Nico Resources Limited announced that it has received all the assay results from the infill reverse circulation (RC) drilling program completed in October 2022 at its 100% owned Wingellina Nickel-Cobalt Project ("Wingellina" or the "Project") in Western Australia. The program comprised 152 Reverse Circulation ("RC") holes for 7,856m of drilling and was a continuation of work initiated in 2017 to infill 15 high-grade nickel-cobalt domains delineated from the resource model as potential high-grade starter pits. The results confirm the continuity within the identified high-grade nickel and cobalt domains and provides key inputs into future production scheduling.

In particular, it is anticipated that sufficient higher-grade tonnage will be available for the initial 10 years further improving the project economics. Assay Highlights: WPRC0758: 74m @ 1.26% Ni and 0.09% Co (1.46% Nieq) from surface; WPRC0759: 86m @ 1.25% Ni and 0.10% Co (1.47% Nieq) from surface; WPRC0760: 90m @ 1.50% Ni and 0.12% Co (1.77% Nieq) from surface; WPRC0761: 70m @ 1.45% Ni and 0.12% Co (1.71% Nieq) from 2m; WPRC0766: 26m @ 1.81% Ni and 0.16% Co (2.16% Nieq) from 2m incl. 8m @ 3.73% Ni from 18m; WPRC0798: 72m @ 1.30% Ni and 0.11% Co (1.54% Nieq) from surface; WPRC0799: 64m @ 1.39% Ni and 0.07% Co (1.55% Nieq) from 2m WPRC0801: 12m @ 1.93% Ni and 0.04% Co (2.02% Nieq) from 26m incl.

4m @ 3.58% Ni from 32m; WPRC0813: 92m @ 1.18% Ni and 0.10% Co (1.39% Nieq) from surface; WPRC0822: 56m @ 1.47% Ni and 0.11% Co (1.70% Nieq) from 4m; WPRC0880: 50m @ 1.68% Ni and 0.08% Co (1.85% Nieq) from surface incl. 10m @ 2.29% Ni from 30m. The results will now be incorporated in the updating of the resource and reserves estimates to be completed in he first half of 2023.

This work will underpin the optimisation of the mining schedule to be incorporated in the upcoming DFS.