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Harmony in Nature 1 Harmony in Nature 3 Table of Contents Who We Are Gri 102-2, Gri 102-4, Gri 102-6, Gri 102-7

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Harmony in Nature 1 Harmony in Nature 3 Table of Contents Who We Are Gri 102-2, Gri 102-4, Gri 102-6, Gri 102-7 HARMONY IN NATURE 1 HARMONY IN NATURE 3 TABLE OF CONTENTS WHO WE ARE GRI 102-2, GRI 102-4, GRI 102-6, GRI 102-7 03 Who We Are Review of Exploration 87 We are the Philippines’ largest 3,000 tons of contained cobalt per year. We also 04 Vision, Mission & Core Values Report of the Audit Committee 92 have a 10% equity interest in THPAL. to the Board of Directors producer of lateritic ore, and one 05 Corporate Structure Hinatuan Mining in Taganaan, Surigao del Norte Statement of Management’s 94 of the largest in the world. Forty and Cagdianao Mining in Valencia, Dinagat Islands, 06 Sales and Financial Highlights Responsibility for are our two other nickel operations. In 2015 we Financial Statements years ago, our first operation acquired a 5th operation, Geogen Corporation, now 08 Key Performance Indicators renamed Dinapigue Mining Corporation, which is Independent Auditors’ Report 95 in Rio Tuba made its first ore undergoing further exploration and development in 10 Product Mix order to meet our production standards. We have Consolidated Statements of 100 shipment to Japan. Today, with other properties in various stages of exploration for 12 Joint Statement to Shareholders Financial Position nickel, and continue to seek opportunities in four operating mines, we have sold copper and gold. 18 Board of Directors Consolidated Statements 101 of Income over 120 million WMT to Beyond our mineral resource operations, we have 21 Corporate Governance diversified into renewable energy through Emerging Consolidated Statements 102 our customers. Power, Inc. (EPI), which operates a 32 MW solar 27 Enterprise Risk Management of Comprehensive Income plant in the Subic Bay Freeport and has geothermal We export saprolite and limonite ore to our service contracts in the province of Mindoro and 29 Sustainability Report Consolidated Statements 103 customers in China and Japan, who process them Biliran. We have an 86.29% equity interest in EPI. of Changes In Equity into ferronickel and nickel pig iron (NPI), used for 54 RTN: ASEAN’s Best the production of stainless steel. Locally, two of our We remain focused on growth as we take our Consolidated Statements 106 mines sell limonite ore to downstream processing responsibilities to our communities and to the 76 Financial Review of Cash Flows plant affiliates, who produce an intermediate country very seriously. At the heart of this sense of product for further processing in Japan into refined responsibility is our commitment to operate in a 80 Map of Mineral Properties Board of Directors, 108 metal and a product for batteries for the electric sustainable manner, nurturing active communities, and Energy Projects Officers, Subsidiaries vehicle market. protecting the environment and ensuring the safety and well-being of everyone our operations touch. 81 Summary of Ore Reserves and Resources Corporate Directory 109 Our Rio Tuba operation in Bataraza, Palawan is the exclusive supplier of limonite ore to Coral Our efforts to remain faithful to the principles of 82 Review of Operations Bay Nickel Corporation (CBNC), the Philippines’ sustainable development in all our operations have first hydrometallurgical nickel processing plant. not gone unnoticed, as we have received numerous Commissioned in 2005, CBNC has a capacity of awards and recognition. We are particularly pleased 24,000 tons of contained nickel and 1,500 tons of that the Department of Environment and Natural ABOUT THE COVER The cover visual is a play on the ASEAN Mineral Awards contained cobalt per year in the form of a mixed Resources chose our Rio Tuba operation to represent trophy and the NAC subsidiaries spherical logo. nickel-cobalt sulfide. We have a 10% equity the country in the first ever ASEAN Mineral Awards The NAC subsidiaries spherical logo is representative of interest in CBNC. in the category of Best Practices in Sustainable the elements of nature and how a harmonious balance of Mineral Development. We take pride as a Philippine stewardship is imperative in the business. Our Taganito operation in Claver, Surigao del company in having been declared the winner in the Norte, is also the exclusive supplier of limonite ore Mineral Mining category at the ASEAN Ministerial THE ASEAN MINERAL AWARDS TROPHY to Taganito HPAL Nickel Corporation (THPAL), Meeting on Minerals in Myanmar in November 2017. The ASEAN Mineral Awards trophy was presented to Rio Tuba Nickel Mining Corporation in Nov 2017 as the first the Philippines’ second hydrometallurgical nickel awardee for Best in Sustainable Mineral Development processing plant. Built