Nickel Asia SEC Quarterly Report June 30 2011

3. COVER SHEET
‡‰‹•–”ƒ–‹‘ —„‡”

5. ‘’ƒ› • —ŽŽ ƒ‡
– Š Ž ‘ ‘ ” ‡  – ” ‡ ‡ Ž ƒ
‘ • ƒ – ” ‡ ‡ – ‡ ‰ ƒ • ’ ‹ ‹ Ž Ž ƒ ‰ ‡
ƒ  ƒ – ‹ ‹ – ›
—•‹‡•• ††”‡•• ‘ –”‡‡– ‹–› ‘™ ”‘˜‹…‡
‘–ƒ…– ‡”•‘ ‘’ƒ› ‡Ž‡’Š‘‡ —„‡”
–Š
”‹†ƒ›
‘–Š ƒ› ‘” ›’‡ ‘–Š ƒ›
ƒŽ‡†ƒ” ‡ƒ” —ƒŽ ‡‡–‹‰
‡…‘†ƒ”› ‹…‡•‡ ›’‡

6. ˆ ’’Ž‹…ƒ„Ž‡
‡’– ‡“—‹”‹‰ –Š‹• ‘… ‡†‡† ”–‹…Ž‡• —„‡” ‡…–‹‘
‘–ƒŽ ‘—– ‘ˆ ‘””‘™‹‰•
Š’ „‹ŽŽ‹‘
‘–ƒŽ ‘ ‘ˆ –‘…Š‘Ž†‡”• ‘‡•–‹… ‘”‡‹‰
‘ „‡ ƒ……‘’Ž‹•Š‡† „› ‡”•‘‡Ž …‘…‡”‡†
‹Ž‡ —„‡”
‘…—‡–

7. ƒ•Š‹‡”
‡ƒ”• Ž‡ƒ•‡ —•‡ ‹ ˆ‘” •…ƒ‹‰ ’—”’‘•‡•

8. —„‡”
‹Ž‡ —„‡”

9. ‘’ƒ› • —ŽŽ ƒ‡
–Š Ž‘‘” ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡–
‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›
‘’ƒ› • ††”‡••
‡Ž‡’Š‘‡ —„‡”•
‡…‡„‡”
‹•…ƒŽ ‡ƒ” †‹‰
‘–Š †ƒ›
—ƒ”–‡”Ž› ‡’‘”–
‘” ›’‡
‡†‡– ‡Ž‡‰ƒ–‹‘

10. ˆ ƒ’’Ž‹…ƒ„Ž‡
‘” –Š‡ “—ƒ”–‡” ‡†‡†
—‡
‡”‹‘† †‡† ƒ–‡
‡…‘†ƒ”› ‹…‡•‡ ›’‡ ƒ† ‹Ž‡ —„‡”

11. ‘” –Š‡ “—ƒ”–‡”Ž› ’‡”‹‘† ‡†‡†

12. †‡–‹ˆ‹…ƒ–‹‘ —„‡”

13. ƒš

14. †‡–‹ˆ‹…ƒ–‹‘ ‘
šƒ…– ƒ‡ ‘ˆ ‹••—‡” ƒ• •’‡…‹ˆ‹‡† ‹ ‹–• …Šƒ”–‡”

15. ”‘˜‹…‡ ‘—–”› ‘” ‘–Š‡” Œ—”‹•†‹…–‹‘ ‘ˆ ‹…‘”’‘”ƒ–‹‘ ‘” ‘”‰ƒ‹œƒ–‹‘

16. †—•–”› Žƒ••‹ˆ‹…ƒ–‹‘ ‘†‡ •‡ Ž›
††”‡•• ‘ˆ ’”‹…‹’ƒŽ ‘ˆˆ‹…‡ ‘•–ƒŽ ‘†‡
–Š Ž‘‘” ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡–
‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›

17. ••—‡” • –‡Ž‡’Š‘‡ —„‡” ‹…Ž—†‹‰ ƒ”‡ƒ …‘†‡
‘”‡” ƒ‡ ˆ‘”‡” ƒ††”‡•• ƒ† ˆ‘”‡” ˆ‹•…ƒŽ ›‡ƒ” ‹ˆ …Šƒ‰‡† •‹…‡ Žƒ•– ”‡’‘”–
‘– ’’Ž‹…ƒ„Ž‡
‡…—”‹–‹‡• ”‡‰‹•–‡”‡† ’—”•—ƒ– –‘ ‡…–‹‘• ƒ† ‘ˆ –Š‡ ‘” ‡… ƒ† ‘ˆ –Š‡
‹–Ž‡ ‘ˆ ƒ…Š Žƒ•• —„‡” ‘ˆ Šƒ”‡• ‘ˆ ‘‘ –‘… —–•–ƒ†‹‰
ƒ† ‘—– ‘ˆ ‡„– —–•–ƒ†‹‰
‘‘ –‘… Šƒ”‡•
‘‰ –‡” ‡„– Š’
”‡ ƒ› ‘” ƒŽŽ ‘ˆ –Š‡•‡ •‡…—”‹–‹‡• Ž‹•–‡† ‘ ƒ –‘… š…Šƒ‰‡
‡• ‘

18. ˆ ›‡• •–ƒ–‡ –Š‡ ƒ‡ ‘ˆ •—…Š •–‘… ‡š…Šƒ‰‡ ƒ† –Š‡ …Žƒ••‡• ‘ˆ •‡…—”‹–‹‡• Ž‹•–‡† –Š‡”‡‹

19. ‘‘ –‘…
Š‡… ™Š‡–Š‡” –Š‡ ‹••—‡”
ƒ Šƒ• ˆ‹Ž‡† ƒŽŽ ”‡’‘”–• ”‡“—‹”‡† –‘ „‡ ˆ‹Ž‡† „› ‡…–‹‘ ‘ˆ –Š‡ ƒ† —Ž‡ –Š‡”‡—†‡” ‘”
‡…–‹‘ ‘ˆ –Š‡ ƒ† —Ž‡ ƒ –Š‡”‡—†‡” ƒ† ‡…–‹‘• ƒ† ‘ˆ Š‡ ‘”’‘”ƒ–‹‘
‘†‡ ‘ˆ –Š‡ Š‹Ž‹’’‹‡• †—”‹‰ –Š‡ ’”‡…‡†‹‰ –™‡Ž˜‡ ‘–Š• ‘” ˆ‘” •—…Š •Š‘”–‡” ’‡”‹‘† –Šƒ– –Š‡
”‡‰‹•–”ƒ– ™ƒ• ”‡“—‹”‡† –‘ ˆ‹Ž‡ •—…Š ”‡’‘”–•
‡• ‘
„ Šƒ• „‡‡ •—„Œ‡…– –‘ •—…Š ˆ‹Ž‹‰ ”‡“—‹”‡‡–• ˆ‘” –Š‡ ’ƒ•– ‹‡–› †ƒ›•
‡• ‘

20. NICKEL ASIA CORPORATION
17-Q QUARTERLY REPORT
JUNE 30, 2011

21. ƒ‰‡ ‘

23. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–•
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ

24. …‘‡ ˆ‘” –Š‡ –Š”‡‡ ‘–Š• ƒ† •‹š
‘–Š• ‡†‡†
—‡ ƒ†
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ–
—‡ ƒ† ‡…‡„‡”
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ˆ‘” –Š‡ –Š”‡‡ ‘–Š• ƒ† •‹š
‡†‡†
—‡ ƒ†

25. –‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ‘ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ†
‡•—Ž–• ‘ˆ ’‡”ƒ–‹‘•

27. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

29. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–•
Š‡ ƒ—†‹–‡†

30. –‡”‹ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• ƒ• ƒ–
—‡ ƒ† ˆ‘” –Š‡ –Š”‡‡ ‘–Š ƒ†
•‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ† ™‹–Š ‘’ƒ”ƒ–‹˜‡ —†‹–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡– ‘ˆ
‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ– ‡…‡„‡” ƒ”‡ Š‡”‡–‘ ƒ––ƒ…Š‡†
Š‡ ˆ‘ŽŽ‘™‹‰ –ƒ„Ž‡ •‡–• ˆ‘”–Š –Š‡ •—ƒ”› ˆ‹ƒ…‹ƒŽ ‹ˆ‘”ƒ–‹‘ ˆ‘” –Š‡ –Š”‡‡ ‘–Š ’‡”‹‘† ƒ† •‹š
‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ† ƒ† ƒ• ƒ–
—‡ ƒ† ‡…‡„‡” ‹ –Š‘—•ƒ†
’‡•‘•
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ

31. …‘‡
‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡†
—‡
—‡

32.  –Š‘—•ƒ† ’‡•‘•

33.  –Š‘—•ƒ† ’‡•‘•
‡˜‡—‡•
‘•– ƒ† ‡š’‡•‡•
‹ƒ…‡ ‹…‘‡
‹ƒ…‡ ‡š’‡•‡•
–Š‡” ‹…‘‡ …Šƒ”‰‡• ‡–
”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ‡–
‡– ‹…‘‡
‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘
“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–
‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘
—‡ ‡…‡„‡”

34. …”‡ƒ•‡ ‡”…‡–
‡…”‡ƒ•‡

35. … ‡…
ƒ—†‹–‡† —†‹–‡†

36.  Š‘—•ƒ† ‡•‘•
—””‡– ƒ••‡–•
‘…—””‡– ƒ••‡–•
‘–ƒŽ ƒ••‡–•
—””‡– Ž‹ƒ„‹Ž‹–‹‡•
‘…—””‡– Ž‹ƒ„‹Ž‹–‹‡•
‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•
“—‹–› ƒ––”‹„—–ƒ„Ž‡ –‘
‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–
‘–ƒŽ Ž‹ƒ„‹Ž‹–‹‡• ƒ† ‡“—‹–›
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37. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
—ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™•
‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡†
—‡
—‡

38.  Š‘—•ƒ† ‡•‘•

39.  Š‘—•ƒ† ‡•‘•
‡– …ƒ•Š ˆŽ‘™• —•‡† ‹
’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•

40. ˜‡•–‹‰ ƒ…–‹˜‹–‹‡•
‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•
‡– ‹…”‡ƒ•‡ †‡…”‡ƒ•‡ ‹ …ƒ•Š
ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–•
ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• „‡‰‹‹‰
ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‡†

41. –‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ† ‡•—Ž–• ˆ
’‡”ƒ–‹‘•
Š‡ ˆ‘ŽŽ‘™‹‰ †‹•…—••‹‘ ƒ† ƒƒŽ›•‹• ‹• „ƒ•‡† ‘ –Š‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ
•–ƒ–‡‡–• ˆ‘” –Š‡ •‹š ‘–Š ‡†‡†
—‡ ƒ†
—‡ ’”‡’ƒ”‡† ‹ …‘ˆ‘”‹–›
™‹–Š

42. –‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹
‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–•
‡•—Ž–• ‘ˆ ‘’‡”ƒ–‹‘•
Š‡ ˆ‘ŽŽ‘™‹‰ †‹•…—••‹‘ ƒ† ƒƒŽ›•‹• ‹• „ƒ•‡† ‘ –Š‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ
•–ƒ–‡‡–• ˆ‘” –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ†
—‡ ’”‡’ƒ”‡† ‹ …‘ˆ‘”‹–›
™‹–Š

