Announcement • Apr 28
Pacific Nickel Mines Limited, Annual General Meeting, May 27, 2026 Pacific Nickel Mines Limited, Annual General Meeting, May 27, 2026. Location: phillip room, club york, 95-99 york st, sydney nsw 2000, Australia Announcement • Oct 02
Pacific Nickel Mines Limited, Annual General Meeting, Nov 29, 2024 Pacific Nickel Mines Limited, Annual General Meeting, Nov 29, 2024. Announcement • Jul 03
Pacific Nickel Mines Limited Announces Change of Company Secretary Pacific Nickel Mines Limited advised that Mr. Gary Stewart has been appointed Company Secretary effective from 2 July 2024. Mr. Stewart is a solicitor and has over 25 years corporate experience that included the role of company secretary for a number of ASX listed entities. The appointment follows the resignation of Mr. Andrew Cooke as Company Secretary effective 2 July 2024. Announcement • May 01
Greg Foulis Resigns as Director of Pacific Nickel Mines Limited Pacific Nickel Mines Limited announced that Mr. Greg Foulis has resigned as a Director of the Company. On 4 March 2024 Mr. Foulis advised the Board that he would step down as Chairman due to a number of personal issues which prevented him from providing the commitment necessary to Chair the Board. These personal issues have not abated and accordingly Mr. Foulis has felt it necessary to tender his resignation as a Director. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m (AU$15k revenue, or US$9.5k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (AU$17.6m market cap, or US$11.5m). New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m (AU$15k revenue, or US$9.4k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$37.6m market cap, or US$24.2m). Recent Insider Transactions Derivative • Oct 07
Technical Director & Director exercised options to buy AU$90k worth of stock. On the 29th of September, Robert Thomson exercised options to buy 1m shares at a strike price of around AU$0.06, costing a total of AU$63k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since December 2022, Robert's direct individual holding has increased from 7.30m shares to 7.50m. Company insiders have collectively bought AU$168k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 05
Pacific Nickel Mines Limited Commences Mining of Nickel Ore Gunsynd Plc notes the announcement by its investee company Pacific Nickel Mines Limited that mining of saprolite nickel ore has commenced from its Kolosori Nickel Project on Isabel Island, Solomon Islands. The Kolosori Nickel Project is a direct shipping ore (DSO) nickel laterite project. Mining of saprolite nickel ore commenced on 1 October 2023 and the ore was delivered to one of the stockpile pads developed by the Company near to the wharf in preparation for the first shipment of ore which is anticipated in November 2023. Reported Earnings • Sep 29
Full year 2023 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in FY 2022) Full year 2023 results: AU$0.002 loss per share. Net loss: AU$854.2k (loss widened 11% from FY 2022). Announcement • Sep 27
Pacific Nickel Mines Limited, Annual General Meeting, Nov 29, 2023 Pacific Nickel Mines Limited, Annual General Meeting, Nov 29, 2023, at 14:00 AUS Eastern Standard Time. Announcement • Jun 08
Pacific Nickel Mines Limited Announces Board Changes Pacific Nickel Mines Limited confirmed the appointment of Mr. Greg Foulis as an Independent Non-Executive Director and Chairman of theBoard. Greg is a Resource Sector-Finance Executive with over 35 years of diverse international experience. Greg has a track record in finance and mining across a variety of roles ranging from Board, CEO, Business Development and Investment Advisory services. Greg is currently a Director of USA explorer Gold 50 Limited, mining advisor to Paradigm Capital Inc., as well as co-founder and Chairman of an unlisted Japanese gold exploration company. Greg was Chairman of ASX listed Nusantara Resources Ltd. from March 2018 to October 2021, progressing the 2.4 million ounce Indonesian - Awak Mas Gold Project through Feasibility, FEED and initial financing engagement, culminating in an agreed AUD 80 million takeover by Indonesian company Indika Energy in 2021. Prior to this, Greg was CEO of ASX listed gold mining and development company Kingsgate Consolidated from June 2015 to August 2017. Greg led the restructuring, divestment and re-focus of the business. In a challenging Thailand environment, a debt burden of over USD 100 million was eliminated and the business placed on a new strategic footing. From 2009 to 2013 Greg served as Senior Vice President - Business Development at AngloGold Ashanti Ltd. Prior to joining AngloGold, Greg spent seventeen years in the Finance sector with resource related roles including eleven years with Deutsche Bank in various roles including mining equity research, mining and energy specialist sales and international funds management. Geological career highlights include involvement in the exploration, drillout and feasibility of the giant Lihir Gold project in Papua New Guinea in the 1980's. Greg received an M.Comm. (Finance) from the University of NSW in 1992 and a B.App.Sc. (Hons) in Geology from the NSW Institute of Technology in 1984. He is a Graduate Member of the Australian Institute of Company Directors and a Fellow of the Australian Institute of Mining and Metallurgy. Mr. Terry Cuthbertson has stepped down as Chairman of the Board but will continue as a Non-Executive Director. The appointment of Greg Foulis follows the transition of the Company to a near term producer where Greg can take a more hands on approach to the delivery of the Company's nickel projects in the Solomon Islands. Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in 1H 2022) First half 2023 results: AU$0.001 loss per share (improved from AU$0.002 loss in 1H 2022). Net loss: AU$379.9k (loss narrowed 15% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Dec 22
