Nickel Asia SEC Quarterly Report - June 30 2011
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Nickel Asia SEC Quarterly Report

Nickel Asia SEC Quarterly Report
June 30 2011

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  • NO TO MINING IN PALAWAN and other Key Biodiversity Areas, Natural Forests, Island Ecosystems, Critical Watersheds and Agricultural Areas!
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  • Ang yaman ng Palawan ay yaman ng Pilipinas It is known as the Philippines’ Last Ecological Frontier. It has 40% of our country’s remaining mangrove areas, 30% of our coral reefs, at least 17 Key Biodiversity Areas (KBAs), 2 UNESCO World Heritage Sites, and 8 declared Protected Areas (PAs). It is unmatched anywhere in the country.
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Nickel Asia SEC Quarterly Report - June 30 2011 Document Transcript

  • 1. COVER SHEET   ‡‰‹•–”ƒ–‹‘ —„‡”
  • 2.   
  • 3.      
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  • 6.  ‘’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”› ‹…‡•‡ ›’‡
  • 7. ˆ ’’Ž‹…ƒ„Ž‡ ‡’– ‡“—‹”‹‰ –Š‹• ‘… ‡†‡† ”–‹…Ž‡• —„‡” ‡…–‹‘ ‘–ƒŽ ‘—– ‘ˆ ‘””‘™‹‰• Š’ „‹ŽŽ‹‘‘–ƒŽ ‘ ‘ˆ –‘…Š‘Ž†‡”• ‘‡•–‹… ‘”‡‹‰ ‘ „‡ ƒ……‘’Ž‹•Š‡† „›  ‡”•‘‡Ž …‘…‡”‡† ‹Ž‡ —„‡”   ‘…—‡–
  • 8. ƒ•Š‹‡”   ‡ƒ”• Ž‡ƒ•‡ —•‡   ‹ ˆ‘” •…ƒ‹‰ ’—”’‘•‡•
  • 9.  —„‡”  ‹Ž‡ —„‡” 
  • 10.   
  • 11.  
  • 12.  ‘’ƒ› • —ŽŽ ƒ‡–Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› ‘’ƒ› • ††”‡•• ‡Ž‡’Š‘‡ —„‡”• ‡…‡„‡” ‹•…ƒŽ ‡ƒ” †‹‰ ‘–Š †ƒ›    —ƒ”–‡”Ž› ‡’‘”– ‘” ›’‡ ‡†‡– ‡Ž‡‰ƒ–‹‘
  • 13. ˆ ƒ’’Ž‹…ƒ„Ž‡ ‘” –Š‡ “—ƒ”–‡” ‡†‡† —‡ ‡”‹‘† †‡† ƒ–‡ ‡…‘†ƒ”› ‹…‡•‡ ›’‡ ƒ† ‹Ž‡ —„‡”
  • 14.  
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  • 16.     
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  • 18.              
  • 19.     
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  • 21.    
  • 22.          ‘” –Š‡ “—ƒ”–‡”Ž› ’‡”‹‘† ‡†‡†  
  • 23. †‡–‹ˆ‹…ƒ–‹‘ —„‡” 
  • 24.  ƒš
  • 25. †‡–‹ˆ‹…ƒ–‹‘ ‘ šƒ…– ƒ‡ ‘ˆ ‹••—‡” ƒ• •’‡…‹ˆ‹‡† ‹ ‹–• …Šƒ”–‡” 
  • 26.   
  • 27.  
  • 28.  ”‘˜‹…‡ ‘—–”› ‘” ‘–Š‡” Œ—”‹•†‹…–‹‘ ‘ˆ ‹…‘”’‘”ƒ–‹‘ ‘” ‘”‰ƒ‹œƒ–‹‘ 
  • 29. 
  • 30. 
  • 31.  
  • 32. †—•–”› Žƒ••‹ˆ‹…ƒ–‹‘ ‘†‡  •‡ Ž› ††”‡•• ‘ˆ ’”‹…‹’ƒŽ ‘ˆˆ‹…‡ ‘•–ƒŽ ‘†‡ –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›
  • 33. ••—‡” • –‡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‰‡ ‡•  ‘
  • 34. ˆ ›‡• •–ƒ–‡ –Š‡ ƒ‡ ‘ˆ •—…Š •–‘… ‡š…Šƒ‰‡ ƒ† –Š‡ …Žƒ••‡• ‘ˆ •‡…—”‹–‹‡• Ž‹•–‡† –Š‡”‡‹ 
  • 35. 
  • 36. 
  • 37.      ‘‘ –‘… 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›• ‡•  ‘
  • 38. NICKEL ASIA CORPORATION 17-Q QUARTERLY REPORT JUNE 30, 2011
  • 39.      ƒ‰‡ ‘ 
  • 40.  
  • 41. 
  • 42.   
  • 43. 
  • 44. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–• —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
  • 45. …‘‡ 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†
  • 46. –‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ‘ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ† ‡•—Ž–• ‘ˆ ’‡”ƒ–‹‘• 
  • 47.  
  • 48.   
  • 49. 
  • 50.   
  • 51.   
  • 52.  
  • 53.     
  • 54. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡ 
  • 55.  
  • 56. 
  • 57.   
  • 58. 
  • 59. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–•Š‡ ƒ—†‹–‡†
  • 60. –‡”‹ ‘•‘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
  • 61. …‘‡ ‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡† —‡ —‡
  • 62.  –Š‘—•ƒ† ’‡•‘•
  • 63.  –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 ‘•‹–‹‘ —‡ ‡…‡„‡”
  • 64. …”‡ƒ•‡ ‡”…‡– ‡…”‡ƒ•‡
  • 65. … ‡… ƒ—†‹–‡† —†‹–‡†
  • 66.  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† ‡“—‹–› 1|Page
  • 67. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡ —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡† —‡ —‡
  • 68.  Š‘—•ƒ† ‡•‘•
  • 69.  Š‘—•ƒ† ‡•‘•‡– …ƒ•Š ˆŽ‘™• —•‡† ‹ ’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•
  • 70. ˜‡•–‹‰ ƒ…–‹˜‹–‹‡• ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•‡– ‹…”‡ƒ•‡ †‡…”‡ƒ•‡ ‹ …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• „‡‰‹‹‰ ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‡†
  • 71. –‡ 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  
  • 72. –‡”‹ ‹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  
  • 73. –‡”‹ ‹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” 2|Page
  • 74. 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‹…Šƒ˜‡”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–‡†
  • 75.  ƒ††‹–‹‘  Šƒ† ƒ ‘‡ ‘ˆˆ •ƒŽ‡ ‘ˆ –Š‘—•ƒ†  ‘ˆŽ‹‘‹–‡ ‘”‡ –‘  ‹ –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” 3|Page
  • 76. 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
  • 77.  …‘–”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—•‡ ‘ˆŽ‹‹–‡† ‹‹‰ 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‹‘ 4|Page
  • 78. 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 •™‡ŽŽƒˆˆ‡…–‡† ‹‡ ’”‘†—…–‹‘ 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–‹‘ ‘
  • 79. … 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…‡
  • 80. …‘‡—” 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‡”
  • 81. …‘‡ 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
  • 82. 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”‘
  • 83. …‘‡ 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‡•‹˜‡
  • 84. …‘‡ ‘••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‘•• ‘ 
  • 85. ˜‡•–‡–• ‘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‡•‹˜‡
  • 86. …‘‡ ‘•• ‡– ‘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• ‡†‡† —‡ 6|Page
  • 87. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡‘–ƒŽ ‘’”‡Š‡•‹˜‡
  • 88. …‘‡ ‘•• ‡– ‘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• ‡†‡† —‡
  • 89.  –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” 7|Page
  • 90. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡–ƒ–‡‡– ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘
  • 91.  –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‹‘
  • 92.  –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…‹ƒŽƒ••‡–• ƒ–  ‘ˆ  ‹ŽŽ‹‘ ‡– …ƒ•Š —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡• ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ‘•–Ž› ˆ‘” –Š‡ ’ƒ›‡– ‘ˆ †‹˜‹†‡†• ƒ‘—–‹‰ –‘ ‹ŽŽ‹‘
  • 93.  –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› 8|Page
  • 94. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡‘’ ‹˜‡ ‡› ‡”ˆ‘”ƒ…‡
  • 95. †‹…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…–•
  • 96. …”‡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‘” 
  • 97. ‹ 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 ’”‹…‡• ”‹•‡
  • 98.  ƒ††‹–‹‘ –‘ •ƒŽ‡• ‘ˆ ‹…‡Ž ‘”‡ –‘    ƒ† ‘—” …—•–‘‡”• ‹ Š‹ƒ ™‡ •‡ŽŽŽ‹‘‹–‡ ‘”‡ 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–‡” ”‡•‡”˜‘‹”•
  • 99.  ‡…‡„‡” ‘”ƒŽ ƒ›   ™ƒ• ƒ„Ž‡ –‘ ’”‘†—…‡ –‘‡• ‘ˆ …‘–ƒ‹‡† ‹…‡Ž ’”‘˜‹‰ –Šƒ– –Š‡ ’Žƒ– ‹• …ƒ’ƒ„Ž‡ ‘ˆƒ…Š‹‡˜‹‰ ‹–• –ƒ”‰‡– ’”‘†—…–‹‘ …ƒ’ƒ…‹–› ‘ˆ ‹…‡Ž –‘‡• ‹ˆ …‹”…—•–ƒ…‡• ƒŽŽ‘™ 9|Page
  • 100. 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•‹• ‘ˆƒ‰‰”‡‰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 ”‡†—…–‹‘ ‹ ‘—”‡– ‹…‘‡
  • 101.  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
  • 102. 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‹˜‡”›
  • 103.  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 ‹…‡Žƒ† ˜‹…‡ ˜‡”•ƒ ……‘”†‹‰Ž› ‹…”‡ƒ•‡• ‘” †‡…”‡ƒ•‡• ‹ –Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘ –Š‡  …ƒ Šƒ˜‡ ƒ•‹‰‹ˆ‹…ƒ– ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡•
  • 104.  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 ’‹‰ ‹”‘ 
  • 105. —•‹‰ 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 ”‡†—…–‹‘ ‹ ‘—” ‡– ‹…‘‡
  • 106.  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••‡–• ‹ ’‡•‘ –‡”• ‹ ‘—” 11 | P a g e
  • 107. 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‡” ’‡”•‘• 
  • 108.  
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  • 110. Š‡”‡ ƒ”‡ ‘ ‘–Š‡” ‹ˆ‘”ƒ–‹‘ ˆ‘” –Š‹• ‹–‡”‹ ’‡”‹‘† ‘– ’”‡˜‹‘—•Ž› ”‡’‘”–‡† ‹ ƒ ”‡’‘”– ‘ ‘” 12 | P a g e
  • 111. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡ 
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  • 123. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡”
  • 124. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
  • 125. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  • 126. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‘’”‡Š‡•‹˜‡
  • 127. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  • 128. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ Šƒ‰‡• ‹ “—‹–› ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  • 129. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 3|Page
  • 130. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡
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  • 142. —‡ ‹–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••‡–• ‘–‡
  • 143. ˜‡–‘”‹‡• ‘–‡• ƒ†–Š‡” …—””‡– ƒ••‡–•‘–ƒŽ —””‡– ••‡–•‘…—””‡– ••‡–•  ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡”‘’‡”–› ƒ† ‡“—‹’‡– ‘–‡
  • 144. ˜‡•–‡– ’”‘’‡”–›
  • 145. ˜‡•–‡– ‹ ƒ ƒ••‘…‹ƒ–‡ ‘–‡‘‰ –‡” •–‘… ’‹Ž‡ ‹˜‡–‘”› ‡– ‘ˆ …—””‡– ’‘”–‹‘ ‘–‡ ‡ˆ‡””‡† ‹…‘‡ –ƒš ƒ••‡–• ‡––Š‡” ‘…—””‡– ƒ••‡–• ‘–‡‘–ƒŽ ‘…—””‡– ••‡–•     
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  • 149.  —””‡– ‹ƒ„‹Ž‹–‹‡•”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ‘–‡  
  • 150. …‘‡ –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‹‰
  • 151. –‡”‡•–•‘–ƒŽ “—‹–›  
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  • 155.   ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 1|Page
  • 156. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡
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  • 165.           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–‹˜‡
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  • 175.     —””‡– ‡ˆ‡””‡† 
  • 176.    ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–   ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•   ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡   2|Page
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  • 187.      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–‹˜‡ ‘–‡
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  • 191.     ‡– ‘–‡
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  • 197.     ‘–‡ —””‡– ‡ˆ‡””‡† 
  • 198.    ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–   ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•   ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡ ‘–‡  ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 3|Page
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  • 210.      ƒ† ‘—–• ‹ Š‘—•ƒ†• ƒ—†‹–‡† 
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  • 213.   Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘  ˆ‹ƒ…‹ƒŽ ƒ••‡–• ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—•     
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  • 217.        ‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–   ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–•  ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 4|Page
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  • 229.      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
  • 230. –‡”‡•–• ‘–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
  • 231. NICKEL ASIA CORPORATION —‡ “—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ‡– ƒŽ—ƒ–‹‘ ƒ‹• ‘••‡• ••‡– ƒ’‹–ƒŽ ††‹–‹‘ƒŽ ‘  ‡˜ƒŽ—ƒ–‹‘ ‡–ƒ‹‡† ”‡ƒ•—”› –‘… ƒ‹† ‹
  • 232. ˜‡•–‡–• —”’Ž—• ƒ”‹‰• Šƒ”‡• ‘ …‘–”‘ŽŽ‹‰ ‘–‡ ƒ’‹–ƒŽ ‘–‡ ‘–‡ ‘–‡ ‘–‡ ‘–ƒŽ
  • 233. –‡”‡•–• ‘–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
  • 234. NICKEL ASIA CORPORATION —‡
  • 235.   
  • 236.  
  • 237.    
  • 238. 
  • 239. 
  • 240.  
