares of terrestrial habitat protected and restored Zero (0) Lost Time Accidents 100% Employees Covered by Annual Physical Exam All Subsidiary Companies with Access to Mental Health Care At least 30% Women in Supervisory and Managerial Positions 64% of Total Households with Access to Level 3 Water System 30% Average Women Representation in Top Level Management Positions $101mn Taxes & Royalties Paid Zero (0) Bribery Incidents Incorporate ESG strategy with Risk Management Framework Evaluation and Updating of Roadmap based on Accomplishment and Assessment Our Long-Term Targets Increase Renewable energy capacity to >1GW 42% reduction in scopes 1 & 2 GHG emissions by 2030 vs 2021 baseline* O waste to landfill by 2030 Net Zero Carbon by 2050 *Subject to SBTI's certification. ! Our efforts will help minimize material risks and I promote sustainable development Secure resources while managing regulatory risks Satisfy downstream customers Establish sustainable relationships with ecosystem / stakeholders Minimize risks of malpractice and catastrophes Set path to Net Zero Carbon by 2050 Optimize capital allocation with EV/RE exposure 31#32NAC NICKEL ASIA CORP. 32 0-10 ESG SCORE IMPROVED TO 34.8 FROM 43.7 Nickel Asia Corp. Rating Report Score and Risk Category 34.8 High Risk Negligible Low 10-20 Medium High 20-30 30-40 Severe 40+ Material ESG Issues Issue Name ESG Risk Exposure Score | Category ESG Risk Management Score | Category 41.2 Average ESG Risk Rating Score | Category Contribution to ESG Risk Rating Community Relations Emissions, Effluents, and Waste 8.1 High 5.1 Medium 14.7% 8.6 High 45.7 Average 5.0 Medium 14.5% The company is at high risk of experiencing material financial impacts from ESG factors, due to its high exposure and strong management of material ESG issues. Notably, its overall risk is higher since it is materially exposed to more ESG issues than most companies in our universe. The company has experienced a moderate level of controversies. Resource Use Carbon -Own Operations Occupational Health and Safety Human Capital Corporate Governance 9.0 High 47.2 Average 4.8 Medium 13.7% 7.2 Medium 48.5 Average 4.4 Medium 16.0% 5.6 Medium 50.6 Strong 3.3 Low 9.6% 8.1 High 71.9 Strong 2.9 Low 8.2% 4.5 Medium 39.9 Average 2.8 Low 8.0% ESG Risk Rating Distribution Bribery and Corruption Land Use and 5.4 Medium 60.0 Strong 2.3 Low 6.7% 3.8 Low 53.4 Strong 1.8 Negligible 5.1% Biodiversity 0.8 68% Business Ethics 64% Overall 2.7 Low 63.0 High 57.0 Strong 1.2 Negligible 3.6% 49.2 Strong 34.8 High 100.0% 0.7 0.6 0.5 0.4 0.3 23%22% 0.2 12% 9% 0.1 ΙΟΙ ΙΟ 1% 1% 0 Negligible Low Medium High Severe Legend Industry (Diversified Metals) Subindustry (Diversified Metals Mining) Rank | Percentile (1st Top Score) = 60/223 | 27th 40/184 | 22nd Rated P MORNINGSTAR SUSTAINALYTICS#33NAC NICKEL ASIA CORP. ESG IN OUR DNA We deliver responsible mining and make a lasting impact to the communities and environment that we operate in. bill 35060 PilMico COFTA PIMCO AICO ico ICO EPI SOLAR FARM SUBIC, ZAMBALES SOLAR FARM CONVERSION OPTION: Mined-out areas can be transformed into solar farms like this facility in Subic, Zambales, owned and operated by EPI, a NAC subsidiary URBIZTONDO CROP PRODUCTION COOPERATIVE (UCPC), SURIGAO DEL NORTE AGRI-PROCESSING CONVERSION OPTION: After enhancing productivity of local agri-products such as cassava, post-harvest production facilities can be established in partnership with national government agencies and peoples' organizations. Taganito Mining Corporation supported farmers' cooperative, UCPC, is a good example of this. 2017-2022 7M Trees planted 1,250 Hectares rehabilitated $422M Taxes and royalties paid $53M Expenditures for Environmental Protection 2022 3,075 Employment generated $5.71M Social Development and Management Program, Corporate Social Responsibility 33#34NAC NICKEL ASIA CORP. PRESENTATION END 34 Coffee seedlings for planting at TMC rehabilit#35NAC NICKEL ASIA CORP. DISCLAIMER This presentation and the information contained herein as well as the materials distributed herewith ("Presentation") are the sole and exclusive property of Nickel Asia Corporation ("NAC") and shall only be used for the purpose intended herein. This Presentation is not intended to provide any definitive