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Overview

The Norilsk Nickel Cawse Pty Ltd (Norilsk) owns and manages the Cawse Nickel-Cobalt Operation, with Norilsk and TNG Ltd jointly owning the adjacent Cawse Extended Project which is currently under care and maintenance. TNG’s interest in the Cawse Extended Project is 20% free-carried to production, convertible at the Company’s election to a 2% net smelter return.

TNG believes that Cawse Extended will continue to be an important ore source for Norilsk in the long term and provide a potential cash flow for TNG Ltd.