Axiom Mining 2015 Annual Report

CEO’s report

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This year’s focus was progressing with the development of one of the Pacific’s largest known nickel laterite deposits– our flagship Isabel Nickel Project in Solomon Islands. From a standing start in late 2014 to December 2015, we completed the first two phases of drilling, and achieved and subsequently upgraded a JORC Mineral Resource estimate. These achievements in such a short timeframe are a testament to our 'can do' culture. We announced our maiden JORC Mineral Resource estimate in September 2015, and upgraded it within three months. The total Mineral Resource tonnage for high grade saprolite almost doubled that of the maiden Resource estimate, from 2.0 Mt @ 1.7 Ni to 3.9 Mt @ 1.7% Ni, while the total Mineral Resource tonnage for limonite increased to 8.4 Mt @ 1.0% Ni and 0.11% Co. We also made good progress on site infrastructure development, recruitment and training of a local workforce, baseline studies and project approvals, and preparations to commence exploration on the project’s second tenement at south San Jorge Island. We provided a large number of local jobs, and continued our investment in local community initiatives. We are also proud to report that during the year we did not lose a single day of work on site due to safety or community issues, and we congratulate our employees, the government and our landowner partners for their role in this. Driven by our values Build Share Protect , we continued to maintain strong relationships with key stakeholders including our landowner partners in Solomon Islands, whom I continue to admire for their tenacity over these past four years while subject to litigation. I also have been impressed with their leadership and sense of community in ensuring efficient development of the project. Global economic conditions of 2015 created challenging times for nickel producers and mine developers, and Axiom has had the

added complication of continuing to wait for the Court of Appeal decision on the Isabel Nickel Project. But despite these factors, Axiom continued to attract strong support in our quest to build Solomon Islands’ first nickel mine and become a significant miner in the Pacific region. We are confident that even under current conditions we will build a profitable mine. We welcomed the Solomon Islands Government’s grant of the prospecting licence for the Isabel Nickel Project’s second tenement at south San Jorge in early 2015. We also entered into a strategic partnership with InCoR that will provide up to $15 million and gives us access to innovative beneficiation technology, and an offtake agreement and finance facility with global trading house Gunvor that provides up to AU$5 million of ore pre-payment funding. In 2016, Axiom’s focus will be on delivering a mine, and this year is shaping up to be a transformational one for our company. On a final note, on behalf of myself and all Axiom staff, I would like to thank and congratulate Stephen Williams for his support, guidance and leadership over the past five years, which ensures we have a strong platform for progress. We are on track to deliver a safe, sustainable and profitable mine. We remain optimistic about the Court of Appeal decision. We will also continue to invest in the local communities and relationships in Solomon Islands that we are privileged to be part of.

AXIOM MINING LIMITED ANNUAL REPORT 2015

Ryan Mount Chief Executive Officer