Pacific Nickel Mines Limited Provides an Update on Its Two Direct Shipping Ore Nickel Projects in the Solomon Islands Pacific Nickel Mines Limited is pleased to provide an update on its two Direct Shipping Ore (DSO) nickel projects in the Solomon Islands. The Company has been working with HBS PNG Pty Ltd, a well-established PNG mining contractor, to finalise the Definitive Feasibility Study (DFS). Following HBS' recent site visit a number of improvements to the mine plan have been implemented which will simplify the mining and stockpile procedures resulting in improved delivery of ore for shipping. The relocation of the ore stockpiles (to reduce the moisture in the ore prior to shipping) from near the initial mining area to a flat area some 1.0km east of the load out wharf will mean that initial mining is less constricted, and that the mining operation can ramp up to achieve targeted production rates in a shorter period of time. Trenching undertaken at the newly proposed ore stockpile site has confirmed suitable ground conditions. These improvements require some aspects of the mine plan to be re-designed. As are result, the DFS which was expected to be complete by December has been delayed. It is now envisaged that the initial results of the DFS will be available for release to the market in January 2023. Pacific Nickel continues to work closely with its financiers Glencore, who also recently carried out a site visit as due diligence for a USD 22 million project financing facility and DSO offtake sales. A Business Licence for mining has been granted by the provincial Isabel Island government. The Company reported that a mining lease application has been submitted for the Jejevo Nickel Project. A preliminary scoping study prepared in support of the mining lease application has demonstrated that the Jejevo Nickel Project could be advanced in much the same way as the Kolosori Nickel Project. The Company has been working with HBS PNG Pty Ltd, a well-established PNG mining contractor, to establish the project execution plan, optimise work done to date and to provide related capital and operating costs. Following HBS' recent site visit a number of improvements to the mine plan have been implemented which will simplify the mining and stockpile procedures leading to a more robust project delivery of the direct shipping ore onto the barges. The main improvement was relocating the stockpiles (to reduce the moisture in the ore prior to shipping) from near the initial mining area to a flat area some 1.0km east of the load out wharf (refer Figure 1). This will mean that the initial mining will be less constricted, and that the mining operation can ramp up to achieve the targeted production rate in a shorter period of time. These improvements have led to a change in the mine plan which has had to be re-designed. The flow on effect is that the Definitive Feasibility Study (DFS) has been delayed. It is now envisaged that the initial results of the DFS will be released to the market in January 2023. HBS has provided mining cost and productivity information that will be incorporated into the DFS. Following completion of the DFS, the Company expects to be in a position to commence formalising a mining contract with HBS in January 2023. As part of the relocation of the stockpile drying area to the east of the load out wharf on flat terrain (including a flat access road from the bottom of the haul road to the stockpile drying area), the Company diverted work on the wharf to carry out a number of test trenches and pits in the new stockpile area. The results from this work demonstrated that the ground conditions are suitable for the stockpile and access roads. In addition, the infrastructure has been designed to minimise impact on the local environment and has focused on fit for purpose mining contractor facilities whilst maximising local contractor capabilities and materials. The project areas including mine pits and with support facilities would be developed in strict accordance to mining regulations for good mine practices, allowing for water management and environmental protection. The Company has been constructing a 50-man construction camp which will be used for the capital works prior to production. The buildings are being constructed based on local designs using mine site timbers. This is a low cost method for constructing the camp which uses local labour and materials. It is anticipated that this approach will be adopted in respect of the main camp and additional residential buildings and project works as required for ongoing capital and operational requirements. At the same time, the Company has undertaken geo-technical trenching and assessment of the newly proposed stockpile site which has confirmed suitable ground conditions. The Company reported that the Isabel Provincial Government has granted a business licence for mining of the Kolosori Nickel Project. The Company announced that a mining lease application has been submitted for the Jejevo Nickel Project. A preliminary scoping study was prepared in support of the mining lease application on the basis that the Jejevo Nickel Project could be progressed to the feasibility stage simultaneously with preparation of an environmental and social impact assessment (EISA). The preliminary scoping study also showed that the Jejevo Nickel Project was a "look-alike" for the Kolosori Nickel Project and could be advanced in much the same way. The Company will begin the EISA early next year in conjunction with development approvals associated with the mining lease application. Announcement • Dec 09