43. –‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹
‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–•
‹š ‘–Š• ‡†‡†
—‡ …‘’ƒ”‡† ™‹–Š •‹š ‘–Š• ‡†‡†
—‡
‡˜‡—‡•
—” –‘–ƒŽ ”‡˜‡—‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡†
–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
ƒŽ‡ ‘ˆ ‘”‡
‡ •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ•
…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ —” •ƒŽ‡• ˆ‘”
–Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ‹…Ž—†‡† –Š‘—•ƒ† ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘
ƒ’ƒ ƒ†
Š‹ƒ –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹ƒ ƒ† –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡
‘”‡ –‘ ‘”ƒŽ ƒ› ‹…‡Ž ‘”’‘”ƒ–‹‘ …‘’ƒ”‡† –‘ •ƒŽ‡• ‘ˆ –Š‘—•ƒ†
–Š‘—•ƒ† ƒ† –Š‘—•ƒ† ”‡•’‡…–‹˜‡Ž› ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•–
›‡ƒ”
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44. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
—” ”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ‹ ”‡˜‡—‡ ™ƒ• †—‡ „‘–Š –‘ ƒ Š‹‰Š‡” ˜‘Ž—‡ ‘ˆ ‹…‡Ž ‘”‡
•‘Ž† ƒ† Š‹‰Š‡” ‘”‡ ’”‹…‡• Š‡ ”‡ƒŽ‹œ‡† ‹…‡Ž ’”‹…‡ ƒ’’Ž‹…ƒ„Ž‡ –‘ ‹ŽŽ‹‘ ‘ˆ ‘”‡
•Š‹’’‡† ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ™ƒ• ƒ– ƒ ƒ˜‡”ƒ‰‡ ‘ˆ ’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ƒ• ƒ‰ƒ‹•–
’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ”‡ƒŽ‹œ‡† †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” Š‡ „ƒŽƒ…‡ ‘ˆ –Š‡
•Š‹’‡–• ˆ‘” –Š‡ ˆ‹”•– ŠƒŽˆ ™ƒ• •‘Ž† ‘ –Š‡ „ƒ•‹• ‘ˆ ‡‰‘–‹ƒ–‡† ’”‹…‡• ’‡” ‘ˆ ‘”‡ ™Š‹…Š
ƒ˜‡”ƒ‰‡† ’‡” ‘ˆ ‘”‡ …‘’ƒ”‡† –‘ ’‡” ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
Š‡ ‹…”‡ƒ•‡† †‡ƒ† ˆ‘” ‹…‡Ž ‘”‡ ƒ• ™‡ŽŽ ƒ• Š‹‰Š‡” ’”‹…‡• ˆ‘” ‘—” ˜ƒ”‹‘—• –›’‡• ‘ˆ ‘”‡ ™ƒ•
Žƒ”‰‡Ž› †—‡ –‘ ƒ ‹’”‘˜‡‡– ‹ †‡ƒ† ˆ‘” ‹…‡Ž ‘”‡ ’ƒ”–‹…—Žƒ”Ž› ˆ”‘ Š‹ƒ
‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ‹‘ —„ƒ ‹‹‰ ‘’‡”ƒ–‹‘• • ”‡˜‡—‡
ˆ”‘ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡†
–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
•‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹•
›‡ƒ” ƒ• …‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ •‘Ž† ‹ –Š‡ •ƒ‡ ’‡”‹‘†
Žƒ•– ›‡ƒ” Š‡ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž† –‘
ƒ’ƒ ƒ† Š‹ƒ ‹…”‡ƒ•‡† „› –Š‘—•ƒ†
‘” ƒ† –Š‡ ˜‘Ž—‡ ‘ˆ Ž‹‘‹–‡ ‘”‡ •‘Ž† –‘ ‹…”‡ƒ•‡† „› –Š‘—•ƒ† ‘”
• ”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ Ž‹‡•–‘‡ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” ƒ †‡…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ †‡…”‡ƒ•‡ ‹ ”‡˜‡—‡ ™ƒ• †—‡ –‘ ƒ †”‘’ ‹ Ž‹‡•–‘‡ ‘”‡
†‡Ž‹˜‡”‹‡• –‘ ‘” ˆ”‘ –Š‘—•ƒ† †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –‘ –Š‘—•ƒ†
ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† –Š‹• ›‡ƒ” š…‡••‹˜‡ ”ƒ‹ˆƒŽŽ ƒ– –Š‡ ‹‡ •‹–‡ ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –Š‡ ›‡ƒ”
Šƒ• ƒ†‡ ‹– †‹ˆˆ‹…—Ž– ˆ‘” –‘ ’”‘…‡•• –Š‡ Ž‹‡•–‘‡ ˆ”‘ ‘—” “—ƒ””›
‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰ƒ‹–‘ ‹‹‰ ‘’‡”ƒ–‹‘• • ”‡˜‡—‡
ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
•‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ•
…‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” Š‡
†‡…”‡ƒ•‡ ‹• †—‡ Žƒ”‰‡Ž› –‘ –Š‡ †”‘’ ‹ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž† –‘
ƒ’ƒ ƒ† Š‹ƒ ™Š‹…Š ˆ‡ŽŽ
„› –Š‘—•ƒ† ‘” ”‘†—…–‹‘ ƒ† •Š‹’‡–• ™‡”‡ ƒˆˆ‡…–‡† „› †‹•”—’–‹‘•
„”‘—‰Š– ƒ„‘—– „› –Š‡ Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ ˜‘Ž—‡ ‘ˆ ”ƒ‹ˆƒŽŽ ‹ ‘”–Š‡ƒ•–‡” ‹†ƒƒ‘ ™Š‡”‡
–Š‡ ƒ‰ƒ‹–‘ ‹‡ ‹• Ž‘…ƒ–‡†

45.  ƒ††‹–‹‘ Šƒ† ƒ ‘‡ ‘ˆˆ •ƒŽ‡ ‘ˆ –Š‘—•ƒ† ‘ˆ
Ž‹‘‹–‡ ‘”‡ –‘ ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ Š‡ ’—”’‘•‡ ‘ˆ –Š‡ ‘‡ ‘ˆˆ •ƒŽ‡ ™ƒ• –‘ ƒŽŽ‘™
–‘ –‡•– ‹–• ‘”‡ ƒ– –Š‡ • ˆƒ…‹Ž‹–› ‹ …‘‡…–‹‘ ™‹–Š –Š‡ ’Žƒ‡† …‘•–”—…–‹‘ ‘ˆ –Š‡
ƒ‰ƒ‹–‘ ˆƒ…‹Ž‹–› ƒŽ•‘ •‘Ž† –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡
…—•–‘‡”• ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ™Š‡”‡ƒ• ‘ •ƒŽ‡• ™‡”‡ ƒ†‡ –‘ Š‹‡•‡
…—•–‘‡”• ‹ –Š‡ …‘’ƒ”ƒ„Ž‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰†‹ƒƒ‘ ‹‹‰ ‘’‡”ƒ–‹‘• •
”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡†
–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ †‡…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
•‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ•
…‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
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46. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
‹‹Žƒ” –‘ ’”‘†—…–‹‘ ƒ† •Š‹’‡–• ƒ– ‹‡ •‹–‡ ™Š‹…Š ‹• ƒŽ•‘ Ž‘…ƒ–‡† ‹
‘”–Š‡ƒ•–‡” ‹†ƒƒ‘ ™‡”‡ ƒˆˆ‡…–‡† „› †‹•”—’–‹‘• „”‘—‰Š– ƒ„‘—– „› –Š‡ Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ
˜‘Ž—‡ ‘ˆ ”ƒ‹ˆƒŽŽ Š‡ •Š‹’‡–• ‘ˆ †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ ™‡”‡ ƒŽŽ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž†
–‘ Š‹ƒ

47.  …‘–”ƒ•– •Š‹’’‡† –Š‘—•ƒ† ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘
ƒ’ƒ ƒ† Š‹ƒ ƒ†
–Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡ …—•–‘‡”• †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰ƒƒƒ ‹‹‰ ‘’‡”ƒ–‹‘• •
”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡†
–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
‡•’‹–‡ ’”‘†—…–‹‘ ƒ† •Š‹’‡– †‹•”—’–‹‘• „”‘—‰Š– ƒ„‘—– „› Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ ”ƒ‹ˆƒŽŽ
ƒƒ‰‡† –‘ •‡ŽŽ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡ …—•–‘‡”• ‹
–Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ• …‘’ƒ”‡† –‘ –Š‘—•ƒ† ‘ˆ ‘•–Ž› Ž‹‘‹–‡ ‘”‡ ‹
–Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” ‹‹Žƒ” –‘ ƒ† –Š‡ ‹‡ •‹–‡ ‹• Ž‹‡™‹•‡ Ž‘…ƒ–‡† ‹
‘”–Š‡ƒ•–‡” ‹†ƒƒ‘
‡”˜‹…‡• ƒ† –Š‡”•
—” ”‡˜‡—‡ ˆ”‘ •‡”˜‹…‡• ƒ† ‘–Š‡”• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ
‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‡”˜‹…‡• ”‡˜‡—‡ Žƒ”‰‡Ž› …‘•‹•–• ‘ˆ ’ƒ›‡–• ƒ†‡ –‘ —• ‹
…‘•‹†‡”ƒ–‹‘ ˆ‘” Šƒ—Ž‹‰ ƒ’‘™‡” ƒ† ‘–Š‡” ƒ…‹ŽŽƒ”› •‡”˜‹…‡• –Šƒ– ’”‘˜‹†‡• –‘
‘•–• ƒ† š’‡•‡•
—” …‘•–• ƒ† ‡š’‡•‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ•
…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘”
‘•– ‘ˆ ƒŽ‡•
—” …‘•– ‘ˆ •ƒŽ‡• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡
‹…”‡ƒ•‡ ‹ …‘•– ‘ˆ •ƒŽ‡• ™ƒ• †—‡ –‘ ‘”‡ •Š‹’‡–• ƒ†‡ –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹ –Š‡ ˆ‹”•–
•‹š ‘–Š• ‘ˆ –Š‡ ›‡ƒ” ’‡…‹ˆ‹…ƒŽŽ› ™‡ •Š‹’’‡† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ –‘
–Š‡•‡ …—•–‘‡”• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ Žƒ•– ›‡ƒ” Š‹Ž‡ ‘—” •Š‹’‡–
˜‘Ž—‡ ‹…”‡ƒ•‡† „› ‘—” …‘•– ‘ˆ •ƒŽ‡• †‹† ‘– ‹…”‡ƒ•‡ ’”‘’‘”–‹‘ƒ–‡Ž› „‡…ƒ—•‡ ‘ˆ ƒ †”‘’ ‹
…‘–”ƒ…–‘”• ˆ‡‡ „› ‹ŽŽ‹‘ ƒ• –Š‡”‡ ™ƒ• Ž‡•• †‡’‡†‡…‡ ‘ ‘—–•‹†‡ •‡”˜‹…‡• „‡…ƒ—•‡ ‘ˆ
Ž‹‹–‡† ‹‹‰ ƒ…–‹˜‹–› †—‡ –‘ Š‡ƒ˜› ”ƒ‹• ƒ† †‡’”‡…‹ƒ–‹‘ „› ‹ŽŽ‹‘ Š‡•‡ †‡…”‡ƒ•‡•
™‡”‡ ‘ˆˆ•‡– „› ƒ ‹ŽŽ‹‘ ‹…”‡ƒ•‡ ‹ ’”‘†—…–‹‘ ‘˜‡”Š‡ƒ† ƒ• ƒ ”‡•—Ž– ‘ˆ –Š‡ ‹…”‡ƒ•‡ ‹
•Š‹’‡– ˜‘Ž—‡
‘•– ‘ˆ ‡”˜‹…‡•
‘•– ‘ˆ •‡”˜‹…‡• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‘•–•
‘ˆ •‡”˜‹…‡• Žƒ”‰‡Ž› …‘•‹•– ‘ˆ –Š‡ …‘•– ‘ˆ ’”‘˜‹†‹‰ Šƒ—Ž‹‰ ƒ’‘™‡” ƒ† ‘–Š‡” ƒ…‹ŽŽƒ”›
•‡”˜‹…‡• „› –‘
Š‹’’‹‰ ƒ† ‘ƒ†‹‰ ‘•–•
Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ•
…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ ˆƒ•–‡” ‹…”‡ƒ•‡ ‹ •Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ‹ ”‡Žƒ–‹‘ –‘ –Š‡
‹…”‡ƒ•‡ ‹ ‘—” •Š‹’‡– ˜‘Ž—‡• ‹• †—‡ ’”‹ƒ”‹Ž› –‘ Š‹‰Š‡” …‘–”ƒ…– ˆ‡‡• ˆ”‘ ‹ŽŽ‹‘
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48. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
Š‡ ‘’ƒ› …‘–”ƒ…–‡† ‘”‡ Žƒ† …”ƒˆ– –”ƒ•’‘”– …Šƒ”–‡”• –‘ •—’’‘”– —’ –‘ –™‘ ‹ŽŽ‹‘
‘ˆ •Š‹’‡–• ˆ”‘ ‘—” ƒ‰ƒƒƒ ‹‡ ‘™‡˜‡” Š‡ƒ˜› ”ƒ‹• ƒ† •–”‘‰ ‘…‡ƒ •™‡ŽŽ
ƒˆˆ‡…–‡† ‹‡ ’”‘†—…–‹‘ ƒ† ƒ• ƒ ”‡•—Ž– ‘Ž› ‘‡ ‹ŽŽ‹‘ ™ƒ• •Š‹’’‡† ˆ”‘ ‘—” ƒ‰ƒƒƒ
‹‡ †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –Š‡ …—””‡– ›‡ƒ” Š‡ ”‹•‡ ‹ ˆ—‡Ž ‘‹Ž ƒ† Ž—„”‹…ƒ– …‘•–• ˆ”‘
‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ† ’‡”•‘‡Ž …‘•–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒŽ•‘
…‘–”‹„—–‡† –‘ –Š‡ ‹…”‡ƒ•‡ ‹ •Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–•
‡‡”ƒŽ ƒ† †‹‹•–”ƒ–‹˜‡
‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ ‡š’‡•‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ
‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ …ƒ „‡ ƒ––”‹„—–ƒ„Ž‡ –‘ ƒ —„‡” ‘ˆ ˆƒ…–‘”•
’”‹ƒ”‹Ž› –Š‡ ”‹•‡ ‹ ’‡”•‘‡Ž …‘•– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ †—‡ –‘ ‡™ ƒ†
ƒ††‹–‹‘ƒŽ ’‡”•‘‡Ž Š‹”‡• ˆ‘” ‘—” ‡™ •—„•‹†‹ƒ”‹‡• ƒ‡Ž› ƒ ‘•–ƒ Š‹’’‹‰ ƒ† ‹‰Š–‡”ƒ‰‡
‘’ƒ› ƒƒ” ‹…‡Ž ‹‹‰ ‡•‘—”…‡• ‘”’ ƒ† ‘†‹ŽŽ‡”ƒ š’Ž‘”ƒ–‹‘ ‘

