Western Areas Full Year Financials Presentation 2012

1. Western Areas NL
Full Year Financials
20 August 2012
“Think Nickel, think margins, think Western Areas”
1

2. Disclaimer and Forward Looking Statements
This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner.
You agree to keep the contents of this presentation and these materials confidential. The information contained in this presentation does not constitute or form any part of any
offer or invitation to purchase any securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with,
any contract or commitment on the part of any person to proceed with any transaction.
You must not take or transmit this presentation or a copy of this presentation into the United States or Japan or distribute it, directly or indirectly, in the United States or Japan or
to any US persons. By your acceptance of this document, you acknowledge that you are a not a “U.S. person” for the purposes of the US Securities Act. Neither this document, in
whole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may be
restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. The distribution of this presentation in other
jurisdictions may be restricted by law, and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions.
The information contained in this presentation has been prepared by Western Areas NL. No representation or warranty, express or implied, is or will be made in or in relation to,
and no responsibility or liability is or will be accepted by Western Areas NL, employees or representatives as to the accuracy or completeness of this information or any other
written or oral information made available to any interested party or its advisers and any liability therefore is hereby expressly disclaimed. No party has any obligation to notify
opinion changes or if it becomes aware of any inaccuracy in or omission from this presentation. All opinions and projections expressed in this presentation are given as of this date
and are subject to change without notice.
This document contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause the performance or achievements of
Western Areas NL to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based upon
methods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated herein
are accurate and that the forward-looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. Western Areas NL undertakes
no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking
statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect Western Areas NL’s view only as of
the date hereof.
The information within this PowerPoint presentation was compiled by Mr. David Southam, but the information as it relates to mineral resources and reserves was prepared by Mr.
Dan Lougher and Mr. John Haywood. Mr. Southam, Mr. Lougher and Mr. Haywood are full time employees of Western Areas. Mr. Lougher and Mr. Haywood are members of
AusIMM and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Southam,
Mr. Lougher and Mr. Haywood consent to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.
For Purposes of Clause 3.4 (e) in Canadian instrument 43-101, the Company warrants that Mineral Resources which are not Mineral Reserves do not have demonstrated economic
viability.
THIS PRESENTATION IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
2

3. Agenda
“Western Areas has an enviable track record of
exploring, finding, developing and producing
highly profitable mines..”
 Introduction & Highlights
 Financials
 Operations
 Exploration & Growth Outlook
 Nickel Industry
Explore Develop
Sales Produce 3

4. Key Financial Takeaways – Full Year
 31,102t nickel in ore production averaging 4.9% nickel
 Record nickel in concentrate sales 26,280t to Jinchuan and BHP
 A$2.43/lb cash cost:
 Remains best in class in Australia
 Cashflow from Operations A$159.3m
 Demonstrates the ability to WSA to generate operational cash
 NPAT of A$40.2m:
 Revenue significantly impacted by a reduced nickel price and strong AUD:
o Nickel price reduction impacted revenue by A$131.4mm versus FY2011
o Includes one-off KZL nickel acquisition costs of A$3.6m
 Demonstrated ability to successfully acquire assets – Kagara nickel which includes the high grade
Lounge Lizard deposit
 Final partially franked (30%) dividend at 6c per share representing a payout of NPAT ratio of 49%
for FY2012
“The overriding difference between FY 2012 and FY 2011 was the weaker nickel
price…”
4

5. Financial Highlights
Full Year Highlights ($'000) FY 2011 FY 2012
Mine Production (tonnes Ni) 32,222 31,102
Mill Production (tonnes Ni) 25,663 25,641
Recovery 91% 92%
Sales Volume (tonnes Ni) 27,498 26,637
Cash Costs (US$/lb) 2.11 2.50
Cash Costs (A$/lb) 2.12 2.43
Exchange Rate USD/ AUD 0.99 1.03
Nickel Price (U$/tn) 25,089 17,791
EBITDA ('000) 312,018 186,583
EBIT ('000) 231,991 94,902
NPAT ('000) 134,973 40,181
Cashflow from Operations ('000) 276,235 159,253
Net Cashflow ('000) 143,580 (43,446)
Cash at Bank 208,948 165,502
Dividend (cents) 25.0 11.0
5