Pacific Nickel Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 5.275 million. Pacific Nickel Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 5.275 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,428,572
Price\Range: AUD 0.07
Discount Per Security: AUD 0.0042
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,928,572
Price\Range: AUD 0.07
Discount Per Security: AUD 0.0042
Transaction Features: Subsequent Direct Listing Announcement • Nov 23
Pacific Nickel Mines Limited Updates Kolosori Resource Estimate Delivers Increased Nickel Pacific Nickel Mines Limited advises that the Company has completed an updated JORC (2012) Mineral Resource estimate for its DSO nickel deposit held within Mining Lease ML 02/2022 (Kolosori Nickel Project) on Isabel Island, Solomon Islands. The Mineral Resources Estimate was carried out by Mining One Pty Ltd. (Mining One) an independent consultant to the Company. KOLOSORI JORC 2012 MINERAL RESOURCE ESTIMATE; As part of the Company's ongoing commitment to quality control and resource verification, Mr. Stuart Hutchin of Mining One recently completed a site visit to the Kolosori Nickel Project to review and verify exploration and resource details and provide recommendations to the Company in respect of ongoing exploration programs. Mr. Hutchin is a full-time employee of Mining One and has extensive experience which is relevant to the style of mineralisation and type of deposit found at the Kolosori Nickel Project. As a result, Mining One has completed an updated JORC (2012) Mineral Resource Estimate (MRE) for Mining Licence ML 02/2022 (the Kolosori tenement) on Isabel Island, Solomon Islands. The MRE is classified in accordance with the 2012 JORC guidelines with relevant details provided in JORC (2012). DRILLING AND SAMPLING TECHNIQUES; Sampling has been undertaken sporadically over the Kolosori license area since the 1960s. Work was completed by INCO primarily. Axiom Mining Limited who completed work from 2015 through to 2016 The Diamond drilling was completed over multiple phases that are described as: November 2014 to June 2015 - 2,241 M were completed with a diamond rig drilling HQ sizes core. Half core was generally sampled at 1m intervals. July 2015 to September 2015 - 5001m completed by man portable diamond drill rigs. NQ sized core was drilled by these rigs, samples were generally taken as whole core on 1m sampling intervals. August 2015 to November 2015 - 5,476m were drilled using the man portable diamond rigs that produced NQ core that was sampled as whole core on 1m intervals. (PNM) June 2021 to January 2022 - 1566.05m were drilled using man portable diamond rigs that produced NQ sized core samples. Half core samples were taken typically at 1m intervals. Core samples from the pre 2021 diamond drilling programs were assayed at the Intertek laboratories in Brisbane Australia. Samples were assayed using glass fusion XRF for the standard 12 element nickel laterite suite. Core samples from the 2021 -2022 drilling programs were submitted to the ALS laboratory located in Brisbane. Samples were assayed using glass fusion XRF for the standard 12 element nickel laterite suite. SPECIFIC KOLOSORI DRILLING INFORMATION; The total Kolosori drilling dataset comprises 1,882 individual drill holes drilled to a 25m x 25m spaced grid in places. The drilling methods used included diamond coring and hand auger with the majority being diamond holes drilled between 2014 and 2016. Pacific Nickel has drilled a total of 216 diamond core holes during 2021 and early 2022. The Pacific Nickel holes were drilled to provide twin hole confirmation of the historical dataset, metallurgical test samples and to upgrade inferred resources to measured and indicated classification. Out of the 216 holes drilled, 11 holes were drilled for metallurgical test work and were distributed across the proposed first mining area to ensure a representative sample. During August 2022 an initial LiDAR survey was completed over the Southern Kolosori license area, namely the Havihua and Havihua South areas. During October 2022 the LIDAR survey has now been completed over the northern areas of the Kolosori project, the Mineral Resource model has therefore been updated to incorporate the completion of the LIDAR survey. Announcement • Nov 18