49. … ƒ•
™‡ŽŽ ƒ• …‘’‡•ƒ–‹‘ ‡š’‡•‡• ”‡Žƒ–‡† –‘ ‘—” ’Ž‘›‡‡• –‘… ’–‹‘ Žƒ ƒ† –Š‡ ‹…”‡ƒ•‡ ‹
†‡’”‡…‹ƒ–‹‘ ‡š’‡•‡ ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ™Š‹…Š ‹• Žƒ”‰‡Ž› †—‡ –‘ –Š‡ ƒ…“—‹•‹–‹‘
‘ˆ ƒ •‡…‘† Šƒ† ƒ‹”…”ƒˆ– ƒ† –Š‡ …‘•–”—…–‹‘ ‘ˆ ƒ ‡™ ’‹‡” ˆƒ…‹Ž‹–› ƒ– ‘—” ƒ‰ƒ‹–‘ ‹‡
š…‹•‡ ƒš‡• ƒ† ‘›ƒŽ–‹‡•
—” ‡š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ•
…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ‹ ‡š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ™ƒ• ƒ ”‡•—Ž– ‘ˆ ‘—” ‹…”‡ƒ•‡†
•ƒŽ‡• ”‡˜‡—‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
‹ƒ…‡

50. …‘‡
—” ˆ‹ƒ…‡ ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” —”
ˆ‹ƒ…‡ ‹…‘‡ ’”‹ƒ”‹Ž› …‘•‹•–• ‘ˆ ‹–‡”‡•– ‹…‘‡ ‘ ‘—” …ƒ•Š „ƒŽƒ…‡• ƒ† ‘–Š‡”
‹˜‡•–‡–•
‹ƒ…‡ š’‡•‡
—” ˆ‹ƒ…‡ ‡š’‡•‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ †‡…Ž‹‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡
†‡…Ž‹‡ ™ƒ• –Š‡ ”‡•—Ž– ‘ˆ ‘ Ž‘••‡• ‹…—””‡† ‹ ”‡Žƒ–‡† –‘ †‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ƒ† •ƒŽ‡ ‘ˆ
ˆ‹ƒ…‹ƒŽ ƒ••‡–• …‘’ƒ”‡† –‘ Ž‘••‡• ‘ˆ ‹ŽŽ‹‘ ƒ† ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› ™Š‹…Š
™‡”‡ ”‡…‘‰‹œ‡† ‹ —” ˆ‹ƒ…‡ ‡š’‡•‡• ‹ …‘•‹•– ƒ‹Ž› ‘ˆ ‹–‡”‡•– ‡š’‡•‡
”‡Žƒ–‡† –‘ ‘—” Ž‘‰ –‡” †‡„– ™Š‹…Š ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ †—‡ –‘ ƒ
ƒ††‹–‹‘ƒŽ ƒ˜ƒ‹Ž‡– ‘ˆ Ž‘‰ –‡” †‡„– –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ –Š‡ ƒ‰ƒ‹–‘ ’‹‡” ˆƒ…‹Ž‹–›
–Š‡”

51. …‘‡ Šƒ”‰‡•
—” ‘–Š‡” ‹…‘‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ™ƒ• ‹ŽŽ‹‘ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ —” ‘–Š‡” ‹…‘‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š•
‘ˆ –Š‡ …—””‡– ›‡ƒ” …‘•‹•–• ’”‹ƒ”‹Ž› ‘ˆ ƒ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‹ –Š‡ ƒ‘—– ‘ˆ
‹ŽŽ‹‘ ƒ ‹ŽŽ‹‘ ‰ƒ‹ ‘ –Š‡ ’—”…Šƒ•‡ ‘ˆ •Šƒ”‡ ‹ ƒ …‘’ƒ› ™Š‹…Š
‘™• ƒ† …Šƒ”–‡”• • ƒ† ƒ —•ƒ‰‡ ˆ‡‡ ‘ˆ ‹ŽŽ‹‘ ™Š‹…Š …‘ŽŽ‡…–‡† ˆ”‘ ƒ‰ƒ‹–‘
‹…‡Ž ‘”’‘”ƒ–‹‘ ˆ‘” –Š‡ —•‡ ‘ˆ ‹–• ™Šƒ”ˆ ˆƒ…‹Ž‹–‹‡• —” ‘–Š‡” ‹…‘‡ ‹
™ƒ• ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– „› †‡—””ƒ‰‡ …Šƒ”‰‡• ‘ˆ ‹ŽŽ‹‘ †—‡ –‘ —ˆƒ˜‘”ƒ„Ž‡ ™‡ƒ–Š‡”
5|Page

52. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
…‘†‹–‹‘• ™Š‹…Š ƒˆˆ‡…–‡† •Š‹’ Ž‘ƒ†‹‰ ƒ…–‹˜‹–‹‡• ƒ– ‘—” ƒ‰ƒ‹–‘ ƒ‰ƒƒƒ ƒ† ƒ‰†‹ƒƒ‘ ‹‡•
ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ Ž‘•• ‘ˆ ‹ŽŽ‹‘ †—‡ –‘ –Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ”‡Žƒ–‹˜‡ –‘ –Š‡
†‘ŽŽƒ” ƒ† ƒ ‹ŽŽ‹‘ Ž‘•• ”‡Žƒ–‡† –‘ ‘—” •Šƒ”‡ ‹ –Š‡ ’”‡ ‘’‡”ƒ–‹‰ Ž‘•• —”
‘–Š‡” ‹…‘‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ’”‹ƒ”‹Ž› …‘•‹•–‡† ‘ˆ ƒ ‹ŽŽ‹‘
†‹˜‹†‡† ‹…‘‡ ˆ”‘ ƒ ‹ŽŽ‹‘ ”‡…‘˜‡”› ‘ˆ ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”› Ž‘••‡• ƒ
‹ŽŽ‹‘ ‘ˆ ‘–Š‡” •‡”˜‹…‡• ’”‘˜‹†‡† „› –‘ ƒ† ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‘ˆ
‹ŽŽ‹‘
”‘˜‹•‹‘ ˆ‘” ‡‡ˆ‹– ˆ”‘

53. …‘‡ ƒš
”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ•
…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘”
—””‡–
—” …—””‡– ’”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ™ƒ• ‹ŽŽ‹‘
ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ™ƒ• ’”‹ƒ”‹Ž› †—‡ –‘ –Š‡ ‹…”‡ƒ•‡ ‹ ‘—” ‹…‘‡ ‹ –Š‡ •‹š
‘–Š• ‡†‡†
—‡
‡ˆ‡””‡†
—” †‡ˆ‡””‡† „‡‡ˆ‹– ˆ”‘ ‹…‘‡ –ƒš ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ™ƒ• ‹ŽŽ‹‘
ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ™ƒ• ’”‹ƒ”‹Ž› †—‡ –‘ ƒ ‡– —”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ Ž‘••‡• ‹
–Š‡ •‹š ‘–Š• ‡†‡†
—‡ …‘’ƒ”‡† –‘ ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‹
‡– ‹…‘‡
• ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ‡– ‘ˆ
‹‘”‹–› ‹–‡”‡•–• ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
…‘’ƒ”‡† –‘ ƒ ‡– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
–Š‡” ‘’”‡Š‡•‹˜‡

54. …‘‡ ‘••
Šƒ”‡ ‹ ”ƒ•Žƒ–‹‘ †Œ—•–‡– ‘ˆ ƒ ••‘…‹ƒ–‡
—” •Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ™ƒ• ƒ Ž‘•• ‘ˆ ‹ŽŽ‹‘ ƒ• ‘ˆ
—‡ ™Š‹…Š ‹• ”‡Žƒ–‡† –‘ ‘—” ‹˜‡•–‡– ‹
‡– ƒŽ—ƒ–‹‘
ƒ‹ ‘•• ‘ ‹˜‡•–‡–• ‡ Šƒ† ƒ ‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘ ‹˜‡•–‡–•
‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ƒ ‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘

55. ˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
••‡– ‡˜ƒŽ—ƒ–‹‘ —”’Ž—•
—” ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• ™ƒ• ‹ŽŽ‹‘ ‹ „‘–Š –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ†
‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
‘–ƒŽ –Š‡” ‘’”‡Š‡•‹˜‡

