Nickel Asia Corporation (NAC) announced further to the February 17, 2023 disclosure of NAC regarding the acceptance by Hallmark Mining Corporation (Hallmark) and Austral-Asia Link Mining Corporation (Austral-Asia) of NAC's Letter of Intent (LOI) for NAC or its wholly-owned subsidiary to be the sole and exclusive mining service contractor for Hallmark and Austral-Asia's Mineral Production and Sharing Agreements in Davao Oriental (collectively, the MPSAs), NAC discloses that on February 23, 2024, NAC, Hallmark, and Austral-Asia have agreed to terminate the LOI after the parties failed to agree on the commercial terms of the definitive agreements regarding the proposed provision by NAC of its mining contractor services to Hallmark and Austral-Asia in relation to the MPSAs.