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ANNUAL REPORT 2015 the Cover Nickel Asia Corporation Has a Proven Track Record of Resilience

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ANNUAL REPORT 2015 the Cover Nickel Asia Corporation Has a Proven Track Record of Resilience MOMENTUM ANNUAL REPORT 2015 The Cover Nickel Asia Corporation has a proven track record of resilience. The infinity symbol epitomizes NAC’s resolve and resilience, especially in the face of difficult market conditions. With the diversification of our portfolio to renewable energy, we are adapting to the changing needs of the market place while remaining faithful to our core as a responsible natural resources company. We are committed to sustaining momentum over the long term. MOMENTUM ANNUAL REPORT 2015 Contents 1 Who We Are 2 Vision, Mission Statement, Core Values 3 Corporate Structure 4 Product Mix 6 Sales and Financial Highlights 34 Review of Exploration 8 Key Performance Indicators 39 Audit Committee’s Statement Statement of Management’s Responsibility 11 Corporate Governance 40 for Financial Statements 16 Enterprise Risk Management 41 Independent Auditors’ Report 18 Joint Statement to Shareholders 42 Consolidated Statements of Financial Position 24 Summary of Ore Reserves and Resources 43 Consolidated Statements of Income 25 Map of Mineral Properties and Energy Projects 44 Consolidated Statements of Comprehensive Income 26 Financial Review 45 Consolidated Statements of Changes in Equity 30 Review of Operations 48 Consolidated Statements of Cash Flows 50 Notes to Consolidated Financial Statements 174 Board of Directors, Officers, Subsidiaries IBC Corporate Directory Momentum Who We Are Who We Are Nickel Asia Corporation (NAC) is the Philippines’ largest Beyond our mineral resource operations, we have now producer of lateritic nickel ore, and is one of the largest moved into the area of renewable energy and power in the world. Our operating history began nearly four generation. Emerging Power Inc., (EPI), our renewable decades ago, when in 1977 we made the first shipment energy subsidiary in which we have a 66% stake, has 100% from our oldest mine, Rio Tuba, in Bataraza town at the ownership in a 100 MW solar and 50 MW wind service southernmost tip of the island of Palawan. contracts in the Subic Bay Freeport, 100% of a geothermal service contract covering the Montelago geothermal field Since then, we have expanded to four mines with more than near Nauhan, Mindoro Oriental, and 60% of geothermal 100 million wet metric tons of ore sold to-date. In 2015 service contracts in the province of Biliran. we acquired a 5th operation, Geogen Corporation, which is undergoing development in order to meet our production In the Subic project, 7 MW of solar power has been standards. energized and the balance of the solar component of the project should substantially be completed in 2016. In Our saprolite and limonite ore are used by our Japanese, Montelago, two standard wells have been drilled and are Chinese and Australian customers to produce ferronickel undergoing thermal recovery prior to a decision to develop. and nickel pig iron (NPI), which are used to produce In Biliran, where five holes have previously been drilled stainless steel. Our Chinese customers also use our ore for prior to the entry of EPI, the first 5 MW geothermal plant is the production of pig iron, which is used for carbon steel. planned for 2016. Our Rio Tuba operation also exclusively supplies limonite ore to Coral Bay Nickel Corporation (CBNC), the country’s With our foray into the area of renewable energy, we are first hydrometallurgical nickel processing plant where slowly becoming a group more focused on harnessing we have a 10% equity interest. Commissioned in 2005, the potential of our natural resources to benefit our CBNC currently operates at a capacity of 24,000 tonnes of communities and the country in general. contained nickel and 1,500 tonnes of contained cobalt per year, in the form of a mixed nickel-cobalt sulfide. Fundamental to the way we do business as a responsible corporate citizen is our commitment to operate in a In Claver, Surigao del Norte, our Taganito operations sustainable manner, protecting the environment, nurturing supply all of the limonite ore requirements to Taganito active communities and ensuring the safety and well-being HPAL Nickel Corporation (THPAL), the country’s second of everyone involved in our operations. For this we have hydrometallurgical nickel processing plant that was built at been recognized time and again, by the Government, the a cost of US$1.7 billion and commissioned in 2013. We have industry and by other award-giving bodies. a 22.5% interest in THPAL, which operates at full capacity of 30,000 tonnes of contained nickel and 2,640 tonnes of As an evolving natural resources company, we are contained cobalt per year. committed to the highest standards in everything that we do. Aside from our four operating mines, we have other properties in various stages of exploration for nickel, while