at a cost of USD 1.7 billion Looking to the future, we seek to be better in all practices in Mineral Mining. and commissioned in 2013, it has an expanded that we do. capacity of 36,000 tons of contained nickel and 4 NICKEL ASIA CORPORATION HARMONY: A MAN AND NATURE AWARD 5 CORPORATE STRUCTURE GRI 102-5, GRI 102-7 NICKEL ASIA CORPORATION The Company’s Vision and Mission Statements as well as its Core Values are regularly reviewed by Management and approved by the Board of Directors. The last review was conducted during the first NICKEL GOLD AND DOWNSTREAM quarter of 2018 and approved on May 3, 2018, which resulted in MINING AND COPPER ENERGY PROCESSING updated Statements and Core Values reflected herein. EXPLORATION EXPLORATION 57%* VISION 60% 10% 86.29% CORDILLERA RIO TUBA NICKEL CORAL BAY EMERGING EXPLORATION MINING CORP. NICKEL CORP. POWER INC. Achieve the highest standards for responsible and sustainable CO., INC. development of our country’s natural resources. 100% 100% 65% 10% MISSION NEWMINCO MINDORO TAGANITO TAGANITO HPAL PACIFIC MINING GEOTHERMAL MINING CORP. NICKEL CORP. We exist to responsibly and sustainably develop our country’s natural CORP. POWER CORP. resources to meet society’s needs, contributing to a brighter future for our people, our communities, and our other stakeholders, always conscious of being stewards of the environment where we operate. 100% 100% HINATUAN JOBIN-SQM INC. MINING CORP. CORE VALUES GRI 102-16 ▸ Responsibility ▸ Leadership 60% ▸ Respect 100% ▸ Integrity BILIRAN CAGDIANAO GEOTHERMAL ▸ Financial Growth MINING CORP. INC. ▸ Safety ▸ Teamwork 100% DINAPIGUE MINING CORP. (FORMERLY GEOGEN CORP.) * BENEFICIAL OWNERSHIP 6 NICKEL ASIA CORPORATION HARMONY: A MANHARMONY AND NATURE IN NATURE AWARD 7 SALES AND FINANCIAL HIGHLIGHTS GRI 103-1, GRI 201-1 SALES HIGHLIGHTS 2017 2016 2015 2017 20,000 Total Sales (WMT ‘000) 17,703 19,254 19,672 LME-Based Sales (WMT ‘000) 8,062 7,562 7,798 Total Sales 17, 703 Realized LME Price (USD /lb.) 4.7 4.4 5.4 (WMT ‘000) 15,000 Tonnage-based Sales (WMT ‘000) 9,640 11,692 11,874 Average Price (USD /WMT) 24.4 20.8 22.6 Weighted Average Price (USD /WMT) 16.17 14.51 16.11 LME Based Sales 8,062 (WMT ‘000) 10,000 FINANCIAL HIGHLIGHTS Realized LME Price 4.7 2017 2016 2015 (USD /lb.) PHP Millions except Per Share Amounts 5,000 Revenues Tonnage-based Sales 9,640 Sale of Ore 14,897 13,574 14,796 (WMT ‘000) Services and Others 842 549 636 Total Revenues 15,739 14,123 15,432 Average Price 24.42 Operating Costs and Expenses 10,332 10,050 10,528 (USD /WMT) 2015 2016 2017 Net Income 3,854 2,711 3,045 Attributable to Equity Holders of the Parent 2,771 1,966 2,035 Weighted Average 16.17 Attributable to Non-Controlling Interests 1,083 745 1,010 Nickel Ore Sales Revenues Price (USD /WMT) (Wet Metric Ton ‘000) (In PHP Millions) Basic Earnings Per Share (PHP) 0.36 0.26 0.27 Inclusive of Sale of Limestone Financial Condition and Services Cash, Cash Equivalents and AFS Investments 16,304 15,967 12,904 Other Current Assets 5,327 5,302 4,591 Noncurrent Assets 24,106 24,082 24,235 REVENUES FROM SALE OF ORE IN PHP MILLIONS Current Liabilities 9,614 7,946 7,713 Noncurrent Liabilities 2,905 6,206 4,604 Equity 33,218 31,199 29,413 Book Value Per Share (PHP) 3.87 3.55 3.36 2017 2016 2015 14,897 13,574 14,796 8 NICKEL ASIA CORPORATION HARMONY: A MANHARMONY AND NATURE IN NATURE AWARD 9 KEY PERFORMANCE Hectarage Reforested and Rehabilitated INDICATORS GRI 304-3 Reforestation 2017 130 87 Rehabilitation Sales Volume (WMT ‘000s) 2016 145 74 2015 68 115 2017 8,716 8,987 2016 11,912 7,342 50 100 150 200 250 300 2015 12,613 7,059 5,000 10,000 15,000 20,000 25,000 Frequency Rate (Lost-Time Accidents Per MIllion Man-Hour) Limonite Saprolite 2017 0.37 Total Cost per WMT (PHP/WMT) Attributable Net Income (PHP Million) 0.13 2016 0.37 540 3000 2,771 528 520 2500 2,035 0.43 500 2000 1,966 2015 497 0.46 480 480 1500 460 500 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5 440 HMC CMC TMC RTN 2015 2016 2017 2015 2016 2017 10 NICKEL ASIA CORPORATION HARMONY IN NATURE 11 PRODUCT MIX GRI 102-6, GRI 102-9, GRI 417-1 SAPROLITE LIMONITE Types of Ore High Fe Low Grade High-Grade Mid-Grade Mid-Grade 0.6-0.9% Ni; 1.0-1.2% Ni; ~1.8% Ni 1.3-1.6% Ni ≥1.2% Ni 48-50% Fe ≥30% Fe Rio Tuba Rio Tuba Rio Tuba Taganito Taganito Rio Tuba Supplied by Cagdianao Taganito Cagdianao Cagdianao Taganito Hinatuan Hinatuan Hinatuan Japan FeNi Japan FeNi China NPI China NPI Philippines Smelter/China Smelter/China Sold to Smelter (Blast Smelter (Blast CBNC NPI Smelter NPI Smelter Furnace) Furnace) THPAL (RKEF) (RKEF) Ferronickel Medium- and Final / High- and Low-Grade Ni-Co Sulfide GRI 102-2 Ferronickel Low-Grade Products Medium-Grade NPI (1-3% Ni) 55% Ni NPI: 6-8% Ni We produce two types of nickel as feed for electric furnaces for production of NPI: 10-12% Ni high-and medium-grade NPI.
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