6. Report Card FY2012
Delivering on Objectives
Objectives What's Been Delivered
Pay Dividends  5c interim and 6c final dividend
Cashflow from Operations  A$159m cashflow, debt reduction and dividends
Profitable through the cycle  Weak nickel price, EBITDA A$185m, NPAT $40m
Cash costs below A$2.50/lb  A$2.43/lb
Increase resources at Spotted Quoll  130kt nickel reserve
Increase resources at Flying Fox  Purchased KZL nickel assets - Lounge Lizard +40kt Ni
New discovery at Forrestania  Sunrise - early encouragement
Mill expansion  Study complete - awaiting board decision
Tidy up backyard  Outokumpu royalty retired
6

7. Financials
Lounge Lizard 10m wide face of 7% Massive Nickel Sulphide
7

8. Income Statement
Commentary (FY 2012)
Earnings Data ($'000) 1H FY 2012 2H FY 2012 FY 2011 FY 2012  Ni price down 29% year on year (QP -
Exchange Rate USD/ AUD 1.03 1.03 0.99 1.03 A$26.4m FY2012) reducing revenue by
Nickel Price (U$/tn avg) 18,761 18,276 24,000 17,791 A$131.4m.
Revenue 149,106 181,592 468,659 330,698  Despite nickel price, EBITDA margins
remained strong >50%.
EBITDA 96,633 89,950 312,018 186,583
Depreciation & Amortisation 43,819 47,862 80,027 91,681  Switch to two underground mines in Feb
2012 – SQ Open Pit was A$1.60/lb
EBIT ('000) 52,814 42,088 231,991 94,902
 Cost management remained in focus with
Interest Expense ('000) 18,086 19,355 36,721 37,441 unit cash costs at $A2.43/lb.
Tax ('000) 10,626 6,654 60,297 17,280
 D&A increases in line with higher
NPAT ('000) 24,102 16,079 134,973 40,181 investment mine development/ capex &
Dividend (cents) 5.0 6.0 25.0 11.0 KZL nickel purchase.
Earnings per share (cents) 13.4 9.0 75.1 22.4  D&A should stabilise/reduce in FY2013
with increased reserves.
 Final dividend declaration of 6c (partially
franked) reflects 49% of NPAT returned to
shareholders for FY2012.
8

9. Income Statement
WSA NPAT - Actual FY2011 vs Actual FY2012
250
$10.0 -$1.3 -$11.7
200 $13.1 -$16.5
$43.0
-$131.4
150
$135.0
100
Millions
50 $40.2
0
Royalties
Revenue (Price)
Tax
Depn & Amort
Revenue (Other)
Actual FY11
Actual FY12
Revenue (Vol)
Other
-50
-100
-150
FY12 NPAT would have matched FY11 if not for the nickel price.
9

10. Cashflow Statement
Commentary (FY 2012)
Cashflow Statement ($'000) 1H FY 2012 2H FY 2012 FY 2011 FY 2012
 Cashflow from Operations of A$159.3m
Operating Cashflow 64,412 94,841 276,235 159,253
 2nd half FY12 produced A$4.6m free cashflow
Less: despite a weaker 2nd half nickel price
Exploration (17,860) (15,940) (18,110) (33,800)
 A$ Ni price down 29% on FY11 -A$131.4m
FinnAust Investment (4,058) (3,307) (1,964) (7,365) impact.
Acquisition of Mining Interests (1,512) - - (1,512)  US$15m for Outokumpu Royalty payout.
Mine Development (38,506) (28,911) (70,664) (67,417)
 Exploration spend of A$33.8m delivers Sunrise
Capital Expenditure (8,087) (5,625) (13,417) (13,712) and significant resource/ reserve extensions
Investment activities (274) (811) (1,999) (1,085)  KZL nickel purchase costs of A$71.1m includes
Outokumpu Royalty Payout (14,926) - - (14,926) the A$3.1m for ore stockpiles.
Payment for subsidiary - (71,100) - (71,100)  Proceeds from financing - draw down of
Proceeds from Share Issues - - 380 - A$45m from ANZ for KZL nickel purchase
Proceeds/(Costs) from Financing (319) 44,486 (3,517) 44,167  Dividend payments reflect 15c final dividend
Dividends Paid (26,962) (8,987) (23,364) (35,949) from FY11 and 5c interim dividend for FY12.
Net Cashflow (48,092) 4,646 143,580 (43,446)
Cash at Bank 160,856 165,502 208,948 165,502
10

