AMC Presentation - Amur Minerals Corporation
Transcript of AMC Presentation - Amur Minerals Corporation
Kun-ManieThe Nickel Copper Sulphide Deposit A
MU
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The information contained in this confidential document (“Presentation”) has been prepared by Amur Minerals Corporation (the “Company”). It has not been fully verified and is subjectto material updating, revision and further amendment. This Presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, orsolicitation of any offer to purchase or subscribe for, any shares in the Company nor should it form the basis of, or be relied on in connection with any contract or commitment whatsoever.This Presentation has not been approved by any of the Company’s professional advisers, nor by any authorised person pursuant to Section 21 of the Financial Services and Markets Act2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in mattersrelating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) orare high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should notrely or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive thePresentation. This Presentation is not to be disclosed to any other person or used for any other purpose.While the information contained herein has been prepared in good faith none of the Company nor any of its shareholders, directors, officers, agents, employees or professional advisersgive, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in thisPresentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred toas “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take anyresponsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of theInformation or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right isreserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred inconnection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient withaccess to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.Certain forward looking statements may be contained in the presentation which include, without limitation, expectations regarding metal prices, estimates of production, operatingexpenditure, capital expenditure and projections regarding the completion of capital projects and pre feasibility studies as well as the financial position of the company. Although Amurbelieves that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be accurate. Accordingly, resultscould differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business andoperational risks.Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, South Africa or the United States of America, theirterritories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individualoutside Australia, Canada, Japan, the Republic of Ireland or South Africa who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy orsubscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicableexemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes shouldinform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.
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Disclaimer
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Kun-Manie
Kun-Manie – A Globally Significant Nickel Sulphide Deposit
Key Project Features
Russian Far East Initiatives
Next Steps
Development Timetable
Project Location
Development Plan and TimetableMine
Road
Transport (Rail and Portage)
Project Economics / Opportunities
ESIA Timetable, Costs and Risks
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Key Project Features
Key Project Features – Right Commodity, In the Right Place, At the Right Time
Four large drill defined near surface nickel copper sulphide orebodies. Largest discovery of the decade
Premium sulphide nickel copper project sourcing Class 1 nickel
Electric Vehicle potential premium nickel sulphate pricing
Cobalt, platinum and palladium by-products
Rail and port access to China,Korea and Japan
Competitive capital and operating costs with robust economics
Start up to coincide with projected large scale EV nickel sulphide generated deficits
Russian Federation Far East Initiative Support Programme
Community supported4
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Russian Far East Initiatives
Russian Far East Initiatives(Government Support Programs at Federal and Local Levels)
Programme of National Interest
Government Investment Incentives
Public Private Partnerships Design & Engineering
Construction
Co-investment
Infrastructure Development
Investment Instruments*
Low Interest Infrastructure Loans
Net Profits Tax Reduction
Metal Royalties Tax Reduction
*Also available to Russian companies
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China
Chi
naSouthKorea
Japan
Vladivostok
Kun-Manie Project Amur Minerals
Feed Major Markets
Strategically Placed to Feed Major Markets
Strategically located adjacent major nickel markets
Direct access to China via existing rail and road infrastructure
Proximity to Vladivostok port for shipment of product to China, Japan and Korea
Opportunity to deliver intoEurope via rail to St. Petersburg
Road Transport
1,986 km to Vladivostok
Sea Frieght
Rail Carriage
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Kun-Manie
Albyn
Pioneer & PokrovskiyPetropavlovsk
GarinskoyeRC Exploration
Project
hina
Petropavlo sk
Am r Minera s
Ma omirPetropavlovsk Chulbatkan
Malmyzh
Khabarovsk
Location
Located In An Established Mining Area
Amur region –Well developed mining industry
Project will benefit from established road and rail infrastructure with direct routes to China via the Baikal Amur and Tran Siberian rail lines
Road Refurbishments
Road Requires Construction
Railway
Transaction -31 July 2019
Project USD (M) Commodities
KinrossGold Purchase
Chulbatkan $283 Gold
Resource Tonnes (Mt) Grade (g/t)
Ounces (koz)
Indicated 87 1.4 3,910
Inferred 3 1 80
Transaction -2 October 2018
Project USD (M) Commodities
IGC Sale Malmyzh $200 Copper Gold
Resource* Tonnes (Bt) Cu (%) Cu Tonnes (Mt)
Au (Moz)
C1 & C2* 1.39 0.4 5.6 9.4
* RUSSIAN CATEGORY
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Strategic Development
Strategic DevelopmentThe PFS attractively position the Company to continue its strategic plan and identify partnerships that will add to, and complement, the Company’s existing experience and influence in order to bring Kun-Manie into development.
