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CEO’s report

This year’s focus was

progressing with the

development of one of the

Pacific’s largest known

nickel laterite deposits–

our flagship Isabel Nickel

Project in Solomon Islands.

From a standing start in late 2014 to

December 2015, we completed the first

two phases of drilling, and

achieved and

subsequently upgraded

a JORC Mineral

Resource estimate. These achievements

in such a short timeframe are a testament

to our 'can do' culture.

We announced our maiden JORC Mineral

Resource estimate in September 2015, and

upgraded it within three months. The total

Mineral Resource tonnage for high grade

saprolite almost doubled that of the maiden

Resource estimate, from 2.0 Mt @ 1.7 Ni

to 3.9 Mt @ 1.7% Ni, while the total Mineral

Resource tonnage for limonite increased

to 8.4 Mt @ 1.0% Ni and 0.11% Co.

We also made good progress on site

infrastructure development, recruitment and

training of a local workforce, baseline studies

and project approvals, and preparations

to commence exploration on the project’s

second tenement at south San Jorge

Island. We provided a large number of local

jobs, and continued our investment in local

community initiatives. We are also proud to

report that during the year we did not lose

a single day of work on site due to safety

or community issues, and we congratulate

our employees, the government and our

landowner partners for their role in this.

Driven by our values

Build Share Protect

, we

continued to maintain strong relationships

with key stakeholders including our

landowner partners in Solomon Islands,

whom I continue to admire for their tenacity

over these past four years while subject to

litigation. I also have been impressed with

their leadership and sense of community in

ensuring efficient development of the project.

Global economic conditions of 2015 created

challenging times for nickel producers and

mine developers, and Axiom has had the

added complication of continuing to wait for

the Court of Appeal decision on the Isabel

Nickel Project. But despite these factors,

Axiom continued to attract strong support

in our quest to build Solomon Islands’ first

nickel mine and become a significant miner

in the Pacific region. We are confident that

even under current conditions we will build

a profitable mine.

We welcomed the Solomon Islands

Government’s grant of the prospecting

licence for the Isabel Nickel Project’s

second tenement at south San Jorge in

early 2015. We also entered into a strategic

partnership with InCoR that will provide up to

$15 million and gives us access to innovative

beneficiation technology, and an offtake

agreement and finance facility with global

trading house Gunvor that provides up to

AU$5 million of ore pre-payment funding.

In 2016, Axiom’s focus will be on delivering

a mine, and this year is shaping up to be a

transformational one for our company.

On a final note, on behalf of myself and

all Axiom staff, I would like to thank and

congratulate Stephen Williams for his

support, guidance and leadership over the

past five years, which ensures we have a

strong platform for progress.

We are on track to deliver a safe, sustainable

and profitable mine. We remain optimistic

about the Court of Appeal decision. We

will also continue to invest in the local

communities and relationships in Solomon

Islands that we are privileged to be part of.

Ryan Mount

Chief Executive Officer