advice or opinion of any kind and should not be relied on for any purpose. This Presentation may not be reproduced, in whole or in part, nor summarized, excerpted from, quoted or otherwise publicly referred to, nor discussed with or disclosed to anyone else without the prior written consent of NAC. Except for historical financial data and operating data and other information in respect of historical matters, statements in this Presentation including those that describe NAC's objectives, projections, estimates, expectations, targets, prospects or plans are "forward-looking statements" within the meaning of applicable securities laws and regulations. The words "believe", "expect", "anticipate", "estimate", "project", "plan", "may", "intend", "will" or other similar words are frequently used to indicate these forward-looking statements. Any such forward looking statement is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that could cause the actual performance, financial condition or results of operation of NAC and its subsidiaries to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statement. Among the factors that could cause actual results to differ from the implied or expected results include economic conditions affecting supply/demand, price conditions in the local and overseas markets in which NAC and its subsidiaries operate, exchange rate fluctuations, political risks, changes in government regulations, tax laws and other statutes and incidental factors. NAC accepts no responsibility nor liability from any consequence that may arise from the use of the information or data in this Presentation. Any opinion/data/forward-looking statements in this Presentation may be subject to change by NAC without notice. No representation or warranty, express or implied, is made or given by or on behalf of NAC, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, the information (including certain data that was obtained from various external data sources or otherwise made available, and which have not been verified with independent sources) or opinions contained in this presentation and no responsibility or liability is assumed by any such persons for any such information or opinions, for any errors or omissions, as to the reasonableness of any assumption contained herein or for any loss howsoever arising from any use of these materials. This document should not be regarded by recipients as a substitute for the exercise of their own judgement. The information contained in this document should be considered in the context of the circumstances prevailing at the time and is subject to change without notice and will not be updated to reflect material developments that may occur after the date hereof. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of NAC and its subsidiaries. This presentation is intended to present background information on NAC and its subsidiaries, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. The merit and suitability of an investment in NAC or any of its or its subsidiaries' securities should be independently evaluated and any person considering such an investment in NAC or its subsidiaries is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment. This Presentation is for informational purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied upon in any connection with, or act as an inducement to enter into, any investment decision, contract or commitment whatsoever. These materials are not an offer for sale of the securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. NAC does not intend to register any portion of any proposed offering in the United States or to conduct a public offering of securities in the United States. These materials are not for release, publication or distribution, directly or indirectly, in or into or from the United States or to any person located or resident in the United States. Any failure to comply with the foregoing restrictions may constitute a violation of U.S. securities laws. By attending the meeting where this presentation is made or by accepting a copy of this presentation, you agree to be bound by the foregoing limitations. 