Pacific Nickel Mines Limited confirmed that it has commenced works to execute development of its Kolosori Nickel Project ("Kolosori Nickel Project" or "the Project") as contemplated in the Company's Definitive Feasibility Study (DFS or Study) which was recently released to the market. The Kolosori Nickel Project is held within Mining Lease ML 02/2022 on Isabel Island, Solomon Islands. In anticipation of the Glencore financing becoming available for drawdown the Company will proceed with discussions with barging and mining contractors. When the DSO loadout wharf is built, the
mining contractor mobilised and haul road to the mining area completed, the Kolosori Nickel Project is expected to ramp up to full production (approx. 1.5 million wet metric tonnes per annum of direct shipping nickel ore) during 2023. Mining DSO operations are expected to commence in late Third Quarter 2023
subject to financing and contractor mobilisation. The Company will be seeking to increase the mine life of the Project via further exploration to convert
current inferred resources of approximately 2 million tonnes (that are not included in the financial model) into indicated resources and carrying out drilling on the new areas identified in the exploration resource target of 2.5Mt to 4.0Mt at 1.2% - 1.6% Ni assessed by Mining One.