11. Free Cashflow Waterfall
WSA Cashflow - Actual FY11 vs Actual FY12
250
$8.0 $3.2 -$4.8 -$5.4
200 $47.7 $10.0 -$12.6 -$14.9
-$15.7
-$71.1
150 $143.6
100 -$131.4
Millions
50
-$43.4
0
Dividends
Exploration
Financing
Other
Sales (Price)
Sales (Vol)
Royalty Buyout
KZL Nickel
Mine Dev
Op Costs
International Inv
Actual FY11
Actual FY12
-50
-100
-150
Nickel price has driven the changes from FY11 to FY12 – A$131.4m
KZL nickel purchase is a one-off item – A$71.1m
11

12. Balance Sheet
Commentary (FY 2012)
Balance Sheet ($'000) FY 2011 FY 2012  Flexible balance sheet with good cash generation
Cash at Bank 208,948 165,502  Total Assets continue to grow with mine
Receivables 27,719 25,360 development and acquisitions
Stockpiles & Inventory 30,942 42,121  Repaid A$105.5m bond on 2 July 2012 – well
PP&E 111,683 107,111 flagged to market and strong positioning
Exploration & Evaluation 91,875 133,282  Capital Management has plenty of headroom:
Mine Development 209,454 295,634  ANZ Facility of A$125m – drawn down $45m
for KZL nickel purchase
Other 11,705 5,958
 Convertible bond July 2014 – A$110.2m
TOTAL ASSETS 692,326 774,968
 Convertible bond July 2015 – A$125.0m
Trade & Other Payables 59,791 66,444
Short Term Borrowings 61 162,656  FY13 capex/mine development likely to be <A$70m
Long Term Borrowings 344,016 256,003  FY13 exploration around A$20m, with a reduction
in regional projects, but full ramp-up around
TOTAL LIABILITES 403,868 485,103 Forrestania
SHAREHOLDERS EQUITY 288,458 289,865
12

13. Operations
13

14. Flying Fox Mine
Summary
 Continuous high grade Nickel to 1300m. Open at
depth
 Resource ore grades increase at depth from 3.9% to
5.8% Nickel
 Announced intersection T7: 34.7m @ 8.9% Nickel
Production
 FY2012 – 373,726t @ 5.0% nickel for 18.5kt nickel
 Low cash cost operation <US$3/lb
Purchase of Kagara Nickel Assets
 Combined Total High Grade Resource now stands at
around 115,000t of Nickel
 Major drilling program commenced at Lounge Lizard
for next 6 months
 T5/ T6 & T7 down dip extensions cross into Lounge
Lizard and remain open at depth
 Flying Fox now approaching a 10 year mine life
 Purchase includes 300sqkm of tenements adjacent
to Forrestania operations
14

15. Spotted Quoll Mine
Summary
 Ore reserve was upgraded in June 2012 by 94%
with an exceptional 88% conversion ratio:
 3.095mt @ 4.20% containing 131,360t nickel
 Remains open at depth
 Drilling is ongoing which will result in further
conversion of inferred resource to indicated to
reserve
 Already well over a 10 year mine life
Production
 Stage 1 underground first ore delivered ahead of
schedule
 Ramp up to 10,000tpa nickel in FY 12/13
 Mine optimisation study well advanced for
potential increase in production up to 15,000tpa
nickel
15

16. Forestannia Nickel Concentrator
Concentrator Summary
 Current capacity of 550,000tpa of ore
 Nickel concentrate output >25,000tpa Ni
 Concentrate grades of around 14.0% Ni
 14,000t of concentrate storage capacity ($43M value)
Export Infrastructure and Logistics
 Access to >1400 sealed shipping containers
 Using 25 trucks for concentrate transportation
 Shipping contract in place, FOB Esperance Port
Concentrator Expansion
 Expansion configured for upgrade to 1mtpa of ore
 Some items of infrastructure (crusher) already capable of 1mtpa
 Preliminary high grade expansion study (750ktpa) completed
16

