This is a research publication of Eagle Research Advisory Pty Ltd ABN 33 098 051 677 as a Corporate Authorised Representative reference number 384349 of Taylor Collison Limited ABN 53 008 172 450 AFS Licence 247 083.

q Nickel : Sirius Resources NL (SIR)

By : Eagle Research (Keith Goode) JULY 2014 VISIT TO NOVA (FRASER RANGE) 29 July 2014Year Low/High: $1.92 - $4.10 Recommendation BUYDiluted No. Shares 432.8m Share Price $4.07Diluted Mkt Cap : A$1762m Target Price > A$5.00Est Net Cash (1 Aug 2014) ~$240m 7.5% NPV : A$3.92 (US$9.00/lb:$95c), A$5.05 (US$10.00/lb:$90c)Shares : 312m ords, 70.5m escrow, 50.3m ops (incl rts) www.siriusresources.com.au T:+618 6241 4200

Sirius Resources NL (SIR) – On the Critical Path to Nova Nickel Production by DQ2016 / MQ2017

• Having completed the DFS of its Nova Nickel Project, Sirius Resources is now following a critical path route to production. Depending on the timing of Native Title approval and subsequent EPA and Mining Licence approvals, should site construction start in Jan 2015, first production could occur by the end of 2016.

• Sirius' Nova Nickel Project's DFS has been based on a life of mine plan of 14.2mt @ 2.0%Ni, 0.8%Cu & 0.07%Co out of a maiden probable ore reserve of 13.1mt @ 2.1%Ni. Hence at a treatment rate of ~1.5mtpa for ~10 years, the expected average annual DFS production is ~26,000tpaNi, 11,500tpaCu & 850tpaCo transported in a ~13.5%Ni con & 29%Cu con, at cash costs: ~C1 A$1.66/lb and ~ "all-in" A$2.32/lb.

• The critical path route is to establish the underground, with the decline (including the box-cut) from surface to first ore taking ~15 or 16 months (~JQ16), and initial stoping potentially ~6 months' later (~DQ16), ramping up to the full ~1.5mtpa rated treatment rate possibly a further ~12 to 15 months' later (or by the end of 2017).

• The DFS appears to be a base case scenario : the mine life may be extended beyond 10 years, depending on possible depth or lateral extensions to Nova-Bollinger; and annual production may be higher either from higher realised grades through the plant, or above design throughput rates being achieved.

• Should a material discovery be made in the Nova area or regionally, there is provision in the plant area for a parallel train / expansion. Should Sirius' new Taipan discovery at Polar Bear (discovery hole ~2.2m @ 5.8%Ni, 3.7%Cu, 0.12%Co, & PGEs of 1.1g/tPt & 1.6g/tPd), become material, then it could be trucked ~170km to Sirius' own concentrator at Nova. The PGE grades are significant - Sirius may have made another new major Ni-Cu (& PGE this time) discovery in Australia.

FINANCIAL ESTIMATES : (Note : This ERA scenario is just one of a number of possible scenarios for Sirius Resources) Year end June 2015f 2016f DH16f JH17f 2017f 2018f 2019f 2020fNickel Production in Ni con t 723 6090 6813 19800 29700 35190Copper Production in Cu con t 306 2604 2910 8360 12540 14858Payable Ni t 513 4324 4837 14058 21087 24985Ni Price US$/lb 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00A$ Exchange Rate A$/US$ 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95C1 Cash Cost per Ni lb in con US$/lb 2.11 1.59 1.64 1.52 1.30 1.21Total Cash Cost Payable Ni US$/lb 3.48 2.74 2.82 2.65 2.34 2.20NPAT A$m -23.0 -30.0 24.8 135.1 199.6 216.5EPS (433m shares) Ac 5.8 31.2 46.1 50.0P/E ratio @ A$4.07 x n/a n/a n/a n/a n/a 13.0 8.8 8.1

OTHER KEY POINTS: : • Sirius has a 7.5%NPV of A$3.92 @

US$9/lbNi & A$/US$0.95 (or A$5.05 @ $10/lbNi & A$/US$0.90). The NPV rises by ~A$0.70/US$1/lb increase in the Ni Price.

• The latest July 2014 placement of $189m easily covers the 30% equity requirement for the estimated A$473m capex that included a 5% (A$22m) contingency.

• Exploration in the Crux / Centauri area (potentially similar to Nova) is following a grass roots exploration route, with initial diamond tail extensions of RC holes based on drilling identified targets, expected next.

• A number of EM plate targets are expected to be identified in the new deeper (~350m to 850m) Samson DPEM geophysics surveys.

2

Corporate Overview This is our first update report on Sirius Resources NL (SIR) based on visiting the Nova Project site at Fraser Range in early July 2014. (Note : for historical detail and the original discovery, see our August 2013 report available on the ERA website [www.eagleres.com.au]). In the past year, Sirius has : completed its scoping study on time in September 2013, and its DFS on time in July 2014; broken through our/ERA one-year (August 2013 report @ $2.60) target price of >$3.25/share on 4 July 2014; and commenced basic surface location works with display boards, according to its DFS design.

Sirius also simplified the joint venture with Mark Creasy through an agreement in February 2014 over his 30% holding (through his Ponton company subsidiary) in EL 28/1724 which is comprised of a 96 sqkm western area and 47sqkm eastern area (being the overlaid double rectangle shape that covers the Nova Nickel Project area, and on which the MLA [mining lease application] 28/376 is being made by Sirius). This resulted in Mark Creasy receiving 70.56m fpo SIR shares, $28m in cash and an 0.5%NSR (net smelter royalty) on discoveries in EL 28/1724 that lie outside of MLA 28/376. For other areas in the Fraser Range JV outside of EL 28/1724 & MLA 28/376, Mark Creasy retains his 30% free-carried interest to BFS.

Together with the conversion of some options, a placement of ~34m shares @ $2.44 (raising $83.5m) in October 2013, and a placement of 49.5m shares @ $3.82 (raising $189m) in July 2014, has resulted in 311.9m fpo shares in issue. Although Mark Creasy's 70.6m fpo shares are escrowed for 12 months, the effective fpo shares on issue becomes 382.5m plus 48.1m options that are "all in-the-money". There are also 2.2m performance rights and 44 partly-paid shares (that date back to pre-1983 and are expected to be cancelled as they have an exercise price of $57/share).

Sirius has a number of tenements in the Fraser Range belt, plus nickel and gold exploration at Polar Bear north of Norseman, as shown in Figure 1a, with Nova located ~150km ENE of Norseman.