Pacific Nickel Mines Limited Provides an Update on Activities at its Kolosori Direct Shipping Nickel Ore Project in the Solomon Islands Pacific Nickel Mines Limited provided an update on activities at its Kolosori direct shipping nickel ore project in the Solomon Islands ("Kolosori Nickel Project"). Following the recent granting of the Mining Lease for the Kolosori Nickel Project 1, the Company is now progressing the key steps to achieve commercial shipment of nickel laterite direct shipping ore ("DSO") cargoes from mid-2023. Key activities for the remainder of 2022 that are required to achieve DSO shipping in 2023 include: the commencement of construction of the DSO loadout wharf, expansion of the existing pioneering camp and facilities to establish a 50-man construction camp, and construction of the mine haul road. A local contractor has commenced works on the 50-man construction camp and the DSO loadout wharf. The Company reported that the trial ore stockpile, which was designed to blend ore types and approximate the characteristics of stockpiles expected during DSO production and shipping, has successfully provided the necessary information to be incorporated into the Definitive Feasibility Study ("DFS"). Importantly the results are consistent with other laterite/saprolite ores mined and shipped elsewhere in tropical environments. Pacific Nickel is working closely with financiers Glencore, who recently carried out a site visit as part of its due diligence, to complete the agreement for a USD 22 million project financing facility and DSO offtake sales. During a recent site visit, Glencore's five representatives on site were able to see the ore profile in the wall of the test pit, the stockpile monitoring, and inspected a sample taken from the centre of the stockpile. They were also able to observe the proximity of the initial high grade mining area (1.6% to 1.7% nickel) to the wharf, the wharf site and its proximity to where ocean going vessels can be moored (approx. 500m). The Glencore representatives also met local landowners who provided a welcoming ceremony and reiterated their support for the Kolosori Nickel Project. The Company has commenced work with HBS PNG Pty Ltd, a well-established PNG mining contractor, via an early involvement mandate. HBS has now completed a site visit and will be confirming mining cost information for the DFS as soon as practicable. The trial stockpile, which was designed to blend ore types and approximate the characteristics of stockpiles expected during DSO production and shipping, has provided information to be incorporated into the DFS. Importantly the results are consistent with other laterite/saprolite ores mined and shipped successfully elsewhere in tropical environments. Key data from the trial demonstrated the importance of stockpile height, mechanical turnover of the stockpile, and the need for stockpiles in windrows to maximise the drying effects of sun and wind. This process is consistent with other saprolite DSO operations in SE Asia and the Pacific regions. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Terry Cuthbertson was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
Full year 2022 earnings released: AU$0.003 loss per share (vs AU$0.017 loss in FY 2021) Full year 2022 results: AU$0.003 loss per share (improved from AU$0.017 loss in FY 2021). Net loss: AU$772.2k (loss narrowed 68% from FY 2021). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Sep 27
Pacific Nickel Mines Limited Provides Kolosori Nickel Project Update Pacific Nickel Mines Limited provide an update on activities at its Kolosori direct shipping nickel ore project in the Solomon Islands. Following the recent granting of the Mining Lease for the Kolosori Nickel Project 1, the Company is now focussed on the key steps to achieve commercial nickel laterite direct shipping ore cargoes from mid-2023. The Company is working to complete the Kolosori Definitive Feasibility Study. Key design and development activities for the remainder of 2022 that are required to achieve DSO shipping in 2023 include the construction of the DSO loadout wharf and the haul road to the initial mining area. Discussions are underway with a local contractor to commence these early works as soon as possible. The Company has also engaged with HBS PNG Pty Ltd, a well-established PNG mining contractor via an early involvement mandate. The Company reported that it has recently completed construction of a trial ore stockpile which has been designed to blend ore types and approximate the characteristics of stockpiles expected during DSO production and shipping. Pacific Nickel is working closely with Glencore to complete the agreement for a US$22 million project financing facility and DSO offtake sales2. With the re-opening of the Solomon Islands and with no COVID related restrictions from early July 2022, the Company and its consultants are focused on the completion of the Kolosori DFS. In summary: Over the last few months, the Company has been concentrating on the design of the haul road and the initial mining area. This mine design work has led to discussions with established mining contractors predominantly in PNG. The Company has now engaged with HBS PNG Pty Ltd, a well-established PNG mining contractor, in an early contractor involvement arrangement which will provide actual mining contractor rates to be incorporated into the DFS. The Company believes that PNG mining contractors have the most relevant mine pioneering and operating experience in similar geographical and tropical mining conditions. They also have the ability to work in the Solomon Islands, including also being able to work with our existing local contractors. The Company reported that a detailed timber wharf design has recently been