Jim Taylor Base Metals - Europe

+44 (20) 7518 7395

European Nickel plc

jim_taylor@canaccordeurope.com

Targeting 50ktpa nickel from European nickel laterites

Potential to develop into substantial junior nickel producer
ENK : LN : £••
European Nickel (EN) is developing a sulphuric acid heap leach process for the
“FAIR VALUE” : £0.55 extraction of nickel and cobalt from European nickel laterite deposits. In the near
term it plans to secure the rights to a portfolio of deposits in Turkey and the
Balkan region from which it aims to produce 50,000 tonnes of nickel per annum.
European laterites’ unique characteristics lend them to heap leaching
European deposits are less weathered, have a lower clay content and are more
Inside
competent than typical dry laterites, making them more suitable for heap leaching.
Executive Summary 3
Negotiated Heads of Agreement for co-operation with BHP Billiton
Company Background 5 Agreement hoped to lead to pooling of technical knowledge of the two groups.
Nickel Laterites 8 BHP will have option to take equity in both EN and its Caldag Project (97.7%).
Caldag Project Review 11 Caldag project feasibility study to be completed by mid-2005
Valuation 20 A feasibility study into development of a 12-year open pit heap leach operation
Canaccord 21 capable of producing 16,700 tpa Ni and 950t Co is expected to be completed by
Disclosures mid-2005, which may lead to production by late 2006/early 2007. The work
program this year will include upgrading resources, full scale piloting of heap
leach operation and ongoing testwork to determine final project parameters.
Plans rapid and low cost expansion of portfolio
EN has drawn up a list of deposits in the region with similar characteristics to
Caldag. Given that the traditional ferronickel route of processing offers poor
long-term returns, it should be possible for the company to option these projects
on attractive terms allowing their suitability for leaching to be established.
Current value of assets equivalent to £0.55 per share
We anticipate that the value of EN will be driven by its ability to demonstrate the
viability of the heap leach process at Caldag and the potential to multiply this
value through securing other similar deposits. In the meantime, we have used a
NPV model based on the company’s targeted parameters for Caldag, from which
we derive a fair value for the company of £0.55/share.
For important information, please see the Important Disclosures section at
the back of this document.

February 20, 2004

2004-013
2

This document has been prepared by Canaccord Capital (Europe) Limited (“Canaccord”) independently of European
Nickel plc (“Company”) in connection with the proposed offer of shares and admission of shares to trading on AIM
(the “Offering”). This document has been prepared by its authors to provide background information only.
Canaccord who will be acting as nominated adviser and nominated broker in connection with the Offering has no
authority whatsoever to give any information or make any representation or warranty on behalf of the Company. The
forecasts, opinions and expectations expressed in this document are entirely those of Canaccord and are given as part of
its normal research activity and not in connection with the Offering or as an agent of the Company, its shareholders or
any other person.
This document does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to
buy or subscribe for any securities and neither this document nor any part of its shall for the basis of or be relied on in
connection with or act as an inducement to enter any contract or commitment whatsoever and this document and does
not form an offer to subscribe for securities or a financial promotion within the meaning of section 21 of the Financial
Services and Markets Act 2000. Persons who do not have professional experience in matters relating to investments
should not rely on this document. A Prospectus relating to the Company is in the course of preparation and will be
published in due course by the Company. All investment decisions must be based on the Prospectus alone.
Any opinions, forecasts or estimates herein constitute a judgement as at the date of this report, and there can be no
assurance that future results or events will be consistent with any such opinions, forecasts or estimates. This
information is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it
may not contain all material information concerning the Company and its shareholders.
Neither Canaccord, nor the Company nor any other person connected with the Offering has independently verified any
of the information given in this document. Accordingly, no representation or warranty, express or implied, is made as
to the fairness, accuracy, completeness or correctness of any forecasts, opinions and expectations contained in this
document and neither Canaccord nor the Company nor any of their respective directors, officer or employees accepts
any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise
arising in connection therewith. Accordingly, prospective investors are encouraged to obtain separate and independent
verification of information and opinions contained herein as part of their own due diligence.
This document is made available only to recipients whom the Company and Canaccord Capital Europe believe to be
Investment Professionals, as defined in section 19 of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001. Any investment or investment activity to which this document relates is available only to such persons and
will be engaged in only with such persons and no one else.
It is a condition of the issue of this document that it will not be reproduced, copied or circulated to any third party
without the express prior consent of the Directors of the Company.
The distribution of this document in certain jurisdictions may be restricted by law and therefore any person into whose
possession this document comes should inform himself about and observe any such restriction. This document is not
for distribution outside the United Kingdom and, in particular, it or any copy of it should not be distributed by any
means (including electronic transmission) either to persons with addresses in Canada, Australia, Japan or the Republic of
Ireland, or to persons with address in the United States, its territories or possessions or to any citizens thereof, or to any
corporation, partnership or other entity created or organised under the laws thereof. Any such distribution could result
in a violation of Canadian, Australian, Japanese, Irish or United States Law.