Figure 1. Location of Sirius' Tenements and Nova in WA, and DFS Location Plan of the Nova Nickel Project a. Location of Sirius' Tenements and Nova in WA

b. DFS Location Plan of the Nova Nickel Project

Sirius announced its Nova discovery on 26 July 2012 with a nickel-copper mineralised intersection of 4m @ 3.8%Ni & 1.42%Cu from 191m downhole, followed by intersecting 13m @ 4.1%Ni ~55m updip from 123m on 30 July. The first diamond drillhole reported on 20 August showed that the host rock was a new type for nickel in WA being a pyroxene-garnet-gneiss (PXG), with some of the nickel mineralisation similar to or resembling the massive nickel in the mega Voisey's Bay nickel mineralisation in Canada.

On 27 August 2012, SIR showed massive Ni-Cu sulphide drillcore from a ~19.6m zone ~150m down-dip, with a 1 October release of an intersection of 36.6m @ 3.47%Ni & 1.44%Cu from 293m that included 6.7m @ 6.1%Ni & 2.1%Cu. Some subsequent thicker intersections were 61.1m @ 3.4%Ni that included 22.9m @ 5.8%Ni, 2.0%Cu & 0.17%Co from 384m. In early 2013, Sirius reported the discovery of Bollinger (east of Nova & linked by a feeder shoot), and Nova's maiden resource of 10.2mt @ 2.4%Ni.

Sirius subsequently completed its scoping study in September 2013, and its DFS (definitive feasibility study) on time (and less than two years since discovery), presenting it to the market on 14 July 2014, with the plan shown in Figure 1b. The DFS is based on a life of mine plan of 14.2mt @ 2.0%Ni, 0.8%Cu & 0.07%Co (285ktNi & 118ktCu) out of a maiden probable July 2014 ore reserve of 13.1mt @ 2.1%Ni & 0.9%Cu (273ktNi & 112ktCu), and some minor inferred resources from the link zone feeder between Nova and Bollinger. The May 2014 ore resources are 14.2mt @ 2.3%Ni & 0.9%Cu (325ktNi & 134ktCu), viz :

Table 1. Sirius' Current Ore Reserves and Resources as at May or July 2014 Resources (May 2014) Mt Ni% Ni kt Mt Ni% Ni kt Mt Ni% Ni kt Cu% Cu kt Co% Co kt(>0.6% Ni Equiv) Indicated Resource Inferred Resource Total ResourceNova 9.1 2.5% 230 1.0 1.4% 14 10.1 2.4% 244 1.0% 100 0.08% 8Bollinger 2.4 2.7% 64 1.8 1.0% 17 4.2 2.0% 82 0.8% 34 0.08% 3Total 11.4 2.6% 294 2.8 1.1% 32 14.2 2.3% 325 0.9% 134 0.08% 11Reserves (July 2014) Probable Reserves Cu% Cu kt Co% Co ktNova 10.3 2.1% 218 0.9% 90 0.07% 7Bollinger 2.8 2.0% 55 0.8% 22 0.07% 2Total Probable Reserves 13.1 2.1% 273 0.9% 112 0.07% 9Additional Inferred Resources 1.1 1.0% 12 0.5% 6 0.04% 1Total Life of Mine Plan 14.2 2.0% 285 0.8% 118 0.07% 10

3

Nova Nickel Project (SIR : 100%) Geology The Nova magmatic nickel-copper sulphide deposit, is located in the ~425km long by ~40m wide NE/SW striking Fraser Zone of the ~1.3bn years' old Albany-Fraser Orogenic Belt, that lies along the SE margin of the Yilgarn Craton in WA. The mineralisation appears to be hosted in meta-gabbro and meta-picrite cumulates that were emplaced in an extensional sedimentary basin during the late "passive margin" stages of a continental break-up (between a continental crust and an oceanic crust), as shown schematically in Figure 2a.

Figure 2. Schematic Passive Continental Margin, and Current Aeromag Containing Nova in the "Eye" a. Schematic Passive Continental Margin

b. Current Aeromag Containing Nova in the "Eye"

Later possible overthrusting, as part of continental collision, resultant "mountain-building", and structural NE/SW shearing could have produced the Nova orebody within its magmatic altered sequence, as shown in section in Figure 3a, and of the nickel mineralisation defined so far (July 2014) in Figure 3b. Sirius have been trying to conceptually take the area back to its pre "mountain-building" phase.

Figure 3. Schematic Long Section of Nova, and Current 3d Schematic of Orebody Lenses at Nova a. Schematic Long Section of Nova

b. Current 3d Schematic of Orebody Lenses at Nova

Nova, Bollinger, Conductor 5 and Tethys appear to have flowed and pooled between each other initially in the "sediment" - now mostly a pyroxenite-garnet-gneiss. Mining As shown in Figure 3b, the current mine plan (after all the approvals have been received, ideally by December 2014) is to cut the ~38m deep box-cut and start the decline in early JQ2015 (all located in geotech pre-drilled, expected to be competent ground). In January 2015, 3 construction projects are scheduled to commence simultaneously, being : the access road, the aerodrome, and the tailings dam.

The tailings dam is an early pre-requisite, as like many other nickel orebodies, there is an ancient water aquifer at a depth of ~140m to 200m below surface in a "unit" over the Nova orebody and striking NE/SW, that needs to be pumped into the tailings dam. The water in some ways is a blessing in disguise because it contains possibly ~2 years of process water, and its saltiness is only 40,000TDS (compared to some water in the Goldfields at up to 100,000TDS - higher saltiness in water reduces mineral recoveries).

The critical path is clearly driving the decline to the orebody and establishing the stopes to be brought into production. The first 1.5km of the decline has been designed at ~6.5m high x 5.5m wide for speed of truck haulage, and it has been designed on an advance of ~52m per week (13 x 4m cuts) or ~220m per month, which depending on the competency of the ground, the efficiency of the development crew, the number of shifts, the number of cuts per shift and the break per cut, could result in advances of >300m per month.

4

The design of the decline is such that it can be retro-fitted into a conveyor-belt decline, which really needs an extraction rate of >2mtpa for economic viability. The decline has provision for two ventilation shafts at various stages down the decline and currently has been planned to result in 3 parallel declines as shown in Figure 4a.

