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It was another significant

year for Axiom as we forged

ahead with development of

and planning for the Isabel

Nickel Project in Solomon

Islands. While the price

for nickel metal, like other

commodities, is subdued at

the present, Axiom is well-

positioned to be a significant

nickel producer in the

Pacific region and profitably

meet current demand, as

well as benefit when the

market turns.

Even as we continue with our strategic

review of other tenements in our portfolio

and await judgement from the Solomon

Islands High Court of Appeal, our focus

remains on the Isabel Nickel Project as it

continues to present the best opportunity

for Axiom and its shareholders.

The first shipment of ore for our offtake

partner Gunvor will be the first of many

milestones in 2016, and I look forward

to Axiom obtaining a Mining Lease,

commencing commercial production,

continuing to upgrade the JORC Mineral

Resource and generating positive

operating cash flow.

Our respectful and culturally attuned

approach to all our operations has set us

apart from industry peers and during the

year we continued to invest in the local

communities and relationships in Solomon

Islands as we work towards establishing

sustainable mining development in

this region.

Our genuine commitment to Solomon

Islands includes providing opportunities for

capacity building in the communities where

we operate, which has helped us lay the

foundations for a long-term presence.

During the year we announced the

appointment of a new Non-Executive

Board member and three new executives

to strengthen our commercial and technical

capabilities as we continue to prepare

to make the transition from explorer

to producer.

We welcomed Jeremy Gray as a Non-

Executive Director, Juan Jeffery as the

Executive General Manager of Mining

Operations, Dr Phillip Tagini as the General

Manager of Sustainable Development, and

Paul Frederiks as Company Secretary.

After five years at the helm, I recently made

the decision to retire from the Board. One

of my proudest moments was when the

High Court upheld our claims to the Isabel

Nickel Project after a four-year legal stoush.

While still not entirely unencumbered by

litigation, Axiom is well into the next phase

in its evolution and it is time for a new

Chairman to take the reins.

I would like to take this opportunity to thank

our shareholders and other key stakeholders,

especially those in Solomon Islands, for your

support during my tenure. I will be eagerly

watching for further achievements of the

company in 2016 and beyond.

Chairman’s review

Stephen Williams