completed. This has been undertaken with our design consultants, Resindo Engineers, based in Indonesia, and experienced in the design and construction of SE Asian nickel laterite operations. A timber wharf, normal for these types of operations, will use locally available timbers to minimise cost and construction time. When the DSO loadout wharf and haul road to the mining area are in place, and the mining contractor mobilised, the Kolosori Nickel Project is expected to ramp up to full production (around 1.3 million wet metric tonnes per annum of direct shipping nickel ore) during 2023. Mining DSO operations are expected to commence in the second quarter of 2023 after the wet season. The Company has recently constructed a trial ore stockpile which has been designed to blend ore types and approximate the characteristics of stockpiles expected during DSO production and shipping. This follows previous test pitting and test stockpiles constructed in the Early Works Program 3 which established that the ore was suitable for commercial DSO shipping. Water content monitoring of the ore on the trial stockpile has commenced and is expected to be carried out over the next four to six weeks. The results from this trial will be incorporated into the DFS. Consultants Mining One are currently updating the Kolosori Resource estimate which will be reported shortly. This will lead to a maiden Reserve Estimate for the project, to be undertaken by Australian Mine Design and Development. The Company is expediting the wharf and haul road construction, together with the establishment of a construction camp. This should allow the project to ramp up to full production (around 1.3 million wet metric tonnes per annum of direct shipping nickel ore) during 2023. The Company is in discussions with the local contractor who successfully completed test pits in February-March this year to commence this construction as soon as possible. All the works contemplated are supported by environmental and social plans which will be implemented as was done successfully for the Early Works Program earlier this year. Pacific Nickel is working closely with Glencore to complete the agreement for a USD 22 million project financing facility and DSO offtake sales. Announcement • May 06
Pacific Nickel Consolidates Coverage of Additional Lateritic Nickel Deposits and Kolosori Project Update Pacific Nickel Mines Limited provided the following update in respect of its nickel laterite activities in the Solomon Islands. The Company announced that an application for a third Prospecting Licence (the "Bugao Hograno Tenement" or "Tenement BH") located on Santa Isabel Island has been submitted to the Solomon Islands Mines Department. The application for Tenement BH was submitted with the approval of the local landowners in the area. Tenement BH has an area of around 99.2 km2 and lies between the Company's other two existing projects (Kolosori and Jejevo) which are also located on Santa Isabel Island in the Solomon Islands. The next key step in the process of obtaining the Tenement BH Prospecting Licence is a meeting of the Solomon Islands Mines and Minerals Board to approve the application. Following this meeting a letter of intent is expected to be issued for the Company to enter into a surface access agreement (SAA) with the landowners. Once the SAA has been executed the Company has the right to advance its application for a Prosecting Licence. KOLOSORI MINING LEASE: The Company is continuing to work through the regulatory approvals process and still expects to receive a Mining Lease for the Kolosori Project in the ordinary course of business. The Mines Department has been diligently ensuring that land boundaries have been appropriately addressed in the Mining Lease application. The Company understands that the landowners and their boundaries are unchanged from what was previously known. The company understand that the Mines Department will now submit these findings to the Mines and Minerals Board for final sign off. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Terry Cuthbertson was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
Pacific Nickel Mines Limited Provides Kolosori Nickel Project Update Pacific Nickel Mines Limited provided the following update in respect of the Kolosori Nickel Project. DEBT FINANCE: As previously advised 1, the Company has held meetings with several prospective offtakers and project financiers in respect of the provision of finance for the development of the Kolosori Nickel Project. The Company is pleased to advise that it has now received a number of proposals whichare currently under review. MINING LEASE: The Company is continuing to work through the regulatory approvals process and expects to receive a mining lease for the Kolosori Project shortly. The company understand that the Solomon Islands Mines and Minerals Board has recently met to consider the Mining Lease Application for the development of the Kolosori Project. The timing for this meeting was delayed due to the outbreak of COVID-19 in the Solomon Islands in January 2022 and the resulting temporary closure of the Mines Department and other government departments. The company understand that the Mines Department will now action the requirements of the Mines and Minerals Board to finalise the Mining Lease process. Reported Earnings • Mar 13
