Investor Presentaiton

(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

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