Nickel Industries Limited advised it has completed the acquisition of an additional 13.75% interest in the Excelsior Nickel Project (ENC or the Project), increasing its equity interest in the Project to 27.5%. The additional 13.75% interest was secured through the cash payment of USD 316.3 million to acquire shares in the Singaporean incorporated holding company, Excelsior International Investment Pte. Ltd, the ultimate ownerof ENC.

The increase to a 27.5% equity interest in ENC was made in accordance with the following acquisition payment schedule and follows earlier payments totaling USD 316.3 Million for the initial 13.75% interest in the Project. The USD 6.3 Million payment was made with the assistance of the drawdown of balance of tranche A (USD 10.2 Million) and of tranche B (USD 150 Million) of the USD 400 Million of bank financing facilities with PT Bank Negara Indonesia (Persero) Tbk (BNI) announced by the Company on 11 October 2023. Additionally, the Company has now repaid the remaining principal of the Senior Unsecured Notes April 2024, an amount of USD 244,918,000, plus interest of USD 8,003,920.

Million .