  • 241.  
  • 242.           
  • 243.      ƒ† ‘—–• ‹ Š‘—•ƒ†• ƒ—†‹–‡†      
  • 244.  
  • 245. 
  • 246. 
  • 247. 
  • 248. …‘‡ „‡ˆ‘”‡ ‹…‘‡ –ƒš   †Œ—•–‡–• ˆ‘” ‹˜‹†‡† ‹…‘‡ ‘–‡• ƒ† ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ ‘–‡
  • 249. –‡”‡•– ‹…‘‡ ‘–‡ ‘•• ‰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‹• ‡–
  • 250. –‡”‡•– ‡š’‡•‡ ‘–‡• ƒ† ‘˜‡‡–• ‹ ’‡•‹‘ Ž‹ƒ„‹Ž‹–› ……”‡–‹‘ ‘ ’”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ ‘–‡• ƒ†’‡”ƒ–‹‰ ‹…‘‡ „‡ˆ‘”‡ ™‘”‹‰ …ƒ’‹–ƒŽ …Šƒ‰‡• ‡…”‡ƒ•‡ ‹…”‡ƒ•‡ ‹ ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡•
  • 251. ˜‡–‘”‹‡• –Š‡” …—””‡– ƒ••‡–•
  • 252. …”‡ƒ•‡ ‹ –”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡•‡– …ƒ•Š ‰‡‡”ƒ–‡† ˆ”‘ ‘’‡”ƒ–‹‘•
  • 253. –‡”‡•– ”‡…‡‹˜‡† ‹˜‹†‡†• ”‡…‡‹˜‡† ‘–‡
  • 254. …‘‡ –ƒš‡• ’ƒ‹†
  • 255. –‡”‡•– ’ƒ‹†‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‘’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•   
  • 256.  
  • 257.  
  • 258. 
  • 259. 
  • 260.  …“—‹•‹–‹‘• ‘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…–‹˜‹–‹‡•   
  • 261.  
  • 262.  
  • 263. 
  • 264. 
  • 265. ”‘…‡‡†• ˆ”‘ ˜ƒ‹Ž‡– ‘ˆ Ž‘‰ –‡” †‡„– ‘–‡ —„•…”‹’–‹‘ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‘ …ƒ’‹–ƒŽ •–‘… ‘ˆ ƒ •—„•‹†‹ƒ”›ƒ›‡– ‘ˆ ƒ•Š †‹˜‹†‡†• ‘–‡ ‘‰ –‡” †‡„– ‘–‡ ƒ•Š ˆŽ‘™• —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡• 
  • 266.   
  • 267.     
  • 268.       
  • 269.    
  • 270. 
  • 271.     
  • 272.     
  • 273.         
  • 274.  ‘–‡  ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 7|Page
  • 275. NICKEL ASIA CORPORATION —‡
  • 276.   
  • 277.  
  • 278.    
  • 279. 
  • 280.    
  • 281. 
  • 282.  
  • 283.      ‘—–• ‹ Š‘—•ƒ†• š…‡’– —„‡” ‘ˆ Šƒ”‡• ‡” Šƒ”‡ ƒ–ƒ ƒ† ƒ•
  • 284. †‹…ƒ–‡† ‘”’‘”ƒ–‡
  • 285. ˆ‘”ƒ–‹‘ ‹…‡Ž •‹ƒ ‘”’‘”ƒ–‹‘ –Š‡ ‘’ƒ› –Š‡ ƒ”‡– ‘’ƒ› ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡ Š‹Ž‹’’‹‡ ‡…—”‹–‹‡• ƒ† š…Šƒ‰‡ ‘‹••‹‘  ‘ —Ž› Š‡ ‘’ƒ› ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ ‹˜‡•–‹‰ ‹ ƒ† Š‘Ž†‹‰ ‘ˆ ƒ••‡–• ‘ˆ ‡˜‡”› ‹† ƒ† †‡•…”‹’–‹‘ ƒ† ™Š‡”‡˜‡” •‹–—ƒ–‡† ƒ• ƒ† –‘ –Š‡ ‡š–‡– ’‡”‹––‡† „› Žƒ™
  • 286. – ‹• ƒŽ•‘ ”‡‰‹•–‡”‡† ™‹–Š‹ –Š‡ Ž‹‹–• ’”‡•…”‹„‡† „› Žƒ™ –‘ ‡‰ƒ‰‡ ‹ –Š‡ „—•‹‡•• ‘ˆ ‹‹‰ ‘ˆ ƒŽŽ ‹†• ‘ˆ ‘”‡ ‡–ƒŽ• ƒ† ‹‡”ƒŽ• Š‡ ‘’ƒ› • …‘‘ •Šƒ”‡• ƒ”‡ Ž‹•–‡† ™‹–Š –Š‡ Š‹Ž‹’’‹‡ –‘… š…Šƒ‰‡  ‘ ‘˜‡„‡” Š‡ —„•‹†‹ƒ”‹‡•   ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ …–‘„‡” ‹• ƒ ‘‡ Š—†”‡† ’‡”…‡– ‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ ‡š’Ž‘”ƒ–‹‘ ‹‹‰ ƒ† ‡š’‘”–‹‰ ‘ˆ ‹…‡Ž ‘”‡ Ž‘…ƒ–‡† ‹ ‹ƒ–—ƒ ‘‘… ƒ† ƒ‹…ƒ‹
  • 287. •Žƒ†• —”‹‰ƒ‘ †‡Ž ‘”–‡ Š‡ ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ  ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ …‘”‡” †‡Žƒ–ƒ†‘ –”‡‡–• ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›   ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ —Ž› ‹• ƒ ‘‡ Š—†”‡† ’‡”…‡– ‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ ‡š’Ž‘”ƒ–‹‘ ‹‹‰ ƒ† ‡š’‘”–‹‰ ‘ˆ ‹…‡Ž ‘”‡ Ž‘…ƒ–‡† ‹ ƒ”ƒ‰ƒ› ƒŽ‡…‹ƒ —‹…‹’ƒŽ‹–› ‘ˆ ƒ‰†‹ƒƒ‘ ”‘˜‹…‡ ‘ˆ ‹ƒ‰ƒ–
  • 288. •Žƒ† Š‡ ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ  ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡•   ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ ƒ”…Š ‹• ƒ •‹š–› ˆ‹˜‡ ’‡”…‡– ‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ ‡š’Ž‘”ƒ–‹‘ ‹‹‰ ƒ† ‡š’‘”–‹‰ ‘ˆ ‹…‡Ž ‘”‡ Ž‘…ƒ–‡† ‹ Žƒ˜‡” —”‹‰ƒ‘ †‡Ž ‘”–‡ Š‡ ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ  ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ …‘”‡” †‡Žƒ–ƒ†‘ –”‡‡–• ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›   ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ —Ž› ‹• ƒ •‹š–› ’‡”…‡– ‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ ‡š’Ž‘”ƒ–‹‘ ‹‹‰ ƒ† ‡š’‘”–‹‰ ‹…‡Ž ‘”‡ ƒ† ’”‘˜‹†‹‰ ‘ ‹‹‰ •‡”˜‹…‡• Ž‘…ƒ–‡† ‹ ƒ”ƒ‰ƒ› ‹‘ —„ƒ —‹…‹’ƒŽ‹–› ‘ˆ ƒ–ƒ”ƒœƒ ƒŽƒ™ƒ Š‡ ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ  ‹• † Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡• ƒŽ… š’
  • 289. …
  • 290. ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ ‘˜‡„‡” ‹• ƒ ‡‹‰Š–› ‡‹‰Š– ’‡”…‡– ‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› –Š”‘—‰Š   ƒ†  ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ „—•‹‡•• ‘ˆ ‡š’Ž‘”‹‰ ’”‘•’‡…–‹‰ ƒ† ‘’‡”ƒ–‹‰ ‹‡• ƒ† “—ƒ””‹‡• ‘ˆ ƒŽŽ ‹†• ‘ˆ ‘”‡• ƒ† ‹‡”ƒŽ• ‡–ƒŽŽ‹… ƒ† ‘ ‡–ƒŽŽ‹…
  • 291. Šƒ• ‘– ›‡– •–ƒ”–‡† …‘‡”…‹ƒŽ ‘’‡”ƒ–‹‘• Š‡ 8|Page
  • 292. NICKEL ASIA CORPORATION —‡”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ
  • 293. ‹• ”† Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡•ƒ ‘•–ƒ Š‹’’‹‰ ƒ† ‹‰Š–‡”ƒ‰‡ ‘”’‘”ƒ–‹‘    ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ …–‘„‡” ‹• ƒ ‘‡ Š—†”‡† ’‡”…‡–‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› –Š”‘—‰Š  ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ …Šƒ”–‡”‹‰‘—– ‘ˆ ƒ†‹‰ ”ƒˆ– ”ƒ•’‘”–   ƒ† ’”‘˜‹†‹‰ …‘’Ž‡–‡ ƒ”‹‡ •‡”˜‹…‡• Š‡”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ   ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡•   ™ƒ• ƒ…“—‹”‡† „›  ‹ ’”‹Žƒƒ” ‹…‡Ž ‹‹‰ ‡•‘—”…‡• ‘”’‘”ƒ–‹‘  ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ ƒ› ‹• ƒ ‘‡ Š—†”‡† ’‡”…‡–‘™‡† •—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ ‡š’Ž‘”ƒ–‹‘ ‹‹‰ ƒ†‡š’‘”–‹‰ ‘ˆ ‹‡”ƒŽ ‘”‡•  Šƒ• ‘– ›‡– •–ƒ”–‡† …‘‡”…‹ƒŽ ‘’‡”ƒ–‹‘• Š‡”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ  ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡• ‘”†‹ŽŽ‡”ƒ š’Ž‘”ƒ–‹‘ ‘
  • 294. … 
  • 295. 
  • 296. ™ƒ• ”‡‰‹•–‡”‡† ™‹–Š –Š‡  ‘ …–‘„‡” ‹• ‹‡–› ˆ‹˜‡ ’‡”…‡– ‘™‡†•—„•‹†‹ƒ”› ‘ˆ –Š‡ ‘’ƒ› ƒ† ‹• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ „—•‹‡•• ‘ˆ Žƒ”‰‡ •…ƒŽ‡‡š’Ž‘”ƒ–‹‘ †‡˜‡Ž‘’‡– ƒ† —–‹Ž‹œƒ–‹‘ ‘ˆ ‹‡”ƒŽ ”‡•‘—”…‡• 
  • 297. Šƒ• ƒ —„‡” ‘ˆ‹‹‰ ’”‘’‡”–‹‡• ƒ– ˜ƒ”‹‘—• •–ƒ‰‡• ‘ˆ ‡š’Ž‘”ƒ–‹‘
  • 298. – ‹• …—””‡–Ž› ‘– ‡‰ƒ‰‡† ‹ ƒ›†‡˜‡Ž‘’‡– ‘” …‘‡”…‹ƒŽ ’”‘†—…–‹‘ ƒ…–‹˜‹–‹‡• Š‡ ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‘ˆ 