17. Concentrate Supply and Offtake Contracts
Concentrate Supply 1000
Global Smelter Demand vs Global Concentrate Supply
950
 Reliable nickel sulphide concentrate supply dwindling 900
850
 Quality nickel sulphide is difficult to find
Nickel in Conc/ Kt
800
 Global nickel grades in decline
750
700
 Tightness in smelter supply to be experienced from 2013 650
600
 Laterites and Nickel Pig Iron do not fill the void 550
500
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Offtake Contracts Nickel in Concentrate Supply Smelter Demand
 Long term offtake to BHP – 12ktpa nickel in conc
 New Jinchuan contract signed:
o 12 month contract extension
o Improved commercial terms
o Significant uncommitted offtake beyond 2013
 Tender process to commence Sept/Oct 2012
 WSA in a unique position being an independent producer
 Ability to complete spot/ opportunistic sales
NOTE: The graph FORRESTANIA – OFFTAKE CONTRACTS is based on Western Areas’ 10 Year
Production Targets. These Targets include estimates and assumptions on production rates of
existing ore reserves, conversion of existing mineral resources to ore resources and assumptions
on potential extensions to existing mineral resources, based on current information. These
Production Targets may vary due to future drilling results, nickel prices, costs and market
conditions. Refer to Disclaimer and Forward Looking Statement in Presentation
17

18. Exploration and Growth Outlook
18

19. Short Term – Near Mine Exploration
 Exploration Budget of A$20M for FY13, majority to be spent on drilling at Forrestania
 120km strike length (900 sq km) of prospective Forrestania Nickel Project, within 500km long
nickel province
 Drilling Priority within 8km long zone (below). New discovery would access existing mine
infrastructure
 Recent Sunrise discovery (see next slide)
19

20. New discovery-Sunrise
 WSA’s latest new high grade discovery, 2km from Spotted Quoll and 300m SE of New Morning
 Best intersection 4.6m @ 3.7% nickel
 Major drilling program underway and results to be announced over next 6 months
20

21. Canada – Mustang Minerals
 WSA owns 19.9% of Mustang Minerals - a Canadian listed nickel and PGM company
 WSA has two of 5 board seats, plus provides technical assistance
 Makwa Nickel/PGE mine in Manitoba – feasibility in progress targeting 5ktpa Ni in concentrate
 Mayville Copper/Nickel deposit in Manitoba – drilling in progress for open pit resource
 Potentially significant Palladium & Platinum discovery adjacent to Mayville
 WSA is earning a 65% interest with Mustang at East Bull Lake
 80km west of Sudbury
 Highly anomalous Nickel/Copper and Platinum/Palladium in Gabbro intrusion
 Drill program commenced in 2012
East Bull Lake VTEM targeting Mayville drill core: 74.7m @ 0.75% Cu & 0.24% Ni
21

22. Finland – FinnAust Mining PLC Projects
 81% WSA, planning to list on AIM - dependent on
market conditions
 300km long base metal province in Finland
 Numerous nickel/copper/zinc mines & occurrences
 12 major project areas, many drilling targets
 Geophysics proving very effective in defining targets
 Significant results from historic and FinnAust drilling
 Major ramp up of drilling has commenced at Tormala &
Hammaslahti
22

23. Growth Outlook
Short Term Medium Term Long Term
< 12 Months 2-5 years >5 years
Flying Fox > 10 years – drilling in Spotted Quoll & Flying Fox Base Case production 40-
progress – 30ktpa 50ktpa , plus new mines
Sunrise drilling results Sunrise reserve & Large disseminated
production – 5-10ktpa resource potential
Mill expansion decision
4th mine from Forrestania FinnAust producing
Cash costs <US$3.00/lb (New Morning)
Base Metals exposure
Strong cashflow Mill expanded 750ktpa
Dividends
Dividends First quartile cash costs
Continued exploration
New offtake contract – process FinnAust in feasibility upside
begin Sept/ Oct
Dividends Independent producer
List FinnAust Mining
Mustang prod – 5ktpa
23

24. The Portfolio
Kawana JV
80% Sandstone
JV 70% East Bull
Lake JV
65%
Cosmic Bullfinch Makwa &
North JV Mayville Spotted
Boy
70% Canada Quoll
Resource New
Morning
Mt Flying
Koolyanobbing Diggers
Alexander Fox
South
JV 25%
Sunrise
Spotted
Mt Gibb JV Quoll Bioheap
Lake King
70% Southern
JV 70% Underground
Cross
Upgrade
Goldfields -
Other Cosmic
Hatters Finland – Cosmic Boy Mill
Hill Copper Boy Mill
Jkjjljljlkj Expansion
Finland –
Nickel
Mt Jewel 25%
= International = WA Regional = Forrestania
24

