Queensland Pacific Metals Ltd. announced that it has entered into a non-binding Memorandum of Understanding ("MOU") with Societe Le Nickel -SLN regarding the supply of laterite ore for the TECH Project. Currently, the majority of global nickel ore trade is for saprolite ore, which sits in the lower section of a nickel laterite ore body. Saprolite ore is relatively low in iron and high in magnesium, making it suitable for ferronickel plants that produce nickel pig iron for the stainless steel industry. QPM is targeting limonite and transition zone ore, which sits above the saprolite zone and must be mined to access to saprolite. As there is a limited market for limonite ore, it is often stockpiled or returned to the ground as waste, both of which are costly exercises. SLN is interested in selling limonite and transition zone ore to QPM. The key terms of the MOU are: SLN will seek to obtain the necessary regulatory approvals it requires to make the sales; QPM and SLN agree to negotiate in good faith a binding ore supply agreement for approximately 800,000 wet metric tonnes of ore from New Caledonia per annum; Supply to start in 2023; and QPM and SLN will work together to evaluate a nickel ore specification that is beneficial to both parties, but indicatively will be in the range of 1.45 - 1.7% Ni and 0.15 - 0.25% Co.