Figure 4. 3d Schematic of Mining Sequence and Planned Stoping at Nova-Bollinger a. 3d Schematic of Mining Sequence at Nova

b. Current 3d Schematic of Planned Stoping at Nova

The 60º to 35º dipping Nova orebody has been subdivided into 2 areas, namely Nova Upper (~200m strike, 10m wide stopes), Nova Lower (~300m strike, 25m wide stope), with Bollinger (~150m strike, 25m wide stopes). The stopes are then generally either 40m high, or up to ~70m or 75m high in the thicker flatter mineralisation, as shown schematically in Figure 4b. The mining method is mostly slos (sub-level open-stoping) or long-hole stoping with paste fill, with a 25m level interval.

A 70m vertical x 25m x 25m stope contains ~43,750m³ of ore which at an SG (specific gravity) of 4.6 is ~200,000t. And therein lies one of the key estimation difficulties for the Nova mineralisation, because the SG varies according to the rock type (disseminated, breccia, massive) and the grade. Pure massive nickel sulphide minerals such as pentlandite and pyrrhotite both have SG's ~4.6, with chalcopyrite at 4.2, while disseminated nickel may be ~2.7 to 3, with brecciated nickel possibly mid 3's depending on the massive sulphide concentrations. Depending on grade, a 70m high stope could contain from 120kt to 200kt.

A 2%Ni grade has been used for treatment rates in the life of mine plan, but occasionally grades could be much higher and need blending down to pass through the plant. Bollinger's core for example is ~1mt @ 4%Ni, some of its 40m high stopes could have grades averaging >4%Ni, but they are planned to be extracted later as shown in the Figure 4a schedule, and there is plenty of disseminated low grade (possibly ~6mt @ 0.45%Ni & 0.25%Cu) in that bubble and to the north as shown inset in Figures 3b & 4a.

Figure 5. Layer Cake Nickel Mineralisation in Nova Sections, Detailed Ni% Grades on Section 9770N at Nova a. Layer Cake Nickel Mineralisation in Nova Sections

b. Detailed Ni% Grades on Section 9770N at Nova

In close up, and applying the block model, the mineralisation at Nova resembles a multiple "layer cake" that can vary laterally and vertically as shown in Figure 5a. Although the colour "red" does represent "massive sulphide mineralisation", grades can also be significant in some of the other colours, such as "yellow" for breccia-style, or even "light-green" for net-textured as shown in Figure 5b, where despite the number of 1m intersection grades >4%Ni, the average grade over the hangingwall to footwall interval is 34.6m @ 2.92%Ni & 1.28%Cu.

A recent unassayed met(allurgical) drillhole highlighted the variability in the Nova orebody's nickel mineralisation as it was expected to have passed through low grade textured nickel ore (~1%Ni to 1.5%Ni [as included in the current model and DFS]) as shown inset (top left) in Figure 6a, but instead had many lengths of massive nickel (bottom right). While in Figure 6b a met/geotech hole (hence also unassayed) was drilled to check if a geological "roll" interpretation in the Bollinger mineralisation was correct, and verified an almost 40m thick of steady ~5%Ni grades being ~38.9m @ 5.16%Ni (& 2.21%Cu). And there was that D0161 drillhole in our August 2013 report (Figure 6a on p5) of many 1m intervals > 6%Ni at Nova.

5

Figure 6. Exceeding Nova's Expectations, and ~40m Massive Metallurgical Drillhole Intersection at Bollinger a. Exceeding Nova's Expectations

b. ~40m Massive Bollinger Met Drillhole Intersection

Hence the early need for the drill drives above the orebody / mineralisation to explore / grade control and achieve better delineation of the expected stope grades. Depending on the reconciliation of the first stope to be cut, or the results from the grade control, SIR could upgrade their expected grade profile (to >2%Ni) and hence expected annual Ni & Cu production rates. Infrastructure, Processing Plant and Transport The infrastructure as shown in Figure 7a has been located according to the 100-year potential river/stream pattern (also shown in the Figure - the area is fairly flat, with no signs that we could see of rivers or streams). This results in the access road shown in Figure 1b only passing over two possible stream areas in the proposed ML. The intention is to keep as much vegetation as possible and the trees to be ideally kept are to be numbered, while being aware of potential bushfire requirements. SIR has already started to rehab its drillhole locations (to be able to return to comparable bush [as in Figure 7b]) .

Figure 7. Current Infrastructure Plan and Site Views, and Rehab (to comparable bush) of Drillhole Locations a. Current Infrastructure Plan and Site Views

b. Rehab (to comparable bush) of Drillhole Locations

The processing plant was originally planned to be located at position "X" in Figure 7a, but the ground conditions were not good enough for the planned foundations, whereas the revised planned location has a reasonably deep calcrete cover. Power is from a diesel-fuelled power station shown located in Figure 8a.

Figure 8. Proposed Processing Plant Layout, and Nova Nickel Process Flow-Sheet a. Proposed Processing Plant Layout

b. Nova Nickel Process Flow-Sheet

Ore is expected to be hauled from the decline/underground using ~7 Atlas Copco MT6020 (or similar) 60t payload haul trucks to the ROM (run of mine) pad. The primary crusher is skid mounted, and after mag separation, the crushed ore goes through secondary crushing to a 2hr surge bin (with the excess going to the emergency ROM pad). Should additional crushed ore / extra feed be required, there is provision for a track mounted mobile crushing plant (that may be used underground). The ore is then ground in a sag & ball configuration (with met testing inferring that scats regrind should not be required [BWI ~15]).

6

The ground ore then first passes through copper flotation, resulting in an expected ~95% recovery of the copper into a 29%Cu con(centrate), followed by nickel flotation and an expected ~89% recovery of the nickel into a 13.5%Ni con as shown in Figure 8b. The nickel con contains most of the cobalt at an expected ~85% recovery. The nickel and copper cons are expected to contain minor amounts of copper and nickel respectively for which no penalty or credit is expected, in fact due to the high quality of the cons (eg higher iron and no arsenic or other standard penalty metal levels), higher payability could occur.

The initial process water has a low (expected ~40,000TDS) salt content for the first 2 years as it comes from dewatering of the aquifer above the mineralisation and stored in the tailings dam. Subsequent water bore supplies have also been located. The rest of the infrastructure utilises the terrain such as the new accommodation village situated on a "hill/rise", and the aerodrome along a ridge.

Being a 1.5mtpa rated Australian designed plant means that its capability should be ~20% higher (because most Australian plants are designed with a 20% production tolerance to ensure that the design capacity is achievable), or possibly ~1.8mtpa. Post commissioning of the plant will determine : how much can be processed for optimal recovery; how far above the design rate of 2.5% nickel the plant can handle (otherwise the ore grade has to be blended down so that it does not exceed 2.5%Ni); and what level of annual production the mine can deliver for processing.