25. Nickel Industry
25

26. When will the Cycle Turn?
 Market bottom likely reached – current price
uneconomic for many, insufficient to bring on
“The current nickel market appears to
supply
be ignoring the impending impact of
 Limited sources of good quality future supply for Indonesian legislation…
smelters
“We therefore favour bullish positions
 Nickel Pig Iron constrained due to margin in nickel on a 3-6 month forward basis
compression and in a quarter-four context.”
 Huge Laterite projects serial underperformers
Citigroup Analysts, 31 May 2012
 Capex blowouts
 Not meeting production targets “We are raising our long-term nickel
price from $7.27/lb to $9.5/lb. …. We
 Indonesian ore export ban and tax increase still to believe that capex inflation remains a
bite significant issue for the nickel
industry.”
 Fortunately, not in the business of making
predictions BofA Merrill Lynch, 27 July 2012
 Many analysts tipping next 3 – 6 months for pickup,
in conjunction with seasonal demand pickup
26

27. Global Stainless Consumption & Usage
35.0 45.0
Post-War Stainless Steel-Boom: Stainless Steel-Boom:
Crisis Years
Reconstruction Asia - Europe - USA China
40.0
Global Stainless Steel Consumption, in Mill t
2008 - 2010
30.0 World-Financial
China Share of Global Demand, in %
Crises
35.0
25.0
30.0
20.0 25.0
15.0 Stainless Steel Consumption 20.0
G.R.: + 6.1% p.a.
15.0
10.0
10.0
5.0
5.0
0.0 0.0
1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008
27
© Heinz H. Pariser Alloy Metals & Steel Market Research

28. China’s future?
30.0
25.0 South Korea
Stainless per Capita Use, in kg
20.0
Japan
15.0
EU 27
10.0
China
5.0 NAFTA
India
0.0
1970
0 5 10 15 20 25 30 35 40 45 50
GDP (PPP adjusted) per Capita, in Mill US$
28
© Heinz H. Pariser, Alloy Metals & Steel Market Research

29. Powering through the Cycle
Western Areas is:
 Australia’s lowest cash cost nickel producer
 A proven explorer, developer and operator led by an experienced management team
 An S&P ASX 200 index member
 Market cap ~ $740 million at current prices
 Profitable, even at the current low A$ nickel price
 A proven dividend payer, with a strong balance sheet
 Australia’s third largest producer of nickel at 31,000 tonnes of nickel mined and 25,000 tonnes of
nickel in concentrate produced
 No 1 = BHP-B Nickel West and No 2 = Glencore
 Employer of approx 500 staff, either directly or through contractors
 Into its sixth consecutive year of production, eight consecutive quarter with no downside surprises
 First production 26 October 2006
 Committed to stable organic growth from the current solid platform
29

30. The End
30

31. Appendices
31

32. Introduction – Corporate Summary
Listings: ASX & TSX Top 15 Shareholders %
1 T Streeter 14.36
Member of S&P ASX 200 2 Colonial Group 8.58
3 M & A Greenwell 5.45
Shares on Issue: 179.7M 4 Northwards Capital 3.19
5 Giovanni Santalucia 3.18
Options: 2.0M 6 Sydney Fund Manager 3.02
(varying strike prices >$7.00) 7 UBS Asset Management 2.82
8 Celeste Funds Management 2.56
Share Price: ~ A$4.00 (August2012) 9 State Street Corporation 2.44
10 Paradice Asset Management 2.39
11 Antares Asset Management 2.33
Market Cap: A$720 million 12 Concise Asset Management 1.92
(undiluted)
13 Independent Asset Management 1.80
14 Vanguard 1.74
Cash: A$165M at 30 June 2012 15 Mount Kellet 1.70
TOTAL 57.48
WSA 25 Month Share Price
$8.00
$6.00
$4.00
$2.00
$0.00
Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
Closing Share Price
32

33. Board of Directors
 Proven Depth & Experience
 Terry Streeter and Julian Hanna
founders of Western Areas
 Extensive experience in nickel
exploration, mining and
processing
 Global expertise in project
sourcing, exploration and mine
development
 Strong banking, financial, M&A
and corporate governance
backgrounds
 Involvement with other
Left to right: David Southam (Exec Director – Corporate), Dan Lougher (Managing Director),
successful nickel companies Rick Yeates (Non-Exec Director), Terry Streeter (Non-Exec Chairman), Ian Macliver (Non-Exec Director) Julian
(Jubilee Mines) Hanna (Non-Exec Director), Robin Dunbar (Non-Exec Director) & Joseph Belladonna (Company Secretary)
 Solid understanding of Chinese
markets, project financing and
offtakes
33

