BHP Billiton S Africa : Diggers and Dealers 2019 - Think Nickel

Think Nickel

Eddy Haegel

Asset President Nickel West 5 August 2019

Sam Penglis

Operations Readiness Manager Nickel Sulphate Project, Kwinana

Disclaimer

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Eddy Haegel, Asset President Nickel West

Exploration Results - Competent Person Statement

Nickel West Exploration Results Competent Person Statement

M Menicheli is a current Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a full-time employee of BHP. M Menicheli has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). M Menicheli consents to the inclusion in the

presentation of the matters based on his information in the form and context in which it appears.

Perseverance Channel is located on the eastern margin of the Agnew-Wiluna greenstone belt, a well-endowed nickel sulphide province, between Perseverance and Venus operations on mining lease ML255A and has unlimited renewal terms of 21 years.

Local stratigraphic sequence comprises a lower tholeiitic basalt with minor gabbro, overlain by a thick sequence of dominantly felsic, volcanic and volcaniclastic rock with lesser mafic units, cherts, pelitic sediments and black shales (Gole et al, 1988). Several komatiite sequences are intercalated within the felsic sequence, some of which contain large olivine adcumulate units. These units have been altered to a mid-amphibolite facies grade with the ultramafic typically serpentinised with varying degrees of talc-carbonate alteration.

The structural architecture is a result of polyphase folding with later stage regional faulting. Duuring et al (2004), in general agreement with earlier workers, recognise a regional D1 event involving south-vergent, tight to isoclinal folds overprinted by NNW-trending D2 upright folds forming regional scale anticlines and synclines. Subsequent deformation events have resulted in smaller scale subordinate parasitic folds and faults.

Perseverance Ultramafic host several nickel deposits with the most notable being Perseverance and Venus. The Perseverance architecture is used as a proxy for Perseverance channel interpretation sitting in the same geological context and comprises a main high-grade disseminated nickel core with associated, structurally remobilised and constrained, massive sulphide lenses (mainly formed pentlandite and pyrrhotite assemblage) surrounded by a large low grade disseminated 'cloud' of mineralisation. The deposit occupies the stratigraphic base of a major komatiitic channel complex located on the eastern limb of an overturned regional anticline (Gole et al, 1988). The complex is east facing, strikes north south for about 2km and is about 700m at its widest.

The target was first tested in 2012 from the surface using diamond drilling. The 2012 drill campaign comprised of one diamond drill hole with collar started in PQ (LSDX132) and three wedging holes deriving from parent hole were wedge 1 (W1) missed the target and

W2 pierced the main mineralisation. W3 pierced mineralisation higher up in the sequence missing the high grade zone. The initial drillholes commenced as PQ core size and the drill holes sizes reduced to HQ, NQ and BQ as a strategy to drill through unconsolidated shear zones. The sampled mineralised zones core size ranges between NQ to BQ.

The 2019 program consisted of four diamond holes (HQ diameter), drilled from the Venus underground lower access drives. All the relevant intersections of the mineralised zone, including internal barren lithologies, are listed in Table 1. Only two holes, LVU465-2 and LVU465-3, have assays returned at the time of this presentation.

Samples in both campaigns were collected following company protocols, consisting of, cutting the core in half for samples where ultramafics or sulphides were identified from logging and including a 10m sampling buffer beyond the contacts. The remaining half core is stored at the Leinster core farm. The minimum sample interval is 10cm to a maximum of two metres, dependent upon lithological boundaries. All assays were performed in an external certified laboratory using XRF and verified using company QAQC procedures, with

no issues identified. All drill holes were monitored with survey partial shots and surveyed as a whole for final validation and record.

Nickel percent of intervals presented on slide 14 are weighted averages including the barren rocks and are weighted by length and density. Significant intervals are selected based on geological continuity and an approximate one percent nickel cut-off as a separation guide. Intersections lengths on slide 14 are apparent down-hole lengths and do not represent true width of the mineralisation. Current interpretation of the target is based on rock types and stratigraphy acquired from geological logging, assay results and current understanding of the Perseverance Ultramafic structural architecture. A north looking vertical cross section and its relative location is shown in Figure 1 (slide 4), summarising current geological understanding.

A drill hole program to further define the Perseverance Channel target is in progress with 15 drill holes planned for completion by end of FY2020.

References

Duuring, P., Bleeker, W., Beresford, S., 2004. Structural Overview of the Agnew-Wiluna Greenstone Belt, Yilgarn Craton, Western Australia. P710 AMIRA Research Project

Gole, M.J., Barnes, S.J., Hill, R.E.T., 1988. The Geology of the Agnew Nickel Deposit, Western Australia. CIM Bulletin, September 1988

Eddy Haegel, Asset President Nickel West

Perseverance Channel Exploration - Figure 1

Plan View

Long section (S-N)

Eddy Haegel, Asset President Nickel West 5 August 2019

4

Cross section (W-E)

CD

Exploration Statements Table 1 - drill hole intersections

Perseverance Channel Drilling Campaigns

Eddy Haegel, Asset President Nickel West 5 August 2019