  • 299. ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› Š‹Ž‹’’‹‡•Š‡ ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ƒ• ƒ– —‡ ƒ† ˆ‘” –Š‡ •‹š ‘–Š’‡”‹‘† ‡†‡† —‡ ƒ† ™‡”‡ ƒ—–Š‘”‹œ‡† ˆ‘” ‹••—ƒ…‡ „› –Š‡ ƒ”‡– ‘’ƒ› •  ‘ —Ž›Š‡ ƒ”‡– ‘’ƒ› • ”‡‰‹•–‡”‡† ‘ˆˆ‹…‡ ƒ††”‡•• ‹• –Š Ž‘‘”  ‡–”‡ ‡Žƒ ‘•ƒ–”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› ƒ•‹• ‘ˆ ”‡’ƒ”ƒ–‹‘ ƒ† ‘•‘Ž‹†ƒ–‹‘ ƒ† –ƒ–‡‡– ‘ˆ ‘’Ž‹ƒ…‡ ƒ•‹• ‘ˆ ”‡’ƒ”ƒ–‹‘Š‡ ƒ……‘’ƒ›‹‰ ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‘ˆ –Š‡ ”‘—’ ƒ• ƒ–—‡ ƒ† ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† Šƒ˜‡ „‡‡’”‡’ƒ”‡† ‹ ƒ……‘”†ƒ…‡ ™‹–Š  
  • 300. –‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ……‘”†‹‰Ž› –Š‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• †‘ ‘– ‹…Ž—†‡ ƒŽŽ –Š‡‹ˆ‘”ƒ–‹‘ ƒ† †‹•…Ž‘•—”‡• ”‡“—‹”‡† ‹ –Š‡ ƒ—ƒŽ ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ƒ† •Š‘—Ž† „‡ ”‡ƒ†‹ …‘Œ—…–‹‘ ™‹–Š –Š‡ ”‘—’ • ƒ—ƒŽ ƒ—†‹–‡† …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ƒ• ƒ– ‡…‡„‡” 9|Page
  • 301. NICKEL ASIA CORPORATION —‡ ƒ•‹• ‘ˆ ‘•‘Ž‹†ƒ–‹‘Š‡ ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‹…Ž—†‡ –Š‡ ƒ”‡– ‘’ƒ› ƒ† –Š‡ ˆ‘ŽŽ‘™‹‰•—„•‹†‹ƒ”‹‡• …‘ŽŽ‡…–‹˜‡Ž› ”‡ˆ‡””‡† –‘ ƒ• –Š‡ ”‘—’ ˆˆ‡…–‹˜‡ ™‡”•Š‹’ ‘—–”› ‘ˆ ƒ–—”‡ ‘ˆ —‡ ‡…‡„‡” ‘‹…‹Ž‡ —•‹‡••  Š‹Ž‹’’‹‡• ‹‹‰  Š‹Ž‹’’‹‡• ‹‹‰ Š‹Ž‹’’‹‡• ‹‹‰ 
  • 302. Š‹Ž‹’’‹‡• ‹‹‰  Š‹Ž‹’’‹‡• ‡”˜‹…‡•
  • 303. Š‹Ž‹’’‹‡• ‹‹‰ Š‹Ž‹’’‹‡• ‹‹‰ ‹‹‰ ƒ† Š‹Ž‹’’‹‡• ‡”˜‹…‡• ‹”‡…– ƒ† ‹†‹”‡…– ‘™‡”•Š‹’—„•‹†‹ƒ”‹‡•—„•‹†‹ƒ”‹‡• ƒ”‡ ‡–‹–‹‡• ‘˜‡” ™Š‹…Š –Š‡ ƒ”‡– ‘’ƒ› Šƒ• –Š‡ ’‘™‡” –‘ ‰‘˜‡” –Š‡ˆ‹ƒ…‹ƒŽ ƒ† ‘’‡”ƒ–‹‰ ’‘Ž‹…‹‡• ‘ˆ –Š‡ ‡–‹–‹‡• ‘” ‰‡‡”ƒŽŽ› Šƒ• ƒ ‹–‡”‡•– ‘ˆ ‘”‡ –Šƒ ‘‡ŠƒŽˆ ‘ˆ –Š‡ ˜‘–‹‰ ”‹‰Š–• ‘ˆ –Š‡ ‡–‹–‹‡•—„•‹†‹ƒ”‹‡• ƒ”‡ ˆ—ŽŽ› …‘•‘Ž‹†ƒ–‡† ˆ”‘ –Š‡ †ƒ–‡ ‘ˆ ƒ…“—‹•‹–‹‘ „‡‹‰ –Š‡ †ƒ–‡ ‘ ™Š‹…Š –Š‡ƒ”‡– ‘’ƒ› ‘„–ƒ‹• …‘–”‘Ž ƒ† …‘–‹—‡ –‘ „‡ …‘•‘Ž‹†ƒ–‡† —–‹Ž –Š‡ †ƒ–‡ –Šƒ– •—…Š…‘–”‘Ž …‡ƒ•‡• Š‡ ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‘ˆ –Š‡ —„•‹†‹ƒ”‹‡• ƒ”‡ ’”‡’ƒ”‡† ˆ‘” –Š‡ •ƒ‡”‡’‘”–‹‰ ›‡ƒ” ƒ• –Š‡ ƒ”‡– ‘’ƒ› —•‹‰ —‹ˆ‘” ƒ……‘—–‹‰ ’‘Ž‹…‹‡• ˆ‘” Ž‹‡–”ƒ•ƒ…–‹‘• ƒ† ‘–Š‡” ‡˜‡–• ‹ •‹‹Žƒ” …‹”…—•–ƒ…‡• ŽŽ ‹–”ƒ ‰”‘—’ „ƒŽƒ…‡• –”ƒ•ƒ…–‹‘• ‹…‘‡ ƒ† ‡š’‡•‡• ƒ† ’”‘ˆ‹–• ƒ† Ž‘••‡• ”‡•—Ž–‹‰ˆ”‘ ‹–”ƒ ‰”‘—’ –”ƒ•ƒ…–‹‘• ƒ”‡ ‡Ž‹‹ƒ–‡† ‹ ˆ—ŽŽ‘ …‘–”‘ŽŽ‹‰
  • 304. –‡”‡•–‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ”‡’”‡•‡–• ‹–‡”‡•– ‹ ƒ •—„•‹†‹ƒ”› –Šƒ– ‹• ‘– ‘™‡† †‹”‡…–Ž› ‘”‹†‹”‡…–Ž› „› –Š‡ ƒ”‡– ‘’ƒ› ”‘ˆ‹– ‘” Ž‘•• ƒ† ‡ƒ…Š …‘’‘‡– ‘ˆ ‘–Š‡”…‘’”‡Š‡•‹˜‡ ‹…‘‡ ƒ”‡ ƒ––”‹„—–‡† –‘ –Š‡ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ‘’ƒ› ƒ† –‘–Š‡ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ‹• ƒ––”‹„—–‡† –‘ –Š‡ ‡“—‹–› Š‘Ž†‡”•‘ˆ –Š‡ ƒ”‡– ‘’ƒ› ƒ† –‘ –Š‡ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‡˜‡ ‹ˆ –Š‹• ”‡•—Ž–• ‹ –Š‡ ‘…‘–”‘ŽŽ‹‰ ‹–‡”‡•– Šƒ˜‹‰ ƒ †‡ˆ‹…‹– „ƒŽƒ…‡‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ”‡’”‡•‡–• –Š‡ ’‘”–‹‘ ‘ˆ ’”‘ˆ‹– ‘” Ž‘•• ƒ† –Š‡ ‡– ƒ••‡–• ‘– Š‡Ž†„› –Š‡ ”‘—’ ”ƒ•ƒ…–‹‘• ™‹–Š ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ƒ”‡ ƒ……‘—–‡† ˆ‘” —•‹‰ –Š‡ ‡–‹–›…‘…‡’– ‡–Š‘† ™Š‡”‡„› –Š‡ †‹ˆˆ‡”‡…‡ „‡–™‡‡ –Š‡ …‘•‹†‡”ƒ–‹‘ ƒ† –Š‡ „‘‘ ˜ƒŽ—‡ ‘ˆ–Š‡ •Šƒ”‡ ‘ˆ –Š‡ ‡– ƒ••‡–• ƒ…“—‹”‡† ‹• ”‡…‘‰‹œ‡† ƒ• ƒ ‡“—‹–› –”ƒ•ƒ…–‹‘‘••‡• ™‹–Š‹ ƒ •—„•‹†‹ƒ”› ƒ”‡ ƒ––”‹„—–‡† –‘ –Š‡ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‡˜‡ ‹ˆ –Šƒ– ”‡•—Ž–•‹ ƒ †‡ˆ‹…‹– „ƒŽƒ…‡ 10 | P a g e
  • 305. NICKEL ASIA CORPORATION —‡ …Šƒ‰‡ ‹ –Š‡ ‘™‡”•Š‹’ ‹–‡”‡•– ‘ˆ ƒ •—„•‹†‹ƒ”› ™‹–Š‘—– ƒ …Šƒ‰‡ ‘ˆ …‘–”‘Ž ‹• ƒ……‘—–‡†ˆ‘” ƒ• ƒ ‡“—‹–› –”ƒ•ƒ…–‹‘
  • 306. ˆ –Š‡ ”‘—’ Ž‘•‡• …‘–”‘Ž ‘˜‡” ƒ •—„•‹†‹ƒ”› ‹– • ‡”‡…‘‰‹œ‡• –Š‡ ƒ••‡–• ‹…Ž—†‹‰ ‰‘‘†™‹ŽŽ ƒ† Ž‹ƒ„‹Ž‹–‹‡• ‘ˆ –Š‡ •—„•‹†‹ƒ”› • ‡”‡…‘‰‹œ‡• –Š‡ …ƒ””›‹‰ ƒ‘—– ‘ˆ ƒ› ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– • ‡”‡…‘‰‹œ‡• –Š‡ …——Žƒ–‹˜‡ –”ƒ•Žƒ–‹‘ †‹ˆˆ‡”‡…‡• ”‡…‘”†‡† ‹ ‡“—‹–› • ‡…‘‰‹œ‡• –Š‡ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ –Š‡ …‘•‹†‡”ƒ–‹‘ ”‡…‡‹˜‡† • ‡…‘‰‹œ‡• –Š‡ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ ƒ› ‹˜‡•–‡– ”‡–ƒ‹‡† • ‡…‘‰‹œ‡• ƒ› •—”’Ž—• ‘” †‡ˆ‹…‹– ‹ ’”‘ˆ‹– ‘” Ž‘•• ƒ† • ‡…Žƒ••‹ˆ‹‡• –Š‡ ’ƒ”‡– …‘’ƒ› • •Šƒ”‡ ‘ˆ …‘’‘‡–• ’”‡˜‹‘—•Ž› ”‡…‘‰‹œ‡† ‹ ‘–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ –‘ ’”‘ˆ‹– ‘” Ž‘•• Šƒ‰‡• ‹ ……‘—–‹‰ ‘Ž‹…‹‡•Š‡ ƒ……‘—–‹‰ ’‘Ž‹…‹‡• ƒ†‘’–‡† ‹ –Š‡ ’”‡’ƒ”ƒ–‹‘ ‘ˆ –Š‡ ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–• ƒ”‡ …‘•‹•–‡– ™‹–Š –Š‘•‡ ˆ‘ŽŽ‘™‡† ‹ –Š‡ ’”‡’ƒ”ƒ–‹‘ ‘ˆ –Š‡ ”‘—’ • ƒ—ƒŽˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ˆ‘” –Š‡ ›‡ƒ” ‡†‡† ‡…‡„‡” ‡š…‡’– ˆ‘” –Š‡ ƒ†‘’–‹‘ ‘ˆ ‡™•–ƒ†ƒ”†• ƒ† ‹–‡”’”‡–ƒ–‹‘• ƒ• ƒ– ƒ—ƒ”› ‘–‡† „‡Ž‘™• ‡˜‹•‡†   ‡Žƒ–‡† ƒ”–› ‹•…Ž‘•—”‡• …Žƒ”‹ˆ‹‡• –Š‡ †‡ˆ‹‹–‹‘• ‘ˆ ƒ ”‡Žƒ–‡† ’ƒ”–› Š‡ ‡™ †‡ˆ‹‹–‹‘• ‡’Šƒ•‹œ‡ ƒ •›‡–”‹…ƒŽ ˜‹‡™ ‘ˆ ”‡Žƒ–‡† ’ƒ”–› ”‡Žƒ–‹‘•Š‹’• ƒ• ™‡ŽŽ ƒ• …Žƒ”‹ˆ›‹‰ ‹ ™Š‹…Š …‹”…—•–ƒ…‡• ’‡”•‘• ƒ† ‡› ƒƒ‰‡‡– ’‡”•‘‡Ž ƒˆˆ‡…– ”‡Žƒ–‡† ’ƒ”–› ”‡Žƒ–‹‘•Š‹’• ‘ˆ ƒ ‡–‹–› ‡…‘†Ž› –Š‡ ƒ‡†‡– ‹–”‘†—…‡• ƒ ‡š‡’–‹‘ ˆ”‘ –Š‡ ‰‡‡”ƒŽ ”‡Žƒ–‡† ’ƒ”–› †‹•…Ž‘•—”‡ ”‡“—‹”‡‡–• ˆ‘” –”ƒ•ƒ…–‹‘• ™‹–Š ƒ ‰‘˜‡”‡– ƒ† ‡–‹–‹‡• –Šƒ– ƒ”‡ …‘–”‘ŽŽ‡† Œ‘‹–Ž› …‘–”‘ŽŽ‡† ‘” •‹‰‹ˆ‹…ƒ–Ž› ‹ˆŽ—‡…‡† „› –Š‡ •ƒ‡ ‰‘˜‡”‡– ƒ• –Š‡ ”‡’‘”–‹‰ ‡–‹–› Š‡ ƒ†‘’–‹‘ ‘ˆ –Š‡ ƒ‡†‡– †‹† ‘– Šƒ˜‡ ƒ› ‹’ƒ…– ‘ –Š‡ ‹–‡”‹ ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘ ‘” ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡ ”‘—’• ‡†‡– –‘   Žƒ••‹ˆ‹…ƒ–‹‘ ‘ˆ ‹‰Š–•
  • 307. ••—‡• ƒŽ–‡”• –Š‡ †‡ˆ‹‹–‹‘ ‘ˆ ƒ ˆ‹ƒ…‹ƒŽ Ž‹ƒ„‹Ž‹–› ‹   –‘ ‡ƒ„Ž‡ ‡–‹–‹‡• –‘ …Žƒ••‹ˆ› ”‹‰Š–• ‹••—‡• ƒ† …‡”–ƒ‹ ‘’–‹‘• ‘” ™ƒ””ƒ–• ƒ• ‡“—‹–› ‹•–”—‡–• Š‡ ƒ‡†‡– ‹• ƒ’’Ž‹…ƒ„Ž‡ ‹ˆ –Š‡ ”‹‰Š–• ƒ”‡ ‰‹˜‡ ’”‘ ”ƒ–‡ –‘ ƒŽŽ ‘ˆ –Š‡ ‡š‹•–‹‰ ‘™‡”• ‘ˆ –Š‡ •ƒ‡ …Žƒ•• ‘ˆ ƒ ‡–‹–› • ‡“—‹–› ‹•–”—‡–• ˆ‘” ƒ ˆ‹š‡† ƒ‘—– ‹ ƒ› …—””‡…› Š‡ ƒ‡†‡– Šƒ• ‘ ‹’ƒ…– ‘ –Š‡ ‹–‡”‹ ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘ ‘” ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡ ”‘—’• ‡†‡– –‘ Š‹Ž‹’’‹‡
  • 308. –‡”’”‡–ƒ–‹‘
  • 309. 