56. …‘‡ ‘•• ‡– ‘ˆ ƒš
—” –‘–ƒŽ ‘–Š‡” …‘’”‡Š‡•‹˜‡ Ž‘•• ‡– ‘ˆ –ƒš ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
ƒ• …‘’ƒ”‡† –‘ –‘–ƒŽ ‘–Š‡” …‘’”‡Š‡•‹˜‡ Ž‘•• ‡– ‘ˆ –ƒš ‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š
‘–Š• ‡†‡†
—‡ –Š‡ †‹ˆˆ‡”‡…‡ „‡‹‰ ƒ‹Ž› ƒ––”‹„—–ƒ„Ž‡ –‘ ‘—” •Šƒ”‡ ‹
–”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ƒ† ƒ •Ž‹‰Š–Ž› Š‹‰Š‡” ‡– ƒ ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘
‹˜‡•–‡–• ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡
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57. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
‘–ƒŽ ‘’”‡Š‡•‹˜‡

58. …‘‡ ‘•• ‡– ‘ˆ ƒš
• ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” –‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ‡– ‘ˆ –ƒš ™ƒ• ‹ŽŽ‹‘
‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ‡– ‘ˆ ‹‘”‹–› ‹–‡”‡•– ‘—” –‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ‡– ‘ˆ –ƒš ™ƒ•
‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡
•‹š ‘–Š• ‡†‡†
—‡
Š”‡‡ ‘–Š• ‡†‡†
—‡ …‘’ƒ”‡† ™‹–Š –Š”‡‡ ‘–Š• ‡†‡†
—‡

59.  –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ‘—” –‘–ƒŽ ”‡˜‡—‡• ™‡”‡ ‹ŽŽ‹‘ ƒ• …‘’ƒ”‡† –‘
‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ “—ƒ”–‡” ‘ˆ –Š‡ ’”‡˜‹‘—• ›‡ƒ” ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”
—” ”‡˜‡—‡ ˆ”‘ –Š‡ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡ Š‹‰Š‡” –Šƒ ‹ŽŽ‹‘ ”‡’‘”–‡† ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡ Š‡ •–”‘‰‡” ”‡˜‡—‡ ™ƒ• –Š‡ ”‡•—Ž– ‘ˆ ƒ ‹…”‡ƒ•‡ ‹ ˜‘Ž—‡ ‘ˆ •Š‹’‡–• ƒ•
™‡ŽŽ ƒ• Š‹‰Š‡” ’”‹…‡• ˆ‘” ‘—” ˜ƒ”‹‘—• –›’‡• ‘ˆ ‘”‡ ‡ •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ
‹…‡Ž ‘”‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ …‘˜‡”‡† ’‡”‹‘† Š‡ ”‡ƒŽ‹œ‡† ‹…‡Ž ’”‹…‡
‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ™ƒ• ’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ƒ• ƒ‰ƒ‹•– ‹ –Š‡
•ƒ‡ ’‡”‹‘† ‘ˆ –Š‡ ’”‡˜‹‘—• ›‡ƒ” ‘” •Š‹’‡–• •‘Ž† ‘ –Š‡ „ƒ•‹• ‘ˆ ‡‰‘–‹ƒ–‡† ’”‹…‡• ’‡”
‘ˆ ‘”‡ –Š‡ ƒ˜‡”ƒ‰‡ ™ƒ• ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡ …‘’ƒ”‡† –‘ ˆ‘”
–Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
—” –‘–ƒŽ ‘’‡”ƒ–‹‰ …‘•– ƒ† ‡š’‡•‡• ‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ƒ‘—–‡† –‘
‹ŽŽ‹‘ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ƒ ‹…”‡ƒ•‡ ‘ˆ
‹ŽŽ‹‘ ‘” Š‡ Š‹‰Š‡” …‘•– ƒ† ‡š’‡•‡• ‹• –Š‡ ”‡•—Ž– ‘ˆ ‘”‡ ‹…‡Ž ‘”‡ •Š‹’’‡†
ƒ† †‡Ž‹˜‡”‡† ‹
‘–ƒŽ ˆ‹ƒ…‡ ‹…‘‡ ˆ‹ƒ…‡ ‡š’‡•‡• ƒ† ‘–Š‡” ‹…‘‡ ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡
‘–Š• ‡†‡†
—‡ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ ’‡”‹‘† ‘ˆ Š‡•‡
ƒ‹Ž› …‘•‹•– ‘ˆ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‘ˆ ™Š‹…Š ‹ŽŽ‹‘ ™ƒ• ”‡…‡‹˜‡† ˆ”‘
‰ƒ‹ ‘ „ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘ˆ • ‘ˆ ‹ŽŽ‹‘ ‹–‡”‡•– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ƒ† —•ƒ‰‡
ˆ‡‡ ‘ˆ ‹ŽŽ‹‘ Š‹• ™ƒ• ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– ƒ‹Ž› „› †‡—””ƒ‰‡ …Šƒ”‰‡• ‘ˆ ‹ŽŽ‹‘
‘–ƒŽ ‘–Š‡” ‹…‘‡ ‹ ™ƒ• Žƒ”‰‡Ž› ”‡ƒŽ‹œ‡† ƒ† —”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‘ˆ
‹ŽŽ‹‘ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ™Š‹…Š ™ƒ• ”‡…‡‹˜‡† ˆ”‘
‹–‡”‡•– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ƒ† ‘–Š‡” •‡”˜‹…‡• ’”‘˜‹†‡† „› –‘ ‘ˆ ‹ŽŽ‹‘
Š‡•‡ ™‡”‡ ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– „› †‡”‹˜ƒ–‹˜‡ Ž‘••‡• ‘ˆ ‹ŽŽ‹‘ ƒ† Ž‘•• ‘ •ƒŽ‡ ‘ˆ
‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘
• ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡ ‡– ‘ˆ
‹‘”‹–› ‹–‡”‡•–• ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†
—‡
…‘’ƒ”‡† –‘ ƒ ‡– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
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60. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
–ƒ–‡‡– ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘

61.  –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ‘–ƒŽ ••‡–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ˆ”‘
‹ŽŽ‹‘ ƒ• ƒ– ‡† ‘ˆ —””‡– ••‡–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ˆ”‘
‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ •‹š ‘–Š ’‡”‹‘† †—‡ –‘ –Š‡ ‹…”‡ƒ•‡• ƒ‹Ž› ‹ …ƒ•Š ƒ† …ƒ•Š
‡“—‹˜ƒŽ‡– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ –”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ˆ”‘
‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ† ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” •ƒŽ‡ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ˆ”‘
‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ‘–ƒŽ ‘ …—””‡– ƒ••‡–• ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘
‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ …‘’ƒ”ƒ–‹˜‡ ’‡”‹‘†• Žƒ”‰‡Ž› †—‡ –‘ –Š‡ ‹…”‡ƒ•‡ ‹ ’”‘’‡”–›
ƒ† ‡“—‹’‡– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ Š‹• ‹…”‡ƒ•‡ ™ƒ• ‘ˆˆ•‡– „› –Š‡
†‡…”‡ƒ•‡ ‹ ‘–Š‡” ‘ …—””‡– ƒ••‡–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘
‘–ƒŽ …—””‡– Ž‹ƒ„‹Ž‹–‹‡• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ˆ”‘
‹ŽŽ‹‘ ƒ• ƒ– ‡† †—‡ –‘ ‹…”‡ƒ•‡• ‹ –”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ˆ”‘ ‹ŽŽ‹‘
–‘ ‹ŽŽ‹‘ …—””‡– ’‘”–‹‘ ‘ˆ Ž‘‰ –‡” †‡„– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ†
‹…‘‡ –ƒš ’ƒ›ƒ„Ž‡ ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘  –Š‡ ‘–Š‡” Šƒ† –‘–ƒŽ ‘ …—””‡–
Ž‹ƒ„‹Ž‹–‹‡• Ž‹‡™‹•‡ ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ •‹š ‘–Š
’‡”‹‘† †—‡ Žƒ”‰‡Ž› –‘ –Š‡ ”‹•‡ ‹ Ž‘‰ –‡” †‡„– ‡– ‘ˆ …—””‡– ’‘”–‹‘ ˆ”‘ ‹ŽŽ‹‘ –‘
‹ŽŽ‹‘
“—‹–› ‡– ‘ˆ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ˆ”‘ ‹ŽŽ‹‘ ƒ• ƒ– ›‡ƒ” ‡†‡† †—‡ –‘ ‡– ‡ƒ”‹‰• ‹ –Š‡ ˆ‹”•– •‹š
‘–Š• ‘ˆ
–ƒ–‡‡– ‘ˆ ƒ•Š Ž‘™•
Š‡ ‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‘’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š•
‡†‡†
—‡ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† ‹ ƒ• ’”‘…‡‡†•
ˆ”‘ –Š‡ •ƒŽ‡ ‘ˆ ‘”‡ •—„•–ƒ–‹ƒŽŽ› ‹…”‡ƒ•‡† ‹ …‘’ƒ”‡† –‘ …‘—’Ž‡† ™‹–Š †‹˜‹†‡†•
”‡…‡‹˜‡† ‘ˆ ‹ŽŽ‹‘ ‡– …ƒ•Š —•‡† ‹ ‹˜‡•–‡– ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘
†—‡ –‘ …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ‘ˆ ‹ŽŽ‹‘ ƒ† ‡– ‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘

62.  –Š‡
ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‡ ‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‹˜‡•–‹‰ ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘
™Š‹…Š ™ƒ• Žƒ”‰‡Ž› –Š‡ ”‡•—Ž– ‘ˆ ‡– •ƒŽ‡ ‘ˆ ‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘ ƒ† •ƒŽ‡ ‘ˆ ˆ‹ƒ…‹ƒŽ
ƒ••‡–• ƒ– ‘ˆ ‹ŽŽ‹‘ ‡– …ƒ•Š —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡• ‹ –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‘•–Ž› ˆ‘” –Š‡ ’ƒ›‡– ‘ˆ †‹˜‹†‡†• ƒ‘—–‹‰ –‘
‹ŽŽ‹‘

63.  –Š‡ •‹š ‘–Š• ‡†‡†
—‡ ‡– …ƒ•Š —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–›
ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ’”‹ƒ”‹Ž› †—‡ –‘ –Š‡ ’ƒ›‡– ‘ˆ …ƒ•Š †‹˜‹†‡†• ‹ –Š‡ ƒ‘—– ‘ˆ
‹ŽŽ‹‘ • ƒ–
—‡ ƒ† …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ‘—–‡† –‘
‹ŽŽ‹‘ ƒ† ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž›
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64. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
‘’ ‹˜‡ ‡› ‡”ˆ‘”ƒ…‡