34. Location
WSA concentrate to
BHP Billiton
WSA operations
WSA
concentrate
exports
34

35. Another Strong Quarter
2011/2012 FY
Highlights (June Qtr) Tonnes Mined Sep Qtr Dec Qtr Mar Qtr Jun Qtr Total
 Record Flying Fox production Flying Fox
Ore Tonnes Mined Tn's 95,647 100,647 81,143 96,289 373,726
 Spotted Quoll hits 10,000tpa nickel rate Grade Ni % 4.5% 4.9% 5.3% 5.3% 5.0%
 Cash costs as guided to market A$2.90/lb – Ni Tonnes Mined Tn's 4,258 4,920 4,278 5,097 18,553
Spotted Quoll - Tim King Pit
reflects two underground mines Ore Tonnes Mined Tn's 59,955 71,406 57,204 - 188,565
 8th quarterly delivered with no downside Grade Ni % 5.7% 4.8% 4.0% 0.0% 4.8%
surprises Ni Tonnes Mined Tn's 3,400 3,455 2,280 - 9,135
 $18m free cashflow (all up) excluding $9m Spotted Quoll - Underground
Ore Tonnes Mined Tn's - 5,996 23,261 42,574 71,831
dividend Grade Ni % 0.0% 3.3% 4.5% 5.1% 4.8%
Ni Tonnes Mined Tn's - 197 1,044 2,173 3,414
Highlights (Full Year) Total - Ore Tonnes Mined Tn's 155,602 178,049 161,608 138,863 634,122
Grade Ni % 4.9% 4.8% 4.7% 5.2% 4.9%
 Low cash cost producer A$2.43/lb Total Ni Tonnes Mined Tn's 7,658 8,572 7,602 7,270 31,102
 Mill recovery at 92% Tonnes Milled and Sold Sep Qtr Dec Qtr Mar Qtr Jun Qtr Total
 Nickel in ore – 31,102t Ore Processed
Grade
Tns
%
134,412 138,360 131,748 143,148
5.1% 5.2% 5.1% 4.9%
547,668
5.1%
 Record nickel in concentrate sold 26,260t Ave. Recovery % 93% 92% 93% 90% 92%
 Spotted Quoll Underground operating to plan Ni Tonnes in Concentrate Tns 6,413 6,632 6,276 6,320 25,641
Ni Tonnes in Concentrate Sold Tns 4,751 6,487 8,154 6,888 26,280
Ni Tonnes in Ore Sold Tns 357 - - - 357
Total Nickel Sold Tns 5,108 6,487 8,154 6,888 26,637
FY2013 – Preliminary Guidance
Stockpiles Sep Qtr Dec Qtr Mar Qtr Jun Qtr
 Nickel in ore production 26,000t nickel Ore Tns 109,969 146,109 175,971 171,682
Grade % 4.8% 4.5% 4.2% 4.4%
 Mill recovery 90% Concentrate Tns 19,903 19,375 11,346 7,243
 Cash costs to remain stable below $3.00/lb Grade % 14.3% 14.1% 14.3% 14.3%
 Dividends Contained Ni in Stockpiles Tns 8,132 9,300 9,013 8,586
Cash Cost Ni in Con (***) A$/lb 2.20 2.15 2.48 2.90 2.43
35

36. Energy Intensity
1. Conventional Nickel Sulphide
Mature nickel camps contribute ~45%
global production
NO MAJOR NEW DISCOVERIES
2. Low Grade disseminated sulphide
Increasing reliance on low grade and
low quality nickel sulphide production.
HIGH CAPEX, MODERATE ENERGY
3. Nickel Laterite
Laterite & Ferro Nickel contribute >40%
global production
HIGH CAPEX, HIGH ENERGY COST
4. Chinese Nickel Pig Iron
Chinese nickel pig iron, 15% global
production. Announced cut backs
ENERGY INTENSIVE, HIGH COST Increasing energy intensity
and production cost
Increasing energy intensity
and production cost 36