The plant location and design is in the form of a long "train" as shown in Figure 9a (with the ground surface having a natural slope from copper to nickel flotation etc). This design means that the position of the lab could be replaced and a parallel "train" installed, should further discoveries be made and a >1.8mtpa treatment capacity be required. An additional location for a further tailings dam has also been determined (adjacent and SW of the first one) should it be required under an expansion.

Figure 9. 3d Schematics of the Processing Plant, and Proposed Transport of Concentrates System a. 3d Schematics of the Processing Plant

b. Proposed Transport of Concentrates System

The concentrates are expected to be transported in specially designed lidded half-size shipping-containers as shown in Figure 9b, and expected to be trucked either ~370km to Esperance, or ~300km to Kambalda (for drying at the Kambalda Nickel Concentrator and then to the KN Smelter), or further to the Kalgoorlie Rail terminal. The approval for such transportation has already been granted in principle, and using such containers means that they can be stored at the port without a concentrate shed or required rehandling of the concentrate. The containers are being used in the industry, and can be lifted by a special crane and tipped into the hold of the relevant carrier as shown in Figure 9b.

Assuming that the required approvals are received on time, the decline completed and the stopes beginning to be cut, plant commissioning is currently scheduled to start in DQ16, ramping up to full 1.5mtpa production possibly over a period of 12 months. Exploration Upside Sirius currently has three areas of potential nickel exploration upside, with progress being made in all 3 of them, that could impact and increase the production expected to occur at the Nova Nickel Project. Should the new Taipan prospect discovery at Polar Bear near Norseman become material, then depending on the resulting average grade it could be trucked ~170km to Sirius' own concentrator at Nova. The three nickel exploration upside potential areas are :

• Near mine (within MLA 28/376) - 3 possibilities : Repetition, EM plates and extensions (there is mineralisation outside the designed stopes, outside the modelled orebody, copper grades up to ~19%, and that is in addition to Figures 5 and 6),

• Regional Fraser Range - Crux & Centauri, and DPEM results, and • Other - Polar Bear and the Taipan Discovery and region.

7

Near Mine Exploration Upside Extensions Aside from likely grade and tonnage increases as shown in Figure 6 on page 5 of this report, the mine designed area based on the Nova-Bollinger mineralisation, is expected to increase peripheral to the orebody due to a number of extensions. Closer examination of the sections and models does show that Nova's footwalls and hangingwalls, and Bollinger's footwalls and northern edge are not "cut cleanly or clearly" as shown in Figures 10a and 10b.

Figure 10. Mineralisation outside of Orebody & Stope Limits at Nova and Bollinger, and the "Halo" a. Nova Mineralisn outside of Orebody & Stope Limits

b. Halo and Bollinger Mineralisation Outside of Stope Areas

Some of the mineralisation especially in the footwall is thought to be due to "slivers" or "carrots" of mineralisation extending downwards. There is reputedly a sliver grading ~19%Cu under the Nova orebody on about the same section as a ~19%Cu intersection in the main Nova orebody, while under Bollinger there are periodic slivers of 2%Ni & 5%Ni, mostly within the mineralisation halo shown in Figure 10b.

As part of near mine exploration, Sirius undertook a RAB to refusal programme and compared the bottom hole/refusal (similar to RAB/interface) geochem results for Cr (chrome) as a possible pathfinder, which appeared to show up most of the gabbroic areas, including the "tongue", so called because in schematic 3d, it resembles a "tongue", as shown in Figure 11a. While the chrome geochem highlighted the Nova mineralisation, it also appeared to highlight some (so far) uneconomic gabbro too (ie it is additional info).

Figure 11. The Gabbroic Tongue, Cr geochem over Aeromag, and Potential Deeper Repetition a. The Gabbroic Tongue, Cr geochem over Aeromag

b. Potential Deeper Repetition

Repetition The host sequence above the Nova mineralisation has become reasonably well known, especially the carbonate-rich metasediment zone (above the Nova gabbro) as shown in Figure 3a, and then the very distinctive garnet-quartz (currently perceived cut-off) marker in the footwall. However, some deeper drillholes under the garnet-quartz marker have intersected similar carbonate-rich sediments as shown in Figure 11b. The position of the carbonate in drillholes nearer to surface were thought to be interesting, but took on a greater potential significance with the carbonate in the deep drillhole further east.

What actual significance the lower carbonate zone may mean for potential deeper repetition(s) is expected to be a future project. Perhaps to be delineated by an EM (electro mag [geophysics]) plate or a possible EM mega-loop once the exploration drive loop connection with the orebody drives has been completed around Bollinger (similar to the EM mega loop IGO/Independence conducted at Long Nickel, which resulted in discoveries for IGO).

8

EM Plates Sirius has had mixed success with EM plates, and is hence understandably cautious about its new EM plate discovery, announced on 16 July 2014, that appears to be on the outer edge of the Nova "eye" as shown in Figure 11a. Relatively shallow EM was successful in the early delineation of Nova-Bollinger, however, so far, it has not yet been as successful at the other "eye" (Buningonia), or the western contact in the other EL 28/1724 tenement (further west), or possibly also the "eyelet", SW of the Nova "eye".

Figure 12. Plan, Oblique Section and Cross-Section Looking West of July 2014 DPEM Conductor Discovery a. Plan of July 2014 DPEM Conductor

b. Oblique Sectn of DPEM Conductor

c. Cross Sectn of DPEM Conductor

The potential new EM plate discovery was identified by a DPEM (deep penetration electromagnetic) loop configuration that produced an extremely large signature : steeply dipping SE, ~600m long x ~350m high at a depth of ~700m (centre-point) below surface as shown in Figure 12a. And it was discovered in SIR's first DPEM survey area to be undertaken in the near and regional mine exploration program.

The Samson DPEM (originally owned by BHP and used to discover BHPs Venus deposit at Leinster Nickel) can determine EM plates at depths of ~350m to 850m (the previous EM was limited to a depth of ~350m). Sirius have started a program that initially covers its MLA, then probably the rest of its Fraser Range tenements in a series of overlapping DPEM squares, and may also apply it to Polar Bear.

Figure 13. Historical 3d-IP Survey and DPEM Conductor, and "Leapfrog" modelled Gravity and EM plate a. Historical 3d-IP Survey and DPEM Conductor

b. "Leapfrog" modelled Gravity and EM plate

The location of the EM plate has already been "double-checked" by a different DPEM loop and by using the bottom of an older diamond drillhole (SFRD0204, drilled to ~484m or ~415m below surface) as an EM platform (DHEM) as shown in Figure 12b. That older drillhole failed to intersect expected disseminated nickel (and stopped ~100m above the EM plate), having been drilled based on a coincident IP and gravity target anomaly, (and the subsequent conclusion at that time, was that IP does not work at Nova).