Rail Station Concentrate shipping Resupply facility
One lane access roadThe initial road design was begun in February 2018 Capital cost included in the PFS
Mine SiteOpen pit / Underground ProductionAll site facilities for concentrate generation Site generated power
N
Tokinsky Nature Reserve
Mine Site
Rail Station
0 15 30 60Km
Production License Existing Road
Industrial Area Railroad
Ulak R. R. Station Kun-Manie Access Road
Settlement
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Largest Undeveloped Desposit
Asia’s Largest Undeveloped Nickel Copper Sulphide Deposit
Addition of 2018 drill results is projected to:
Increase in the Mineral Resource Estimate and minimised Inferred resource
Expansion of the mine life based on Mining Ore Reserve increases
Allow optimisation of a production schedule moving higher revenue material forward
Metallurgical test work to reduce the magnesium oxide content
The potential to generate a separatecopper concentrate stream providingcopper stream revenues
Resource Classification
Ore(Mt)
Ni(%)
0.71
0.74
0.73
0.79
0.75
1,157 (1000t)
Cu(%)
Co(%)
Pt(g/t)
Pd(g/t)
Eq Ni(%)
Measured 11.2 0.18 0.011 0.23 0.26 0.99
Indicated 107.0 0.20 0.015 0.15 0.15 1.00
M+I 118.2 0.20 0.015 0.16 0.17 1.00
Inferred 37.0 0.22 0.017 0.17 0.18 1.08
TOTAL 155.1 0.21 0.015 0.16 0.17 1.02
TOTAL(Tonnes)
319 (1000t)
23.5 (1000t)
25(t)
18(t)
1,582 (1000t)
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Mine Site
Mine Site Area Layout
Mine Area
VOD
IKEN Transfer
MKF Transfer
Industrial Site
IKEN
KUBUK
MKF
Access Road Allotment
Industrial Site Allotment
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Ore Tonnes
Ni% Cu% Ni Tonnes
Cu Tonnes
MKF 60.9 0.78 0.22 472 131
VOD 4.8 0.83 0.21 40 10
IKEN 51.9 0.75 0.20 386 106
KUBUK 37.6 0.69 0.19 259 72
155.1 0.75 0.21 1157 319
Deposit Breakdown
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Process Flowsheet
Kun-Manie Process Flowsheet
Gyratory Crusher
Grizzly - Underflow to SAG Stock Pile
Trucks From Mine
Stacker Conveyor
SAG Mill Stock Pile
SAG Feeder
Conditioning Hydro-Cyclone Group
Hydro-Cyclone Group
Slurry Pump
Slurry Pump
Disk Filter
Concentration Storage
Concentration Thickener
Concentration Dryer
Gas Collection
SecondaryBall Mill
Primary Rougher Flotation
Secondary Rougher Flotation Cells
Cleaner Scavenger ConcentrateCleaner Flotation Cleaner Cells
Tails Thickener
First Flotation Cleaner Cells Second Flotation Cleaner CellsCleaner ScavengerFlotation Cells
Rougher Scavenger Flotation Cells
Apron Feeder
SAG Mill
Primary Ball Mill
Tailings Pump
Tailings Storage
Screen
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Project Sustainability
Project Sustainability and Permitting
ApproachManagement of environmental and social issues by proactively anticipating areas of concern, identification ofrisk and any project flaws allowingfor mitigation in advance of projectimplementation
Integration of a strong culture on sustainability and safety in the management team and build an integrated local, national and international expertise
PermittingComplete a Bankable FeasibilityStudy using internationally recognised standards plus a Closure Plan
Prepare an EIA (EnvironmentalImpact Assessment), SIA (Social impact Assessment) and IBA (Impact Benefit Agreement) between the government, municipality and company
Obtain necessary permits and licences required by the Russian Federation
Project to be develop and operated in compliance with Russian Federation legal requirements and abide by Equator Principles and IFC Performance Standards on environmental and social sustainability
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Robust Project Economics
Robust Project Economics with Exciting Upside Potential
3 YrsConstruction
15 Yrs Production(Minimum)
6 Million Ore TonnesPer Annum
10% Discount Rate
$8.00 / lb Concensus Ni Price (2025)
2018 Drill Results to be added
Concentrate Production
NPV 10% US$ 614.5 Million
IRR 29.3%
Pay Back Production Year 3
Post Tax Free Cash Flow US$ 2,041 Million
