The Thunderbox Operations (TBO) includes Waterloo Project (comprised of the Waterloo and Amorac nickel deposits).

The Waterloo deposit lies on the eastern limb of a tightly folded ultramafic unit in an anticlinal structure within southern extensions to the Perseverance – Mt Keith nickel belt. The nickel sulphide mineralisation at Waterloo is associated with the basal contact of a serpentinised ultramafic unit in a sequence dominated by low-Mg komatiitic ultramafic rocks, pyroxenites, mafic volcanic or intrusive rocks and metasedimentary rocks. The deposit has been outlined over a strike length of almost 900 m. The dip dimension ranges from 50 to 70 m.

There are four main styles of mineralisation at Waterloo: massive, matrix, disseminated and remobilised sulphides. The disseminated mineralisation lies stratigraphically above the matrix zone, while the majority of the high-grade mineralisation appears to be localised in the vicinity of the gold structure, which lunges shallowly south.

The massive (or breccia) sulphides are typified by nickel grades of 10% or more that occur as localised, thin zones on the basal contact of the host ultramafic or, less commonly, as thicker, presumably remobilised, zones internal to the ultramafic.

The bulk of the contained metal in the deposit occurs in a continuous zone of matrix sulphides that generally grades in the range of about 3 to 10% Ni. This zone usually occurs immediately above the basal contact, separated only by the contact massive sulphides, if present.

Disseminated sulphide mineralisation occurs stratigraphically above the matrix sulphide zone. A higher-grade zone (generally above about 0.7% Ni) of variable thickness occurs immediately above the matrix sulphides. This is in turn overlain by a zone of weaker disseminated sulphide mineralisation (generally above about 0.4% Ni). The disseminated sulphide zone extends further up dip than the matrix sulphide zone.

A thin, flat-lying zone of highly variable, partly remobilised mineralisation (massive breccia, stringer and/or disseminated) occurs along the top of the underlying shear zone, sometimes in association with a thin layer of the host ultramafic that appears to have been dragged east along the shear zone. Minor intercepts of remobilised massive to stringer sulphides occur locally in footwall metasediments, close to the ultramafic.

Amorac is located approximately 600 m southeast of Waterloo, between 100 and 400 m below surface. Amorac comprises low-tenor remobilised nickel sulphides that are largely detached/remobilised from their parent ultramafic.

In late 2002, another zone of nickel sulphide mineralisation was discovered at the Amorac prospect to the immediate southeast of Waterloo. Infill drilling suggested the nickel sulphide mineralisation at Amorac was separate and distinct from the Waterloo deposit.

Diamond drilling intercepts typically show mineralisation pinching and swelling, with intersections of up to 6.32 m at 3.54% Ni from 202.70 m in LWDD0619. Exploration drilling tested for further remobilised mineralisation or the presence of a more intact primary position. A subsidiary shoot of remobilised massive to stringer sulphides was identified to the west. Minor matrix and remobilised sulphide were identified to the east. Based on differences in sulphide tenor, the Amorac mineralisation is considered to be derived from a separate source to Waterloo. A more intact primary position potentially remains to be located.

While preliminary mining evaluations have been conducted at Amorac, no mining has taken place to date.