  • 310. ”‡’ƒ›‡–• ‘ˆ ƒ ‹‹— —†‹‰ ‡“—‹”‡‡– ”‡‘˜‡• ƒ —‹–‡†‡† …‘•‡“—‡…‡ ™Š‡ ƒ ‡–‹–› ‹• •—„Œ‡…– –‘ ‹‹— ˆ—†‹‰ ”‡“—‹”‡‡–• ƒ† ƒ‡• ƒ ‡ƒ”Ž› ’ƒ›‡– ‘ˆ …‘–”‹„—–‹‘• –‘ …‘˜‡” –Š‘•‡ ”‡“—‹”‡‡–• Š‡ ƒ‡†‡– ’‡”‹–• ƒ ’”‡’ƒ›‡– ‘ˆ ˆ—–—”‡ •‡”˜‹…‡ …‘•– „› –Š‡ ‡–‹–› –‘ „‡ ”‡…‘‰‹œ‡† ƒ• ƒ ’‡•‹‘ ƒ••‡– Š‡ ƒ‡†‡– Šƒ• ‘ ‹’ƒ…– ‘ –Š‡ ‹–‡”‹ ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘ ‘” ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡ ”‘—’
  • 311. ’”‘˜‡‡–• –‘
  • 312. • ‹••—‡† ƒ›
  • 313.  ƒ› –Š‡
  • 314.  ‹••—‡† ‹–• –Š‹”† ‘‹„—• ‘ˆ ƒ‡†‡–• –‘ ‹–• •–ƒ†ƒ”†• ’”‹ƒ”‹Ž›™‹–Š ƒ ˜‹‡™ –‘ ”‡‘˜‹‰ ‹…‘•‹•–‡…‹‡• ƒ† …Žƒ”‹ˆ›‹‰ ™‘”†‹‰ Š‡”‡ ƒ”‡ •‡’ƒ”ƒ–‡–”ƒ•‹–‹‘ƒŽ ’”‘˜‹•‹‘• ˆ‘” ‡ƒ…Š •–ƒ†ƒ”† Š‡ ƒ†‘’–‹‘ ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹‰ ƒ‡†‡–• ”‡•—Ž–‡†‹ …Šƒ‰‡• –‘ ƒ……‘—–‹‰ ’‘Ž‹…‹‡• „—– †‹† ‘– Šƒ˜‡ ƒ› ‹’ƒ…– ‘ –Š‡ ‹–‡”‹ ˆ‹ƒ…‹ƒŽ’‘•‹–‹‘ ‘” ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡ ”‘—’ 11 | P a g e
  • 315. NICKEL ASIA CORPORATION —‡•   —•‹‡•• ‘„‹ƒ–‹‘• Š‡ ‡ƒ•—”‡‡– ‘’–‹‘• ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– 
  • 316. Šƒ˜‡ „‡‡ ƒ‡†‡† Ž› …‘’‘‡–• ‘ˆ 
  • 317. –Šƒ– …‘•–‹–—–‡ ƒ ’”‡•‡– ‘™‡”•Š‹’ ‹–‡”‡•– –Šƒ– ‡–‹–Ž‡• –Š‡‹” Š‘Ž†‡” –‘ ƒ ’”‘’‘”–‹‘ƒ–‡ •Šƒ”‡ ‘ˆ –Š‡ ‡–‹–› • ‡– ƒ••‡–• ‹ –Š‡ ‡˜‡– ‘ˆ Ž‹“—‹†ƒ–‹‘ •ŠƒŽŽ „‡ ‡ƒ•—”‡† ƒ– ‡‹–Š‡” ˆƒ‹” ˜ƒŽ—‡ ‘” ƒ– –Š‡ ’”‡•‡– ‘™‡”•Š‹’ ‹•–”—‡–• ’”‘’‘”–‹‘ƒ–‡ •Šƒ”‡ ‘ˆ –Š‡ ƒ…“—‹”‡‡ • ‹†‡–‹ˆ‹ƒ„Ž‡ ‡– ƒ••‡–• ŽŽ ‘–Š‡” …‘’‘‡–• ƒ”‡ –‘ „‡ ‡ƒ•—”‡† ƒ– –Š‡‹” ƒ…“—‹•‹–‹‘ †ƒ–‡ ˆƒ‹” ˜ƒŽ—‡•   ‹ƒ…‹ƒŽ
  • 318. •–”—‡–• ‹•…Ž‘•—”‡• Š‡ ƒ‡†‡– ™ƒ• ‹–‡†‡† –‘ •‹’Ž‹ˆ› –Š‡ †‹•…Ž‘•—”‡• ’”‘˜‹†‡† „› ”‡†—…‹‰ –Š‡ ˜‘Ž—‡ ‘ˆ †‹•…Ž‘•—”‡• ƒ”‘—† …‘ŽŽƒ–‡”ƒŽ Š‡Ž† ƒ† ‹’”‘˜‹‰ †‹•…Ž‘•—”‡• „› ”‡“—‹”‹‰ “—ƒŽ‹–ƒ–‹˜‡ ‹ˆ‘”ƒ–‹‘ –‘ ’—– –Š‡ “—ƒ–‹–ƒ–‹˜‡ ‹ˆ‘”ƒ–‹‘ ‹ …‘–‡š–•   ”‡•‡–ƒ–‹‘ ‘ˆ ‹ƒ…‹ƒŽ –ƒ–‡‡–• Š‡ ƒ‡†‡– …Žƒ”‹ˆ‹‡• –Šƒ– ƒ ‘’–‹‘ –‘ ’”‡•‡– ƒ ƒƒŽ›•‹• ‘ˆ ‡ƒ…Š …‘’‘‡– ‘ˆ ‘–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ ƒ› „‡ ‹…Ž—†‡† ‡‹–Š‡” ‹ –Š‡ •–ƒ–‡‡– ‘ˆ …Šƒ‰‡• ‹ ‡“—‹–› ‘” ‹ –Š‡ ‘–‡• –‘ –Š‡ ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–••  
  • 319. –‡”‹ ‹ƒ…‹ƒŽ –ƒ–‡‡–• Š‡ ƒ‡†‡– ”‡“—‹”‡• ƒ††‹–‹‘ƒŽ †‹•…Ž‘•—”‡• ˆ‘” ˆƒ‹” ˜ƒŽ—‡• ƒ† …Šƒ‰‡• ‹ …Žƒ••‹ˆ‹…ƒ–‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ• ™‡ŽŽ ƒ• …Šƒ‰‡• –‘ …‘–‹‰‡– ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• ‹ ‹–‡”‹ …‘†‡•‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• Š‡ ”‘—’ Šƒ• ‹ŽŽ—•–”ƒ–‡† –Š‘•‡ ƒ‡†‡–• ‹ ‘–‡–Š‡” ƒ‡†‡–• ”‡•—Ž–‹‰ ˆ”‘
  • 320. ’”‘˜‡‡–• –‘
  • 321. • –‘ –Š‡ ˆ‘ŽŽ‘™‹‰ •–ƒ†ƒ”†• †‹† ‘–Šƒ˜‡ ƒ› ‹’ƒ…– ‘ –Š‡ ƒ……‘—–‹‰ ’‘Ž‹…‹‡• ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘ ‘” ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡ ”‘—’•   —•‹‡•• ‘„‹ƒ–‹‘• Žƒ”‹ˆ‹…ƒ–‹‘ –Šƒ– …‘–‹‰‡– …‘•‹†‡”ƒ–‹‘ ƒ”‹•‹‰ ˆ”‘ „—•‹‡•• …‘„‹ƒ–‹‘ ’”‹‘” –‘ ƒ†‘’–‹‘ ‘ˆ
  • 322.  ƒ• ”‡˜‹•‡† ‹ ƒ”‡ ƒ……‘—–‡† ˆ‘” ‹ ƒ……‘”†ƒ…‡ ™‹–Š
  • 323. •   —•‹‡•• ‘„‹ƒ–‹‘• ”‡’Žƒ…‡† ƒ† ˜‘Ž—–ƒ”‹Ž› ”‡’Žƒ…‡† •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ƒ™ƒ”†• ƒ† ‹–• ƒ……‘—–‹‰ –”‡ƒ–‡– ™‹–Š‹ ƒ „—•‹‡•• …‘„‹ƒ–‹‘•   ‘•‘Ž‹†ƒ–‡† ƒ† ‡’ƒ”ƒ–‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–• ƒ’’Ž›‹‰ –Š‡   ƒ• ”‡˜‹•‡† ‹ –”ƒ•‹–‹‘ ”‡“—‹”‡‡–• –‘ …‘•‡“—‡–‹ƒŽŽ› ƒ‡†‡† •–ƒ†ƒ”†•• Š‹Ž‹’’‹‡
  • 324. –‡”’”‡–ƒ–‹‘
  • 325. 
  • 326. —•–‘‡” ‘›ƒŽ–› ”‘‰”ƒ‡• ‹ †‡–‡”‹‹‰ –Š‡ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ ƒ™ƒ”† …”‡†‹–• ƒ ‡–‹–› •ŠƒŽŽ …‘•‹†‡” †‹•…‘—–• ƒ† ‹…‡–‹˜‡• –Šƒ– ™‘—Ž† ‘–Š‡”™‹•‡ „‡ ‘ˆˆ‡”‡† –‘ …—•–‘‡”• ‘– ’ƒ”–‹…‹’ƒ–‹‰ ‹ –Š‡ Ž‘›ƒŽ–› ’”‘‰”ƒ‡Š‡ ”‘—’ Šƒ• ‘– ‡ƒ”Ž› ƒ†‘’–‡† ƒ› ‘–Š‡” •–ƒ†ƒ”† ‹–‡”’”‡–ƒ–‹‘ ‘” ƒ‡†‡– –Šƒ– Šƒ•„‡‡ ‹••—‡† „—– ‹• ‘– ›‡– ‡ˆˆ‡…–‹˜‡‡ƒ•‘ƒŽ‹–› ‘ˆ ’‡”ƒ–‹‘•‹‹‰ ‘’‡”ƒ–‹‘• ƒ– –Š‡ ƒŒ‘”‹–› ‘ˆ –Š‡ ”‘—’ • ‹‡• ƒ”‡ •—•’‡†‡† ƒ† ƒ”‡ ‘ˆ–‡ —ƒ„Ž‡–‘ Ž‘ƒ† ‘”‡ ‹–‘ •Š‹’’‹‰ ˜‡••‡Ž• †—”‹‰ –Š‡ ”ƒ‹› •‡ƒ•‘ Š‹• •‡ƒ•‘ƒŽ‹–› ”‡•—Ž–• ‹ “—ƒ”–‡”–‘ “—ƒ”–‡” ˜‘Žƒ–‹Ž‹–› ‹ –Š‡ ”‘—’ • ‘’‡”ƒ–‹‰ ”‡•—Ž–• ™‹–Š ‘”‡ ”‡˜‡—‡ „‡‹‰ ‡ƒ”‡† ƒ†‘”‡ ‡š’‡•‡• „‡‹‰ ‹…—””‡† ‹ –Š‡ •‡…‘† ƒ† –Š‹”† ˆ‹•…ƒŽ “—ƒ”–‡”• –Šƒ ‹ –Š‡ ˆ‹”•– ƒ†ˆ‘—”–Š ˆ‹•…ƒŽ “—ƒ”–‡”• 12 | P a g e
  • 327. NICKEL ASIA CORPORATION —‡ ƒ•Š ƒ† ƒ•Š “—‹˜ƒŽ‡–• —‡ ‡…‡„‡” ƒ—†‹–‡† —†‹–‡† ƒ•Š ‘ Šƒ† ƒ† ™‹–Š „ƒ•   Š‘”– –‡” …ƒ•Š ‹˜‡•–‡–•   ƒ•Š ™‹–Š „ƒ• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž› ”‡’”‡•‡–‹‰ ’”‘…‡‡†• ˆ”‘ –Š‡
  • 328.  ™‡”‡ †‡’‘•‹–‡† ‹‡•…”‘™ ƒ† ƒ”‡ ”‡•–”‹…–‡† ƒ• –‘ ™‹–Š†”ƒ™ƒŽ ˆ‘” •’‡…‹ˆ‹‡† ’—”’‘•‡ ƒ† –Š—• …Žƒ••‹ˆ‹‡† ƒ• ‘–Š‡”‘…—””‡– ƒ••‡–•”ƒ†‡ ƒ† –Š‡” ‡…‡‹˜ƒ„Ž‡•‡…‡‹˜ƒ„Ž‡• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž› ™‡”‡ ‹’ƒ‹”‡† ƒ† ˆ—ŽŽ› ’”‘˜‹†‡† ˆ‘” ™‹–Š ƒŽŽ‘™ƒ…‡ ˆ‘”‹’ƒ‹”‡– Ž‘••‡• ”‘˜‹•‹‘ ˆ‘” ‹’ƒ‹”‡– Ž‘••‡• ‘ ”‡…‡‹˜ƒ„Ž‡• ”‡…‘‰‹œ‡† ˆ‘” –Š‡ •‹š‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘”‡•’‡…–‹˜‡Ž› •‡‡ ‘–‡Š‡ ƒ‰‹‰ ƒƒŽ›•‹• ‘ˆ –Š‡ ”‘—’ • –”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ƒ”‡ •—ƒ”‹œ‡† ‹ –Š‡ ˆ‘ŽŽ‘™‹‰ –ƒ„Ž‡• ‡‹–Š‡” ƒ•– —‡ ‘” ƒ•– —‡ —– ƒ•– —‡ ƒ†
  • 329. ’ƒ‹”‡† ‘–
  • 330. ’ƒ‹”‡†
  • 331. †‹˜‹†—ƒŽŽ›—‡ ƒ—†‹–‡† ‹‰Š †ƒ›•
  • 332. ’ƒ‹”‡† ‘–ƒŽ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ”ƒ†‡     ‡…‡‹˜ƒ„Ž‡ ˆ”‘  ‘—–• ‘™‡† „› ”‡Žƒ–‡† ’ƒ”–‹‡• –Š‡”•‘–ƒŽ     ‡‹–Š‡” ƒ•– —‡ ‘” ƒ•– —‡ —– ƒ•– —‡ ƒ†
  • 333. ’ƒ‹”‡† ‘–
  • 334. ’ƒ‹”‡†
  • 335. †‹˜‹†—ƒŽŽ› ‡…‡„‡” —†‹–‡† ‹‰Š †ƒ›•
  • 336. ’ƒ‹”‡† ‘–ƒŽ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ”ƒ†‡     ‡…‡‹˜ƒ„Ž‡ ˆ”‘  ‘—–• ‘™‡† „› ”‡Žƒ–‡† ’ƒ”–‹‡• –Š‡”•‘–ƒŽ     13 | P a g e
  • 337. NICKEL ASIA CORPORATION —‡
