Nickel Mines : CSPA executed for the Tablasufa Nickel Project

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	Level 2, 66 Hunter Street
	Sydney NSW 2000 Australia
	T: [phone]
22 December 2021	F: [phone]
E: [e-mail]
The Manager Companies
ASX Limited
20 Bridge Street
Sydney NSW 2000	(39 pages by email)

CSPA executed for the Tablasufa Nickel Project

The Directors of Nickel Mines Limited ('Nickel Mines' or 'the Company') are pleased to announce that the Company has signed a Conditional Share Purchase Agreement ('CSPA') to acquire 100% of the Tablasufa Nickel Project ('Tablasufa'), with Bolt Metals Corp. ('Bolt'), a company listed on the Canadian Securities Exchange ('CSE'), which holds a 65% interest in PT Tablasufa Nickel Mining ('TNM') and PT Best Resources, which holds the remaining 35% interest.

About Tablasufa

Tablasufa is a 5,000ha operation Production IUP located in West Papua Province, Indonesia, which has undergone considerable past exploration by various parties, including:

• 1950s - 1960s: the Dutch Geological Expedition carried out systematic exploration and augur drilling.
• 1970s: PT. Pacific Nikkel Indonesia, a consortium consisting of United States Steel Corporation, Koninklijke Nederlandsche Hoogovens NV, Newmont Mining Corporation, Wm H. Muller & Co N.V. (Holland) and Sheritt Gordon Mines Ltd, carried out extensive exploration including drilling and test-pitting.
• 1998: TSX-listed Iriana Resources Corporation held the concession under a 7th Generation Contract of Work ('CoW').
• 2007: TNM was granted an Exploration KP in 2009 which was upgraded to an Operation Production IUP in 2011.
• Since 2017 Bolt has carried out extensive exploration including core and auger drilling, test- pitting, drone surveys and metallurgical test work.

Previous exploration from 1952 to 2021 includes 1,633 augur and 189 core holes and 26 test pits, with highest individual grades of 2.65% nickel and 0.49% cobalt recorded. Exploration undertaken by Bolt from 2017 includes 657 augur and 123 core holes and 11 test pits.

www.nickelmines.com.au

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Tablasufa is located on the north-east coast of West Papua, approximately 200km from the Siduarsi CoW where Nickel Mines is currently undertaking due diligence and drilling activities (see ASX announcement 2 September 2021). Similar to the Siduarsi project, Tablasufa is along geo-tectonic strike from the Ramu nickel-cobalt project in neighbouring Papua New Guinea, which reported cash costs of less than US$2/lb for the September 2021 quarter.

The Tablasufa Nickel Project is located on the north-east coast of West Papua, Indonesia

Commercial terms

Under the terms of the CSPA, Nickel Mines can acquire 100% of Tablasufa for a total consideration of US$8.5 million, with the key conditional terms being (i) the completion of satisfactory due diligence, at Nickel Mines absolute discretion, (ii) extension of the Tablasufa Production IUP and (iii) positive Bolt shareholder approval.

Commenting on the execution of the CSPA to acquire Tablasufa, the Company's Managing Director, Justin Werner said:

"The potential acquisition of Tablasufa represents another opportunity for Nickel Mines to acquire a high- quality nickel laterite project with good potential for a large resource of both limonite and saprolite ore.

"Located on the coast with a number of potential jetty locations already identified through previous bathymetry studies, it provides excellent potential logistics for the low-cost movement of ore and equipment in the future. Through the acquisition of Tablasufa, Nickel Mines will further grow its presence in the emerging nickel province of West Papua. The province has historically undergone significant exploration by many of the majors and remains highly prospective."

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For further information please contact:
Justin Werner	Cameron Peacock
Managing Director	Investor Relations and Business Development
[e-mail]	[e-mail]
[phone]	[phone]
pjn11053
Competent Person Statement

The information in this announcement that relates to Exploration Results in relation to the Tablasufa Project is based on and fairly represents information and supporting documentation compiled by Daniel Madre of PT Danmar Explorindo, who is a Competent Person Mr Madre is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which are being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Madre is an independent consulting geologist and consents to the inclusion of the matters based on his information in the form and context in which it appears. Mr Madre has more than 18 years' experience in exploration and mining of nickel laterites in Indonesia.

