("SAN") Joint Venture

Zebediela Nickel Project

URU Metals owns 100% of The Zebediela Nickel Sulphide Project following the completion of the acquisition of shares of Umnex Minerals Limpopo (Pty) Ltd ("UML") in April 2014.  The project is located in the Limpopo Province of South Africa close to the platinum mining town of Mokopane.

A Preliminary Economic Assessment ("PEA") completed in 2012 reported inferred and indicated resources (Non-JORC) totalling over 1.5 billion tonnes with an estimated Net Present Value of US$317 million and a post-tax IRR of 18.6% (assuming a post-tax discount rate of 10%, nickel price of US$8.50/lb, production of 20,000 tonnes of nickel per year over a 25 year mine life, a total capex cost of US$708 million, and an opex cost of US$3.35/lb Ni).

On commencement of production Zebediela will be the 12th biggest nickel mine in the world and with expansion initiatives at has the potential to become one of the world's top 10.  With the scale and attractive economic fundamentals of Zebediela clearly demonstrated, this project will remain a priority focus for URU Metals.