European Nickel plc February 20, 2004

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EXECUTIVE SUMMARY

European Nickel plc (EN) is a private company that is seeking to list on London’s
Alternative Investment Market (AIM). It plans to raise up to £10 million, primarily
to complete a feasibility study into the development of the Caldag nickel project
located in western Turkey. EN is developing a heap leach process for the
extraction of nickel and cobalt from European nickel laterite deposits. In the near
term it aims to secure the rights to a portfolio of deposits in Turkey and the Balkan
region with the intention to produce 50ktpa of nickel.
The company is run by Felix Pole and Simon Purkiss, who were instrumental in the
development of a biological heap leach process for extracting nickel from sulphide
ore, through Titan Resources of Australia. Having successfully developed this
technology they became aware of testwork undertaken in Athens that showed
nickel and cobalt could be leached from certain types of nickel laterite, such as
those found in Europe. Although broadly similar to other dry laterites around the
world (such as those in Western Australia) the European deposits are less
weathered, have a lower clay content and are more competent than the former,
making them more suitable for heap leaching.
In 2002, the company signed an option agreement over the Caldag nickel laterite
deposit, located in western Turkey, where indicated and inferred JORC resources
contain 410kt of nickel and 18kt of cobalt (37Mt @ 1.12% Ni and 0.05% Co). EN
is using this deposit for the development of its heap leaching technology. It has
identified a number of other potentially suitable deposits in the region with resource
potential ranging from 10 to 90Mt of ore, from which it aims to build its portfolio.
With a view to accelerating its development, EN has recently signed a Heads of
Agreement with BHP Billiton (BHPB), a leader in nickel leaching technology.
Importantly, BHPB is has also been investigating the potential for heap leaching
laterite deposits and this agreement would see EN and BHPB share their
knowledge of the process. BHPB would also have the option to earn-in to the
Caldag project if it increases in scale from that currently envisaged. The deal would
give EN access the large knowledgebase within BHPB and offer the potential for
the two companies to co-operate on projects other than Caldag.
Heap leaching offers the potential for a low capital cost development route for the
European nickel laterites, which when combined with an anticipated average
operating cost structure would lead to attractive project returns. The low capital
intensity also opens up smaller deposits to development.
The current aim of the project is to establish a diluted mineable reserve of 29Mt at
1.12% nickel and 0.06% cobalt. Ore from an open pit operation would be crushed
and upgraded by simple screening before being agglomerated prior to being stacked
on the heaps for leaching with dilute sulphuric acid. After an iron precipitation
stage, nickel and cobalt would be precipitated as a mixed hydroxide intermediate
product for sale to third party refineries for an estimated 75% of the contained
metal value. Targeted recoveries of 75% for both nickel and cobalt would result in
average annual production of 16,700t (37Mlb) of nickel and (950t) 2Mlb of cobalt

February 20, 2004 European Nickel PLC

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over a 12-year mine life. Scoping study level operating costs, net of cobalt (at
US$7.00/lb Co) by-product credits would be US$1.58/lb Ni and capital costs are
currently estimated at US$88 million, equivalent to US$2.40/annual pound of nickel
production, well below industry comparables.
European Nickel aims to produce a feasibility study on the Caldag project by mid-
2005, which could allow production to commence in 2007. The work program will
include a drill program to upgrade the resource, a full height pilot heap leach
operation to prove the leach characteristics of the ore and ongoing metallurgical
work to confirm the project parameters.
The success of the heap leach process at Caldag depends on the ability to maintain
stable, permeable heaps, the extent and speed of nickel leaching and the extent of
iron leaching. The process flowsheet involves conventional equipment and
processing technology. Leach testwork using columns has shown good percolation
for agglomerated material, and each stage of the process to recover nickel and
cobalt from the solution from the heaps is in commercial operation. The operating
parameters specific to the Caldag project will be defined in the planned program,
which will test the performance of the process on all ore types.

Valuation
We anticipate that the value of EN will be driven by its ability to demonstrate the
viability of the heap leach process at Caldag and the potential to multiply this value
through securing other similar deposits.
Using management’s targeted parameters for the Caldag project indicates the
potential to generate high returns assuming that these targets are reached. At our
long-term nickel and cobalt prices of US$3.25/lb Ni and US$7.00/lb Co (compared
to current nickel prices of around US$6.60/lb and cobalt prices of around
US$25/lb) annual operating cash flows would average US$48 million per annum
and the post-tax, ungeared NPV10 of EN’s share of the project on conclusion of the
feasibility study would be US$100 million, equivalent to US$0.14/lb, or £0.46 per
fully diluted share. Fully diluted cash, on completion of the feasibility study is
estimated to be £11 million, or £0.10 per share.
EN has drawn up a list of deposits in the region with similar characteristics to
Caldag. Given that the traditional ferronickel route of processing offers poor long-
term returns, it should be possible for the company to option these projects on
attractive terms allowing their suitability for leaching to be established.
The successful demonstration of the heap leach process’ feasibility at Caldag
should have a positive impact on the value of other similar projects that the
company is able to secure in the interim. In the meantime, we have
estimated the fair value of the company based on the targeted value for
Caldag and the company’s estimated cash balances. On this basis we
estimate the fair value of European Nickel at £0.55 per share.

European Nickel plc February 20, 2004

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COMPANY BACKGROUND

MANAGEMENT

Felix Pole – Chairman

Founding shareholder of European Nickel. Also, founding shareholder of Anglo
Siberian Oil Company, listed on AIM in 1997 and a director of Titan Resources
NL, an established nickel producer in Western Australia, which is commercializing
the BioHeap TM process of bacterial heap leaching of nickel sulphide ores. He is an
economist by background.