Initial Capital Expenditure US$ 570.4 Million
Sustaining Capital Expenditure
US$ 494.3 Million
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Initial Capital Costs
Initial Capital Costs
Total Initial Capital Expenditures - 570.4
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Capital Cost Expenditures $US (million)
Off Mine Site Capital Expenditures
Studies 5.0
BAM Rail Station 22.0
Access Road - 338 km* 135.6
Total Off Site 162.6
Mine Site Mobile Equipment Capital Expenditures
Mining Equipment 57.5
Concentrate Transport (Mine to BAM) 7.6
Total Mobile Equipment 65.1
Capital Cost Expenditures $US (million)
Working Capital Expenditures
Total Working Capital 39.3
Mine Site Fixed Capital Expenditures
Power Generation 117.8
Ancillary Facilities 9.5
Processing Plant 133.3
Tailings Storage Facility 12.7
EPCM (Road, Power, Facilities) 14.8
Site Roads 15.4
Total Mine Site Fixed 303.5
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Life of Mine Production
Life of Mine Production
LOM Production Summary – Losses and Dilution Included
Cutoff Grade – 0.4% Nickel
Mining Method
Waste (Mt)
Ore (Mt)
Total (Mt)
Strip Ratio
Ni (%)
Cu%
Co%
Pt%
Pd%
UG 5.6 32.4 38.0 NA 0.71 0.19 0.012 0.13 0.15
OP 218.1 57.0 275.1 3.82 0.73 0.19 0.013 0.16 0.17
Total 223.7 89.4 313.1 0.72 0.19 0.013 0.16 0.17
Metal 647 kt 171 kt 11.7 kt 13.9 t 15.0 t
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Based on the March 2018 JORC resource estimate (excluding all 2018 drill results)
Updated resource estimate to incorporate 2018 drilling results anticipated to result in OP only production scenario as well as extend mine life
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Project Operating Costs
Project Operating Costs
PFS estimated $8,536 per tonne of payable nickel
Estimated $3.87 per pound of payable nickel
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Cost Centre $US Per Tonne
Open Pit Ore 1.64
Open Pit Waste 1.29
Underground Ore 7.44
Ore Transport Mine to Mill 1.65
Processing 10.15
Tailings Handling 0.16
General and Administrative* 1.98
Concentrate Transport (Mine To BAM) 1.66
Average LOM Cost / Ore Tonne 23.04
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Project Economics
Project Economics - Sensitivity
Concentrate Sale Only – Nickel Only Payable
Sensitivity NPV 10% Sensitivity (%) Nickel Price Breakeven Ni Price
IRR (%) PP (Yr)
Nickel Price
$614.5 Base Case $8.00 / lb $6.16 29.3% 3
$1,308.7 25% $10.00 / lb Not Applicable 47.4% 2
($49.1) -25% $6.00 / lb Not Applicable 8.6% 12
Operating Cost$337.4 25% $8.00 / lb $6.90 21.1% 4
$891.3 -25% $8.00 / lb $5.22 37.0% 3
Capital Cost$470.4 25% $8.00 / lb $6.65 22.7% 3
$758.6 -25% $8.00 / lb $5.68 38.8% 3
Concentrate Sale Break Even Nickel Price is $6.16 per pound
Current nickel price is $6.50 per pound (1 August 2019)
Long term consensus nickel price is $8.00 per pound
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Prospect for Nickel
The Prospect for Nickel – An Electric Vehicle (EV) Demand Driven Market
Environmental benefits are fuelling a dramatic rise in mass EV adoption globally
Lithium, cobalt and graphite prices have spiked on their role in EV, but the role of nickel in EV battery Cathodes has so far not yet responded
Cathode chemistry is becoming evermore nickel rich as manufactures look to enhance energy density and reduce utilisation of cobalt
The majority of proven and developing EV batteries will have significant quantities of nickel, making up to between 20-52% of the battery raw material
Battery makers require high puritynickel to create the sulphates usedin the manufacturing of EV batterycathodes
Nickel sulphide deposits are the best source of battery grade class 1 nickel, representing 40% of global production (c. 800K of world production in 2017)
To meet the projected demand production, sulphide production would have to at least double over the next seven years, an unprecedented feat and counter to current trends – a new Kun-Manie every year!
