Pacific Nickel Mines Limited (Pacific Nickel or Company) has been awarded a Mining Lease for the Kolosori Nickel Project on Isabel Island in the Solomon Islands. This follows the receipt of a Letter of Intent from the Minister of the Ministry of Mines, Energy
and Rural Electrification 1, as announced on 11 July 2022, The Company has also successfully entered into a Surface Access Rights Agreement with landowners and a Mining Agreement with the Government of the Solomon Islands. The Mining Agreement with the Government of the Solomon Islands sets out the mining, environmental and fiscal terms for the Kolosori Nickel Project. Pacific Nickel Mines has been awarded a Mining Lease for the Kolosori Nickel Project from the Minister of the Ministry of Mines, Energy and Rural Electrification. The Mining Lease has been awarded after Pacific Nickel successfully entered into a Surface Access Rights Agreement with the landowners and completed remaining regulatory approvals. Pacific Nickel has also entered into a Mining Agreement with the Government of the Solomon Islands which sets out the mining, environmental and fiscal terms for the Kolosori Nickel Project. Operations are now focussed on finalisation of the Definitive Feasibility Study (DFS). Pacific Nickel will now look to expedite the wharf and haul road construction, together with the establishment of a construction camp, as soon as practicable. This should allow the project to ramp up to full production (around 1.3 million wet metric tonnes per annum of direct shipping nickel ore) during 2023.