The coincident anomaly could now be interpreted as reflecting the potential EM plate as shown in Figure 13a of the 3d-IP and Figure 13b of the gravity, with the EM position in the IP as a "possible" and its position in the gravity as a "maybe". The current consideration is to check the validity of the EM target by possibly wedging some drillholes from existing nearby diamond drillholes, and/or deep diamond drillhole from surface. The Samson DPEM survey has continued over the 47km² MLA, and has apparently identified other conductors in preliminary data which have yet to be modelled to determine their size, orientation and conductance; and whether they need to be further geophys tested. Crux and Centauri (Fraser Range JV : SIR 70% / Mark Creasy 30% free carried to a BFS) Sirius are also having preliminary exploration success at Crux and Centauri as shown located at the SW edge of the Fraser Range in Figure 14a. The area was targeted by Newmont in a JV with WMC & Anglo American between 1966 and 1970 looking for Canadian-type nickel orebodies like Thomson (similar to Nova), but only had a discovery of anomalous nickel in the westernmost unit of a 5 unit package in 1967.

9

Figure 14. Crux and Centauri Prospect Locations, Anomalies, Sulphide Photomicrographs, & Enrichment a. Location of Crux and Centauri Prospects

b. Crux & Centauri Anomalies, Micrographs & Enrichment

However, exploration by Sirius has been encouraging, with first pass broad spaced reconnaissance drilling identifying extensive blankets of Ni-Cu-Co enrichment (similar to Nova) as shown in Figures 15a and 15b, plus magmatic sulphides in subjacent fresh rock as shown in Figure 14b (also like Nova).

Figure 15. First Pass Drilling at Crux and Centauri a. First Pass Drilling at Crux

b. First Pass Drilling at Centauri

Sirius view Crux and Centauri as back to basics grassroots exploration. Geochem soil anomalies were identified at both prospects in DQ13 and MQ14, with follow-up EM then identifying broad diffuse anomalies in both of them in April 2014, consequently making them drill-ready for May 2014.

In June 2014 SIR reported that extensive enriched Ni-Cu-Co subsurface zones in weathered mafic and ultramafic rocks had been identified south of Crux and at Centauri from RC and aircore drillholes. At Crux, drillhole SFRC0514 intersected 28m @ 0.57%Ni from 32m. Centauri's zone of enrichment is reputedly similar to that encountered in the original 6 RC drillholes in the Nova "eye" which was later found to be ~400m above the mineralisation at Nova.

Minor magmatic nickel-copper sulphides were also intersected from 72m to 100m at Centauri and 239m to 249m at Crux. Though minor, such nickel-copper sulphides are apparently similar to those encountered in the immediate hangingwall above Nova and Bollinger. However, it should also be recognised that the near surface nickel intersections at Crux and Centauri are mostly ~0.12% to 0.25%, whereas at Nova (shown inset in each of the Figures 15a and 15b) the grades were mostly ~0.6%Ni.

Depending on drilling approvals (because Crux and Centauri are located in a nature reserve as shown in Figure 14b), the next stage is to conduct diamond tails on some of the RC holes (there are 8 in Centauri and 9 in Crux, so far) to try and drill at depth through the intrusion and intersect the footwall basal contact expected to be somewhere between 300m & 500m below surface.

Polar Bear (SIR : 100%) In February 2010, Sirius discovered a Ni-PGE gossan on an island (called Halls Knoll) in the Lake Cowan salt lake near the Polar Bear shaped peninsular, north of Norseman as shown in Figure 16a. ~20 samples were taken from the 40m long gossan, with grades of 0.5% to 1.0%Ni, 0.4% to 3.1%Cu, and combined Pt + Pd mostly ~4g/t to 15g/t. Completed assays of the full 10-mineral PGE suite were reported in March 2010, with some historic near surface drillhole results (1968 to 2008) reported in July 2010 of typically 14m to 20m @ 0.4%Ni to 0.6%Ni. Another gossan (Dundas) near the surface of the salt lake was discovered in Jan 2011 with grades of 0.8%Ni, 2.8%Cu & 3EPGEs of 8.4g/t (1.8g/tPt +5.6g/tPd+1g/tRh).

However, Sirius had to reduce costs (diamond drilling to depth is expensive), so SIR switched to gold exploration and RAB drilling, and has identified gold mineralisation (mostly >4m @ ~2.5g/t to 5g/t) under the Lake's surface in the NW/SE trend shown in Figure 16b, over a fairly large target area.

10

Figure 16. Geological Location of Polar Bear and Taipan Discovery Prospect, and Prospective Basal Contact a. Geological Location of Polar Bear & Taipan Prospect

b. Taipan Discovery and Prospective Basal Contact

Following up a known historical intersection by Anaconda in the 1970s of ~23m @ 0.56%Ni (incl 2.1m @ 1.27%Ni & 0.13%Cu), Sirius "hit the jackpot" with their first SPBD0046 drillhole at Taipan as shown in Figure 16b, with an intersection from 104.4m of 4.1m @ 3.8%Ni, 2.45%Cu & 0.08%Co and significant PGEs of 0.89g/tPt + 1.60g/tPd (incl from 106m: 2.15m @ 5.84%Ni, 3.73%Cu, 0.12%Co & 1.10g/tPt + 1.65g/tPd). This was followed up with a second drillhole (SPBD0047) showing blebby and disseminated nickel-copper sulphides as shown inset in Figure 16b at various depths in ultramafic rocks. Sirius has commented that there are similarities to other nickel sulphide orebodies in WA.

