Pure Minerals Limited announced that it has entered into a non-binding Memorandum of Understanding with LG Chem Ltd. for the supply of nickel and cobalt from the TECH Project, 100% owned by its wholly owned subsidiary, Queensland Pacific Metals Pty Ltd. Under the MOU, LG Chem is seeking to purchase up to 10,000t of contained nickel and approximately 1,000t of contained cobalt from the TECH Project. LG Chem is seeking to purchase this in a combination of mixed hydroxide precipitate and final battery chemical sulfate forms. The Pre-Feasibility Study ("PFS") for the TECH Project considered a project that would produce 6,000t contained nickel (26,000t nickel sulfate) and 650t contained cobalt (3,000t cobalt sulfate). As part of the MOU, PM1 and LG Chem have agreed to work together to evaluate the potential to increase the scale of the TECH Project to meet the greater demand of LG Chem. This will include consideration of financial outcomes, funding potential and other key measures. A larger scale TECH Project would offer a number of significant benefits including: Reduction in capital intensity for nickel production; Even more favourable project economics due to lower unit costs (economies of scale) and increased revenue; Increase QPM's presence as a potential supplier of battery chemicals; and More jobs and other benefits for Townsville and the greater community. To ensure PM1 is producing products that meet the requirements of LG Chem, the parties have agreed to work together. This includes provision of LG Chem specification requirements, and testing by LG Chem of product samples produced in QPM's upcoming pilot plant activities. Ultimately, as part of the MOU, PM1 and LG Chem have agreed to negotiate in good faith to enter into a binding offtake agreement for the purchase of nickel and cobalt by LG Chem from the TECH Project. The initial term of the offtake agreement will be for 3 to 5 years. LG Chem will also give due consideration to assist in financing of the TECH Project by way of a prepayment. The term of the MOU is for 24 months, unless extended by mutual consent.