Simon Purkiss – Managing Director

Founding shareholder of European Nickel. He is a metallurgical engineer with 20
years experience in the base metals and platinum group metals industry. Previously
he worked for Impala Platinum in South Africa before moving to the
Gencor/Billiton base metals division. He later formed Pacific Ore Technology,
which formed a joint venture with Titan Resources NL.

Andrew Lindsay – Finance Director

Joined the Board of European Nickel in 2003. He has 20 years experience in the
mining industry in corporate finance and business development positions in the
UK, South Africa, Chile and Australia, mainly for the Anglo American Group.

HISTORY

In 1999, having been involved in the successful development of the BioHeap TM

process of bacterial leaching of nickel sulphide ores in Australia, Felix Pole and
Simon Purkiss turned their attention to the European nickel laterite deposits of the
Balkans.
The company initially intended to pursue the development of laterite deposits in
Albania and although testwork was encouraging, financing the further development
of these projects proved problematic. The search for similar deposits in a more
politically acceptable location led the company to Turkey.
EN’s interest in the Caldag Project is held through its 97.7% owned Turkish
subsidiary, Bosphorus Nickel Madencilick (BNM), the remaining 2.3% is held by
Turkish shareholders. On March 2, 2002, BNM signed an option agreement with a
Turkish company to purchase the mining license covering the majority of the
Caldag project area. The total consideration was US$5.0 million, of which US$4.1
million remains to be paid, US$0.25 million in April 2004 and US$3.85 million in
October 2004.

February 20, 2004 European Nickel plc

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SHARE STRUCTURE

EN is expected to raise up to £10 million at its intended AIM listing. This issue
will provide sufficient funding to complete the feasibility study work program and
provide a healthy working capital cushion.

Figure 1: Pro forma use of proceeds

£M

Property payments 2.2

Heap leach piloting 1.7
Infill and reserve definition 0.7
Regional exploration 0.3
Feasibility Study program 0.9
Working capital 3.3
Estimated total net proceeds 9.1

Source: Company reports and Canaccord Capital estimates

The following table illustrates the pro forma share capital of the company.

Figure 2: Illustrative pro forma share structure and market cap

Shares Market Cash Enterprise value

Issued Issue ProForma Cap Issued New* ProForma
M M M £M £M £M £M £M US$M

Outstanding 48.2 33.3 81.5 24.5 -0.5 9.1 8.6 15.9 29.5
Standard Bank convertible 5.2 5.2
Options 3.7 1.7 5.4 0.7 0.5 1.2
BHPB options 8.8 8.8 3.1 3.1
Warrants 16.7 16.7 7.5 7.5
Fully diluted 65.9 51.7 117.6 35.3 3.3 17.1 20.4 14.9 27.7
* Cash quoted net of costs
Illustration given at price of £0.30/shr

Source: Company reports and Canaccord Capital estimates

Prior to the fund raising associated with the IPO, 56.9% of the company’s shares
were held by directors and management of the company. Notable amongst the
remainder is Standard Bank of London, which owned 9.0% prior to listing, having
exercised conversion of options that were granted as part of a US$2.5 million
convertible loan, which it had put in place in late 2003. The loan is convertible at
30p/share.

European Nickel plc February 20, 2004

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HEADS OF AGREEMENT WITH BHP BILLITON

On January 30, 2004 EN signed a Heads of Agreement (HoA) with BHP Billiton
relating to co-operation in heap leaching of nickel laterites in the Balkans (the
former Yugoslavia, Albania, Greece and Turkey). It is intended to sign definitive
agreements by March 31, 2004.
As part of the HoA, BHPB has made an investment of US$200,000 (404,040 shares
at US$0.495/shr, or 27.5p/shr) in EN. On completion of final agreements, EN
will grant BHPB two options relating to further equity investments in the company:
• The first option gives BHPB the right to invest US$1.5 million at either
US$0.495/shr (3.03 million shares at ~29p/shr) if exercised between March 31,
2004 and the start of construction of the pilot heap leach; or at a price of
US$0.577/shr (2.60 million shares at ~31.6p/shr) if exercised between the
commencement of operation of the pilot heap leach and June 27, 2004.
• The second option gives BHPB the right, between the date the trial heap
achieves 60% recovery and October 15, 2004, to invest either a further US$4.3
million at US$0.742/shr (5.79 million shares at ~40.6p/shr) if the first option
has been exercised, or US$5.8 million at US$0.825/shr (7.03 million shares at
~45.1p/shr) if the first option has not been exercised.
Under the HoA, BHPB also has the right on completion of a feasibility study by
EN which demonstrates that the project contains more than 250k tonnes of
recoverable nickel, to elect to earn a 35% interest in the project, through
completion of a feasibility study to be undertaken by BHPB at its cost.
BHPB has a further right to increase its stake in the project to 51% through either
arranging all of the debt finance for the project’s development or by purchasing the
additional 16% by paying EN an amount equal to 40% of all of EN’s expenditures
on the project between the end of January 2004 and the exercise of this option.
Finally it is the intention for EN and BHPB to enter into an Offtake Agreement.
Under the HoA, if BHPB exercises the second equity option, it would be entitled to
purchase 50% of the production from the project and have a first right of refusal
over the remainder. In the event that BHPB increases its stake in the project to
51%, it would be entitled to purchase a further 30-50% of the production as
negotiated between the two parties.
We view the proposed pooling of knowledge of nickel laterite heap leaching by EN
and BHPB as being positive for EN. The terms under which BHPB could earn-in
to Caldag, appear to favour BHPB, although we note that the currently targeted
29Mt mineable resource would contain around 200Kt of recoverable nickel, a level
at which BHPB would not reach its earn-in hurdle of 250kt of nickel.