Table 2. Comparison of Taipan's Ni-PGE intersection with Zimbabwe's Ngezi & Mimosa platinum mines Location Date Width m Pt g/t Pd g/t Pt+Pd g/t Rh g/t Au g/t 4EPGE g/t 4EPGE g-m Pt/Pd x Ni% Cu% Ni/Cu x Co%Mimosa, Zimbabwe Prill, post 96%MCF Oct-02 1.70 1.92 1.47 3.39 0.17 0.29 3.85 6.55 1.31 0.155 0.122 1.27 0.006Ngezi, Zimbabwe Measured Resource Jun-13 2.20 1.79 1.43 3.22 0.15 0.26 3.63 7.99 1.25 0.100 0.070 1.43Ngezi, Zimbabwe Prov & Prob Reserve Jun-13 2.70 1.63 1.32 2.95 0.15 0.22 3.32 8.96 1.23 0.120 0.090 1.33Taipan, SPBD0046 drillhole from 106.0m Jul-14 2.15 (1) 1.10 1.65 2.75 nya nya 2.75 5.91 0.67 5.84 3.73 1.57 0.120Taipan, SPBD0046 drillhole from 104.4m Jul-14 4.10 (1) 0.89 1.60 2.49 nya nya 2.49 10.21 0.56 3.80 2.45 1.55 0.080Notes : (1) Intersected downhole width / length. (2) Co+Ir(idium)+Ru(thenium) are usually treated as combined by-product credits. (3) Os(mium) being unstable is usually ignored. (4). nya : not yet assayed

However, this could be another new major nickel discovery for Sirius. The significant PGE values over width (admittedly intersected), combined with high Ni & Cu %'s, place the discovery into a different category. The Pt + Pd grades are comparable with those of Zimbabwe's PGE deposits as shown in Table 2, such that SIR's Taipan may also be viable as a PGE orebody, the key may be to assay for 4EPGEs.

Figure 17. Taipan Prospect SPBD0046 Drillhole Intersection, and Some of the Ni Sulphide Detail a. Taipan Prospect SPBD0046 Drillhole Intersection

b. Taipan Prospect SPBD0046 Drillhole Ni Sulphide

Examining the SPBD0046 drillcore shown in Figure 17a, in our / ERA opinion, it resembles a bas/bas (basalt/basalt) contact immediately above and below the distinctive ~2.2m intersection, with the sulphides themselves remobilised as shown in Figure 17b. The intersection does not resemble any Kambalda / Widgiemooltha lava flow-types that we/ERA have seen before, perhaps it is a different type of Ni-Cu-PGE orebody, especially when comparing the size of the Cu grades and Ni/Cu ratios. However, it is "early days" as this is only the first drillhole into massive sulphide (albeit potentially very encouraging). SIR has noted a number of untested historical EM plates shown in Figure 16b, and may conduct a further EM (/possibly DPEM) over Halls Knoll/Taipan in SQ 2014.

Financial Considerations SIR easily raised $85m in their October 2013 placement, and applying the 70%debt/30%equity financing approach to the ~$473m capex, raised ~$189m ($143m required for 30%) on 23 July 2014 by placing 49.5m new fpo shares @ $3.82/share (under the 15% placement capacity rule).

For our modelling analysis shown in Table 3, we have used a base nickel price of US$9/lb and an A$ of US$95c, and applied sensitivities of ~US$1/lb, We are a firm believer (based on our annual visits to China since 2003) that China's growth/demand for Ni & Cu could continue for at least the next 10 years, followed by India and the ROW. It should be recognised that this production scenario is not Sirius' DFS scenario of 1.5mtpa @ 2%Ni, instead it is an ERA scenario, and is just one of a number of possible scenarios that could occur.

11

Table 3. Production and Cashflow Estimate for Sirius Resources’ Nova Operation

We have modelled using an average grade of 2.3%Ni...

...as we think that is achievable (indicated resource is 2.6%Ni before any infill upgrade)

While the DFS has used 2%Ni for its modelling, it does appear likely that some stopes could have grades of ~3%Ni to ~5%Ni

We have assumed a Ni/Cu grade ratio of 2.5:1 & Ni/Co of 30:1 (ie 5%Ni = 2%Cu & 0.016%Co)

Based on other operations, we have assumed split con payabilities of 71% for Ni, 92% for Cu & 35% for Co

Allowing ~$20mpa for exploration has reduced the NPV by ~40c

We have not provided for dividends, although SIR could have a payout ratio of ~70%...

..and our ERA model only required $270m debt...

...although ~$330m debt could be available (being ~70% of the $473m estimated capex)

Sirius Resources 2015f 2016f DH16f JH17f 2017f 2018f 2019f 2020fPrices $4.07 1 2 3 4Nickel Price US$/lb 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00

US$/t 19836 19836 19836 19836 19836 19836 19836 19836A$/t 20880 20880 20880 20880 20880 20880 20880 20880

Copper Price US$/lb 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25US$/t 7163 7163 7163 7163 7163 7163 7163 7163

A$/t 7540 7540 7540 7540 7540 7540 7540 7540Cobalt Price US$/lb 13.61 13.61 13.61 13.61 13.61 13.61 13.61 13.61

US$/t 30000 30000 30000 30000 30000 30000 30000 30000A$/t 31579 31579 31579 31579 31579 31579 31579 31579