65. †‹…ƒ–‘”•
”‹…‡
‡ –›’‹…ƒŽŽ› •‡ŽŽ Š‹‰Š ƒ† Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ —†‡” Ž‘‰ –‡” ƒ‰”‡‡‡–• ƒ†
™‡ ƒ”‡ –Š‡ ‡š…Ž—•‹˜‡ •—’’Ž‹‡” ‘ˆ Ž‹‘‹–‡ ‘”‡ ƒŽ•‘ —†‡” ƒ Ž‘‰ –‡” ƒ‰”‡‡‡– –‘ –Š‡ ‘”ƒŽ ƒ›
ˆƒ…‹Ž‹–› Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘”‡ •‘Ž† –‘ ƒ…‹ˆ‹… ‡–ƒŽ• ‘ –† ƒ† –Š‡ ‘”ƒŽ ƒ›
ˆƒ…‹Ž‹–› ‹• †‡–‡”‹‡† „ƒ•‡† ‘ ƒ ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡
—Ž–‹’Ž‹‡† „› ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡• ‘˜‡” •’‡…‹ˆ‹‡† “—‘–ƒ–‹‘ƒŽ ’‡”‹‘†• Š‡ ’ƒ›ƒ„Ž‡
’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡ ‹• …‘””‡Žƒ–‡† ‹ ƒ ‘ Ž‹‡ƒ” ƒ‡” ™‹–Š
‹…‡Ž ’”‹…‡• ™‹–Š Š‹‰Š‡” ’”‹…‡• ”‡•—Ž–‹‰ ‹ ƒ Š‹‰Š‡” ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ ‹…‡Ž ƒ† ˜‹…‡
˜‡”•ƒ ……‘”†‹‰Ž› Š‹‰Š‡” ‹…‡Ž ’”‹…‡• ”‡•—Ž–• „‘–Š ‹ ƒ Š‹‰Š‡” ’‡”…‡–ƒ‰‡ ‘ˆ ’ƒ›ƒ„Ž‡
‹…‡Ž ‹ ‘—” ‘”‡ –‘ –Š‡•‡ …—•–‘‡”• ƒ• ™‡ŽŽ ƒ• ‹ Š‹‰Š‡” ’”‹…‡• ƒ† …ƒ –Š‡”‡ˆ‘”‡ Šƒ˜‡ ƒ
•—„•–ƒ–‹ƒŽ ‡ˆˆ‡…– ‘ ‘—” ‘˜‡”ƒŽŽ ”‡˜‡—‡ ‹…‡Ž ’”‹…‡• ƒ† †‡ƒ† ˆ‘” ‹…‡Ž –›’‹…ƒŽŽ› ‹…”‡ƒ•‡
†—”‹‰ ’‡”‹‘†• ‘ˆ Š‹‰Š ‰Ž‘„ƒŽ †‡ƒ† ˆ‘” •–ƒ‹Ž‡•• •–‡‡Ž
‹…‡Ž ’”‹…‡• Šƒ˜‡ Š‹•–‘”‹…ƒŽŽ› ‡šŠ‹„‹–‡† …‘•‹†‡”ƒ„Ž‡ ˜‘Žƒ–‹Ž‹–› ‹…‡Ž ’”‹…‡• …Ž‹„‡† ˆ”‘ ƒ•
Ž‘™ ƒ• ’‡” ’‘—† ‹ ƒ”…Š –‘ ƒ Š‹‰Š ‘ˆ ’‡” ’‘—† ‹ ‡„”—ƒ”› Š‡
‹…‡Ž ’”‹…‡ ™ƒ• ’‡” ’‘—† ƒ– –Š‡ ‡† ‘ˆ
—‡ Š‡ ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡•
’‡” ’‘—† ‹ ƒ† ™‡”‡ ƒ†
”‡•’‡…–‹˜‡Ž› Š‡ ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡• ’‡” ’‘—† ˆ‘” –Š‡ •– ŠƒŽˆ ‘ˆ ‹• ’‡”
’‘—† …‘’ƒ”‡† –‘ ’‡” ’‘—† ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”
Š‡ •‡•‹–‹˜‹–› ‘ˆ ‘—” ”‡˜‡—‡• –‘ ‹…‡Ž ’”‹…‡• ‹• ‘– …‘’Ž‡–‡Ž› Ž‹‡ƒ” „‡…ƒ—•‡ ‹ ‘—”
‡š’‡”‹‡…‡ ™Š‡ ‹…‡Ž ’”‹…‡• ”‡ƒ…Š …‡”–ƒ‹ Ž‡˜‡Ž• –Š‡ †‡ƒ† ˆ‘” ‘—” Ž‹‘‹–‡ ‘”‡ ‹…”‡ƒ•‡•
• ƒ ”‡•—Ž– ‘ˆ –Š‹• ‡ˆˆ‡…– ˜‡”› Š‹‰Š ‹…‡Ž ’”‹…‡• Šƒ˜‡ ‹ –Š‡ ’ƒ•– ”‡•—Ž–‡† ‹ ‹…”‡ƒ•‡† ˜‘Ž—‡•
‘ˆ ‹…‡Ž ‘”‡ •‘Ž† ƒ• ™‡ŽŽ ƒ• ‹…”‡ƒ•‡† ’”‹…‡• ˆ‘” ‘—” ”‡…—””‹‰ •ƒŽ‡• ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘
ƒ† Ž‹‘‹–‡ ‘”‡ –‘ –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› —†‡” Ž‘‰ –‡” …‘–”ƒ…–•

66. …”‡ƒ•‡• ƒ†
†‡…”‡ƒ•‡• ‹ –Š‡ ‹…‡Ž ’”‹…‡ ™‹ŽŽ Šƒ˜‡ ƒ „”‘ƒ†Ž› ’”‘’‘”–‹‘ƒŽ ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡• ˆ”‘
–Š‡•‡ •ƒŽ‡•
‘Ž—‡
Š‡ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ •‡ŽŽ Žƒ”‰‡Ž› †‡’‡†• ‘ –Š‡ ‰”ƒ†‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡
‹‡ Š‡ ˜‘Ž—‡ ‘ˆ Ž‹‘‹–‡ ‘”‡ –Šƒ– ™‡ •‡ŽŽ –‘ ‘—” …—•–‘‡”• ‹ Š‹ƒ Žƒ”‰‡Ž› †‡’‡†• ‘ –Š‡
†‡ƒ† ˆ‘”

67. ‹ Š‹ƒ —” •ƒŽ‡• ‘ˆ Š‹‰Š ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ”‡ –›’‹…ƒŽŽ› ƒ†‡ –‘
™Š‘ ’—”…Šƒ•‡• ƒŽŽ ‘ˆ –Š‡ Š‹‰Š ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ ƒ”‡ ƒ„Ž‡ –‘ ‡š–”ƒ…– ƒ† •Š‹’ ƒ– ƒ›
‰‹˜‡ –‹‡ ‹–Š ”‡•’‡…– –‘ ‘—” Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ƒ† Ž‹‘‹–‡ ‘”‡ ‹ ’‡”‹‘†• ™Š‡ ™‡ ƒ”‡
ƒ„Ž‡ –‘ ‡š–”ƒ…– ‘”‡ ‘”‡ –Šƒ ™‡ ƒ”‡ ƒ„Ž‡ –‘ •Š‹’ ™‡ ‰‡‡”ƒŽŽ› …‘–‹—‡ ‘—” ‹‹‰ ‘’‡”ƒ–‹‘•
ƒ† •–‘…’‹Ž‡ •—…Š ‘”‡ ˆ‘” •ƒŽ‡ ™Š‡ †‡ƒ† ‹’”‘˜‡• ‘” ™Š‡ ’”‹…‡• ”‹•‡ –‘ ‘”‡ ƒ––”ƒ…–‹˜‡
Ž‡˜‡Ž• • •–ƒ–‡† ƒ„‘˜‡ –Š‡ ˜‘Ž—‡ ‘ˆ ‘—” Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ† Ž‹‘‹–‡ ‘”‡ •ƒŽ‡• –‘ ‘—”
Š‹‡•‡ …—•–‘‡”• ‹• ”‘—‰ŠŽ› …‘””‡Žƒ–‡† ™‹–Š –Š‡ ‹…‡Ž ’”‹…‡ ™‹–Š ˜‘Ž—‡ ‹…”‡ƒ•‹‰ ƒ•
‹…‡Ž ’”‹…‡• ”‹•‡

68.  ƒ††‹–‹‘ –‘ •ƒŽ‡• ‘ˆ ‹…‡Ž ‘”‡ –‘ ƒ† ‘—” …—•–‘‡”• ‹ Š‹ƒ ™‡ •‡ŽŽ
Ž‹‘‹–‡ ‘”‡ ˆ”‘ ‘—” ‹‘ —„ƒ ‹‡ –‘ –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› ‹ ™Š‹…Š ™‡ Šƒ˜‡ ƒ ‹‘”‹–›
‹–‡”‡•– ’—”…Šƒ•‡• ƒ ƒ‘—– ‘ˆ Ž‹‘‹–‡ ‘”‡ ˆ”‘ —• •—ˆˆ‹…‹‡– –‘ ‡‡– ‹–• ‘”‡
”‡“—‹”‡‡–• • ƒ ‹‡†‹ƒ–‡ •‘Ž—–‹‘ ‘”ƒŽ ƒ› •–ƒ”–‡† …‘•–”—…–‹‘ ‘ˆ ƒ ‡™ ™ƒ–‡”
”‡•‡”˜‘‹” –‘ ‹…”‡ƒ•‡ –Š‡ …ƒ’ƒ…‹–› ‘ˆ ‡š‹•–‹‰ ™ƒ–‡” ”‡•‡”˜‘‹”•

