Pure Minerals Limited (ASX:PM1) agreed to acquire Sewa Bay Nickel Project in Papua New Guinea from Highlands Pacific Resources Limited for AUD 0.15 million on February 11, 2020. Pursuant to the terms of the acquisition, Pure Minerals Limited will pay AUD 0.05 million in cash or its shares upon delineation of a JORC 2012 Resource greater than 10Mt @ 1.2% Nickel. Further AUD 0.1 million will be paid in cash or PM1 shares upon delineation of a JORC 2012 Reserve greater than 10Mt @ 1.2% Nickel and 5% trailing royalty on future FOB revenue. The transaction is subject to PNG Minister approving the transfer of Sewa Bay from Highlands to PM1 under section 118 of the Mining Act and PNG Registrar registering in the Register the transfer of Sewa Bay from Highlands to PM1 in accordance with the Mining Act. As per filing dated April 30, 2020 all conditions of the agreement to acquire Sewa Bay have been met with the exception of the tenement transfer being approved by regulatory approvals. This approval is subject to a Warden Hearing on site at Normanby Island.