continuing to seek opportunities in copper and gold. 1 Nickel Asia Corporation Annual Report 2015 Vision To be a world-class diversified mineral resource company that has exemplary relationships with all stakeholders. Mission Statement Using best global industry practices, we are committed to: Optimizing our current operations; Exploring and developing additional deposits for nickel and other minerals to sustain our growth; Delivering to our customers quality mineral products in a timely manner; Nurturing our employees and providing a safe and healthy workplace for them to achieve their full potential; Uplifting the quality of life of our host communities; Protecting the environment in all our operations; and Adopting the highest standards of corporate governance. Core Values Competence Efficiency Responsibility to all stakeholders Teamwork Integrity and honesty Financial growth Dedication 2 Momentum Corporate Structure Corporate Structure NICKEL ASIA CORPORATION NICKEL GOLD AND DOWNSTREAM MINING AND COPPER ENERGY PROCESSING EXPLORATION EXPLORATION RIO TUBA CORDILLERA NICKEL MINING EXPLORATION CORP. CO., INC.* 60% 57% TAGANITO CORAL BAY NEWMINCO EMERGING MINING NICKEL PACIFIC MINING POWER CORP. CORP. CORP. INC. 65% 10% 100% 66% HINATUAN TAGANITO MINDORO MINING HPAL NICKEL GEOTHERMAL CORP. CORP. POWER CORP. 100% 22.5% 100% JOBIN-SQM INC. 100% CAGDIANAO BILIRAN MINING GEOTHERMAL CORP. INC. 100% 60% * Beneficial Ownership GEOGEN CORPORATION 100% 3 Nickel Asia Corporation Annual Report 2015 Product Mix We produce two types of nickel ore, namely saprolite and limonite. We define saprolite as nickel ore with iron content of less than 20% and limonite as nickel ore with iron content of 20% or higher. 4 Momentum Product Mix We ship out two types of saprolite: high-grade and mid- iron limonite ore has a nickel content of less than 1% and grade. High-grade saprolite has a nickel content of about an iron content of 48 to 50%. Low-grade limonite ore has a 1.7% while mid-grade saprolite ore has a nickel content of nickel content of 1.0 to 1.2% and an iron content of at least between 1.3 to 1.6%. 40%. All our high-grade saprolite ore were sold to Japanese Our mid-grade limonite ore were sold to Chinese clients, namely Sumitomo Metal Mining Co., Ltd. (SMM) and customers who use the material as feed for blast furnaces Pacific Metals Co., Ltd. (PAMCO), who use the material as for the production of medium-grade NPI. We also sold this feed for their ferronickel smelters. Our mid-grade saprolite material to an Australian customer, Queensland Nickel Pty. ore were sold to Japanese and Chinese clients. Our Chinese Ltd. (QNI), which uses the material as feed for its nickel clients use the material as feed for electronic furnaces for and cobalt refinery. Our high-iron limonite ore was sold to the production of high-grade NPI. Chinese customers who use the material as feed for blast furnaces for the production of low-grade NPI and pig iron. We sell three types of limonite: mid-grade, high-iron, and Finally, low-grade limonite ore from Taganito and Rio Tuba low-grade. Mid-grade limonite ore has a nickel content of were utilized as feed for the Taganito and Coral Bay HPAL between 1.2 to 1.5% and an iron content of 25 to 40%. High- plants, respectively. Saprolite Limonite Type of Ore: Hi Grade Mid Grade Mid Grade High Fe Low Grade ≥1.7% Ni ≥1.3% Ni ≥1.2% Ni 0.6-0.9% Ni, 48-50% Fe 1.0-1.2% Ni Rio Tuba Rio Tuba Rio Tuba Taganito Taganito Rio Tuba Supplied by: Cagdianao Taganito Cagdianao Cagdianao Taganito Hinatuan Hinatuan Hinatuan China NPI Smelter Japan FeNi China NPI Philippines Japan FeNi (Blast Furnace) / Sold To: Smelter/China NPI Smelter (Blast CBNC Smelter China Pig Iron Smelter (EF & RKEF) Furnace) Smelter (Blast THPAL Furnace) Ferronickel Medium Grade Low Grade NPI Ni-Co Sulfide Final Products: Ferronickel Hi-Grade NPI: NPI: 6-8% Ni (1-3% Ni) / Pig Iron 55% Ni 10-12%Ni 300 Series 300 Series 300 Series 200 Series Stainless For Use In: Ni Smelter Stainless Steel Stainless Steel Stainless Steel Steel/Carbon Steel Negotiated Negotiated Negotiated Negotiated LME Ni Price Pricing Method: US$/WMT US$/WMT US$/WMT US$/WMT x Payable Ni 2015 Volume(kWMT) 940 6,118 1,441 3,373 7,798 2015% Volume 5% 31% 7% 17% 40% 2015% of Revenue 17% 46% 8% 14% 15% 5 Nickel Asia Corporation Annual Report 2015 Sales and Financial Highlights NICKEL ORE SALES Legend Nickel Ore Sales (WMT ‘000) Revenues (In Million Pesos) - Inclusive of Sale of Limestone and Services 25,000 20,000 15,000 10,000 5,000 0 2013 2014 2015 REVENUES 2015 2014 19,672 17,873 Total Sales (WMT ‘000) 7,798 7,589 15,432 LME-based Sales (WMT ‘000) 2015 8,489 9,173 Payable Nickel (lbs. ‘000) 5.4 7.7 Realized LME Price ($/lb) 24,746 11,874 10,284 2014 Tonnage-based Sales (WMT ‘000) 22.6 45.1 Average Price ($/WMT) 11,110 2013 6 Momentum Sales and Financial Highlights 2015 2014 2013 SALES HIGHLIGHTS Total Sales (WMT ‘000) 19,672 17,873 13,998 LME-based Sales (WMT ‘000) 7,798 7,589 5,154 Payable Nickel (lbs.
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