February 20, 2004 European Nickel plc

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NICKEL LATERITES

Formation and types

Nickel laterites are formed by weathering of nickel bearing ultramafic deposits. The
process of weathering involves the natural leaching over time of certain minerals
from the rock, which forms the characteristic lateritic profile and leads to the
concentration of the nickel values within certain of these layers.
Nickel laterites are typically associated with tropical environments (‘wet laterites’),
such as those found in Indonesia and Colombia. However, they also occur in drier
climates (‘dry laterites’) such as Western Australia, Central Asia and the Balkan
region of Eastern Europe. The typical profiles of these two types are broadly
similar, although they do differ in some respects. The following description
summarizes the typical layers of the dry nickel laterite profile:
• Ferricrete - a superficial layer from which most minerals have been leached
leaving a hard, iron rich hematite crust on the surface.
• Limonite – a ferruginous layer formed by the leaching of the magnesium
minerals leaving a layer high in iron and low in magnesium. Nickel is
contained, in order of importance in goethite, asbolane and smecite. Nickel
mainly reports to fines in the limonitic ore, making them amenable to
upgrading by screening.
• Nontronite - has moderate amounts of both iron and magnesium with nickel
associated with nontronite or smecite clays. This intermediate layer is not
generally present in wet laterites.
• Saprolite - the lowest of the laterite profiles consisting of weathered
serpentine. Saprolite is a silicate layer, low in iron and high in magnesium. In
this layer, nickel is associated with silicate minerals such as nickeliferous
serpentine, asbolane, garnierite and smecite.
• Peridotite – the unweathered primary rock.

European nickel laterite characteristics

Although European laterites, such as Caldag, have a similar lateritic profile as other
dry laterites, they differ from those in Australia and other areas in several important
respects. This is a product of the fact that after formation, and having established a
mature lateritic profile, they were overlain by limestone sediments.
• The limestone compressed the underlying laterite profile, subjecting the
weathered material to a degree of metamorphism resulting in a material that is
more competent and coarse (and closer to rock) than other dry laterites, which
are more earthy/clay-like. This is particularly important for the material’s
handling characteristics and makes them potentially suitable for heap leaching.
• It is also considered that the metamorphism of European laterites may render
the rocks more amenable to leaching, owing to the high proportion of nickel
apparently contained within chlorite (an iron/aluminium silicate), which is
readily leachable in dilute sulphuric acid at atmospheric temperature and

European Nickel plc February 20, 2004

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pressure, whereas more of the nickel in the Australian laterites is contained

within hematite, which is refractory. Nickel therefore appears to leach in
preference to iron, helping to reduce the potential acid consumption.
• It appears that the limestone capped the laterite prior to the mobilization of the
contained metal, resulting in an ore with a more consistent grade than other dry
laterites. The increased predictability of the orebody is positive for resource
modeling and the reduced variability in the ore should limit the need for
blending and re-handling of ore.
• The lower degree of weathering compared to other dry laterites has also
resulted in the ore having a lower clay content. This is significant as high clay
ores have difficult materials handling characteristics and are also responsible for
creating percolation difficulties in heap leach operations.

Traditional laterite processing routes

There are three main commercial processes for extracting nickel from nickel
laterites: two hydrometallurgical routes - High pressure acid leaching (HPAL) and
the Caron Process, and one pyrometallurgical route – reductive smelting.
• High pressure acid leaching (HPAL) - The HPAL process uses a sulphuric
acid leach process at high temperature (280 deg C) and high pressure (over 50
atmospheres) to recover nickel from limonite (e.g. Sherrit’s Moa Bay operation
in Cuba), or mixed limonite/nontronite ore (e.g. Western Australian nickel
operations at Murrin Murrin, Cawse and Bulong; and also planned for Inco’s
Goro project).
• The Caron process - This uses an ammonia/ammonium carbonate based
leach process to recover nickel from limonite ores, as at BHP Billiton’s Yabulu
plant in Queensland, which processes ore from New Caledonia.
• Smelting – Used in extracting nickel from the saprolite layer. The high
magnesium content makes hydrometallurgical routes generally not suitable for
processing saprolite, as it would lead to a high acid consumption in the HPAL
process and the presence of silicate minerals that are not soluble in the Caron
process. As a result, most nickel rich saprolite ores are commercially processed
using reductive smelting to produce a nickel matte or ferronickel. Cobalt is not
recovered in this process. Examples are PT Inco’s operations in Indonesia and
BHP Billiton’s Cerro Matoso operations in Colombia.