69.  ‡…‡„‡” ‘”ƒŽ ƒ›
™ƒ• ƒ„Ž‡ –‘ ’”‘†—…‡ –‘‡• ‘ˆ …‘–ƒ‹‡† ‹…‡Ž ’”‘˜‹‰ –Šƒ– –Š‡ ’Žƒ– ‹• …ƒ’ƒ„Ž‡ ‘ˆ
ƒ…Š‹‡˜‹‰ ‹–• –ƒ”‰‡– ’”‘†—…–‹‘ …ƒ’ƒ…‹–› ‘ˆ ‹…‡Ž –‘‡• ‹ˆ …‹”…—•–ƒ…‡• ƒŽŽ‘™
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70. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
Š‡ ›’‡ “†
”ƒ†‡ ‘ˆ ”‡ –Šƒ– ™‡ ‹‡
‡ ”‡ƒŽ‹œ‡ Š‹‰Š‡” •ƒŽ‡• ’”‹…‡• ˆ‘” ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ ˆ‘” ‘—” Ž‹‘‹–‡ ‘”‡ ……‘”†‹‰Ž› –Š‡
–›’‡ ƒ† ‰”ƒ†‡ ™Š‹…Š ‹• ƒ ˆƒ…–‘” ‘ˆ ‹…‡Ž …‘–‡– ‘ˆ –Š‡ ‘”‡ –Šƒ– ™‡ ‹‡ ƒˆˆ‡…–• ‘—” ”‡˜‡—‡•
ˆ”‘ ›‡ƒ” –‘ ›‡ƒ” Š‡ “—ƒ–‹–› ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ ‹‡ ƒ—ƒŽŽ› †‡’‡†• ‘ –Š‡ …—•–‘‡”
†‡ƒ† ƒ† –Š‡ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ •—…Š ‘”‡ ƒ– ‘—” ‹‡ •‹–‡• Š‡ ‹š „‡–™‡‡ Š‹‰Š ƒ† Ž‘™ ‰”ƒ†‡
•ƒ’”‘Ž‹–‡ ‘”‡ ƒ– ‘—” ‹‡ •‹–‡• …‘—’Ž‡† ™‹–Š ‘—” Ž‘‰ –‡” ‹‹‰ ’Žƒ †‡–‡”‹‡• –Š‡
“—ƒ–‹–‹‡• ‘ˆ ‡ƒ…Š –Šƒ– ™‡ ‡š–”ƒ…– ‘ ƒ ƒ—ƒŽ „ƒ•‹• Š‡ “—ƒ–‹–› ‘ˆ Ž‹‘‹–‡ ‘”‡ –Šƒ– ™‡ ‹‡
‘ ƒ ƒ—ƒŽ „ƒ•‹• †‡’‡†• ‘ –Š‡ ƒ‘—– ‘ˆ •—…Š ‘”‡ –Šƒ– ‡‡†• –‘ „‡ ”‡‘˜‡† ‹ ‘”†‡” –‘
‡š–”ƒ…– –Š‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ• ™‡ŽŽ ƒ• ƒ”‡– †‡ƒ†
‹‡ ‹–‡ ƒ•Š ‘•– ’‡” ‘Ž—‡ ‘Ž†
Š‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ’‡” ˜‘Ž—‡ ‘ˆ ‘”‡ •‘Ž† ’”‘˜‹†‡• ƒ …‘•– ’”‘ˆ‹Ž‡ ˆ‘” ‡ƒ…Š ‘’‡”ƒ–‹‰ ‹‡
ƒ† ƒŽŽ‘™• —• –‘ ‡ƒ•—”‡ ƒ† …‘’ƒ”‡ ‘’‡”ƒ–‹‰ ’‡”ˆ‘”ƒ…‡ ƒ• ™‡ŽŽ ƒ• …Šƒ‰‡• ‹ ’‡” —‹–
…‘•–• ˆ”‘ ›‡ƒ” –‘ ›‡ƒ”
Š‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ‹…Ž—†‡• ’”‘†—…–‹‘ ƒ† ƒ”‡–‹‰ ‡š’‡•‡• ‹…—””‡† „› –Š‡ ‘’ƒ›
‹ ‹‹‰ Šƒ†Ž‹‰ ƒ† „ƒ”‰‹‰ ‘”‡ –‘ …—•–‘‡” • ˜‡••‡Ž• ƒ† ‡š…Ž—†‡• ‡š…‹•‡ –ƒš‡• ƒ†
”‘›ƒŽ–‹‡•
Š‡ ƒ˜‡”ƒ‰‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ’‡” ˜‘Ž—‡ •‘Ž† ‹ ‹• ’‡” ‘ –Š‡ „ƒ•‹• ‘ˆ
ƒ‰‰”‡‰ƒ–‡ …ƒ•Š …‘•–• ‘ˆ ‹ŽŽ‹‘ ƒ† ƒ –‘–ƒŽ •ƒŽ‡• ˜‘Ž—‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ‘”‡ Š‹•
…‘’ƒ”‡• –‘ ’‡” †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† ‹ ‘ –Š‡ „ƒ•‹• ‘ˆ ƒ‰‰”‡‰ƒ–‡ …ƒ•Š
…‘•–• ‘ˆ ‹ŽŽ‹‘ ƒ† ƒ –‘–ƒŽ •ƒŽ‡• ˜‘Ž—‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ‘”‡
‘ ƒ—‰‡– ‘—” ‘’‡”ƒ–‹‘• ‹ ‹ ‘”†‡” –‘ ‡‡– –Š‡ •—”‰‡ ‹ †‡ƒ† ˆ‘” ‘—” ‘”‡ –Š‡
‘’ƒ› ‡‰ƒ‰‡† –Š‹”† ’ƒ”–› …‘–”ƒ…–‘”• –‘ ƒ••‹•– ‹ –Š‡ Šƒ—Ž‹‰ ƒ† Ž‘ƒ†‹‰ ‘ˆ ‘”‡ ›’‹…ƒŽŽ›
–Š‡ —‹– …‘•– ƒ••‘…‹ƒ–‡† ™‹–Š –Š‡ —•‡ ‘ˆ ‘—–•‹†‡ •‡”˜‹…‡• ‹• Š‹‰Š‡” …‘’ƒ”‡† –‘ …‘•–• ‹…—””‡†
™Š‡ ˜‘Ž—‡ Šƒ†Ž‹‰ ‹• †‘‡ „› –Š‡ ‘’ƒ›
—””‡…› š…Šƒ‰‡ ƒ–‡•
‡ ‡ƒ” •—„•–ƒ–‹ƒŽŽ› ƒŽŽ ‘ˆ ‘—” ”‡˜‡—‡• ‹ †‘ŽŽƒ”• ™Š‹Ž‡ ‘•– ‘ˆ ‘—” ‡š’‡•‡• ƒ”‡ ’ƒ‹† ‹
’‡•‘• Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ ‹–‡† –ƒ–‡• †‘ŽŽƒ” ”‡†—…‡• ‘—” ”‡˜‡—‡ ‹ ’‡•‘
–‡”• ……‘”†‹‰Ž› ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ‡ˆˆ‡…–‹˜‡Ž› ”‡†—…‡• ‘—”
”‡˜‡—‡ ™‹–Š‘—– ƒ …‘””‡•’‘†‹‰ ”‡†—…–‹‘ ‹ ‘—” ‡š’‡•‡• ƒ† …ƒ ”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‹ ‘—”
‡– ‹…‘‡

71.  ƒ††‹–‹‘ „‡…ƒ—•‡ ƒ ’‘”–‹‘ ‘ˆ ‘—” …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ† ‘–Š‡” ’‘”–ˆ‘Ž‹‘
‹˜‡•–‡–• ƒ”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• –Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ”
”‡†—…‡• –Š‡ ˜ƒŽ—‡ ‘ˆ –Š‡•‡ ƒ••‡–• ‹ ’‡•‘ –‡”• ‹ ‘—” ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• —” …—””‡– ’‘Ž‹…› ‹•
‘– –‘ Š‡†‰‡ ‘—” ‡š’‘•—”‡ –‘ ˆ‘”‡‹‰ …—””‡…› ‡š…Šƒ‰‡ ”‹•
Š‡ ‘’ƒ› • ƒ˜‡”ƒ‰‡ ”‡ƒŽ‹œ‡† ’‡•‘ –‘ †‘ŽŽƒ” ”ƒ–‡• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ† ƒ”‡ ƒ† ”‡•’‡…–‹˜‡Ž›
‹“—‹†‹–› ƒ† ƒ’‹–ƒŽ ‡•‘—”…‡•
• ƒ–
—‡ ƒ† ‡…‡„‡” ‘—” ’”‹…‹’ƒŽ •‘—”…‡ ‘ˆ Ž‹“—‹†‹–› ™ƒ• …ƒ•Š ˆ”‘ ‘—”
‘’‡”ƒ–‹‘• ‡ ‹…—””‡† Ž‘‰ –‡” †‡„– –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ ‘—” ‹‘ —„ƒ ’‹‡” ˆƒ…‹Ž‹–‹‡•
ƒ† ™‡ ”‡…‡‹˜‡ ‹…‘‡ ˆ”‘ —†‡” ƒ –Š”‘—‰Š’—– ƒ‰”‡‡‡– ™Š‡”‡„› ƒ‘—–• ƒ”‡ ’ƒ›ƒ„Ž‡
„› –‘ ˆ‘” —•‡ ‘ˆ –Š‡ ’‹‡” ˆƒ…‹Ž‹–‹‡• Š‡ Ž‘‰ –‡” †‡„– ‘ˆ ˆ‘” –Š‡ …‘•–”—…–‹‘ ‘ˆ
–Š‡ ’‹‡” ˆƒ…‹Ž‹–‹‡• ‹ –Š‡ ƒ‰ƒ‹–‘ ’”‘’‡”–› ‹• ƒŽ•‘ …‘˜‡”‡† „› ƒ –Š”‘—‰Š’—– ƒ‰”‡‡‡– ™Š‡”‡„›
10 | P a g e

72. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
ƒ‘—–• ƒ”‡ ’ƒ›ƒ„Ž‡ „› –‘ ˆ‘” —•‡ ‘ˆ • ™Šƒ”ˆ ˆƒ…‹Ž‹–‹‡• Š‡ ’”‹…‹’ƒŽ „ƒŽƒ…‡ ‘ˆ
‘—” Ž‘‰ –‡” †‡„– ™‹–Š ƒ‰ƒ‹–‘ ™‹ŽŽ „‡ ’ƒ›ƒ„Ž‡ •–ƒ”–‹‰ …–‘„‡”
• ‘ˆ
—‡ ƒ† ‡…‡„‡” ‘—” ™‘”‹‰ …ƒ’‹–ƒŽ †‡ˆ‹‡† ƒ• –Š‡ †‹ˆˆ‡”‡…‡
„‡–™‡‡ ‘—” …—””‡– ƒ••‡–• ƒ† …—””‡– Ž‹ƒ„‹Ž‹–‹‡• ™ƒ• „‹ŽŽ‹‘ ƒ† „‹ŽŽ‹‘
”‡•’‡…–‹˜‡Ž› ‡ ‡š’‡…– –‘ ‡‡– ‘—” ™‘”‹‰ …ƒ’‹–ƒŽ …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡ ƒ† ‹˜‡•–‡–
”‡“—‹”‡‡–• ˆ”‘ –Š‡ …ƒ•Š ˆŽ‘™ …‘‹‰ ˆ”‘ ‘—” ‘’‡”ƒ–‹‘• ƒ† ƒ• ™‡ŽŽ ƒ• †‡„– –Šƒ– ™‡ Šƒ˜‡
‹…—””‡† –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ ’‹‡” ˆƒ…‹Ž‹–‹‡• ƒ– ‘—” ƒ‰ƒ‹–‘ ’”‘’‡”–› ‡ ƒ› ƒŽ•‘ ˆ”‘
–‹‡ –‘ –‹‡ •‡‡ ‘–Š‡” •‘—”…‡• ‘ˆ ˆ—†‹‰ ™Š‹…Š ƒ› ‹…Ž—†‡ †‡„– ‘” ‡“—‹–› ˆ‹ƒ…‹‰•
†‡’‡†‹‰ ‘ ‘—” ˆ‹ƒ…‹‰ ‡‡†• ƒ† ƒ”‡– …‘†‹–‹‘•
—ƒŽ‹–ƒ–‹˜‡ ƒ† —ƒ–‹–ƒ–‹˜‡ ‹•…Ž‘•—”‡• ƒ„‘—– ƒ”‡– ‹•
‘‘†‹–› ”‹…‡ ‹•
Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‹• •—„Œ‡…– –‘ ˆŽ—…–—ƒ–‹‘• †—‡ –‘ ˆƒ…–‘”• •—…Š ƒ• ‰‘˜‡”‡– ’‘Ž‹…‹‡• …Šƒ‰‡•
‹ ‰Ž‘„ƒŽ †‡ƒ† ƒ† ‰Ž‘„ƒŽ ’”‘†—…–‹‘ ‘ˆ •‹‹Žƒ” ƒ† …‘’‡–‹–‹˜‡ ‹‡”ƒŽ ’”‘†—…–• ‡ ƒ”‡
‡š’‘•‡† –‘ …‘‘†‹–› ’”‹…‡ ”‹• „ƒ•‡† ‘ ˆŽ—…–—ƒ–‹‘• ‹ –Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘ –Š‡ Š‡
ƒ‘—–• ’ƒ›ƒ„Ž‡ —†‡” –Š‡ …‘–”ƒ…–• –Šƒ– ‰‘˜‡” ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ •ƒŽ‡• –‘ ƒ† Ž‹‘‹–‡
‘”‡ •ƒŽ‡• –‘ ƒ”‡ „ƒ•‡† —’‘ ’ƒ›ƒ„Ž‡ ‹…‡Ž †‡Ž‹˜‡”‡† ™‹–Š –Š‡ ‹…‡Ž ‘”‡ Š‡ ’‡”…‡–ƒ‰‡
˜ƒ”‹‡• †‡’‡†‹‰ ‘ –Š‡ …—•–‘‡” –Š‡ ‘”‡ –›’‡ ƒ† ‹…‡Ž ‰”ƒ†‡ Š‹• ’ƒ›ƒ„Ž‡ ‹…‡Ž ‹• ’”‹…‡†
—•‹‰ ƒ ƒ˜‡”ƒ‰‡ ‘ˆ •’‘– ’”‹…‡• ‘˜‡” ƒ ’‡”‹‘† ’”‡…‡†‹‰ †‡Ž‹˜‡”›

