Pacific Nickel Executes Project Services Agreement for Kolosori Nickel Project

Pacific Nickel Mines Limited (ASX Code: PNM) has announced that its subsidiary, Pacific Nickel Mines Kolosori Limited, has signed a Project Services Agreement with a subsidiary of HBS PNG Pty Ltd. The agreement entails that HBS will assume the tasks of mining, earthworks, stockpiling, and barge loading for the Kolosori Nickel Project situated on Isabel Island in the Solomon Islands. The agreement is subject to the condition that the company receives funds from the second tranche of funding under the loan agreement with Glencore International AG.

The initial installment of funding has already been received. HBS equipment is expected to arrive on-site in July 2023, with mining operations commencing in October 2023. The agreement's terms are in accordance with the findings of the Definitive Feasibility Study conducted for the Kolosori Nickel Project. Key terms include a 3.5-year wet hire, equipment supply by HBS, equipment supervision and maintenance by HBS, and a Parent Company Guarantee provided by Pacific Nickel. The agreement's impact is consistent with the Total Operating Costs outlined in the Definitive Feasibility Study.

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