1 | Axiom - Quarterly Activities Report for the period ended 30 September 2015

Quarterly

Activities Report

For the period ended 30 September 2015

Message from the CEO

This quarter we delivered outstanding results from the first phase of a resource definition drilling program for Axiom's flagship Isabel Nickel Project in Solomon Islands.

At the end of the quarter, we were pleased to announce a maiden JORC Mineral Resource estimate on a small part of the Kolosori tenement. This

is a milestone towards our strategic goal of having the first three to five years of production targets planned.

We completed Phase 1 of our drill program during the quarter, and the significant progress made in other areas of the project ensures we are on track for our first shipment by December 2015. The completion of the first phase within three months is a testament to our 'can do' team culture.

We are proud to report that we haven't lost one day of work on site due to safety, landowner or community issues, and we thank

the government and our landowner partners for their role in this.

We continue to await the judgment from the Solomon Islands Court of Appeal. We are confident of the verdict and our Prospecting Licence.

During the quarter we were pleased to report that approximately $5 million had been raised through a private placement of shares to fund the ongoing development of the Isabel Nickel Project.

On the corporate front, offtake/ sales negotiations are continuing for the Isabel Nickel Project. We also announced the appointment of a new board member and three new executives to strengthen commercial and technical capabilities as we continue 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.

Our focus in the coming quarter is the second phase of the resource definition drilling program,

preparing for our first shipment of ore and continuing our investment in local communities to ensure they

benefit from our presence in Solomon Islands.

Ryan Mount Axiom CEO

2 | Axiom - Quarterly Activities Report for the period ended 30 September 2015

3 | Axiom - Quarterly Activities Report for the period ended 30 September 2015

Highlights from

the September quarter

Project highlights

Isabel Nickel Project, Solomon Islands

Announcement of Maiden JORC Mineral Resource

• Maiden JORC Mineral Resource estimate from Prospecting Licence 74/11 area (Kolosori tenement) revealed a total Measured, Indicated and Inferred Mineral Resource of 4.8 million tonnes (Mt) @ 1.3% nickel and 0.08% cobalt, including saprolite total Mineral resource of 2.0 Mt @ 1.7 Ni, including 0.9 Mt

  @ 1.8% Ni of Measured Mineral Resource.

  
  

  Completion of Phase 1 of Resource Definition Drilling Program

• Commenced and completed Phase 1 of Axiom's resource definition drilling program (Kolosori tenement)

• Resource definition drilling defined mineralisation up to 20m thick

• On target to scope the first three to five years of production prior to the first shipment of ore in December 2015.

  
  

  Drilling program highlights

• Significant drilling results from Phase 1 resource definition drilling at Havihua Ridge include:

  • 15.8m @ 2.10% Ni from surface including 11.8m @ 2.49% Ni from 4.0m

    - 12.6m @ 2.01% Ni from 1.0m including 10.0m @ 2.32% Ni from 3.0m

  • 12.0m @ 1.85% Ni from 2.0m including 9.2m @ 2.17% Ni from 7.0m

    - 13.0m @ 1.76% NI from 3.0m including 8.0m @ 2.22% Ni from 5.0m.

    
    

    
    

    Axiom - Quarterly Activities Report for the period ended 30 September 2015 | 3

    
    

    Additional results with both high grade limonite and saprolite

    intersections include:

• 13.5m @ 1.75% Ni from 1.0m including 7.0m @ 1.54% Ni from 3.0m (limonite) and 4.5m @ 2.46% Ni from 10.0m (saprolite)

• 17.0m @ 1.54% Ni from surface including 3.0m @ 1.65% Ni from 4.0m (limonite) and 7.0m @ 2.16% Ni from 7.0m (saprolite)

• 11.7m @ 1.52% Ni from surface including 3.0m @ 1.63% Ni from 3.0m (limonite) and 4.0m @ 2.25% Ni from 6.0m (saprolite)

• 12.0m @ 1.77% Ni from 1.0m including 2.0m @ 1.46% Ni from 3.0m (limonite) and 7.0m @ 2.24% Ni from 5.0m (saprolite).

  
  

  Drilling results from Phase 1 resource definition drilling at Kolosori Ridge include the following highlights:

• 15.5m @ 1.66% Ni from surface including 10.0m @ 2.00% Ni from 3.0m

  • 17.0m @ 1.69% Ni from 1.0m including 12.0m @ 1.96% Ni from 5.0m

• 19.0m @ 1.62% Ni from surface including 14.0m @ 1.89% Ni from 1.0m

• 14.0m @ 1.53% Ni from surface including 6.0m @ 2.30% Ni from 5.0m

• 15.0m @ 1.66% Ni from surface including 10.0m @ 1.87% Ni from 2.0m

• 17.0m @ 1.52% Ni from surface including 7.0m @ 2.17% Ni from 8.0m

4 | Axiom - Quarterly Activities Report for the period ended 30 September 2015