Investor Presentaiton

4 CORPORATE STRUCTURE Existing Shares (ASX:BOE) Share Price Movement 855 million 0.06 Performance Rights* 40 million 0.05 Options ($0.02 Aug 18) 10 million 0.04 Cash (31 Dec 2015) $2.4 million 0.03 Market Capitalisation (at $0.042) $36 million 0.02 Top 100 Shareholders ~ 80% 0.01 Shareholder Breakdown Australian High Net Worth and Retail -70% Directors & Related Parties - 14% 6/02/2015 6/03/2015 Offshore Holdings - 12% Nominee Companies - 4% 6/04/2015 6/05/2015 6/06/2015 6/07/2015 6/08/2015 6/09/2015 6/10/2015 6/11/2015 6/12/2015 6/01/2016 *10 million rights convert if share price is greater than 7.5c for 20 consecutive ASX trading days 3.3 million rights convert if share price is greater than 8.5c for 20 consecutive ASX trading days 13.3 million rights convert on discovery and decision to mine of 75kt Ni JORC resource on Scandinavian Projects 13.3 million rights convert on discovery and decision to mine of 125kt Ni JORC resource on Scandinavian Projects

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