Nico Resources Limited announced that the following changes have been made to the board of directors with immediate effect: Mr. Peter Cook has been appointed non-executive chairman of the company. Commencement Date is 27 March 2023. Peter Cook is a geologist BSc (App Geol 1983), mineral economist (MSc Min Econ 1995 WASM) with over 35 years of experience in the field of exploration, project, operational and corporate management of resource companies.

He is currently the Non-exec Chairman of Breaker Resources NL, Titan Minerals Ltd. and Castile Resources Ltd. He was a joint founder of Metals X Limited and is a highly successful and accomplished Resource executive with a long history in executive management roles and more recently in various governance roles as the Chairman of the Board. Over his distinguished career he has been recognised by industry, being awarded the GMJ Mining Executive of the Year in 2001, the Asia- Mining Executive of the Year in 2015 (Mines & Money), the Mining News CEO of the year in 2017 and received the Gavin Thomas Mining Award in 2019. Mr. Jonathan Shellabear has been appointed as Managing Director.

Jonathan Shellabear has over 30 years' experience in the Australian and International mining industry having worked as a geologist, resource analyst, senior corporate executive and investment banker with NM Rothschild & Sons, Deutsche Bank and Resource Finance Corporation. He has extensive global relationships within the industry developed over his career and with extensive experience spanning across technical, commercial and financial disciplines. Jonathan has held senior corporate roles in the industry with Dominion Mining Ltd. (Managing Director and Chief Executive Officer), Heron Resources Ltd. (Managing Director and Chief Executive Officer), Portman Limited (General Manager, Business Development) and more recently as Chief Financial Officer of Capricorn Metals Ltd. Mr. Shellabear holds a Bachelor of Science with Honours in Geology and a Master of Business Administration from the University of Western Australia.

Commencement date is 3 April 2023. Due to other commitments and opportunities, Mr. Hallam resigns as founding Non-Executive Chairman of Nico after successfully completing Nico's IPO and delivering the PFS late last year. Mr. Hallam has been instrumental in the success of Nico and will remain as a consultant to the Nico Team.

Mr. Rod Corps, currently Managing Director and CEO will step back to Non-Executive Director.