73.  ƒ††‹–‹‘ –Š‡ ’ƒ›ƒ„Ž‡
’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡ ‹• …‘””‡Žƒ–‡† ‹ ƒ ‘ Ž‹‡ƒ” ƒ‡” ™‹–Š
‹…‡Ž ’”‹…‡• ™‹–Š Š‹‰Š‡” ’”‹…‡• –‡†‹‰ –‘ ”‡•—Ž– ‹ ƒ Š‹‰Š‡” ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ ‹…‡Ž
ƒ† ˜‹…‡ ˜‡”•ƒ ……‘”†‹‰Ž› ‹…”‡ƒ•‡• ‘” †‡…”‡ƒ•‡• ‹ –Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘ –Š‡ …ƒ Šƒ˜‡ ƒ
•‹‰‹ˆ‹…ƒ– ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡•

74.  ƒ††‹–‹‘ ƒŽ–Š‘—‰Š –Š‡ ’ƒ›‡–• –Šƒ– ™‡ ”‡…‡‹˜‡ ˆ”‘ •ƒŽ‡•
‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ† Ž‹‘‹–‡ ‘”‡ –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹• ‘– †‹”‡…–Ž› …‘””‡Žƒ–‡† ™‹–Š –Š‡
ƒ”‡– ’”‹…‡ ‘ˆ ‹…‡Ž Š‹‰Š ‘” Ž‘™ ‹…‡Ž ’”‹…‡• …ƒ ‹…”‡ƒ•‡ ‘” †‡…”‡ƒ•‡ –Š‡‹” †‡ƒ† ˆ‘” ‘—”
Ž‹‘‹–‡ ‘”‡ ƒ† –Š—• ƒŽ•‘ Šƒ˜‡ ƒ ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡• ‘ ‹–‹‰ƒ–‡ –Š‡ ‹’ƒ…– ‘ˆ •—…Š ’”‹…‡
‘˜‡‡–• –Š‡ ‘’ƒ› ƒ› ‘’– –‘ ‡–‡” ‹–‘ …‘‘†‹–› ’—– ‘’–‹‘ …‘–”ƒ…–•
‡ ƒ”‡ ƒŽ•‘ •—„Œ‡…– –‘ ”‹• ™‹–Š ”‡•’‡…– –‘ –Š‡ ƒ”‡– ’”‹…‡ ‘ˆ …‘‹‰ …‘ƒŽ ƒ† ’”‡˜ƒ‹Ž‹‰
•Š‹’’‹‰ ”ƒ–‡• Š‡ ’”‘†—…–‹‘ ‘ˆ ‹…‡Ž ’‹‰ ‹”‘

75. —•‹‰ Ž‹‘‹–‡ ‘”‡ ”‡“—‹”‡• –Š‡ —•‡ ‘ˆ
„Žƒ•– ˆ—”ƒ…‡• ™Š‹…Š —•‡ Žƒ”‰‡ ƒ‘—–• ‘ˆ …‘‹‰ …‘ƒŽ ……‘”†‹‰Ž› Š‹‰Š ™‘”Ž† ™‹†‡ †‡ƒ† ˆ‘”
…‘ƒŽ …ƒ ”‡•—Ž– ‹ ƒ ‹…”‡ƒ•‡ ‹ –Š‡ ƒ”‡– ’”‹…‡ ‘ˆ …‘‹‰ …‘ƒŽ ™Š‹…Š …ƒ †‡…”‡ƒ•‡ –Š‡ †‡ƒ†
ˆ‘” Ž‹‘‹–‡ ‘”‡ ˆ”‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹‹Žƒ”Ž› †—”‹‰ ’‡”‹‘†• ™Š‡ †”› „—Ž •Š‹’’‹‰
”ƒ–‡• ƒ”‡ ”‡Žƒ–‹˜‡Ž› Š‹‰Š –Š‡ ‹…”‡ƒ•‡† …‘•– ‘ˆ •Š‹’’‹‰ ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ ‘” Ž‹‘‹–‡ ‘”‡ –‘ Š‹ƒ
…ƒ ƒ‡ –Š‡ —•‡ ‘ˆ ‘—” ‹…‡Ž ‘”‡ „› Š‹‡•‡ …—•–‘‡”• —‡…‘‘‹…ƒŽ ˆ‘” –Š‡ ™Š‹…Š ƒ› ƒŽ•‘
”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‘ˆ ‹…‡Ž ‘”‡ •ƒŽ‡• –‘ ‘—” Š‹‡•‡ …—•–‘‡”•
‘”‡‹‰ —””‡…› ‹•
—” ˆ‘”‡‹‰ …—””‡…› ”‹• ”‡•—Ž–• ’”‹ƒ”‹Ž› ˆ”‘ ‘˜‡‡–• ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ”
ƒ† ”‡•—Ž–• ’”‹ƒ”‹Ž› ˆ”‘ –Š‡ –”ƒ•ƒ…–‹‘ ‡š’‘•—”‡ ƒ••‘…‹ƒ–‡† ™‹–Š –”ƒ•ƒ…–‹‘• ‹ …—””‡…‹‡•
‘–Š‡” –Šƒ ‹ ’‡•‘• —…Š ‡š’‘•—”‡ ƒ”‹•‡• ˆ”‘ …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‹˜‡•–‡–• ƒ†
•ƒŽ‡• ‘ˆ „‡‡ˆ‹…‹ƒ–‡† ‹…‡Ž ‘”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• ‡…ƒ—•‡ ƒŽ‘•– ƒŽŽ ‘ˆ ‘—” ”‡˜‡—‡•
ƒ”‡ ‡ƒ”‡† ‹ †‘ŽŽƒ”• ™Š‹Ž‡ ‘•– ‘ˆ ‘—” ‡š’‡•‡• ƒ”‡ ’ƒ‹† ‹ ’‡•‘• ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘
ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ‡ˆˆ‡…–‹˜‡Ž› ”‡†—…‡• ‘—” ”‡˜‡—‡ ™‹–Š‘—– ƒ …‘””‡•’‘†‹‰ ”‡†—…–‹‘ ‹ ‘—”
‡š’‡•‡• ƒ† …ƒ ”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‹ ‘—” ‡– ‹…‘‡

76.  ƒ††‹–‹‘ „‡…ƒ—•‡ ƒ ’‘”–‹‘ ‘ˆ ‘—”
…ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ† ‹˜‡•–‡–• ƒ”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• –Š‡ ƒ’’”‡…‹ƒ–‹‘
‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ”‡†—…‡• –Š‡ ˜ƒŽ—‡ ‘ˆ ‘—” –‘–ƒŽ ƒ••‡–• ‹ ’‡•‘ –‡”• ‹ ‘—”
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77. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡
…‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‡ ƒ”‡ ‘– …—””‡–Ž› ’ƒ”–› –‘ ƒ› ˆ‘”‡‹‰ …—””‡…› •™ƒ’
ƒ‰”‡‡‡–• ƒ† ‘—” ’‘Ž‹…› ‹• ‘– –‘ Š‡†‰‡ ˆ‘”‡‹‰ …—””‡…› ‡š…Šƒ‰‡ ”‹•
‘ ‹–‹‰ƒ–‡ –Š‡ ‡ˆˆ‡…– ‘ˆ ˆ‘”‡‹‰ …—””‡…› ”‹• –Š‡ ‘’ƒ› ™‹ŽŽ •‡‡ –‘ ƒ……‡Ž‡”ƒ–‡ –Š‡ …‘ŽŽ‡…–‹‘
‘ˆ ˆ‘”‡‹‰ …—””‡…› †‡‘‹ƒ–‡† ”‡…‡‹˜ƒ„Ž‡• ƒ† –Š‡ •‡––Ž‡‡– ‘ˆ ˆ‘”‡‹‰ …—””‡…›
†‡‘‹ƒ–‡† ’ƒ›ƒ„Ž‡• ™Š‡‡˜‡” ’”ƒ…–‹…ƒ„Ž‡ Ž•‘ ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‘˜‡‡–• ƒ”‡ ‘‹–‘”‡†
‘ ƒ †ƒ‹Ž› „ƒ•‹•
“—‹–› ”‹…‡ ‹•
“—‹–› ’”‹…‡ ”‹• ‹• –Š‡ ”‹• –‘ ‡ƒ”‹‰• ‘” …ƒ’‹–ƒŽ ƒ”‹•‹‰ ˆ”‘ …Šƒ‰‡• ‹ •–‘… ’”‹…‡• ”‡Žƒ–‹‰ –‘
–Š‡ “—‘–‡† ‡“—‹–› •‡…—”‹–‹‡• –Šƒ– ™‡ ‘™ —” ‡š’‘•—”‡ –‘ ‡“—‹–› ’”‹…‡ ”‹• ”‡Žƒ–‡• ’”‹ƒ”‹Ž› –‘
‘—” ‹˜‡•–‡–• ‹ ˜ƒ”‹‘—• •–‘…• ‘ˆ Ž‹•–‡† …‘’ƒ‹‡•
Š‡ ‘’ƒ› • ’‘Ž‹…› ‹• –‘ ƒ‹–ƒ‹ –Š‡ ”‹• –‘ ƒ ƒ……‡’–ƒ„Ž‡ Ž‡˜‡Ž ‘˜‡‡– ‘ˆ •Šƒ”‡ ’”‹…‡ ‹•
‘‹–‘”‡† ”‡‰—Žƒ”Ž› –‘ †‡–‡”‹‡ ‹’ƒ…– ‘ ‹–• ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘
ˆˆ „ƒŽƒ…‡ •Š‡‡– ƒ””ƒ‰‡‡–•
‡ Šƒ˜‡ ‘– ‡–‡”‡† ‹–‘ ƒ› ‘ˆˆ „ƒŽƒ…‡ •Š‡‡– –”ƒ•ƒ…–‹‘• ‘” ‘„Ž‹‰ƒ–‹‘• ‹…Ž—†‹‰ …‘–‹‰‡–
‘„Ž‹‰ƒ–‹‘• ‘” ‘–Š‡” ”‡Žƒ–‹‘•Š‹’• ™‹–Š —…‘•‘Ž‹†ƒ–‡† ‡–‹–‹‡• ‘” ‘–Š‡” ’‡”•‘•

80. Š‡”‡ ƒ”‡ ‘ ‘–Š‡” ‹ˆ‘”ƒ–‹‘ ˆ‘” –Š‹• ‹–‡”‹ ’‡”‹‘† ‘– ’”‡˜‹‘—•Ž› ”‡’‘”–‡† ‹ ƒ ”‡’‘”– ‘
‘”
12 | P a g e

82. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

83. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ–
—‡ ƒ†
‡…‡„‡”

84. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ

85. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ†

86. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‘’”‡Š‡•‹˜‡

87. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ†

88. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ Šƒ‰‡• ‹ “—‹–› ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ†

89. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†
—‡ ƒ†
‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
3|Page

90. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

92. —‡
‹–Š ‘’ƒ”ƒ–‹˜‡ —†‹–‡† ‹‰—”‡• ƒ• ƒ– ‡…‡„‡”
‘—–• ‹ Š‘—•ƒ†•
—‡ ‡…‡„‡”
ƒ—†‹–‡† —†‹–‡†
—””‡– ••‡–•
ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‘–‡
”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ‘–‡
˜ƒ‹Žƒ„Ž‡ ˆ‘” •ƒŽ‡ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡

93. ˜‡–‘”‹‡• ‘–‡• ƒ†
–Š‡” …—””‡– ƒ••‡–•
‘–ƒŽ —””‡– ••‡–•
‘…—””‡– ••‡–•
ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡
”‘’‡”–› ƒ† ‡“—‹’‡– ‘–‡

94. ˜‡•–‡– ’”‘’‡”–›

95. ˜‡•–‡– ‹ ƒ ƒ••‘…‹ƒ–‡ ‘–‡
‘‰ –‡” •–‘… ’‹Ž‡ ‹˜‡–‘”› ‡– ‘ˆ …—””‡– ’‘”–‹‘ ‘–‡
‡ˆ‡””‡† ‹…‘‡ –ƒš ƒ••‡–• ‡–
–Š‡” ‘…—””‡– ƒ••‡–• ‘–‡
‘–ƒŽ ‘…—””‡– ••‡–•

97. —””‡– ‹ƒ„‹Ž‹–‹‡•
”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ‘–‡

98. …‘‡ –ƒš ’ƒ›ƒ„Ž‡
—””‡– ’‘”–‹‘ ‘ˆ Ž‘‰ –‡” †‡„– ‘–‡
‘–ƒŽ —””‡– ‹ƒ„‹Ž‹–‹‡•
‘…—””‡– ‹ƒ„‹Ž‹–‹‡•
‘‰ –‡” †‡„– ‡– ‘ˆ …—””‡– ’‘”–‹‘ ‘–‡
‡ˆ‡””‡† ‹…‘‡ –ƒš Ž‹ƒ„‹Ž‹–‹‡• ‡–
‡ˆ‡””‡† ”‡– ‹…‘‡
”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ ‘–‡
‡•‹‘ Ž‹ƒ„‹Ž‹–›
‘–ƒŽ ‘…—””‡– ‹ƒ„‹Ž‹–‹‡•
“—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–
ƒ’‹–ƒŽ •–‘… ‘–‡
††‹–‹‘ƒŽ ’ƒ‹† ‹ …ƒ’‹–ƒŽ
–Š‡” …‘’‘‡–• ‘ˆ ‡“—‹–›
‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ’Žƒ ‘–‡
‡– ˜ƒŽ—ƒ–‹‘ ‰ƒ‹• ‘ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡
Šƒ”‡ ‹ …——Žƒ–‹˜‡ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘–‡
••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—•
‡–ƒ‹‡† ‡ƒ”‹‰•
‘ …‘–”‘ŽŽ‹‰

99. –‡”‡•–•
‘–ƒŽ “—‹–›

101. ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
1|Page

102. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

104. ƒ†
‘—–• ‹ Š‘—•ƒ†• š…‡’– ƒ”‹‰• ’‡” Šƒ”‡
ƒ—†‹–‡†
ƒŽ‡ ‘ˆ ‘”‡
‡”˜‹…‡• ƒ† ‘–Š‡”•
‘•– ‘ˆ •ƒŽ‡•
‘•– ‘ˆ •‡”˜‹…‡•
Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–•
š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡•
‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡

105. ‡–

106. —””‡–
‡ˆ‡””‡†

107. ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘
“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–
‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•
ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡
2|Page

108. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

110. ƒ†
‘—–• ‹ Š‘—•ƒ†• š…‡’– ƒ”‹‰• ’‡” Šƒ”‡
ƒ—†‹–‡†
‘–‡
ƒŽ‡ ‘ˆ ‘”‡
‡”˜‹…‡• ƒ† ‘–Š‡”•
‘•– ‘ˆ •ƒŽ‡• ‘–‡
‘•– ‘ˆ •‡”˜‹…‡• ‘–‡
Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ‘–‡
š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ‘–‡
‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ ‘–‡

111. ‘–‡

112. ‘–‡

113. ‡– ‘–‡

114. ‘–‡
—””‡–
‡ˆ‡””‡†

115. ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘
“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–
‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•
ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡ ‘–‡
‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
3|Page

116. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

118. ƒ†
‘—–• ‹ Š‘—•ƒ†•
ƒ—†‹–‡†

119. Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡
‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘ ˆ‹ƒ…‹ƒŽ ƒ••‡–•
••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—•

120. ‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘
“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–
‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•
‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
4|Page

121. NICKEL ASIA CORPORATION
—ƒ”–‡”Ž› ‡’‘”–
—‡

123. ƒ†
‘—–• ‹ Š‘—•ƒ†•
“—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–
‡–
ƒŽ—ƒ–‹‘ Šƒ”‡ ‹
ƒ‹• ——Žƒ–‹˜‡
‘•– ‘ˆ Šƒ”‡ ‘••‡• ”ƒ•Žƒ–‹‘
„ƒ•‡† ‘ †Œ—•–‡–
ƒ’‹–ƒŽ ††‹–‹‘ƒŽ ƒ›‡– ‹ƒ…‹ƒŽ ‘ˆ ƒ ••‡– ‘
–‘… ƒ‹† ‹ Žƒ ••‡–• ••‘…‹ƒ–‡ ‡˜ƒŽ—ƒ–‹‘ ‡–ƒ‹‡† …‘–”‘ŽŽ‹‰
‘–‡ ƒ’‹–ƒŽ ‘–‡ ‘–‡ ‘–‡ —”’Ž—• ƒ”‹‰• ‘–ƒŽ

124. –‡”‡•–• ‘–ƒŽ
ƒŽƒ…‡• ƒ– ‡…‡„‡”
‡– ‹…‘‡
–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••
‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••
‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡–
‘–‡
ƒ•Š †‹˜‹†‡†• ’‡” •Šƒ”‡
‘–‡
”‡ˆ‡””‡† •Šƒ”‡• †‹˜‹†‡†•
…——Žƒ–‹˜‡
Šƒ”‡ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‹
…ƒ•Š †‹˜‹†‡†• ‘ˆ ƒ •—„•‹†‹ƒ”›
—„•…”‹’–‹‘ ‘ˆ ‘ …‘–”‘ŽŽ‹‰
‹–‡”‡•–• ‘ …ƒ’‹–ƒŽ •–‘… ‘ˆ ƒ
•—„•‹†‹ƒ”›
••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• –”ƒ•ˆ‡””‡†
–‘ ”‡–ƒ‹‡† ‡ƒ”‹‰•
ƒŽƒ…‡• ƒ–
—‡ ƒ—†‹–‡†
5|Page

125. NICKEL ASIA CORPORATION
—‡
“—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–
‡– ƒŽ—ƒ–‹‘
ƒ‹• ‘••‡• ••‡–
ƒ’‹–ƒŽ ††‹–‹‘ƒŽ ‘ ‡˜ƒŽ—ƒ–‹‘ ‡–ƒ‹‡† ”‡ƒ•—”›
–‘… ƒ‹† ‹

126. ˜‡•–‡–• —”’Ž—• ƒ”‹‰• Šƒ”‡• ‘ …‘–”‘ŽŽ‹‰
‘–‡ ƒ’‹–ƒŽ ‘–‡ ‘–‡ ‘–‡ ‘–‡ ‘–ƒŽ

127. –‡”‡•–• ‘–ƒŽ
ƒŽƒ…‡• ƒ–
ƒ—ƒ”›
‡– ‹…‘‡
–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••
‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••
••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• –”ƒ•ˆ‡””‡† –‘ ”‡–ƒ‹‡†
‡ƒ”‹‰• ‘–‡
Šƒ”‡ ‘ˆ ‹‘”‹–› ‹ …ƒ•Š †‹˜‹†‡†• ‘ˆ
ƒ •—„•‹†‹ƒ”›
ƒŽƒ…‡• ƒ–
—‡ ƒ—†‹–‡†
‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
6|Page

128. NICKEL ASIA CORPORATION
—‡

130. ƒ†
‘—–• ‹ Š‘—•ƒ†•
ƒ—†‹–‡†

131. …‘‡ „‡ˆ‘”‡ ‹…‘‡ –ƒš
†Œ—•–‡–• ˆ‘”
‹˜‹†‡† ‹…‘‡ ‘–‡• ƒ†
‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ ‘–‡

132. –‡”‡•– ‹…‘‡ ‘–‡
‘•• ‰ƒ‹ ‘
ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘–‡
ƒŽ‡ ‘ˆ ‹˜‡•–‡–• –”ƒ•ˆ‡””‡† ˆ”‘ ‡“—‹–› –‘
’”‘ˆ‹– ‘” Ž‘•• ‡– ‘–‡• ƒ†
‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ‡– ‘–‡
ƒ‹” ˜ƒŽ—‡ …Šƒ‰‡• ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ–
‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ’Žƒ ‘–‡
“—‹–› ‹ ‡– Ž‘••‡• ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ‘–‡
”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹• ‡–

133. –‡”‡•– ‡š’‡•‡ ‘–‡• ƒ†
‘˜‡‡–• ‹ ’‡•‹‘ Ž‹ƒ„‹Ž‹–›
……”‡–‹‘ ‘ ’”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰
‘–‡• ƒ†
’‡”ƒ–‹‰ ‹…‘‡ „‡ˆ‘”‡ ™‘”‹‰ …ƒ’‹–ƒŽ …Šƒ‰‡•
‡…”‡ƒ•‡ ‹…”‡ƒ•‡ ‹
”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡•

134. ˜‡–‘”‹‡•
–Š‡” …—””‡– ƒ••‡–•

135. …”‡ƒ•‡ ‹ –”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡•
‡– …ƒ•Š ‰‡‡”ƒ–‡† ˆ”‘ ‘’‡”ƒ–‹‘•

136. –‡”‡•– ”‡…‡‹˜‡†
‹˜‹†‡†• ”‡…‡‹˜‡† ‘–‡

137. …‘‡ –ƒš‡• ’ƒ‹†

138. –‡”‡•– ’ƒ‹†
‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‘’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•

139. …“—‹•‹–‹‘• ‘ˆ
”‘’‡”–› ƒ† ‡“—‹’‡– ‘–‡
‹˜‡•–‡–•
‹ƒ…‹ƒŽ ƒ••‡–• ƒ–
”‘…‡‡†• ˆ”‘ ’ƒ›‡–• ˆ‘”
ƒŽ‡ ‘ˆ ‹˜‡•–‡–•
ƒŽ‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ–
‡––Ž‡‡– ‘ˆ †‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘•
‡…”‡ƒ•‡ ‹…”‡ƒ•‡ ‹ ‘–Š‡” ‘…—””‡– ƒ••‡–•
‡– …ƒ•Š ˆŽ‘™• ˆ”‘ —•‡† ‹ ‹˜‡•–‹‰ ƒ…–‹˜‹–‹‡•

140. ”‘…‡‡†• ˆ”‘
˜ƒ‹Ž‡– ‘ˆ Ž‘‰ –‡” †‡„– ‘–‡
—„•…”‹’–‹‘ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‘ …ƒ’‹–ƒŽ •–‘… ‘ˆ ƒ •—„•‹†‹ƒ”›
ƒ›‡– ‘ˆ
ƒ•Š †‹˜‹†‡†• ‘–‡
‘‰ –‡” †‡„– ‘–‡
ƒ•Š ˆŽ‘™• —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•

141. ‘–‡
‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–•
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142. NICKEL ASIA CORPORATION
—‡

144. ‘—–• ‹ Š‘—•ƒ†• š…‡’– —„‡” ‘ˆ Šƒ”‡• ‡” Šƒ”‡ ƒ–ƒ ƒ† ƒ•

145. †‹…ƒ–‡†
‘”’‘”ƒ–‡