  • 338. ˜‡–‘”‹‡• • ƒ– —‡ ƒ† ‡…‡„‡” ‹˜‡–‘”‹‡• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ™‡”‡ƒ••‡••‡† –‘ „‡ ‹’ƒ‹”‡† ƒ† ™‡”‡ ’”‘˜‹†‡† ˆ‘” ™‹–Š ƒŽŽ‘™ƒ…‡ ‘ ’”‘˜‹•‹‘ ˆ‘” ‹˜‡–‘”›Ž‘••‡• ™‡”‡ ”‡…‘‰‹œ‡† ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ™Š‹Ž‡”‡…‘˜‡”› ‘ˆ ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”› Ž‘••‡• ƒ‘—–‡† –‘ ‹Ž ƒ†  ‹ŽŽ‹‘ ˆ‘” –Š‡ •‹š‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†Š‡ …‘•– ‘ˆ „‡‡ˆ‹…‹ƒ–‡† ‹…‡Ž ‘”‡ ’”‘˜‹†‡† ™‹–Š ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”› Ž‘••‡• ƒ‘—–‡†–‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡””‡•’‡…–‹˜‡Ž› ™Š‹Ž‡ –Š‡ …‘•– ‘ˆ ƒ–‡”‹ƒŽ• ƒ† •—’’Ž‹‡• ’”‘˜‹†‡† ™‹–Š ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”›Ž‘••‡• ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž›  ‹ƒ…‹ƒŽ ••‡–•  ˆ‹ƒ…‹ƒŽ ƒ••‡–• ’‡”–ƒ‹ –‘ ‹˜‡•–‡–• ‹ …‘‘ ƒ† ’”‡ˆ‡””‡† •Šƒ”‡• ‘ˆ ˜ƒ”‹‘—• Ž‘…ƒŽƒ† ˆ‘”‡‹‰ ’—„Ž‹… ƒ† ’”‹˜ƒ–‡ …‘’ƒ‹‡• ‰‘Žˆ …Ž—„ •Šƒ”‡• ƒ† †‡„– •‡…—”‹–‹‡• —”‹‰ –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† –Š‡ ”‘—’ ƒ…“—‹”‡† ˜ƒ”‹‘—• ‹˜‡•–‡–• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› ƒ† †‹•’‘•‡† ‹˜‡•–‡–• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› ‹˜‹†‡† ‹…‘‡ ‡ƒ”‡† ˆ”‘  ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ƒ† ‹ŽŽ‹‘ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ”‡•’‡…–‹˜‡Ž› ‘ˆ™Š‹…Š  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ‹ ƒ† ”‡•’‡…–‹˜‡Ž› ”‡Žƒ–‡• –‘ †‹˜‹†‡†•…‘‹‰ ˆ”‘ ‹˜‡•–‡–• ‹ —“—‘–‡† •‡…—”‹–‹‡• •‡‡ ‘–‡”‘’‡”–› ƒ† “—‹’‡– —”‹‰ –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† –Š‡ ”‘—’ ƒ…“—‹”‡† ƒ••‡–• ™‹–Šƒ …‘•– ‘ˆ  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› ‹…Ž—†‹‰ …‘•–”—…–‹‘ ‹ ’”‘‰”‡•• ‘””‘™‹‰ …‘•–• ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ† ‹Ž ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†—‡ ƒ† ”‡•’‡…–‹˜‡Ž› ™‡”‡ …ƒ’‹–ƒŽ‹œ‡† ƒ• ’ƒ”– ‘ˆ …‘•–”—…–‹‘ ‹ ’”‘‰”‡••‹‡” ˆƒ…‹Ž‹–‹‡• ‹…Ž—†‡† —†‡” —‹Ž†‹‰• ƒ†
  • 339. ’”‘˜‡‡–• ™‹–Š ƒ …ƒ””›‹‰ ˜ƒŽ—‡ ‘ˆ ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž›™‡”‡ ‘”–‰ƒ‰‡† ƒ• …‘ŽŽƒ–‡”ƒŽ ˆ‘” –Š‡ Ž‘‰ –‡” †‡„– ‘ˆ  ‡–‹‘‡† ‹‘–‡ ‡’”‡…‹ƒ–‹‘ ‡š’‡•‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› •‡‡ ‘–‡ 14 | P a g e
  • 340. NICKEL ASIA CORPORATION —‡
  • 341. ˜‡•–‡– ‹ ƒ ••‘…‹ƒ–‡Š‡ ‹˜‡•–‡– ‹ ƒ ƒ••‘…‹ƒ–‡ ’‡”–ƒ‹• –‘ –Š‡ ƒ”‡– ‘’ƒ› • ‹–‡”‡•– ‹ ƒ‰ƒ‹–‘   ‹…‡Ž ‘”’‘”ƒ–‹‘   ™‹–Š ƒ ƒ…“—‹•‹–‹‘ …‘•– ‘ˆ  ‹ŽŽ‹‘  ƒ ’”‹˜ƒ–‡ ‡–‹–› –Šƒ– ‹• ‘– Ž‹•–‡† ‘ ƒ› ’—„Ž‹… ‡š…Šƒ‰‡ ™ƒ• ‹…‘”’‘”ƒ–‡† ƒ†”‡‰‹•–‡”‡† ™‹–Š –Š‡ Š‹Ž‹’’‹‡  ‘ —‰—•–
  • 342. –• ’”‹…‹’ƒŽ ƒ…–‹˜‹–‹‡• ‘…‡‘’‡”ƒ–‹‘ƒŽ …‘•‹•– ‘ˆ –Š‡ ƒ—ˆƒ…–—”‡ ƒ† ‡š’‘”– ‘ˆ ‹…‡Ž …‘„ƒŽ– ‹š‡† •—Žˆ‹†‡   ‹•…—””‡–Ž› —†‡”–ƒ‹‰ …‘•–”—…–‹‘ ƒ† Šƒ• ‘– ›‡– •–ƒ”–‡† …‘‡”…‹ƒŽ ‘’‡”ƒ–‹‘• ƒ• ƒ–—‡ • ƒ– —‡ ‡– ƒ••‡–• ‘ˆ   ƒ‘—–‡† –‘  „‹ŽŽ‹‘ ƒ† ‡– Ž‘•• ‘ˆ ‹ŽŽ‹‘ Š‡ ƒ”‡– ‘’ƒ› • •Šƒ”‡ ‹ …——Žƒ–‹˜‡ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ƒ† ‡“—‹–›‹ ‡– Ž‘••‡• ˆ‘” –Š‡ ’‡”‹‘† ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž›‘‰ –‡” –‘… ‹Ž‡
  • 343. ˜‡–‘”›Š‡ Ž‘‰ –‡” •–‘… ’‹Ž‡ ‹˜‡–‘”› ’‡”–ƒ‹• –‘ Ž‘™ ‰”ƒ†‡ ‘”‡ ‡š–”ƒ…–‡† ˆ”‘  • ‹‡•‹–‡Š‹• ƒ‘—– ™ƒ• ‘– ”‡…‘‰‹œ‡† ‹  • „‘‘• „—– ™ƒ• ”‡…‘‰‹œ‡† „› –Š‡ ƒ”‡– ‘’ƒ›™Š‡ ‹– ƒ…“—‹”‡† –Š‡ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‹  Š‡ Ž‘™ ‰”ƒ†‡ ‘”‡ ‹˜‡–‘”› ™ƒ• ‹‹–‹ƒŽŽ›”‡…‘‰‹œ‡† ƒ† ˜ƒŽ—‡† ƒ– ˆƒ‹” ˜ƒŽ—‡ —„•‡“—‡–Ž› –Š‹• ˆƒ‹” ˜ƒŽ—‡ ”‡’”‡•‡–‡† –Š‡ …‘•– ‘ˆ –Š‡Ž‘‰ –‡” •–‘… ’‹Ž‡ ‹˜‡–‘”› ’‘”–‹‘ ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡’”‡•‡–‹‰ –Š‡ ‡•–‹ƒ–‡† ˆ—–—”‡…ƒ•Š ˆŽ‘™• ˆ”‘ –Š‡ Ž‘™ ‰”ƒ†‡ ‘”‡ ‹˜‡–‘”› –Šƒ– ™‹ŽŽ „‡ †‡Ž‹˜‡”‡† –‘  ‹ –Š‡ ‡š–ƒ……‘—–‹‰ ’‡”‹‘† ™ƒ• •Š‘™ ƒ• ’ƒ”– ‘ˆ
  • 344. ˜‡–‘”‹‡• ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž›Š‡ …ƒ””›‹‰ ˜ƒŽ—‡ ‘ˆ Ž‘‰ –‡” •–‘… ’‹Ž‡ ‡– ‘ˆ …—””‡– ’‘”–‹‘ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž›”ƒ†‡ ƒ† –Š‡” ƒ›ƒ„Ž‡•”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ‹…Ž—†‡ ƒ‘—–• ’ƒ›ƒ„Ž‡ –‘ ”‡‰—Žƒ” •—’’Ž‹‡”• ƒ……”—‡† ‡š’‡•‡•‡š…‹•‡ ™‹–ŠŠ‘Ž†‹‰ ƒ† ‘–Š‡” –ƒš‡• ’ƒ›ƒ„Ž‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ”ƒ†‡ ƒ……”—‡† ‡š’‡•‡•ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ƒ”‡ ‘‹–‡”‡•– „‡ƒ”‹‰ ƒ† ƒ”‡ ‰‡‡”ƒŽŽ› •‡––Ž‡† ‹ Ž‡•• –Šƒ –Š‹”–›†ƒ›• –‡” š…‹•‡ –ƒš ’ƒ›ƒ„Ž‡ ‹• •‡––Ž‡† ™‹–Š‹ ˆ‹ˆ–‡‡ †ƒ›• ƒˆ–‡” –Š‡ ‡† ‘ˆ –Š‡ “—ƒ”–‡”™Š‡ –Š‡ „‡‡ˆ‹…‹ƒ–‡† ‹…‡Ž ‘”‡ ƒ† Ž‹‡•–‘‡ ‘”‡ ™‡”‡ •Š‹’’‡† ‹–ŠŠ‘Ž†‹‰ –ƒš‡• ƒ”‡’ƒ›ƒ„Ž‡ –‡ †ƒ›• ƒˆ–‡” –Š‡ ‡† ‘ˆ ‡ƒ…Š ‘–Š —–’—– –ƒš ‹• †‡”‹˜‡† ˆ”‘ ‘–Š‡””‡˜‡—‡• ™Š‹…Š …ƒ „‡ ‘ˆˆ•‡– ƒ‰ƒ‹•– ‹’—– –ƒš 15 | P a g e
  • 345. NICKEL ASIA CORPORATION —‡‘‰ –‡” ‡„– —‡ ‡…‡„‡” ƒ—†‹–‡† —†‹–‡†     ‡•• …—””‡– ’‘”–‹‘     ‘ƒ …–‘„‡”  ‡–‡”‡† ‹–‘ ƒ ‹„—• ‰”‡‡‡– ™‹–Š   ™Š‡”‡‹ –Š‡ Žƒ––‡”‰”ƒ–‡† –Š‡ ˆ‘”‡” ƒ –‘–ƒŽ Ž‘ƒ ˆƒ…‹Ž‹–› ƒ‘—–‹‰ –‘ ‹ŽŽ‹‘ ƒ– ƒ ’”‡˜ƒ‹Ž‹‰ †ƒ› ”‹–‹•Š ƒ‡” ••‘…‹ƒ–‹‘ ‘†‘
  • 346. –‡” ƒ ˆˆ‡”‡† ƒ–‡ 
  • 347.  ’Ž—• –™‘ ’‡”…‡–•’”‡ƒ† –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ –Š‡ ‹‡” ƒ…‹Ž‹–‹‡• Š‡ Ž‘ƒ •ŠƒŽŽ „‡ †”ƒ™ †‘™ ‹‘‡ ‘” —Ž–‹’Ž‡ –‹‡• „› —Ž› ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ Šƒ• †”ƒ™ †‘™ ‹ŽŽ‹‘ ™‹–Š ’‡•‘ ‡“—‹˜ƒŽ‡– ‘ˆ  ‹ŽŽ‹‘–ƒ”–‹‰ –Š‡ ‹–‡”‡•– ‘ –Š‡ Ž‘ƒ• ‹• ’ƒ›ƒ„Ž‡ •‡‹ ƒ—ƒŽŽ› ‘ …–‘„‡” ƒ† ’”‹ŽŠ‡ –‘–ƒŽ ’”‹…‹’ƒŽ ‹• ’ƒ›ƒ„Ž‡ ‹ •‡‹ ƒ—ƒŽ ‹•–ƒŽŽ‡–• ‘ˆ •–ƒ”–‹‰ ‘…–‘„‡” —’ –‘ ’”‹Ž
  • 348. –‡”‡•– ‡š’‡•‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ƒ† ‹Ž ™Š‹Ž‡ ‹–‡”‡•– …ƒ’‹–ƒŽ‹œ‡† ƒ• ’ƒ”– ‘ˆ –Š‡ …‘•– ‘ˆ …‘•–”—…–‹‘ ‹ ’”‘‰”‡••ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡””‡•’‡…–‹˜‡Ž› •‡‡ ‘–‡• ƒ† ‘ƒ •‡––Ž‡†  ‹ŽŽ‹‘  ‹ŽŽ‹‘ ‘ˆ Ž‘‰ –‡” †‡„– ™Š‹…Š „‡…ƒ‡ †—‡ ‹ ‡„”—ƒ”›