Nickel demand projected to rise by 18% CAGR through 2030
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Grid Support Batteries
Renewable Eneregy Integration
Peak Shearing and load leveling
Grid upgrade and Expansion Deferral
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Nickel Forecast
Nickel Forecast – The Only Way Is Up
Long Term DeficitCRU expects a tight nickel market in the short / medium term but anticipate a large long term deficit
1.79Mt SupplyCRU estimate 1.79 Mt of additional unidentified supply is needed to match anticipated demand by 2035
17.4% CAGRNickel demand from batteries is the primary demand driver and anticipated to grow from 3% of total demand in 2018 to 33.7% by 2035, representing a CAGR of 17.4%
Exceed US$12/lbWood Mackenzie has the most bullish view of nickel metal prices projecting them to exceed the US$12/lb mark by 2030
Double ValueCRU anticipate a near doubling of todays nickel price by 2027 and Consensus Economics estimate to exceed US$8/lb by 2024
Nickel Price ForecastsNickel Metal Supply Gap 2015-2035
CURRENT SUPPLY WOODMAC
NIC
KEL
PRIC
E ( U
S$/L
B)
PROBABLE SUPPLY CRUDEMAND CONSENSUS ECONOMICS
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13
12
11
10
9
8
7
6
5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2030
2035
2031
2027
2023
2019
2033
2029
2025
2021
2017
2034
2030
2026
2022
2018
2032
2028
2024
2020
2016
2015 20252023 202420222021202020192018 2026 2027 2028 2029
SOURCE: CRU CONSULTING; WOOD MACKENZIE; CONSENSUS ECONOMICS
Large long term deficit prediction
All forecasts predict a rise in the nickel price over the coming decade
1.79Mt
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Based on a battery chemistry of 6:2:2 –nickel, cobalt, lithium. (This chemistry is moving toward 8:1:1 to mitigate thesupply cost and social problems of cobalt)
Cost impact of Ni in a medium sized EV battery
Cost of Ni in EV Battery
Cost of Ni in EV Battery
SOURCE: HTTPS:// WW W.BLOOMBERG.COM/ OPINION/ARTICLES/2019-04-12/ ELECTRIC- VEHICLE- BATTERY- SHRINKS- AND- SO- DOES- THE- TOTAL- COST
EV battery cost for U.S. medium-size car as a percentage of retail priceThe Incredible Shrinking EV Battery Cost
BAT TERY
PERC
ENTA
GE
100
75
50
25
0
2015 2016 2017 2018 20252019 2020 2021 2022
EVERYTHING ELSE
2023 2024
Kg of Ni(total Ni in a medium sized battery)
40kg
Cost at $13.00 per kg of Ni(current price)
$520
Cost at $17.63 per kg of Ni(priced used in PFS)
$705
Cost impact $185Decrease due to Economies of scale of
both battery and EV car production
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Capital Intensity
Capital Intensity (US$/t Ni) Select Sulphide Mines
N O R T H M E T
PLATREEF
F E R G U S O N LAKE
BIRCH LAKE
MAKWA MAYVILLE
EAGLE’ S NEST
DECAR
D U M O N T
WEST M U S G R A VE
KUN- MANIE
N ICK E L SHAW
NTAKA HILL
TAMARACK
CO S M O S
NORTH K A M BA LD A
T RID E N T - E N T E RP RIS E
LAKE J O H NS T ON
$0 $50,000 $100,000 $150,000 $200,000
$ US PER A N N UA L TONNE OF PR O DUC E D N IC K EL
$250,000 $300,000 $500,000
$44,811
$36,203
$29,049
$25,897
$23,450
$17,173
$16,542
$16,493
$16,296
$6,020
$2,368
$1,325
$52,562
$71,478
$136,165
$162,100
$305,094
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C1 Cost Curve
C1 Cost Curve
PAID N IC K EL ( KT)
NIC
KEL
CA
SH C
OST
( U
S$/
LB)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0 324
25%
648
50%
971
75%
1,295
Amur Minerals (US$3.87/lb)
SOURCE: SNL MARKET INTELLIGENCE
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Upside Potential
2019 DevelopmentsUpdated R&R will result in asimplified OP only operationand extending mine life
Metallurgical study to generate a Copper Concentrate circuit
Metallurgical study to reducethe Nickel concentrate MgOcontent by 2%
February 2018 PFS Economic Projections – 15 Years OP & UG
NPV 10 IRR Initial Capital
Sustaining Capital
Cost perPayableNi Tonne
$614.5m 29.3% $570.4m $494.3m $8,536
Upside PotentialThe Project Expected Development
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What Next
What Next
Complete TEO December 2020 including the following:
Geology
Mining
Beneficiation
Ore Processing
Engineering
Environmental
Technical and Economic Assessment
Complete Mine Plan Approval December 2021 including:
Approval of operational design
Review and approval by Federal Executive Authorities
Complete in accordance with legislative regulations and resolutions
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Investment Case
The Investment Case For Kun-Manie
The largest drill proven nickelsulphide deposit immediatelyadjacent China
Robust PFS – post tax NPV(10%) $614.5 million, post tax IRR 29.3%, total post tax free cashflow $2,041 million
TimingIn development and startup to coincide with anticipated Class 1 nickel deficit
Production scheduled to start at the beginning of a sustainable and increasing EV nickel demand requirement
Size LocationIdeally positioned to supply China, Korea and Japan, the largest consumers of nickel
SupportStrong management and Board with experience in project development in Russia
Government support for the project and associated infrastructure
CommodityNickel is currently and into the foreseeable future is the major component of grid and EV batteries
Nickel price set to rise in line with rising EV and grid demand
No substitution for nickel in EV and grid battery technology
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Kun-ManieThe Nickel Copper Sulphide Deposit
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