A$ Exchange Rate A$/US$ 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950ProducedNickel in situ Ni t 850 7000 7850 22000 33000 39100Nickel in Cons Ni t 723 6090 6813 19800 29700 35190Payable Nickel Ni t 513 4324 4837 14058 21087 24985Payable Nickel Ni Mlbs 1.1 9.5 10.7 31.0 46.5 55.1Copper in Cons Cu t 306 2604 2910 8360 12540 14858Payable Copper Cu t 282 2396 2677 7691 11537 13669Payable Cobalt Co t 8 69 77 218 327 388ProductionTonnes milled 000t 50 350 400 1100 1500 1700Ni Grade % 1.70% 2.00% 1.96% 2.00% 2.20% 2.30%Ni Recovery % 85.0% 87.0% 86.8% 90.0% 90.0% 90.0%Ni contained in cons t 723 6090 6813 19800 29700 35190Payable Ni t 513 4324 4837 14058 21087 24985Cu Grade % 0.68% 0.80% 0.79% 0.80% 0.88% 0.92%Cu contained in cons t 306 2604 2910 8360 12540 14858Co contained in cons t 23 198 221 623 935 1108Costs (u/g mining & fill 55, milling & maint 35, haulage & port 22, admin 11)Operating Costs A$/t 118.3 121.9 121.4 122.5 124.7 125.8Royalties (2.5%Ni; 5%Cu if sep co A$m 0.6 5.1 5.7 16.5 24.7 29.3By-prod credits A$m -2.4 -20.3 -22.6 -64.9 -97.3 -115.3C1 Cash Costs per Ni lb in con A$/lb 2.22 1.67 1.73 1.60 1.37 1.27Total Cash Costs A$m 4.1 27.5 31.6 86.4 114.4 127.7per Payable Ni lb US$/lb 3.48 2.74 2.82 2.65 2.34 2.20RevenuesPayable Ni Sales Rev A$m 10.7 90.3 101.0 293.5 440.3 521.7By-product Rev A$m 2.4 20.3 22.6 64.9 97.3 115.3Sales Revenue A$m 13.1 110.5 123.6 358.4 537.6 637.0Costs - Operating A$m 4.1 27.5 31.6 86.4 114.4 127.7 - D & A A$m 1.4 11.4 12.8 37.2 55.8 66.1Total Costs of Sales A$m 5.5 38.9 44.4 123.6 170.2 193.8Gross Profit (Ni Rev - Tot Cost) A$m 5.2 51.4 56.6 170.0 270.1 327.9Exploration expenditure A$m -25.0 -20.0 -20.0 -20.0 -20.0 -20.0Corporate Costs A$m -6.0 -6.0 -6.0 -6.0 -6.0 -6.0EBITDA A$m -31.0 -26.0 43.4 181.2 299.9 367.9Other Net Interest A$m 8.0 -4.0 -5.8 -8.9 -2.3 7.4NPBT A$m -23.0 -30.0 24.8 135.1 241.9 309.2Income Tax A$m 0.0 0.0 0.0 0.0 42.2 92.8Tax % % 0% 0% 0% 0% 17% 30%NPAT A$m -23.0 -30.0 24.8 135.1 199.6 216.5EPS c -5.6 -7.2 5.8 31.2 46.1 50.0Simple Cashflow A$m -23.0 -30.0 33.7 161.1 238.7 262.7CFPS c -5.6 -7.2 7.9 37.2 55.2 60.7No Shares M 411.9 414.5 425.1 425.1 425.1 432.8 432.8 432.8Cashflow 2015f 2016f DH16f JH17f 2017f 2018f 2019f 2020fSales Revenue A$m 0.0 0.0 13.1 110.5 123.6 358.4 537.6 637.0 + Equity Raised A$m 203.7 2.9 28.1 0.0 28.1 18.4 0.0 0.0 + Borrowings Other A$m 0.0 220.0 50.0 0.0 50.0 0.0 0.0 0.0 + Interest Received A$m 8.0 3.0 2.0 2.0 4.0 1.9 3.7 7.4Total Receipts A$m 211.7 225.9 93.2 112.5 205.7 378.7 541.4 644.4 - Corporate Costs A$m -6.0 -6.0 -6.0 -6.0 -6.0 -6.0 - Operating Costs A$m 0.0 0.0 -48.6 -134.8 -187.0 -213.8 - Royalty Costs A$m 0.0 0.0 -5.7 -16.5 -24.7 -29.3 - Interest Paid A$m 0.0 -7.0 -9.8 -10.8 -6.0 0.0 - Explorn & Evaln A$m -25.0 -20.0 -20.0 -20.0 -20.0 -20.0 - Tax Paid A$m 0.0 0.0 0.0 0.0 -42.2 -92.8 - Pty Plant Equipment A$m 0.0 0.0 0.0 0.0 0.0 0.0Sub-total A$m -31.0 -33.0 -90.1 -188.1 -286.0 -361.8 - Capitalised development A$m 0.0 0.0 -20.0 -20.0 -10.0 -10.0 - Major Capex A$m -155.0 -250.0 -50.0 -20.0 -70.0 0.0 0.0 0.0 - Sustaining Capex A$m 0.0 0.0 -5.0 -5.0 -5.0 -5.0 - Divs Paid A$m 0.0 0.0 0.0 0.0 0.0 0.0 - Loans Repaid A$m 0.0 0.0 0.0 -120.0 -150.0 0.0 = Expenditures A$m -186.0 -283.0 -185.1 -333.1 -451.0 -376.8 - Other (inventories etc) A$m 0.0 0.0 0.0 0.0 0.0 0.0Total Expenditures A$m -186.0 -283.0 -185.1 -333.1 -451.0 -376.8Net Cash Flow A$m 25.7 -57.1 20.7 45.7 90.4 267.5Net cash for NPV A$m 48.0 45.7 90.4 267.5

Yrs A$m A$ps No shares (m)NPV 7.50% 13 1697 3.92 433

Table 4. Sensitivity Analysis of Sirius Resources

The sensitivities show that SIR's NPV increases by ~A$0.70 per $1/lb increase in the nickel price... ...and even minor changes in the nickel grade... ...can materially increase profits and the NPV

Sensitivity Analysis Year NPV NPV 2017e 2018e 2019e 2017e 2018e 2019eBase Nickel Price @ 95c A$m A$ps A/tax Profit (A$m) Earnings per Share (Ac)~US$9.00/lb (~US$19836/t) 9.00 1697 3.92 24.8 135.1 199.6 5.8 31.2 46.1~US$10.00/lb (~US$22040/t) 10.00 1990 4.60 35.5 166.8 220.9 8.4 38.5 51.0~US$11.00/lb (~US$24244/t) 11.00 2283 5.28 46.3 198.4 242.2 10.9 45.9 56.0~US$12.00/lb (~US$26448/t) 12.00 2576 5.95 57.0 222.3 271.0 13.4 51.4 62.6~US$8.00/lb (~US$17632/t) 8.00 1404 3.25 14.0 103.4 178.4 3.3 23.9 41.2~US$10.00/lb (~US$22040/t) @ 90c 10.00 2185 5.05 42.7 187.8 235.0 10.0 43.4 54.3Base Nickel Grade A$m A$ps A/tax Profit (A$m) Earnings per Share (Ac)Base 0.00% 1697 3.92 24.8 135.1 199.6 5.8 31.2 46.10.2% higher 0.20% 1959 4.53 34.7 163.7 189.3 8.2 37.8 43.70.4% higher 0.40% 2221 5.13 44.5 192.2 179.0 10.5 44.4 41.40.2% lower -0.20% 1435 3.32 14.9 106.5 210.0 3.5 24.6 48.5Base A$/US$ Exchange Rate A$m A$ps A/tax Profit (A$m) Earnings per Share (Ac)Base US$0.95 0.95 1697 3.92 24.8 135.1 199.6 5.8 31.2 46.1US$0.90 0.90 1876 4.33 31.3 154.4 212.6 7.4 35.7 49.1US$1.00 1.00 1537 3.55 18.9 117.8 188.0 4.4 27.2 43.4Sensitivity Analysis Year NPV NPV 2017e 2018e 2019e 2017e 2018e 2019eSensitivity Analysis (based on 433m shares in issue)Base Exchange Rate (A$/US$) @ 0.95 @ 0.95 @ 0.95 @ 0.95 @ 0.95 @ 0.95 @ 0.90Parameter Ni Price Ni Grade Exch Rate Opg Costs Prodn Cu Price Ni PriceMeasured in US$/lb % A$/US$ % ktpa US$/lb US$/lb+ / - incremental change in parameter 1.00 0.20% 0.05 5.0% 50 0.25 1.007.5% NPV incremental change $m 293 262 178 60 73 39 3097.5% NPV incremental change Ac 68 61 41 14 17 9 71+ / - incremental change in parameter $0.10 0.05% 0.01 1.0% 10 $0.05 $0.107.5% NPV incremental change Ac 6.8 15.1 8.2 2.8 3.4 1.8 7.1