  • 349. –‡”‡•– ‡š’‡•‡ ƒ‘—–‡† –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†—‡ ƒ† ”‡•’‡…–‹˜‡Ž› •‡‡ ‘–‡ 16 | P a g e
  • 350. NICKEL ASIA CORPORATION —‡”‘˜‹•‹‘ ˆ‘” ‹‡ ‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† ‡…‘‹••‹‘‹‰”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ ’‡”–ƒ‹• –‘ –Š‡ ‡•–‹ƒ–‡††‡…‘‹••‹‘‹‰ …‘•–• –‘ „‡ ‹…—””‡† ‹ –Š‡ ˆ—–—”‡ ‘ –Š‡ ‹‡† ‘—– ƒ”‡ƒ• ‘ˆ –Š‡ ”‘—’Š‡ ”‘—’ ƒ‡• ƒ ˆ—ŽŽ ’”‘˜‹•‹‘ ˆ‘” –Š‡ ˆ—–—”‡ …‘•– ‘ˆ ”‡Šƒ„‹Ž‹–ƒ–‹‰ ‹‡ •‹–‡ ƒ† ”‡Žƒ–‡†’”‘†—…–‹‘ ˆƒ…‹Ž‹–‹‡• ‘ ƒ †‹•…‘—–‡† „ƒ•‹• ‘ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ ‹‡• ‘” ‹•–ƒŽŽƒ–‹‘ ‘ˆ–Š‘•‡ ˆƒ…‹Ž‹–‹‡• Š‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ’”‘˜‹•‹‘ ”‡’”‡•‡–• –Š‡ ’”‡•‡– ˜ƒŽ—‡ ‘ˆ ”‡Šƒ„‹Ž‹–ƒ–‹‘…‘•–• Š‡•‡ ’”‘˜‹•‹‘• Šƒ˜‡ „‡‡ …”‡ƒ–‡† „ƒ•‡† ‘ –Š‡ ”‘—’ • ‹–‡”ƒŽ ‡•–‹ƒ–‡• ••—’–‹‘• „ƒ•‡† ‘ –Š‡ …—””‡– ‡…‘‘‹… ‡˜‹”‘‡– Šƒ˜‡ „‡‡ ƒ†‡ ™Š‹…Šƒƒ‰‡‡– „‡Ž‹‡˜‡• ƒ”‡ ƒ ”‡ƒ•‘ƒ„Ž‡ „ƒ•‹• —’‘ ™Š‹…Š –‘ ‡•–‹ƒ–‡ –Š‡ ˆ—–—”‡ Ž‹ƒ„‹Ž‹–›Š‡•‡ ‡•–‹ƒ–‡• ƒ”‡ ”‡˜‹‡™‡† ”‡‰—Žƒ”Ž› –‘ –ƒ‡ ‹–‘ ƒ……‘—– ƒ› ƒ–‡”‹ƒŽ …Šƒ‰‡• –‘ –Š‡ƒ••—’–‹‘• ‘™‡˜‡” ƒ…–—ƒŽ ”‡Šƒ„‹Ž‹–ƒ–‹‘ …‘•–• ™‹ŽŽ —Ž–‹ƒ–‡Ž› †‡’‡† —’‘ ˆ—–—”‡ƒ”‡– ’”‹…‡• ˆ‘” –Š‡ ‡…‡••ƒ”› †‡…‘‹••‹‘‹‰ ™‘”• ”‡“—‹”‡† ™Š‹…Š ™‹ŽŽ ”‡ˆŽ‡…– ƒ”‡–…‘†‹–‹‘• ƒ– –Š‡ ”‡Ž‡˜ƒ– –‹‡ —”–Š‡”‘”‡ –Š‡ –‹‹‰ ‘ˆ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ‹• Ž‹‡Ž› –‘ †‡’‡†‘ ™Š‡ –Š‡ ‹‡ …‡ƒ•‡• –‘ ’”‘†—…‡ ƒ– ‡…‘‘‹…ƒŽŽ› ˜‹ƒ„Ž‡ ”ƒ–‡• Š‹• ‹ –—” ™‹ŽŽ †‡’‡†—’‘ ˆ—–—”‡ ‘”‡ ’”‹…‡• ™Š‹…Š ƒ”‡ ‹Š‡”‡–Ž› —…‡”–ƒ‹ ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† —‡ ƒ† ƒ……”‡–‹‘ ‡š’‡•‡ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› •‡‡ ‘–‡ “—‹–› ƒ’‹–ƒŽ –‘…Š‡ …ƒ’‹–ƒŽ •–”—…–—”‡ ‘ˆ –Š‡ ƒ”‡– ‘’ƒ› ƒ• ƒ– —‡ ƒ† ‡…‡„‡”ˆ‘ŽŽ‘™• ‘‘ –‘…  ’ƒ” ˜ƒŽ—‡ —–Š‘”‹œ‡† •Šƒ”‡• —„•…”‹„‡† ƒ† ‹••—‡† •Šƒ”‡•  ”‡ˆ‡””‡† –‘…  ’ƒ” ˜ƒŽ—‡ —–Š‘”‹œ‡† •Šƒ”‡• —„•…”‹„‡† ƒ† ‹••—‡† •Šƒ”‡• ‹ ‘–ƒŽ  ƒ”…Š –Š‡ ƒ”‡– ‘’ƒ› •  †‡…Žƒ”‡† …ƒ•Š †‹˜‹†‡†• ƒ‘—–‹‰ –‘ ‹ŽŽ‹‘ ‘”  ’‡” •Šƒ”‡ –‘ •–‘…Š‘Ž†‡”• ‘ˆ ”‡…‘”† ƒ• ƒ– ’”‹Ž ƒ‹††‹˜‹†‡†• ™‡”‡ ’ƒ‹† ‘ ƒ› • ƒ– —‡ ƒ –‘–ƒŽ ‘ˆ ‘” ‘ˆ –Š‡ ‘—–•–ƒ†‹‰ …‘‘ •Šƒ”‡• ‘ˆ–Š‡ …‘’ƒ› ƒ”‡ ”‡‰‹•–‡”‡† ‹ –Š‡ ƒ‡ ‘ˆ –™‡–› •Šƒ”‡Š‘Ž†‡”• ™Š‹Ž‡ –Š‡ „ƒŽƒ…‡ ‘ˆ …‘‘ •Šƒ”‡• ‘” ƒ”‡ Ž‘†‰‡† ™‹–Š –Š‡ Š‹Ž‹’’‹‡ ‡–”ƒŽ ‡’‘•‹–‘”›
  • 351. …  17 | P a g e
  • 352. NICKEL ASIA CORPORATION —‡ š‡…—–‹˜‡ –‘… ’–‹‘ Žƒ  —‡ –Š‡  ƒ† •–‘…Š‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ‘’ƒ› ƒ’’”‘˜‡† –Š‡  –Š‡Žƒ  ‡…‡„‡” –Š‡ Žƒ ™ƒ• ƒ’’”‘˜‡† „› –Š‡ Š‡ „ƒ•‹… –‡”• ƒ† …‘†‹–‹‘• ‘ˆ –Š‡  ƒ”‡ Š‡  …‘˜‡”• —’ –‘ ‹ŽŽ‹‘ •Šƒ”‡• ƒŽŽ‘…ƒ–‡† –‘ ƒ”‡– ‘’ƒ› • ‘ˆˆ‹…‡”• ƒ† –Š‡ ‘ˆˆ‹…‡”• ‘ˆ –Š‡ •—„•‹†‹ƒ”‹‡• Š‡ ‡Ž‹‰‹„Ž‡ ’ƒ”–‹…‹’ƒ–• ƒ”‡ –Š‡ †‹”‡…–‘”• ƒ† ‘ˆˆ‹…‡”• ‘ˆ –Š‡ ƒ”‡– ‘’ƒ› ƒ† ‹–• •—„•‹†‹ƒ”‹‡• •’‡…‹ˆ‹…ƒŽŽ› –Š‘•‡ ™‹–Š ƒ ’‘•‹–‹‘ ‘ˆ ••‹•–ƒ– ‹…‡ ”‡•‹†‡– ƒ† Š‹‰Š‡” ‹…Ž—†‹‰ –Š‡ ‡•‹†‡– ‹‡ ƒƒ‰‡”• ‘ˆ –Š‡ •—„•‹†‹ƒ”‹‡• Š‡ ‡š‡”…‹•‡ ’”‹…‡ ‹•  Š‡ ‰”ƒ– †ƒ–‡ ‘ˆ –Š‡ Žƒ ‹• ƒ—ƒ”› ƒ• †‡–‡”‹‡† „› –Š‡ –‘… ’–‹‘ ‘‹––‡‡ Š‡ –‡” ‘ˆ –Š‡ Žƒ •ŠƒŽŽ „‡ •‹š ›‡ƒ”• ƒ† –Š‡ •Šƒ”‡• ™‹ŽŽ ˜‡•– –‘ –Š‡ ’ƒ”–‹…‹’ƒ– ƒ– –Š‡ ”ƒ–‡ ‘ˆ –™‡–› ˆ‹˜‡ ’‡”…‡– ’‡” ›‡ƒ” ƒˆ–‡” –Š‡ ˆ‹”•– ›‡ƒ” ‘ˆ –Š‡ Žƒ ‘” ‡…‡„‡” Š‡ ’ƒ”–‹…‹’ƒ– …ƒ ‡š‡”…‹•‡ –Š‡ ˜‡•–‡† ‘’–‹‘• „› ‰‹˜‹‰ ‘–‹…‡ ™‹–Š‹ –Š‡ –‡” ‘ˆ –Š‡ Žƒ ƒ† …ƒ ‘’– –‘ ‡‹–Š‡” ’—”…Šƒ•‡ –Š‡ •Šƒ”‡• ƒ– –Š‡ ‡š‡”…‹•‡ ’”‹…‡ ‘” ”‡“—‡•– –Š‡ ƒ”‡– ‘’ƒ› –‘ ƒ†˜ƒ…‡ –Š‡ ’—”…Šƒ•‡ ’”‹…‡ ƒ† –‘ •‡ŽŽ –Š‡ •Šƒ”‡• ‹ ™Š‹…Š …ƒ•‡ –Š‡ ’ƒ”–‹…‹’ƒ– ™‹ŽŽ ”‡…‡‹˜‡ –Š‡ •ƒŽ‡• ’”‘…‡‡†• Ž‡•• –Š‡ ‡š‡”…‹•‡ ’”‹…‡Š‡ •–‘… ‘’–‹‘ ƒ‰”‡‡‡– ™ƒ• ƒ†‡ ƒ† ‡š‡…—–‡† ‘ ƒ—ƒ”› „‡–™‡‡ –Š‡ƒ”‡– ‘’ƒ› ƒ† –Š‡ ‘’–‹‘ ‰”ƒ–‡‡•Š‡ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ –Š‡ •–‘… ‘’–‹‘• ™ƒ• ‡•–‹ƒ–‡† ƒ• ƒ– ‰”ƒ– †ƒ–‡ ƒ—ƒ”› —•‹‰ –Š‡ Žƒ… …Š‘Ž‡• ‡”–‘ ‘†‡Ž –ƒ‹‰ ‹–‘ ƒ……‘—– –Š‡ –‡”• ƒ† …‘†‹–‹‘• —’‘ ™Š‹…Š –Š‡‘’–‹‘• ™‡”‡ ‰”ƒ–‡†Š‡ ˆ‘ŽŽ‘™‹‰ ƒ••—’–‹‘• ™‡”‡ —•‡† –‘ †‡–‡”‹‡ –Š‡ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ –Š‡ •–‘… ‘’–‹‘• ƒ–‡ˆˆ‡…–‹˜‡ ‰”ƒ– †ƒ–‡ ”ƒ– ƒ–‡ ƒ—ƒ”› ’‘– ’”‹…‡ ’‡” •Šƒ”‡  š‡”…‹•‡ ’”‹…‡  š’‡…–‡† ˜‘Žƒ–‹Ž‹–› ’–‹‘ Ž‹ˆ‡ ›‡ƒ”• ‹˜‹†‡† ›‹‡Ž† ‹• ˆ”‡‡ ”ƒ–‡Š‡ ‡š’‡…–‡† ˜‘Žƒ–‹Ž‹–› ”‡ˆŽ‡…–• –Š‡ ƒ••—’–‹‘ –Šƒ– –Š‡ Š‹•–‘”‹…ƒŽ ˜‘Žƒ–‹Ž‹–› ‘˜‡” ƒ ’‡”‹‘†•‹‹Žƒ” –‘ –Š‡ Ž‹ˆ‡ ‘ˆ –Š‡ ‘’–‹‘• ‹• ‹†‹…ƒ–‹˜‡ ‘ˆ ˆ—–—”‡ –”‡†• ™Š‹…Š ƒ› ƒŽ•‘ ‘– ‡…‡••ƒ”‹Ž›„‡ –Š‡ ƒ…–—ƒŽ ‘—–…‘‡ ‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡–• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ •‡‡ ‘–‡ 18 | P a g e
  • 353. NICKEL ASIA CORPORATION —‡ ƒ•‹… ƒ”‹‰• ‡” Šƒ”‡ ƒ•‹… ‡ƒ”‹‰• ’‡” …‘‘ •Šƒ”‡ ™‡”‡ …‘’—–‡† ƒ• ˆ‘ŽŽ‘™• —‡ —‡ ƒ—†‹–‡†a. ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–  b. ‡‹‰Š–‡† ƒ˜‡”ƒ‰‡ —„‡” ‘ˆ …‘‘ •Šƒ”‡• ‹••—‡† ƒ† ‘—–•–ƒ†‹‰ ‹ –Š‘—•ƒ†• ƒ”‹‰• ’‡” …‘‘ •Šƒ”‡ ƒ „  Š‡ ‘’–‹‘ –‘ ’—”…Šƒ•‡ –Š‡ ƒ”‡– ‘’ƒ› • ‹ŽŽ‹‘ …‘‘ •Šƒ”‡• ™ƒ• ‡š…Ž—†‡†ˆ”‘ –Š‡ …‘’—–ƒ–‹‘ ‘ˆ †‹Ž—–‡† ‡ƒ”‹‰• ’‡” •Šƒ”‡ „‡…ƒ—•‡ –Š‡ ‡ˆˆ‡…– ™ƒ• ƒ–‹†‹Ž—–‹˜‡Š‡”‡ Šƒ˜‡ „‡‡ ‘ ‘–Š‡” –”ƒ•ƒ…–‹‘• ‹˜‘Ž˜‹‰ ‘”†‹ƒ”› •Šƒ”‡• ‘” ’‘–‡–‹ƒŽ ‘”†‹ƒ”›•Šƒ”‡• „‡–™‡‡ –Š‡ ˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰ ’‡”‹‘† ƒ† –Š‡ †ƒ–‡ ‘ˆ …‘’Ž‡–‹‘ ‘ˆ –Š‡•‡ ‹–‡”‹…‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‘•– ‘ˆ ƒŽ‡• ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ—†‹–‡†”‘†—…–‹‘ ‘˜‡”Š‡ƒ†  ‡”•‘‡Ž …‘•–• •‡‡ ‘–‡ ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ •‡‡ ‘–‡—–•‹†‡ •‡”˜‹…‡•‘‰ –‡” •–‘…’‹Ž‡ ‹˜‡–‘”› •‘Ž† •‡‡ ‘–‡• ‡– …Šƒ‰‡• ‹ „‡‡ˆ‹…‹ƒ–‡† ‹…‡Ž ‘”‡ ƒ† Ž‹‡•–‘‡ ‘”‡  —–•‹†‡ •‡”˜‹…‡• ’‡”–ƒ‹ –‘ •‡”˜‹…‡• ‘ˆˆ‡”‡† „› –Š‡ …‘–”ƒ…–‘”• ”‡Žƒ–‡† –‘ –Š‡ ‹‹‰ƒ…–‹˜‹–‹‡• ‘ˆ –Š‡ ”‘—’ Š‡•‡ •‡”˜‹…‡• ‹…Ž—†‡ „—– ‘– Ž‹‹–‡† –‘ Šƒ—Ž‹‰ •–‡˜‡†‘”‹‰Œƒ‹–‘”‹ƒŽ ƒ‹–‡ƒ…‡ •‡…—”‹–› ƒ† „Žƒ•–‹‰ ‡“—‹’‡– ”‡–ƒŽ 19 | P a g e