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JORC Code, 2012 Edition - Table 1

Section 1 - Sampling Techniques and Data

Summary of PRMI Auger sampling for the South block

				y			x			z			Sample			Lithology			Ni %			Co %			Fe %			Mg0 %			Si02 %			SM‐
	Auger‐ID									thick (m)															Ratio
	ADS002	9720598		436198		156		0.95			SOIL		0.03		0.01		0.00		0.77		38.97		50.61
	ADS003	9720699		436207		152		0.7			SOIL		0.03		0.01		0.00		0.49		21.74		44.37
	ADS003	9720699		436207		151		0.25			SOIL		0.04		0.01		0.00		0.49		29.77		60.76
	ADS004	9720800		436202		141		0.95			SOIL		0.03		0.01		0.00		4.59		43.34		9.44
	ADS005	9720906		436201		138		0.95			SOIL		0.04		0.01		0.00		2.04		41.33		20.26
	ADS007	9720397		436301		131		0.95			SOIL		0.03		0.01		0.00		0.57		24.80		43.51
	ADS008	9720497		436300		144		0.95			SOIL		0.03		0.01		0.00		0.64		36.30		56.72
	ADS009	9720596		436301		162		0.95			SOIL		0.05		0.01		0.00		0.51		22.40		43.92
	ADS010	9720701		436298		164		0.95			SOIL		0.03		0.01		0.00		0.40		16.24		40.60
	ADS011	9720799		436301		166		0.95			SOIL		0.06		0.01		0.00		0.47		19.54		41.57
	ADS012	9720892		436302		173		0.95			SOIL		0.05		0.01		0.00		0.93		38.43		41.32
	ADS013	9720995		436299		152		0.95			SOIL		0.03		0.01		0.00		7.76		45.94		5.92
	ADS016	9720396		436404		144		0.95			SOIL		0.04		0.01		0.00		0.89		38.10		42.81
	ADS017	9720496		436403		154		0.6			SOIL		0.11		0.01		0.00		0.51		20.12		39.45
	ADS017	9720496		436403		153		0.35			SOIL		0.14		0.01		0.00		0.60		23.77		39.62
	ADS018	9720598		436398		160		0.95			SOIL		0.03		0.01		0.00		0.82		38.04		46.39
	ADS019	9720700		436397		171		0.95			SOIL		0.17		0.01		0.00		1.32		20.05		15.19
	ADS020	9720798		436401		177		0.95			SOIL		0.05		0.01		0.00		0.37		18.73		50.62
	ADS021	9720895		436401		197		0.95			SOIL		0.03		0.01		0.00		0.60		32.39		53.98
	ADS022	9720993		436403		179		0.95			SOIL		0.01		0.01		0.00		7.93		48.37		6.10
	ADS023	9721093		436401		157		0.95			SOIL		0.01		0.01		0.00		5.99		46.84		7.82
	ADS026	9720500		436505		151		0.95			SOIL		0.07		0.01		0.00		0.61		40.28		66.03
	ADS027	9720596		436500		162		0.95			SOIL		0.27		0.04		0.00		0.94		34.44		36.64
	ADS028	9720693		436504		155		0.95			SOIL		0.10		0.01		0.00		1.64		39.63		24.16
	ADS029	9720800		436498		172		0.95			SOIL		0.04		0.01		0.00		0.85		40.57		47.73
	ADS030	9720906		436501		192		0.95			SOIL		0.02		0.01		0.00		0.47		30.90		65.74
	ADS031	9721005		436507		203		0.95			SOIL		0.04		0.01		0.00		3.85		44.97		11.68
	ADW005	9723200		432000		99		1.95			SOIL		0.04		0.01		0.00		1.21		38.56		31.87
	ADW006	9723300		432000		133		1.95			SOIL		0.04		0.01		0.00		2.33		42.62		18.29
	ADW007	9723400		432000		147		2			SOIL		0.04		0.01		0.00		0.79		27.30		34.56
	ADW008	9723500		432000		169		2			SOIL		0.04		0.01		0.00		0.79		32.28		40.86
	ADW010	9723301		432098		119		1.7			SOIL		0.05		0.01		0.00		0.82		28.37		34.60
	ADW011	9723400		432100		154		1.95			SOIL		0.04		0.01		0.00		1.08		35.37		32.75
	ADW012	9723500		432100		173		2			SOIL		0.03		0.01		0.00		0.61		30.64		50.23
	ADW013	9723205		432201		120		1.9			SOIL		0.04		0.01		0.00		0.98		34.12		34.82
	ADW014	9723301		432199		136		1.9			SOIL		0.04		0.01		0.00		1.17		34.59		29.56
	ADW015	9723398		432199		146		1.95			SOIL		0.04		0.01		0.00		0.86		34.72		40.37
	ADW016	9723495		432201		170		1.9			SOIL		0.05		0.01		0.00		1.00		31.90		31.90
	ADW019	9723505		432298		129		1.95			SOIL		0.04		0.01		0.00		1.67		34.47		20.64
	ADW112	9720800		433500		128		1.8			SOIL		0.06		0.01		0.00		0.73		47.99		65.74