Comparison of heap leaching and high pressure acid leaching

The European nickel laterites have historically been processed using pyrometallurgy
to produce ferronickel (such as Larco’s Greek operations). However, falling grades
led the local industry to investigate alternative methods of processing the ore.
Work at the National Technical University of Athens in the early 1990s
demonstrated that heap leaching of agglomerated European nickel laterites was
possible.
The heap leach route of processing proposed by EN offers the potential for a
simpler and significantly lower capital processing route than HPAL. In Australia,
many of the problems with the new generation of HPAL operations relate to the

February 20, 2004 European Nickel plc

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high temperature and pressure involved in the process, which create an aggressively
corrosive environment in the plant that has led to problems maintaining continuous
operations and high capital costs.
High temperature and pressure are used in the HPAL process to speed up the
leaching process and to minimize the consumption of acid, which is used up in
dissolving metals from the ore. Not only is acid used in the dissolving of nickel and
cobalt minerals but also iron, which represents around 25% of a typical laterite. In
the HPAL process, although acid is consumed when iron is leached, the high
pressure results in the iron being re-precipitated regenerating much of the acid and
reducing the net acid consumption.
Conversely, the heap leaching process has a significantly lower capital intensity than
HPAL, although it bears a higher consumption of acid owing to the fact that the
leach process is carried out under atmospheric conditions, which leads to a higher
proportion of iron going into solution.
(Refer to Metallurgy Section Page 13)

European Nickel plc February 20, 2004

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CALDAG PROJECT REVIEW

INTRODUCTION

The Caldag nickel project is located 70km east of the port of Izmir in western
Turkey.
The deposit was originally discovered in the late 1970s by the Turkish Government
Mining and Exploration Service (MTA), which continued to work on the project
until the early 1980s.
The project area is covered by two licenses. A local company owns the main
license, over which EN has an option, and the other covers the extension of the
deposits and was acquired by a subsidiary of EN. The project area has permission
for mining. The Turkish owner of the concession has mined parts of the deposit as
flux material for the local cement works. From 2001 to 2003, EN also mined over
40kt of nickel ore from the deposit, which it shipped to Greece and Macedonia for
processing by Larco and Feni Industries respectively at their ferronickel smelters.
The construction of the processing plant, and the pilot heap leach operation will
need to go through a recently updated permitting process.
The project area is in low mountains, which drain into the local Gediz river
approximately 5km to the south.

Figure 3: Caldag concession map

Source: Company report

February 20, 2004 European Nickel plc

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PROJECT GEOLOGY

The Caldag deposit in western Turkey is associated with the regional South-east
Eurasian Ophilite Belt that stretches from near Belgrade in the north, south-
eastwards through Albania and Macedonia into Greece and then onwards through
Turkey into Iran.

Figure 4: Location map of European nickel deposits

Source: Company reports

The Caldag nickel laterite deposit is located on the side of a steeply incised
mountain block that rises to approximately 800m over the Turgutlu Plain.
The laterite deposit was developed during weathering in the Miocene. The deposit
was subsequently buried under Pliocene sediments, which were later weathered
away, re-exposing the laterite. Some laterites do overlay the limestones, but these
transported laterites are considered to be secondary targets.

Mineralisation
The laterite appears to be mature, exhibiting advanced characteristics of the lateritic
profile. The thicker and higher-grade intercepts appear to be located along the axis
of synforms, or in structural basins, as interpreted by MTA.
Nickel values tend to increase with depth in the limonite zone, towards the contact
with the silicate rich saprolite zone from where they decrease again. Cobalt grades
are more sporadically distributed. Caldag is considered to be a mature laterite in
which the typical laterite zonation is well developed.

Resources and reserves

Historical work on the property is limited to that undertaken by MTA, which
included mapping, pitting and trenching and the drilling of 80 holes. Around 65 of
these holes were ‘cyclone’ holes and the remainder diamond drill holes, where
recovery was reportedly poor. The geological information and interpretation are
considered to be at a relatively early stage due to the absence of independent
QA/QC to check the accuracy and precision of data, the lack of documentation

European Nickel plc February 20, 2004

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regarding sample prep procedures, the relatively wide drill spacing of 200 meters
and the lack of quality local surface topographic information.
However, information is sufficient for a JORC compliant resource statement to
have been made by consultants using historical data.

Figure 5: Table of resources (at 0.6% nickel cutoff grade)

At 0.6% Ni cutoff Grade Contained Metal Contained Metal

Tonnage Ni Co Fe Ni Co Ni Co
Mt % % % kt kt Mlb Mlb

Indicated 4.0 1.19 0.06 25 47 2.4 104 5.2

Inferred 32.7 1.11 0.05 20 363 16.3 801 36.0
Total resources 36.6 1.12 0.05 21 410 18.3 905 40.4

Source: Wardell Armstrong International - February 2004

The average thickness of the deposit is 10m, although it can be up to 50m.

Future work will include further validation of the assay database and infilling to
confirm continuity of the mineralisation. A more in depth interpretation of the
orebody will also help guide the future in-fill and exploration program, as some of
the assays may reflect intersections in transported laterite, particularly in the south-
west, where holes have bottomed in limestone and not serpentine.
There is limited potential to increase the resource base within the concession area,
with the deposit cut off in all directions other than to the south, where overburden
is extensive.
EN is targeting a diluted mineable reserve of 29Mt grading 1.12% nickel and 0.06%
cobalt.

MINING

The deposit is near surface and will be by open pit methods, using a local
contractor. Owing to its physical characteristics, only limited blasting of material is
anticipated, with most extractable by either ripping or by hydraulic excavator. The
previous mining of 40kt of ore for sale to the Greek and Macedonian ferronickel
smelters is useful experience of mining conditions and was also undertaken by a
contractor.