  • 354. NICKEL ASIA CORPORATION —‡ ‘•– ‘ˆ ‡”˜‹…‡• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†‡”•‘‡Ž …‘•–• •‡‡ ‘–‡   “—‹’‡– ‘’‡”ƒ–‹‰ …‘•–• ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ •‡‡ ‘–‡—–•‹†‡ •‡”˜‹…‡•˜‡”Š‡ƒ†  Š‹’’‹‰ ƒ† ‘ƒ†‹‰ ‘•–• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡† ‘–”ƒ…– ˆ‡‡•   —‡Ž ‘‹Ž ƒ† Ž—„”‹…ƒ–• ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ •‡‡ ‘–‡ƒ–‡”‹ƒŽ• ƒ† •—’’Ž‹‡•‡”•‘‡Ž …‘•–• •‡‡ ‘–‡–Š‡” •‡”˜‹…‡• ƒ† ˆ‡‡•   š…‹•‡ ƒš‡• ƒ† ‘›ƒŽ–‹‡• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†‘›ƒŽ–‹‡•   š…‹•‡ –ƒš‡•   20 | P a g e
  • 355. NICKEL ASIA CORPORATION —‡‡‡”ƒŽ ƒ† †‹‹•–”ƒ–‹˜‡ š’‡•‡• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†‡”•‘‡Ž …‘•–• •‡‡ ‘–‡   ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ •‡‡ ‘–‡ƒš‡• ƒ† Ž‹…‡•‡•”‘ˆ‡••‹‘ƒŽ ˆ‡‡•”ƒ•’‘”–ƒ–‹‘ ƒ† –”ƒ˜‡Ž –‡”–ƒ‹‡– ƒ—•‡‡– ƒ† ”‡…”‡ƒ–‹‘‡’ƒ‹”• ƒ† ƒ‹–‡ƒ…‡ ‘—‹–› ”‡Žƒ–‹‘• ‘—‹…ƒ–‹‘• Ž‹‰Š– ƒ† ™ƒ–‡”—–•‹†‡ •‡”˜‹…‡•—ƒ”ƒ–‡‡ ˆ‡‡–Š‡”•  ‡”•‘‡Ž ‘•–• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†ƒŽƒ”‹‡• ™ƒ‰‡• ƒ† ‡’Ž‘›‡‡ „‡‡ˆ‹–•   ‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ’Žƒ ‘–‡  Š‡ ƒ‘—–• ‘ˆ ’‡”•‘‡Ž …‘•–• ƒ”‡ †‹•–”‹„—–‡† ƒ• ˆ‘ŽŽ‘™• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡† ‘•– ‘ˆ •ƒŽ‡• •‡‡ ‘–‡  ‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ •‡‡ ‘–‡Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• •‡‡ ‘–‡ ‘•– ‘ˆ •‡”˜‹…‡• •‡‡ ‘–‡–Š‡”•   21 | P a g e
  • 356. NICKEL ASIA CORPORATION —‡ ‡’”‡…‹ƒ–‹‘ ƒ† ‡’Ž‡–‹‘ ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†”‘’‡”–› ƒ† ‡“—‹’‡– •‡‡ ‘–‡  
  • 357. ˜‡•–‡– ’”‘’‡”–›  Š‡ ƒ‘—–• ‘ˆ †‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ ‡š’‡•‡ ƒ”‡ †‹•–”‹„—–‡† ƒ• ˆ‘ŽŽ‘™• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡† ‘•– ‘ˆ •ƒŽ‡• •‡‡ ‘–‡   ‘•– ‘ˆ •‡”˜‹…‡• •‡‡ ‘–‡Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• •‡‡ ‘–‡‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ •‡‡ ‘–‡–Š‡”•   ‹ƒ…‡
  • 358. …‘‡ ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†
  • 359. –‡”‡•– ‹…‘‡  ƒ‹ ‘ ”ƒ•ˆ‡” ˆ”‘ ‡“—‹–› –‘ ’”‘ˆ‹– ‘” Ž‘•• ‘ˆ  ˆ‹ƒ…‹ƒŽ ƒ••‡–• •‡‡ ‘–‡ Šƒ‰‡• ‹ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ–    ‹ƒ…‡ š’‡•‡• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡†
  • 360. –‡”‡•– ‡š’‡•‡ •‡‡ ‘–‡   ……”‡–‹‘ ‹–‡”‡•– ‘ ’”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ •‡‡ ‘–‡”‘˜‹•‹‘ ˆ‘” ‹’ƒ‹”‡– Ž‘••‡• ‘ –”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ‡– •‡‡ ‘–‡‘•• ‘ ‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ‡– ”ƒ•ˆ‡” ˆ”‘ ‡“—‹–› –‘ ’”‘ˆ‹– ‘” Ž‘•• ‘ˆ  ˆ‹ƒ…‹ƒŽ ƒ••‡–• •‡‡ ‘–‡   22 | P a g e
  • 361. NICKEL ASIA CORPORATION —‡–Š‡”
  • 362. …‘‡ Šƒ”‰‡• ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ—†‹–‡† ‹˜‹†‡† ‹…‘‡ ‘–‡  ƒ‹ ‘ ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘–‡ ‡…‘˜‡”› ‘ˆ ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”› Ž‘••‡• •‡‡ ‘–‡ ‡•’ƒ–…Š †‡—””ƒ‰‡•ƒ‰‡ ˆ‡‡ ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ Ž‘••‡• ‡– “—‹–› ‹ ‡– Ž‘••‡• ‘ˆ ƒ ƒ••‘…‹ƒ–‡
  • 363. ••—ƒ…‡ ‘ˆ ˆ—‡Ž ‘‹Ž ƒ† Ž—„”‹…ƒ–•–Š‡” •‡”˜‹…‡•–Š‡”•  ‡Žƒ–‡† ƒ”–› ”ƒ•ƒ…–‹‘•‡– ‘—– „‡Ž‘™ ƒ”‡ –Š‡ ”‘—’ • –”ƒ•ƒ…–‹‘• ™‹–Š ”‡Žƒ–‡† ’ƒ”–‹‡• ‹…Ž—†‹‰ –Š‡ …‘””‡•’‘†‹‰ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• ƒ”‹•‹‰ ˆ”‘ –Š‡ •ƒ‹† –”ƒ•ƒ…–‹‘• ƒŽƒ…‡• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ—†‹–‡† ƒŽ‡ ‘ˆ ‡Žƒ–‹‘•Š‹’ ™‹–Š ‡”˜‹…‡•‡Žƒ–‡† ƒ”–› ‡Žƒ–‡† ƒ”–‹‡• ƒŽ‡ ‘ˆ ”‡ ƒ† –Š‡”•ƒ…‹ˆ‹… ‡–ƒŽ• ‘ –†    –‘…Š‘Ž†‡”    —‹–‘‘ ‡–ƒŽ ‹‹‰ ‘
  • 364. … –‘…Š‘Ž†‡” ‘”ƒŽ ƒ› ‹…‡Ž ‘”’‘”ƒ–‹‘ ˆˆ‹Ž‹ƒ–‡‘–ƒŽ•  ‘–ƒŽ•   23 | P a g e
  • 365. NICKEL ASIA CORPORATION —‡ ƒŽƒ…‡• ƒ• ƒ– —‡ ƒ—†‹–‡† ƒ† ‡…‡„‡” —†‹–‡† ‡Žƒ–‹‘•Š‹’ ‘—–• ™‹–Š ‡Žƒ–‡† ”ƒ†‡ ƒ† ™‡† „› ƒ”–‹‡• –Š‡” ‡Žƒ–‡† ‡ˆ‡””‡†‡Žƒ–‡† ƒ”–› ‡…‡‹˜ƒ„Ž‡• ƒ”–‹‡• ‡–  ˆˆ‹Ž‹ƒ–‡        –‘…Š‘Ž†‡”  ••‘…‹ƒ–‡‘–ƒŽ•   ‘–ƒŽ•   ‡”• ƒ† ‘†‹–‹‘• ‘ˆ ”ƒ•ƒ…–‹‘• ™‹–Š ‡Žƒ–‡† ƒ”–‹‡• ŽŽ •ƒŽ‡• ƒ† ’—”…Šƒ•‡• ˆ”‘ ”‡Žƒ–‡† ’ƒ”–‹‡• ƒ”‡ ƒ†‡ ƒ– ’”‡˜ƒ‹Ž‹‰ ƒ”‡– ’”‹…‡•—–•–ƒ†‹‰ „ƒŽƒ…‡• ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ’‡”–ƒ‹ –‘ –Š‡ ‡š–‡•‹‘ƒ† ”‡…‡‹’– ‘ˆ ƒ†˜ƒ…‡• –‘ ƒ† ˆ”‘ ”‡Žƒ–‡† ’ƒ”–‹‡• ƒ† –Š‡•‡ ƒ”‡ —•‡…—”‡† •Š‘”– –‡”‹–‡”‡•– ˆ”‡‡ ƒ† •‡––Ž‡‡– ‘……—”• ‹ …ƒ•Šƒ”–‹…‹’ƒ–‹‘ ƒ† Šƒ”‡Š‘Ž†‡”• ‰”‡‡‡–Š‡ ƒ”‡– ‘’ƒ› ‡–‡”‡† ‹–‘ ƒ ƒ”–‹…‹’ƒ–‹‘ ƒ† Šƒ”‡Š‘Ž†‡”• ‰”‡‡‡– ™‹–Š …‘–ƒ‹‹‰ –‡”• ‘ˆ  • ‡š’‡…–‡† ‡“—‹–› ’ƒ”–‹…‹’ƒ–‹‘ ‹ –Š‡ ƒ”‡– ‘’ƒ› • •—„•‹†‹ƒ”› 
  • 366. †‡” –Š‡ –‡”• ‘ˆ –Š‡ ‰”‡‡‡–  ™‹ŽŽ ‹˜‡•– ‹ŽŽ‹‘ ‹ 
  • 367. ˆ‘” ƒ‡“—‹–› ™‹–Š ƒ ‘’–‹‘ –‘ ‹˜‡•– ‹ŽŽ‹‘ ˆ‘” ƒ ƒ††‹–‹‘ƒŽ ‡“—‹–› Š‡ ˆ—†• ™‹ŽŽ „‡—•‡† ˆ‘” –Š‡ ‡š’Ž‘”ƒ–‹‘ ƒ…–‹˜‹–‹‡• ‘ˆ 
  • 368. • ‹‹‰ ’”‘’‡”–‹‡• • ƒ– —‡ 
  • 369. Šƒ• ƒ ’‡†‹‰ ƒ’’Ž‹…ƒ–‹‘ ˆ‘” –Š‡ ‹…”‡ƒ•‡ ‹ ‹–• ƒ—–Š‘”‹œ‡† …ƒ’‹–ƒŽ•–‘… ™‹–Š –Š‡  ‘’‡•ƒ–‹‘ ‘ˆ ‡› ƒƒ‰‡‡– ‡”•‘‡ŽŠ‡ ”‘—’ …‘•‹†‡”• ƒ• ‡› ƒƒ‰‡‡– ’‡”•‘‡Ž ƒŽŽ ‡’Ž‘›‡‡• Š‘Ž†‹‰ ƒƒ‰‡”‹ƒŽ’‘•‹–‹‘• —’ –‘ –Š‡ ’”‡•‹†‡– Š‡ •Š‘”– –‡” „‡‡ˆ‹–• ‘ˆ ‡› ƒƒ‰‡‡– ’‡”•‘‡Ž ‘ˆ –Š‡”‘—’ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ‘—–‡† –‘ ƒ„‘—– ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ 24 | P a g e
  • 370. NICKEL ASIA CORPORATION —‡
