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A NICKEL BATTERY-CHARGED FUTURE

EV sales forecasted to reach 44 million vehicles per year by 2030 under the EV30@30 Initiative (EVI)

To increase energy density, future battery chemistries will contain more nickel

Nickel will make up to 80% of the mass in cathodes

2030 projected nickel demand of 1.3 Million Metric Tonnes Per Annum (59% of current annual supply) as nickel content in EVs increases to 40kg per car battery

Nickel: +1.3 Mtpa by 20301 Contained Nickel in Evs (Mt)

1.30

0.40

0.06 0.11

2018 2020E 2025E 2030E

Nickel Demand from Electric Vehicles

% of 2018 Ni Supply

59%

3% 5% 18%

2018 2020E 2025E 2030E