Mabiza Resources Limited (“Mabiza”) operates the Munali Nickel Mine (“Munali”), which is located in the Mazabuka District, 75kms south of Lusaka, Zambia. Mabiza is a wholly owned entity of Consolidated Nickel Mines Ltd ("CNM"). The Mine is a modern, world-class facility with fully mechanized underground operations.

Strengthened by a new management team with proven operational experience in Africa, the mine has been fully de-risked including all permits, environment and safety, and supply of water and electricity.

Munali is now in its third year of continuous operations and exporting high grade +12.5% Ni concentrate. Offtake agreements are in place and production ramp-up hit targets, producing 2,760t Ni metal in 2020, 3,672t Ni metal in 2021 and 3,946t Ni metal in 2022 (unreconciled). Munali’s production target is to produce 4,139t Ni in 2023 at average grades of +12% Ni concentrate.