METALLURGY

Scope
European Nickel is considering the heap leaching process for the Caldag deposit to
get nickel and cobalt into solution, followed by their re-precipitation as a mixed
hydroxide intermediate product, which would be sold to a refinery for further
purification.
The first step involves heap leaching of the ore at atmospheric temperature and
pressure using dilute sulphuric acid. This gets the nickel and cobalt (but also the
unwanted metals such as iron, aluminium and magnesium) into solution. The aim
is to maximize the extraction of nickel and cobalt whilst minimizing the recovery of

February 20, 2004 European Nickel plc

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iron and other metals. The process of getting the metals into solution uses acid,
which makes up a large proportion of the cost. Reducing the iron recovery makes
subsequent recovery of nickel and cobalt from solution easier.
Once in solution, the metals are precipitated out by reducing the acidity of the
solution. Iron and aluminium are the first to be precipitated; the pH is then raised
further to precipitate the nickel and cobalt as a hydroxide. The remaining metals are
then precipitated out either by evaporation or through a further increase in the pH
of the solution.

Process flowsheet
The process consists of crushing and screening, ore agglomeration with an organic
binder, two stage, counter current heap leaching, two stage atmospheric pressure
iron precipitation and two staged nickel/cobalt hydroxide precipitation. All of
these units are proven technology, although some have not been applied
commercially to nickel laterites and further testwork is required to determine
operating parameters when used with Caldag ores.

Figure 6: Simplified process flowsheet

Source: Company reports

European Nickel plc February 20, 2004

 15

Ore preparation
The current base case uses a mined production of 2.42Mtpa (6,600tpd) of ore being
mined and delivered to the plant, where it would be crushed to minus 10mm.
In the Caldag ore, the nickel in the limonite is mainly contained within the finer
fraction, hence it is amenable to upgrading by screening to remove the larger, low
grade portion mainly comprising coarse silica and some calcite/dolomite. Testwork
has indicated that it could be possible to upgrade the feed by up to 20% through
the removal of the +25mm fraction representing largely coarse silica and
calcite/dolomite. Further testwork has to be done on the performance of screening
with the proposed small sized material from the crusher, but the company is
hopeful that this will confirm its base case scoping assumption that an upgrade of
22% is possible, through the removal of 35% of the feed at an assumed grade of
0.7%. As a result, it is assumed that 1.58Mtpa (4,300tpd) grading 1.41% nickel and
0.08% cobalt is fed to the process plant.

Heap leaching
Prior to being stacked on the heap leach pads the ore will be agglomerated. This
process is simple and following testwork with an organic binder, Wardell
Armstrong International (WDI) reported excellent percolation rates in their column
tests, although further work is required on a range of representative samples.
The ability to maintain heap stability and permeability is a key concern and for this
reason EN has proposed a large-scale, full height unconfined heap leach test of
around 5Kt of ore per heap as a means of confirming the heap leach process.
Testwork on ore from Caldag is being undertaken by WDI at their laboratories in
Cornwall. Bottle-roll tests using concentrated acid have been performed to
determine the theoretical maximum amount of metals that are leachable from the
ores. Results showed that recoveries of up to 81% for nickel and 88% for cobalt
were possible with iron recoveries of 55%.
Column tests are being carried out on agglomerated ore in 0.15m diameter, 2m high
columns. The tests are ongoing but results to date are encouraging, if not yet
conclusive. Recoveries of 66% for nickel and 44% for cobalt with iron recovery of
just 21.3% have been achieved over 445 days of leaching. Although lower than the
targeted levels for nickel and cobalt, the company believes that this may be a
product of the plateauing of recoveries during the process. It appears that this is
controllable by ‘washing’ the column with fresh, rather than re-circulated acid, a
process that appears to re-start the leaching process and which the company is
optimistic will lift recoveries towards the targeted levels. In addition, cobalt
recoveries could be significantly improved with the addition of sulphur dioxide.
Current column tests are pointing towards acid consumption of around 300kg/t.
The process uses counter current leaching in multiple heaps, a process that has
been applied commercially in other ore types, with the goal of achieving full
utilization of the sulphuric acid lixiviant.

February 20, 2004 European Nickel plc

16

Iron precipitation
The next stage of the process involves the addition of limestone, raising the pH and
reducing its acidity, to precipitate out the iron in a two-stage process. This process
is carried out commercially on other nickel laterite operations, although the
proportion of iron to nickel ratio is higher in the Caldag process. There is the
potential for nickel losses at this stage, although a review by Hatch considered that
the risk could be minimized through moderately raising the temperature of the
solution to 60 deg C.
The pilot heap leach process will include an iron precipitation stage to confirm
minimal losses of nickel.

Nickel/cobalt precipitation
The two-stage nickel/cobalt precipitation is undertaken through the raising of the
pH further through the addition of magnesia and lime. This process is carried out
commercially at Cawse. Hatch also considered that if the solution is heated no
problems are anticipated. It is assumed that the mixed hydroxide product (MHP)
would contain up to 40% nickel and cobalt.
There are a number of avenues for the marketing of the MHP. Currently OM
Group’s Harjavalta refinery in Finland takes a MHP from Cawse and the product is
likely to be suitable for BHP Billiton’s Yabulu refinery in Queensland, which uses
an ammonia leach process and is expected to take a MHP from the Ravensthorpe
project in Western Australia. Falconbridge’s refinery in Norway is also a potential
customer.
It is assumed that the company will be able to realize 75% of the value of the
contained metals within the concentrate.