12

Management Board of Directors Jeff Dowling – Non-Executive Chairman since 2013. Jeff has over 40 years' experience with Ernst & Young in audit, risk, finance and corporate transactions, most recently as the Managing Partner of their Western Region. Jeff is also a Non-Exec Director of Atlas Iron and is Deputy Chairperson of the Metropolitan Redevelopment Authority. Mark Bennett – MD & CEO since 2009. Mark is a geologist with over 25 years’ experience mainly in gold, nickel and base metals. Mark has worked in Europe, West Africa and Australia having held Chief Geologist positions mainly for WMC Resources (Kambalda Nickel and St Ives Gold) and LionOre, and contributed to the discovery of the Thunderbox Gold and Waterloo Nickel mines. Mark was "Prospector of the Year" in 2003, for the discovery of Thunderbox, and again in 2013, for the discovery of Nova. Jeff Foster – Exploration Director since 2012. Jeff is a geologist with over 25 years' experience and a renowned national and international knowledge of nickel deposits. Jeff was a nickel specialist with BHP, and is a consultant to Anglo American. Jeff was also an Assoc Prof of the University of Tasmania, & was a Non-Exec Director of and has been consulting to Sirius since 2009. Anna Neuling –Executive Director - Corporate and Commercial, including Company Secretary since 2012. Anna is a Chartered Accountant with over 15 years' experience who was formerly an auditor at Deloitte's. Anna has extensive experience from being a financial controller, CFO and/or Company Secretary of several ASX listed companies. Anna has been CFO and Company Secretary of Sirius since 2009. Terry Grammer – Non-Executive Director since 2010. Terry is a geologist with over 35 years' experience. Terry was the AMEC 2000 Prospector of the Year for his role in the 1997 discovery of Jubilee's Cosmos nickel mine, and was co-founder of Western Areas in 1999 and was exploration manager until retirement in 2004. Terry was also Chairman of South Boulder Mines. Neil Warburton – Non-Executive Director since 2013. Neil is a mining engineer with over 35 years’ experience. Neil replaces Stephen Lowe on the board of SIR as Mark Creasy's nominee. Neil was prev (to Mar 2012) CEO of Barminco, one of Australia's largest underground mining contractors. Prior to Barminco, Neil was MD of Coolgardie Gold. Neil also has other directorships. David Craig – Non-Executive Director since 2013. David is a lawyer with over 40 years’ experience as a businessman and lawyer, with extensive board and executive experience in the fields of law (as a partner in a leading Perth law firm), construction, financial services (stockbroking, investment banking and corporate finance), mining services and the resources industry. Senior Management Rob Dennis - COO since 2014. Rob is a mining engineer with over 40 years' experience in the nickel, copper, gold and alumina industries. Rob has held a number of COO positions at various ASX listed nickel and copper producers. Rob has been Chief Mining Engineer for WMC, GM Operations for Great Central Mines, and General Manager Project Development for LionOre Australia. Rob has taken a number of nickel, copper and gold mines through feasibility study, construction, development, and into operational production. Grant Dyker - CFO since 2013. Grant is a Chartered Accountant with over 23 years’ experience having held a number of senior finance positions in listed mining and manufacturing companies. Prior to Sirius, Grant has been CFO of a number of companies during their project development, construction and commissioning phase, the last being Doray Minerals. David English – Project Manager since 2013. David is a mechanical engineer with over 30 years’ experience. David was previously construction manager for Sandfire's DeGrussa project, and has held numerous management operational roles at TiWest JV, BHP's Mt Keith nickel operations, Kwinana refinery and the Windamurra Vanadium project. Bill Cunningham – Marketing Consultant since 2013. Bill has over 50 years' offtake and marketing experience and was most recently with Sandfire covering its marketing and offtake products. Bill has extensive experience from CRA's lead-zinc division, and the nickel divisions of : WMC, Jubilee, Western Areas & LionOre. Andy Thompson – General Manager Resources and Geology since 2012. Andy is a geologist with over 20 years' experience, who was formerly superintendent of LionOre's Thunderbox gold mine and Silver Swan nickel mine. Andy was most recently geology manager of the Wiluna gold mine. Chart of Sirius Resources over the past two years (July 2012 to July 2014) (Source : www.yahoo.com)

SIR's share price has appreciated on the basis of its discoveries...

...with the DFS now completed... ...and potentially 3 new discoveries

Disclosure Sirius Resources NL commissioned Keith Goode (who is a Financial Services Representative with Taylor Collison Ltd ACN 008 172 450, and is a consultant with Eagle Research Advisory Pty Ltd ACN 098 051 677) to compile this report, for which Eagle Research Advisory Pty Ltd has received a consultancy fee. At the date of this report Keith Goode and his associates held interests in shares issued by Sirius Resources NL. At the date of this report, Taylor Collison Limited or their associates within the meaning of the Corporations Act, may hold interests in shares issued by Sirius Resources NL. Disclaimer Any observations, conclusions, deductions, or estimates of figures that have been made by Keith Goode in this report should be taken as his work, and not an approved observation, conclusion, deduction or estimate made by Sirius Resources NL. This publication has been issued on the basis that it is only for the information and exclusive use of the particular person to whom it is provided. Any recommendations contained herein are based on a consideration of the securities alone. In preparing such general advice no account was taken of the investment objectives, financial situation and particular needs of a particular person. Before making an investment decision on the basis of this advice, investors and prospective investors need to consider, with or without the assistance of a securities adviser, whether the advice is appropriate in light of the particular investment needs, objectives and financial circumstances of the investor or the prospective investor. Although the information contained in this publication has been obtained from sources considered and believed to be both reliable and accurate, no responsibility is accepted for any opinion expressed or for any error or omission that may have occurred therein. This is a research publication of Eagle Research Advisory Pty Ltd ABN 33 098 051 677 as a Corporate Authorised Representative reference number 384349 of Taylor Collison Limited ABN 53 008 172 450 AFS Licence 247 083.