Nico Resources Limited announced the results of the Pre-Feasibility Study ("PFS") for the Wingellina Nickel-Cobalt Project ("Wingellina" or the "Project") located in Western Australia ("WA"). Once operational, the Tier 1 world-class Project will produce sustainable green nickel and cobalt for the electric vehicle ("EV") and energy storage industries for a minimum of 42 years. PFS confirms Wingellina to be a globally significant Tier 1 asset, characterised by its long life (initially 42 years based on current reserves), low cost (1st - 2nd quartile on global cost curve) and high operating margins (50% to 60% EBITDA margin).

Multi-generational Project with the potential to be one of Australia's largest nickel-cobalt mines with a production of approximately 40,000tpa of contained nickel and 3,000tpa of contained cobalt based on current ore reserves. Market leading 95.3% renewable energy (wind turbines, solar PV farm and battery storage) providing majority of the power requirements. Proposal received from leading Independent Power Producer ("IPP"), Zenith Energy.