The Directors of Nickel Mines Limited announced that the Company has signed a binding definitive agreement for the staged acquisition of a 100% interest in the Siduarsi Nickel-Cobalt project (`Siduarsi') in Papua province, Indonesia. This follows on from the binding Memorandum of Agreement (`MoA') signed in September 2021. Siduarsi is a 6th generation Contract of Work (`CoW') held by PT Iriana Mutiara Mining (`IMM'), and is one of only four active nickel CoWs in Indonesia; the other three being VALE-INCO (which hosts its Soroako nickel matte production facilities - 65kt of nickel in 2021), Weda Bay which hosts the Indonesia Weda Bay Industrial Park (`IWIP') where the Company's four Angel Nickel rotary kiln electric furnaces are currently commissioning and Gag Island in West Papua province.

The Siduarsi CoW covers 16,470 hectares (`ha') with previous work undertaken by Battle Mountain (IMM JV partner, 1994 - 1997) and Freeport McMoran (IMM Option holder, 1998 - 1999), who were assessing the project's limonite potential. Work undertaken by Battle Mountain and Freeport McMoran included approximately 367 shallow hand and machine soil augurs, 24 drill holes and 4 test pits, which returned individual grades of 2.07% nickel and 0.36% cobalt across 1-metre vertical channel samples at very shallow depths. As part of its due diligence and earn in requirements, Nickel Mines has completed over 100,000m of ground penetrating radar (`Ultra GPR') and 2,976m of drilling (174 holes) since signing of the MoA in September 2021 until the end of March 2022.

Under the terms of the Definitive Agreement, the Company can acquire up to 100% of the Siduarsi CoW by meeting the following key conditions: payment of AUD 500,000 upon signing of the Definitive Agreement.