Treatment of waste products

Leach residue and iron precipitate will be neutralized with limestone, and/or lime to
ensure that contained heavy metals are not mobilized in the impoundment facility.
Liquid effluent containing manganese, magnesium and calcium would be sent to an
evaporation pond.

European Nickel plc February 20, 2004

 17

FUTURE WORK PROGRAM

A significant proportion of the funds being raised will be used to undertake a

program of work necessary for the completion of a feasibility study to be
undertaken by EN. Under the Heads of Agreement with BHP Billiton, it is
anticipated that this report will be completed to +/-20% level of accuracy. BHPB
could then elect to complete a bankable feasibility study to +/-10% accuracy within
12 months, at its own cost. The main elements of EN’s work program are as
follows:

Resource evaluation
• Drill program to take place between March and December 2004.
• Drilling to upgrade resources and establish reserves. EN has assumed that
100m spacings will be required to confirm indicated resources and that this will
be tightened further to 50m for measured resources.

Trial heap leach program

• Although already permitted for mining, the company can construct the heap,
but not begin operation until receipt of the permits. The application was made
in February and it is hoped that permits will be in place to allow
commencement of trials by the end of June. The pilot heap process is
anticipated to run for a total of 12 months to mid-2005.
• The pilot program will involve a three-heap test including iron removal and
nickel precipitation stages.

Metallurgical testwork
• Screening tests to confirm upgrading of plant feed.
• Bottle roll and small column tests on all principal ore types to confirm leaching
and acid consumption parameters.
• Full-height (5m) column tests on ore blends representing ore to be mined over
the first 5 years and to optimize recoveries of nickel and cobalt. Also to
investigate the plateauing of recoveries during leaching.
• Batch and semi-continuous testing of iron removal.
• Batch and semi-continuous testing of nickel cobalt precipitation.

Environmental
EN expects to commence work on an environmental impact study at the beginning
of April 2003, which will run for a year.

Timetable to production
EN aims to have completed its feasibility study by mid-2005, which could lead to
financing by the end of 2005, construction during 2006 and production beginning
late 2006/early 2007.

February 20, 2004 European Nickel plc

18

ILLUSTRATIVE PROJECT VALUATION

The company has established targets for the main project parameters at Caldag,
allowing a target value to be derived. This value is not intended to represent the
current value of the project, but rather to illustrate the potential value of the
project, should the inputs - based on a range of sources - be confirmed by testwork
that the company plans to complete over the course of the coming year.
The company aims to develop a diluted mineable reserve of 29Mt at an average
diluted grade 1.12% nickel and 0.06% cobalt from the current resource. It is
proposed to mine the deposit at a rate of 2.42M tpa, which would give the project a
life of 12 years. Assuming that screening removes 35% of the material at an
average grade of 0.7% nickel, the plant feed would comprise 1.575Mtpa at a grade
of 1.41% nickel and 0.08% cobalt.
The company is targeting recoveries of 75% for both nickel and cobalt, which
would yield annual production of 16,706t (36.8Mlb) nickel and 911t (2.0Mlb)
cobalt. Iron extraction is estimated to be between 15 – 25%, which leads to a
targeted acid consumption of less than 300kg of acid per tonne of ore.
Operating costs were also based on the preliminary estimate derived by Hatch from
the previous Balkan project study. The company’s target operating costs reflect
further adjustments, notably a lower anticipated acid consumption, which is based
on targets derived from recent testwork.
A major factor in the cost is the assumed acid consumption. At its targeted rate,
Caldag will consume 474ktpa of acid. At a cost of US$35/t delivered this
represents a cost of US$16.6Mpa, or US$0.45/lb nickel produced. It may be
possible to reduce this operating cost through producing acid on site by burning
elemental sulphur. However, given the preliminary nature of this analysis, we have
not included the potential benefit of this option.
Recent analysis by Brook Hunt showed average C1 costs (approximately cash cost
net of by-product credits) for the nickel industry in 2002 of US$1.37/lb nickel
produced, or US$1.84/lb excluding Norilsk, which has a negative cost, on account
of its substantial copper and PGM credits. Therefore at US$1.58/lb, cash costs
after its cobalt credit, which we estimate to be equivalent to US$0.30/lb, assuming a
US$7.00/lb cobalt price would be around the average.
The company’s base case estimated capital cost of US$88 million for the project’s
construction assumes the use of a mining contractor and that acid is purchased
rather than manufactured on site. The capital costs have been taken from a
conceptual study of a similar plant that the company was considering for a project
in the Balkans for which the capital was estimated at US$86 million. This estimate
was then adjusted up to US$126 million by Hatch in a recent review. The company
has adjusted this estimate downwards to take account of the fact that upgrading the
ore (which was not considered in the previous estimates) is expected to remove
35% of the material, reducing the scale of the processing plant.

European Nickel plc February 20, 2004

 19

The attractiveness of Caldag is particularly evident when looking at capital rather

than operating costs. In the same analysis, Brook Hunt presented the capital
intensity of new nickel developments for varying process routes. This showed that
using the company’s targeted capital, which equates to US$2.40/lb of annual nickel
capacity, Caldag could be at the lower end of the range for nickel projects. This is
helped by the exclusion of mine development capital and the fact that it intends to
produce an intermediate product rather than finished metal. Nonetheless it would
be at the bottom end of the US$2.60 – 4.30/lb of annual production for nickel
concentrate producers and well below the cost of either conventional laterite
producers producing either metal or ferronickel, for which the range is US$10.00 –
17.70/lb of annual production.
Other assumptions include the payment of 75% of the contained metal value of the
mixed hydroxide product by the refinery and a standard 30% tax rate.

