Investor Presentaiton

Forrestania Western Areas flagship producing asset is the 100% owned Forrestania nickel project Flying Fox Flying Fox has operated for over 15 years Significant low grade disseminated resource In FY21, Flying Fox mined a total of 176.5kt ore at an average grade of 3.25% nickel for 5.7kt contained nickel Spotted Quoll Spotted Quoll Underground has operated for 10 years Utilises top down mining with paste fill In FY21, Spotted Quoll mined a total of 346.4kt ore at an average grade of 3.2% nickel for 11.1kt contained nickel which is the highest annual ore tonne production to date igo Spotted Quoll Open Pit Tonnes (Mt) Ni grade Ni tonnes (kt) (%) Production & Costs FY21 Result FY22 Guidance Flying Fox - Ore Reserves 0.16 3.2% 5.2 Flying Fox - Ore Resources 1.09 3.7% 40.3 Nickel in concentrate mined (t) Cash Costs (A$/lb Ni) 16,812 A$4.23 16,000 17,000 A$4.25 A$4.651 Mine life (on Ore Reserves) ~1 year Spotted Quoll - Ore Reserves 0.79 3.7% 29.2 Spotted Quoll - Mineral Resources 0.78 6.1% 47.6 Mine life (on Ore Reserves) 4 years Note: Reserves and Resources as per Western Areas September Quarterly Presentation (ASX: 28 October 2021); 1. Per lb of nickel, payable terms are not disclosed due to confidentially conditions of the offtake agreements. 19

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