  • 371. …‘‡ ƒš‡•Š‡ ’”‘˜‹•‹‘ ˆ‘” …—””‡– ‹…‘‡ –ƒš •Š‘™ ‹ –Š‡ ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† •–ƒ–‡‡–• ‘ˆ‹…‘‡ ‹…Ž—†‡• ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ—†‹–‡† —””‡–   ‡ˆ‡””‡†   —•‹‡•• ‘„‹ƒ–‹‘ …“—‹•‹–‹‘ ‘ˆ ƒ ‘•–ƒ Š‹’’‹‰ ƒ† ‹‰Š–‡”ƒ‰‡ ‘”’‘”ƒ–‹‘   ’”‹Ž –Š‡ ”‘—’ ƒ…“—‹”‡† ‘ˆ –Š‡ ˜‘–‹‰ •Šƒ”‡• ‘ˆ   ƒ ‘’ƒ›”‡‰‹•–‡”‡† ‹ –Š‡ Š‹Ž‹’’‹‡• ’”‹ƒ”‹Ž› ‡‰ƒ‰‡† ‹ –Š‡ …Šƒ”–‡”‹‰ ‘—– ‘ˆ ƒ†‹‰ ”ƒˆ–”ƒ•’‘”– ƒ† ’”‘˜‹†‹‰ …‘’Ž‡–‡ ƒ”‹‡ •‡”˜‹…‡• Š‡ ”‘—’ Šƒ• ƒ…“—‹”‡†   –‘’”‘˜‹†‡ …Šƒ”–‡” •‡”˜‹…‡• ˆ‘” –Š‡ ”‘—’ • ‹…‡Ž ‘’‡”ƒ–‹‘• ƒ‹” ƒŽ—‡• ƒ””›‹‰ ƒŽ—‡• ••‡–• ƒ•Š ‘ Šƒ† ƒ† ™‹–Š „ƒ•   ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ‡–
  • 372. ˜‡–‘”‹‡• –Š‡” …—””‡– ƒ••‡–• ”‘’‡”–› ƒ† ‡“—‹’‡– ‡– ‡ˆ‡””‡† –ƒš ƒ••‡–• ‘–ƒŽ ••‡–• ‹ƒ„‹Ž‹–‹‡• ”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ‡ˆ‡””‡† ‹…‘‡ –ƒš Ž‹ƒ„‹Ž‹–› ‘–ƒŽ ‹ƒ„‹Ž‹–‹‡• ‡– ••‡–•  ƒ…“—‹”‡† Šƒ”‡ ‘ ˆƒ‹” ˜ƒŽ—‡ ‘ˆ   ‡– ƒ••‡–• …“—‹•‹–‹‘ …‘•– ƒ‹ ‘ „ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘–‡  ƒ•Š ˆŽ‘™ ‘ ƒ…“—‹•‹–‹‘ ‡– …ƒ•Š ƒ…“—‹”‡† ™‹–Š –Š‡ •—„•‹†‹ƒ”›  ƒ•Š ’ƒ‹† ‡– …ƒ•Š ‘—–ˆŽ‘™  25 | P a g e
  • 373. NICKEL ASIA CORPORATION —‡ ”‘ ƒ…“—‹•‹–‹‘ †ƒ–‡ –‘ –Š‡ ”‡’‘”–‹‰ ’‡”‹‘†   Šƒ• …‘–”‹„—–‡† ”‡˜‡—‡• ƒ† ‡–‹…‘‡ ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ ƒ†  ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› –‘ –Š‡ …‘•‘Ž‹†ƒ–‡†•–ƒ–‡‡– ‘ˆ …‘’”‡Š‡•‹˜‡ ‹…‘‡
  • 374. ˆ –Š‡ …‘„‹ƒ–‹‘ Šƒ† –ƒ‡ ’Žƒ…‡ ƒ– –Š‡ „‡‰‹‹‰ ‘ˆ –‘–ƒŽ ”‡˜‡—‡ ™‘—Ž† Šƒ˜‡ „‡‡  ‹ŽŽ‹‘ ƒ† ‡– ‹…‘‡ ˆ‘” –Š‡ ”‘—’ ™‘—Ž†Šƒ˜‡ „‡‡  ‹ŽŽ‹‘Š‡ ‡– ƒ••‡–• ”‡…‘‰‹œ‡† ‹ ™‡”‡ „ƒ•‡† ‘ ƒ ’”‘˜‹•‹‘ƒŽ ƒ••‡••‡– ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ƒ•–Š‡ ”‘—’ Šƒ† •‘—‰Š– ƒ ‹†‡’‡†‡– ˜ƒŽ—ƒ–‹‘ ˆ‘” –Š‡ ’”‘’‡”–› ƒ† ‡“—‹’‡– ‘™‡†  Š‡ …‘’Ž‡–‡ ”‡•—Ž–• ‘ˆ –Š‹• ˜ƒŽ—ƒ–‹‘ ™‡”‡ ”‡…‡‹˜‡† ‹ ‹† ”‡•—Ž–‹‰ –‘ ƒ ‰ƒ‹‘ „ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘ˆ  ‹ŽŽ‹‘ ‘ˆ ™Š‹…Š  ‹ŽŽ‹‘ ™ƒ• ”‡…‘‰‹œ‡† ‹ ƒ‹” ƒŽ—‡ ‹‡”ƒ”…Š› ‘ˆ ‹ƒ…‹ƒŽ
  • 375. •–”—‡–• ŽŽ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–• …ƒ””‹‡† ƒ– ˆƒ‹” ˜ƒŽ—‡ ƒ”‡ …ƒ–‡‰‘”‹œ‡† ‹ –Š”‡‡ …ƒ–‡‰‘”‹‡• †‡ˆ‹‡† ƒ•ˆ‘ŽŽ‘™•‡˜‡Ž —‘–‡† ƒ”‡– ’”‹…‡•‡˜‡Ž ƒŽ—ƒ–‹‘ –‡…Š‹“—‡• ƒ”‡– ‘„•‡”˜ƒ„Ž‡‡˜‡Ž ƒŽ—ƒ–‹‘ –‡…Š‹“—‡• ‘ ƒ”‡– ‘„•‡”˜ƒ„Ž‡ • ƒ– —‡ ƒ† ‡…‡„‡” –Š‡ ”‘—’ • “—‘–‡† ƒ† —“—‘–‡†  ˆ‹ƒ…‹ƒŽƒ••‡–• ƒ”‡ …Žƒ••‹ˆ‹‡† —†‡” ‡˜‡Ž ƒ† ‡˜‡Ž ”‡•’‡…–‹˜‡Ž› • ƒ– —‡ ƒ† ‡…‡„‡” –Š‡”‡ ™‡”‡ ‘ –”ƒ•ˆ‡”• „‡–™‡‡ ‡˜‡Ž ƒ†‡˜‡Ž ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡–• ƒ† ‘ –”ƒ•ˆ‡”• ‹–‘ ƒ† ‘—– ‘ˆ ‡˜‡Ž ˆƒ‹” ˜ƒŽ—‡‡ƒ•—”‡‡–• —•‹‡•• ‡‰‡–
  • 376. ˆ‘”ƒ–‹‘Š‡ ”‘—’ • ‘’‡”ƒ–‹‰ „—•‹‡••‡• ƒ”‡ ‘”‰ƒ‹œ‡† ƒ† ƒƒ‰‡† •‡’ƒ”ƒ–‡Ž› ƒ……‘”†‹‰ –‘ –Š‡ƒ–—”‡ ‘ˆ –Š‡ ’”‘†—…–• ƒ† •‡”˜‹…‡• ’”‘˜‹†‡† ™‹–Š ‡ƒ…Š •‡‰‡– ”‡’”‡•‡–‹‰ ƒ •–”ƒ–‡‰‹…„—•‹‡•• —‹– –Šƒ– ‘ˆˆ‡”• †‹ˆˆ‡”‡– ’”‘†—…–• ƒ† •‡”˜‡• †‹ˆˆ‡”‡– ƒ”‡–•Š‡ ‹‹‰ •‡‰‡– ‹• ‡‰ƒ‰‡† ‹ –Š‡ ‹‹‰ ƒ† ‡š’Ž‘”ƒ–‹‘ ‘ˆ ‹…‡Ž •ƒ’”‘Ž‹–‡ Ž‹‘‹–‡‘”‡ ƒ† Ž‹‡•–‘‡ ‘”‡Š‡ •‡”˜‹…‡• •‡‰‡– ‹• ‡‰ƒ‰‡† ‹ –Š‡ …Šƒ”–‡”‹‰ ‘—– ‘ˆ ƒ†‹‰ ”ƒˆ– ”ƒ•’‘”–ƒ–‹‘…‘•–”—…–‹‘ ƒ† ”‡†‡”‹‰ ‘ˆ •‡”˜‹…‡• –‘  26 | P a g e
  • 377. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡Š‡”‡ ƒ”‡ ‘ ‹–‡” •‡‰‡– ”‡˜‡—‡• ƒ† ‡š’‡•‡• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ‹ƒ…‹ƒŽ ‹ˆ‘”ƒ–‹‘ ‘ –Š‡ ‘’‡”ƒ–‹‘ ‘ˆ –Š‡ ˜ƒ”‹‘—• „—•‹‡•• •‡‰‡–• ƒ”‡ ƒ• ˆ‘ŽŽ‘™• —‡ ƒ—†‹–‡† ‹‹‰ ‡”˜‹…‡•        –Š‡”• ‘–ƒŽ‡˜‡—‡•        ‘•– ‘ˆ •ƒŽ‡• ‘•– ‘ˆ •‡”˜‹…‡•Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡•‡‰‡– ‘’‡”ƒ–‹‰ ‡ƒ”‹‰•       ‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡       ”‘˜‹•‹‘ ˆ‘” „‡‡ˆ‹– ˆ”‘ ‹…‘‡ –ƒš       ‡– ‹…‘‡ Ž‘•• ƒ––”‹„—–ƒ„Ž‡ –‘ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–       ‡‰‡– ƒ••‡–•        ‡ˆ‡””‡† ‹…‘‡ –ƒš ƒ••‡–• ‡–‘–ƒŽ ƒ••‡–•       ‡‰‡– Ž‹ƒ„‹Ž‹–‹‡•        ‡ˆ‡””‡† ‹…‘‡ –ƒš Ž‹ƒ„‹Ž‹–‹‡• ‡–‘–ƒŽ Ž‹ƒ„‹Ž‹–‹‡•        ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ 27 | P a g e
  • 378. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡ ‡…‡„‡” ‹‹‰ ‡”˜‹…‡•        –Š‡”• ‘–ƒŽ‡˜‡—‡•        ‘•– ‘ˆ •ƒŽ‡• ‘•– ‘ˆ •‡”˜‹…‡•Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡•‡‰‡– ‘’‡”ƒ–‹‰ ‡ƒ”‹‰•       ‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡       ”‘˜‹•‹‘ ˆ‘” „‡‡ˆ‹– ˆ”‘ ‹…‘‡ –ƒš      ‡– ‹…‘‡ Ž‘•• ƒ––”‹„—–ƒ„Ž‡ –‘ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–      ‡‰‡– ƒ••‡–•        ‡ˆ‡””‡† ‹…‘‡ –ƒš ƒ••‡–• ‡–‘–ƒŽ ƒ••‡–•       ‡‰‡– Ž‹ƒ„‹Ž‹–‹‡•        ‡ˆ‡””‡† ‹…‘‡ –ƒš Ž‹ƒ„‹Ž‹–‹‡• ‡–‘–ƒŽ Ž‹ƒ„‹Ž‹–‹‡•        ƒ’‹–ƒŽ ‡š’‡†‹–—”‡•        ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘        28 | P a g e
  • 379. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡ —‡ ƒ—†‹–‡† ‹‹‰ ‡”˜‹…‡•        –Š‡”• ‘–ƒŽ‡˜‡—‡•        ‘•– ‘ˆ •ƒŽ‡• ‘•– ‘ˆ •‡”˜‹…‡•ƒ”‡–‹‰ š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡•‡‰‡– ‘’‡”ƒ–‹‰ ‡ƒ”‹‰•       ‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡      ”‘˜‹•‹‘ ˆ‘” „‡‡ˆ‹– ˆ”‘ ‹…‘‡ –ƒš      ‡– ‹…‘‡ Ž‘•• ƒ––”‹„—–ƒ„Ž‡ –‘ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡–       ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘        29 | P a g e
  • 380. NICKEL ASIA CORPORATION  —ƒ”–‡”Ž› ‡’‘”– —‡Š‡ ”‘—’ Šƒ• ”‡˜‡—‡• ˆ”‘ ‡š–‡”ƒŽ …—•–‘‡”• ƒ• ˆ‘ŽŽ‘™• ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ‘—–”› ‘ˆ ‘‹…‹Ž‡ ƒ—†‹–‡† Š‹ƒ  ƒ’ƒ ‘…ƒŽ  Š‡ ”‡˜‡—‡ ‹ˆ‘”ƒ–‹‘ ƒ„‘˜‡ ‹• „ƒ•‡† ‘ –Š‡ Ž‘…ƒ–‹‘ ‘ˆ –Š‡ …—•–‘‡”‡˜‡—‡ ˆ”‘ –™‘ …—•–‘‡”• ƒ‘—–‡† –‘  „‹ŽŽ‹‘ ƒ†  „‹ŽŽ‹‘ ˆ‘” –Š‡ •‹š ‘–Š’‡”‹‘† ‡†‡† —‡ ƒ† ”‡•’‡…–‹˜‡Ž› ƒ”‹•‹‰ ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡•Š‡ ”‘—’ Šƒ• ‘ …—””‡– ƒ••‡–• …‘•‹•–‹‰ ‘ˆ ’”‘’‡”–› ƒ† ‡“—‹’‡– ƒ† ‹˜‡•–‡–’”‘’‡”–› Ž‘…ƒ–‡† ‹ –Š‡ ƒ”‡– ‘’ƒ› • …‘—–”› ‘ˆ †‘‹…‹Ž‡ ƒ‘—–‹‰ –‘  ‹ŽŽ‹‘ƒ†  ‹ŽŽ‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ”‡•’‡…–‹˜‡Ž› 30 | P a g e