Figure 7: Targeted project parameters and illustrative valuation summary

Targeted project parameters

Estimated diluted mineable reserve Mt 29.0
Grade % Ni 1.12
% Co 0.06
Tonnes mined tpd 6,600

Upgraded plant feed grade Mt 18.9

Grade % Ni 1.41
% Co 0.08
Tonnes stacked tpd 4,300
Recoveries Ni % 75
Co % 75

Avg annual prod contained in MHP Mlb Ni 36.8

Mlb Co 2.0
Financial parameters
Capex US$M 88.4
Operating costs US$/lb 1.58

Canaccord long-term metal price forecasts

Nickel US$/lb 3.25
Cobalt US$/lb 7.00
Assumed % of metal value received % 75

Valuation US$M £M
Project NPV @ 10% disc rate 102 55

Source: Company estimates and Canaccord Capital estimates

Assuming long-term nickel prices of US$3.25/lb (vs. current US$6.60/lb) and

cobalt prices of US$7/lb (vs. current US$25/lb) and using a real discount rate of
10%, we arrive at an ungeared NPV of US$103 million for 100% of the project on
completion of the feasibility study, equivalent to US$0.14/lb of nickel in the
targeted mineable resource.

February 20, 2004 European Nickel plc

20

VALUATION

We believe that the two key drivers of the value of European Nickel will be the
progress that the company makes in demonstrating the viability of the Caldag
project and its ability to add similar deposits to its portfolio.
Although we have derived a value for the Caldag project, we note that some of the
key input figures used in deriving this value are at this stage preliminary. However,
this data will be firmed up during the course of the coming year as part of the
Feasibility Study program.
The table below compares the value derived from this model to a number of its
peers.

Figure 8: Value comparisons for Caldag’s targeted mineable resource

Jaguar Canico EN*

Symbol JNI:TSXv CNI:TSX
Share price C$ 1.12 13.90
Shares issued M 80.0 41.0
Market cap C$M 90 570
US$M 67 426 100

Total resources Mt 170 198 37

Grade % Ni 1.48 1.72 1.12
% Co 0.08 0.05
Contained metal Blb Ni 5.5 7.5 0.9
Mkt cap per equity lb total resources US$/lb 0.012 0.057 0.111

M&I resources* Mt 37 20 29
Grade % Ni 1.39 2.21 1.12
% Co 0.08 0.06
Contained metal Blb Ni 1.1 1.0 0.7
Mkt cap per equity lb M&I resources US$/lb 0.059 0.446 0.140
* NB targeted level of mineable reserve and assuming 97.7% ownership for Caldag project.

Source: Company reports and Canaccord Capital estimates

We have assumed that EN maintains its 97.7% stake in the Caldag project. The
targeted mineable reserves at EN’s Caldag project contain 325kt of nickel, of which,
after upgrading losses and recoveries, 200kt is targeted as recoverable.
Consequently, the BHPB option to earn up to 51% of the project would not be
triggered.
The preliminary model puts a value of US$100 million (£54 million, or £0.46/fully
diluted share) on the Caldag project. On a fully diluted basis, net cash, after
completion of the feasibility study would be £11 million, or £0.10/share, taking the
value of EN to £0.56/share.

The analyst has visited the issuer’s operations and payment or reimbursement was
made by the issuer for the related travel costs.

European Nickel plc February 20, 2004

 21

IMPORTANT DISCLOSURES
Distribution of Ratings
Global Stock Ratings Distribution
(as of February 2, 2004)
Coverage Universe
Rating # %
Buy 86 36.3%
Speculative Buy 53 22.4%
Hold 82 34.6%
Sell 16 6.7%
Total 237 100.0%
Canaccord Ratings System:
BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.
SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.
Risk Qualifier:
SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria.
Investments in the stock may result in material loss.
Canaccord Research Disclosures as of February 20, 2004
Company Disclosure
European Nickel plc 1, 3
Research Disclosure Legend
1. In the past 12 months, Canaccord Capital Corporation or its affiliates have
received compensation for investment banking services from the subject
company.
2. In the past 12 months, Canaccord Capital Corporation, its partners, affiliates,
officers or directors, or any analyst involved in the preparation of this report
has provided services to the subject company for remuneration other than
normal course investment advisory or trade execution services.
3. Canaccord Capital Corporation and/or its affiliates expects to receive or
intends to seek compensation for investment banking services from the
subject company in the next three months.
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7. As of the month end immediately preceding the date of publication of this
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9. Canaccord Capital Corporation makes a market in the securities of the subject
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The analysts who are responsible for the preparation of this report are employed by Canaccord Capital Corporation, a securities
broker-dealer with principal offices located in Vancouver, Toronto, Montreal, Calgary (all Canada) and London (UK).
The analysts who are responsible for the preparation of this report have received (or will receive) compensation based upon
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Capital Corporation USA, Inc. However, such analysts have not received, and will not receive, compensation that is directly
based upon one or more specific investment banking activities or transactions.

February 20, 2004 European Nickel plc

22

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permission of Canaccord Capital Corporation or Canaccord Capital Corporation USA, Inc.

European Nickel plc February 20, 2004

 23

NOTES

February 20, 2004 European Nickel plc

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