Reserves and Resources

	Tonnes	Cobalt Grade	Nickel Grade	Manganese Grade	Cobalt Tonnes	Nickel Tonnes	Manganese Tonnes	Cobalt Pounds	Nickel Pounds	Manganese Pounds
Reserves - Nkamouna
Proven/Provable	54,721,624	0.25%	0.69%	1.33%	135,710	376,485	728,345	299,185,445	829,998,331	1,605,708,980
Total Reserves	54,721,624	0.25%	0.69%	1.33%	135,710	376,485	728,345	299,185,445	829,998,331	1,605,708,980
Resources - Nkamouna
Measured/ Indicated	80,723,000	0.23%	0.68%	1.30%	185,663	548,916	1,049,399	409,312,429	1,210,141,095	2,313,505,035
Inferred	19,929,000	0.19%	0.65%	1.09%	37,865	129,539	217,226	83,477,399	285,580,577	478,896,660
Resources - Mada
Measured/ Indicated	39,876,000	0.23%	0.59%	1.43%	91,715	235,268	570,227	202,194,448	518,672,715	1,257,122,003
Inferred	182,621,000	0.20%	0.58%	1.21%	365,242	1,059,202	2,209,714	805,212,513	2,335,116,288	4,871,535,705
Resources - Nkamouna + Mada
Measured/ Indicated	120,599,000	0.23%	0.65%	1.34%	277,378	784,185	1,619,626	611,506,877	1,728,813,810	3,570,627,039
Inferred	202,550,000	0.20%	0.59%	1.20%	403,107	1,188,740	2,426,940	888,689,913	2,620,696,865	5,350,432,365
Total Resources	323,149,000	0.21%	0.61%	1.25%	680,485	1,972,925	4,046,566	1,500,196,790	4,349,510,675	8,921,059,404

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.  We use certain terms on this website (or press release), such as “measured,” “indicated,” and “inferred” “resources,” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K, File No. 000-52646, which may be secured from us, or from the SEC’s website at http://www.sec.eov/edgar.shtml.