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	ADW114	9721002	433500	121	1.9		SOIL		0.04	0.01	0.00	0.67	48.38	72.21
only	ADW115	9721099	433500	125	1.9		SOIL		0.04	0.01	0.00	0.85	35.99	42.34
ADW118	9721400	433500	139	2		SOIL		0.06	0.02	0.00	0.44	27.82	63.23
ADW131	9720800	433600	139	2		SOIL		0.04	0.01	0.00	0.84	52.51	62.51
	ADW135	9721200	433600	125	2		SOIL		0.04	0.01	0.00	0.76	38.62	50.82
	ADW147	9723200	433700	155	1.9		SOIL		0.62	0.07	0.00	2.72	14.97	5.50
	ADW153	9723100	433900	170	1		SOIL		0.06	0.01	0.00	0.66	33.77	51.17
	ADW154	9723200	433900	203	1.4		SOIL		0.98	0.04	0.00	8.17	22.85	2.80
	ADW156	9723100	434000	182	1.39		SOIL		0.36	0.01	0.00	2.62	35.93	13.71
use	ADW157	9723200	434000	213	1.5		SOIL		0.56	0.05	0.00	3.72	17.51	4.71
ADW159	9723100	434100	177	1		SOIL		0.05	0.01	0.00	1.34	39.74	29.66
ADW160	9723200	434100	197	1.7		SOIL		0.05	0.01	0.00	1.56	40.03	25.66
	ADW168	9722000	434400	150	1.9		SOIL		0.09	0.01	0.00	0.84	30.01	35.73
	ADW169	9722103	434400	155	1.9		SOIL		0.39	0.04	0.00	2.37	16.69	7.04
	ADW170	9722202	434399	153	1.25		SOIL		0.07	0.01	0.00	0.66	30.47	46.17
	ADW171	9722303	434400	158	1.95		SOIL		0.05	0.01	0.00	0.63	32.40	51.43
	ADW173	9722487	434394	142	1.2		SOIL		0.06	0.01	0.00	1.06	39.42	37.19
personal	ADW175	9722700	434400	150	1		SOIL		0.03	0.01	0.00	1.13	52.47	46.43
ADW180	9721100	434500	133	2		SOIL		0.02	0.01	0.00	0.50	62.30	124.60
	ADW186	9721900	434500	141	1.3		SOIL		0.10	0.01	0.00	0.98	37.33	38.09
	ADW187	9722000	434500	158	1.2		SOIL		0.22	0.02	0.00	2.54	35.97	14.16
	ADW188	9722103	434493	161	1.9		SOIL		0.29	0.01	0.00	1.15	23.15	20.13
	ADW190	9722300	434500	166	1.85		SOIL		0.04	0.01	0.00	0.58	28.61	49.33
	ADW191	9722400	434500	174	1.9		SOIL		0.11	0.01	0.00	0.82	16.33	19.91
	ADW192	9722500	434500	167	1.9		SOIL		0.21	0.01	0.00	0.84	32.15	38.27
	ADW194	9722700	434500	151	1.3		SOIL		0.06	0.01	0.00	1.03	55.21	53.60
	ADW196	9722896	434500	158	0.9		SOIL		0.04	0.01	0.00	1.12	41.60	37.14
	ADW200	9721200	434600	137	2		SOIL		0.01	0.01	0.00	0.48	59.96	124.92
	ADW208	9722000	434600	169	1.5		SOIL		0.09	0.01	0.00	1.08	29.05	26.90
	ADW209	9722100	434593	168	1.9		SOIL		0.16	0.02	0.00	0.93	29.60	31.83
	ADW210	9722200	434600	178	0.9		SOIL		0.36	0.03	0.00	3.05	27.76	9.10
	ADW211	9722300	434600	179	1.9		SOIL		0.04	0.02	0.00	1.01	39.87	39.48
	ADW212	9722400	434600	185	0.7		SOIL		0.13	0.02	0.00	0.80	28.28	35.35
For	ADW213	9722500	434600	177	0.56		SOIL		0.05	0.01	0.00	1.04	37.14	35.71
ADW214	9722600	434600	161	1.9		SOIL		0.52	0.02	0.00	2.70	34.99	12.96
	ADW216	9722802	434601	161	1.4		SOIL		0.33	0.06	0.00	2.10	19.61	9.34
	ADW219	9723100	434600	166	1.8		SOIL		0.07	0.01	0.00	2.71	49.19	18.15
	ADW220	9721200	434700	132	1.9		SOIL		0.02	0.01	0.00	0.38	46.71	122.92
	ADW221	9721300	434700	146	2		SOIL		0.03	0.01	0.00	0.50	56.63	113.26
	ADW222	9721400	434700	139	2		SOIL		0.04	0.01	0.00	0.53	60.19	113.57
	ADW224	9721600	434700	132	1.9		SOIL		0.10	0.01	0.00	0.76	25.20	33.16
	ADW225	9721700	434700	132	1.95		SOIL		0.03	0.01	0.00	1.36	39.69	29.18
	ADW226	9721800	434700	156	1.21		SOIL		0.06	0.01	0.00	0.82	31.66	38.61
	ADW227	9721900	434700	169	2		SOIL		0.06	0.01	0.00	1.77	42.67	24.11
	ADW228	9722000	434700	180	1.9		SOIL		0.15	0.02	0.00	1.54	35.87	23.29
	ADW229	9722100	434700	181	0.6		SOIL		0.04	0.01	0.00	0.50	54.42	108.84
	ADW230	9722200	434700	187	1.9		SOIL		0.52	0.06	0.00	2.34	15.80	6.75

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