Pacific Nickel Mines Limited to confirm that approval has been granted for the issue of an Export Permit for its 80% owned Kolosori Nickel Project held within Mining Lease ML 02/2022 on Isabel Island in the Solomon Islands ("Kolosori Nickel Project" or "the Project"). The notification of approval has been issued by the Hon. Minister Bradley Tovosia on behalf of the Ministry of Mines, Energy and Rural Electrification. The Export Permit has been approved for 3 years and will allow the Company to sell and export nickel ore produced from the Project. The granting of this approval is a major milestone for the Company and a significant step forward in terms of securing the funding facilities offered by Glencore International AG ("Glencore") for further development of the Project. Finance documents are currently being finalised with Glencore. The Company has already initiated discussions with barging and mining contractors. When the Direct Shipping Ore ("DSO") loadout wharf is built, the mining contractor mobilised and the haul road
to the mining area completed, the 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.