35#36NAC NICKEL ASIA CORP. APPENDIX 36 Coffee seedlings for planting at TMC rehabilit#37NICKEL ASIA CORPORATION INVESTMENT IN HPAL PROJECTS Most successful implementation of HPAL technology in the world. End products are refined in Japan by Sumitomo Metal Mining and ultimately utilized in the production of EV batteries. Provides captive market for our low- grade limonite ore, that would otherwise end up as waste materials, thereby enhancing the profitability of Rio Tuba and Taganito mines. Location Equity Ownership Project Cost / Year Nameplate Capacity Ore Supply (2022) NAC's Equity Earnings (2022) Technology Product Coral Bay Palawan, adjacent to Rio Tuba mine 15.625% $508 Million / 2005 20,000 Ni-Ton 3.1 million WMT PHP189.7 million Taganito HPAL Surigao Del Norte, adjacent to Taganito mine 10% $1.59 Billion / 2013 30,000 Ni-Ton 4.4 million WMT PHP752.4 million High Pressure Acid Leach (HPAL) process licensed from Sumitomo Metal Mining Ni-Co sulfide sold exclusively. to Sumitomo Metal Mining 41#38(g/kEh) NAC NICKEL ASIA CORP. NICKEL DEMAND BOOST FROM NICKEL-BASED BATTERIES FOR EVs NCA and NMC preferred due to smaller size, longer distance, and safety. Trend is to achieve longer distances by increasing cell pack capacity, which requires more Ni. Demand for Ni in EVs may be inelastic due to the minimal effect of Ni price vs. EV price: At US$25,000/t Ni, cost of Ni in NMC955 battery (high range) is US$1,650. Increase of US$5,000/t Ni results in cost increase of US$330 Metals content by generation 1,600 1,200 800 400 0 NCM111 NCM622 Li ■Ni Co NCM 7/8 ■Mn NCMX Source: CRU as of Aug 2022; Select broker reports as of Jul 2021. Cathode Mix in EV Batteries Preference for NCA and NMC811 batteries which have higher nickel intensities 100% 80% 60% 40% 20% 100% 80% 60% 40% 20% 0% 2020 2021E 2022E 2023E 2024E 2025E 0% ■ NMC 111 ■ NMC 532 NMC 622 NMC 811 LFP Mn rich after 811 LCO ■NCA LMO Global battery chemistry mix 2018 2019 2020 2021 LFP 2022 2023 2024 2025 2026 NCM/NCA 2027 --Previous LFP forecast#39NAC NICKEL ASIA CORP. 43 Emerging Power Inc. Solar Plant Tour ■ Eight of the largest Domestic Institutional Investors visited our Sta. Rita Power plant last February 3, 2022 JSI's Sta. Rita Solar Power Plant has installed capacity of 100 megawatts (MW), with another 72 MW currently in construction. Investors and fund managers from different firms spent a day touring the Sta. Rita Solar Power Plant in February 2023 to learn about the latest initiatives of Nickel Asia Corporation (NAC) in the area of renewable energy. The day tour began with a safety orientation followed by a presentation from Jobin-SQM Inc. (JSI) Senior Manager Noel Raza about the plant's capacity, operations, maintenance and performance, among others. The tour concluded with a drive to the plant's view deck. Together with site engineers, investors were treated with a landscape view of the plant.#40NAC NICKEL ASIA CORP. Emerging Power Inc. Solar Plant Tour ■ Technical Inspection of the Flywheel Energy Storage System (FESS) by the ERC AWARNING A FLYWHEELS IN OPERATION A AMBER AUTHORIZED PERSONNEL ONLY Installed Capacity 16 kW /64 kWh 2 units of M32 FESS (Amber Kinetics) EPI is also piloting two flywheel energy storage units as a means to store and generate power after sunset. This is the first time a flywheel battery has been used in a utility-scale solar plant. Sustainability. Flywheels are environment-friendly and use minimal chemicals for maintenance compared to battery energy storages. Advantages. Low maintenance; Long life (30 years); Negligible environmental impact; Reduced CO2 emission; Recyclable Energy Solution; Non-hazardous Materials; No degradation. 44#41NAC NICKEL ASIA CORP. 45 INVESTMENT PARAMETERS In selecting sites, we follow these criteria: Irradiance, wind, or geothermal resources assessment are better than average Possessory rights are clear and robust Viable and cost-effective connection solution to the grid ESG best practices can be implemented farms, depending on In developing solar the site, we are targeting: 99% & 16-20% 70% 60-80% 85% & 35% Availability and Plant Factor Minimum capacity contracted under long-term PSA Non-recourse PHP Project Loans (10-15 yrs) EBITDA Margin and An assumed tariff of PHP 5.0/kWh 12-20% FORECASTED TO YIELD Net Income Margin Equity IRR Net income of PHP 300-350 mm Per 100 MW of solar capacity