The Board of Directors of Niche Capital Emas Holdings Berhad announced that the Company had on 12 July 2023 entered into a memorandum of understanding with PT Advance Nickel Energy to establish a basis of cooperation and collaboration between the parties for the purpose of undertaking a proposed nickel venture in Indonesia. The MOU is non-binding and the parties are entering into the MOU to hold discussions on the Proposed Collaboration and the basis for further negotiations between the parties. The MOU is subject to the parties entering into definitive agreement.

NICE seeks to invest in and enter the mining industry in by establishing a relationship of cooperation on various potential arrangements, including but not limited to: a) the acquisition of shares or subscription of shares in PT ANE; b) the establishment of a joint-venture or business collaboration to engage in a mining services business or mining transport and sale business; c) cooperation for contractor works; d) entering into off-take arrangements with identified companies holding valid mining licenses; or e) any other arrangement permissible under the Indonesian laws, as will be determined further by the Parties. The term of the MOU is 3 (three) months from the date of its signing by the Parties and can be extended by written agreement between the Parties. NICE: 1) Rights: to conduct comprehensive legal, commercial, and/or business due diligence and feasibility studies pertaining to the scope of this MOU for the purpose of assessing the potential benefits and considerations involved in pursuing the Planned Cooperation; and not to make any payment or reimbursement to PT ANE until a more definitive cooperation agreement is mutually agreed upon.

2) Obligations: to cooperate, collaborate and otherwise work together in good faith to realise the Planned Cooperation; to facilitate the Planned Cooperation by holding discussions, communicating, exchanging information, data, and documents between the Parties; to uphold the confidentiality provision; and to bear any costs incurred as a result of implementing this MOU. PT ANE 1) Obligations to cooperate, collaborate and otherwise work together in good faith to realize the Planned Cooperation; to facilitate the Planned Cooperation by holding discussions, communicating, exchanging information, data, and documents between the Parties; to provide all relevant documents upon request, including but not limited to PT ANE to facilitate the due diligence process initiated by NICE; to notify NICE of any material business plans that may significantly impact the ongoing due diligence exercise and the Planned Cooperation; to ensure the cooperation of identified third party holding valid mining business license in providing the required documents and information to NICE and or its appointed advisers; to uphold the confidentiality provision; and to bear any costs incurred as a result of implementing this MOU. Termination is either by (i) mutual agreement; (ii) signing of definitive agreement; or (iii) Indonesian law or government policies prohibits the Planned Cooperation.

Governing Law and Language: Indonesian Law MOU is executed in both English and Indonesian language. English versions will be the governing language. Dispute Resolution: Any dispute shall be resolved through deliberation to reach a consensus.

During any dispute, the Parties shall remain obliged to implement the MOU stated in the MOU.