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.002 loss per share (up from AU$0.014 loss in 1H 2021). Net loss: AU$446.9k (loss narrowed 79% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 04
Pacific Nickel Mines Limited Provides Update on Early Works Program to Advance the Kolosori Nickel Project on Isabel Island, Solomon Islands Pacific Nickel Mines Limited provided an update on the early works program (Early Works) to advance the Kolosori Nickel Project (the Project) on Isabel Island, Solomon Islands. The Company reported that the Early Works has been completed successfully. The work was successfully led on site by the Company's General Manager Operations, Mike James in cooperation with Solomon Island consultants and contractors who are also likely to be involved in the construction and operation of the Project. The Company is pleased that the Early Works were able to be completed on time in the Wet Season under trying conditions whereas the Project will normally operate during the course of the Dry Season, which is typically from April to December. The main components of the Early Works program included: Construction of infrastructure including an access road, camp site and stockpile site; Excavation of a test pit to assess mining and stockpile designs and to calibrate grade control methods; Completion of a geotechnical assessment, including drilling, of the proposed nickel DSO load-out wharf site; An assessment of the quarry sites to provide construction materials for wharf and road construction. Samples from the test pit work are in the process of being dispatched for assaying and saprolite stockpiles are being monitored for water moisture. Samples have also been taken to carry out work on the Transport Moisture Level (TML) which is an important consideration for the shipment of laterite ores. The geotechnical report has been completed and is now being assessed by the Company and its consultants in preparation for the definitive feasibility study and the construction design of the wharf area. The wharf construction is a critical element for the development of the Project. The exploration team completed a series of grade control holes in the test pit area where mining operations are likely to be conducted over the first 2 years of operations. The grade control holes were closely spaced (approximately 10 metres apart) and will enable a reconciliation of the blockmodel grades and grade control drilling with grades from the mined material. Samples from the first test pit are currently being dispatched for assaying. The dispatch of the samples was delayed due the recent outbreak of COVID-19 in the Solomon Islands which has restricted travel movementsbetween the islands since January 2022. The Company has only this week received a permit to allow travel between Isabel Island and Honiara on Guadalcanal Island. The material from the first test pit is being stockpiled so that moisture content can be analysed over time to measure its drying characteristics. As part of this analysis, some of the stockpiles are being covered with tarpaulins and some are left uncovered. This test pit has also provided the Company with additional valuable information which will be used in the Definitive Feasibility Study (DFS), including: General suitability of the proposed mining equipment (including in wet conditions which may be encountered in the worst-case). Confirmation that the ore and overburden are free-dig and will not require blasting, which matches with initial conclusions from the exploration drill holes. Confirmation of preferred excavator and truck fleet requirements and associated data for the purpose of finalising aspects of the DFS and for ongoing discussions with potential mining contractors. Approximately 6,000 tonnes of saprolite ore and 1,500 tonnes of transition saprolite was mined and stockpiled from the test pit. The primary geotechnical focus of the Early Works was to carry out an assessment of the ground conditions at the wharf site to enable early construction of the wharf and associated facilities. As reported previously, three geotechnical holes were drilled in the wharf area and the geotechnical team demobilised from site. This work also included an assessment of site ground conditions across the Kolosori Project area. Results from this program will feed into the DFS which is currently being undertaken by the Company and design consultants Resindo Engineers. The Company is now focussed on completing the construction design of the wharf area. The wharf construction is the critical element to the development of the Project. The Company remains on track to progress through the required regulatory approvals and expects to receive a mining lease for the Kolosori Project in first quarter of 2022. The process has been impacted by the outbreak of COVID-19 in the Solomon Islands in January 2022. The Company has received a saprolite marketing report from independent consultants, CM Group. The Company proposes to release some of the key findings once the report hasbeen reviewed in detail. The Company has held a number of meetings with prospective project financiers to update them on the progress of the early works program and will now seek indicative proposals as soon as practicable. The Company is in the process of recruiting a Commercial Manager to be based in the Solomon Islands to assist in the timely development of the project and its subsequent operations. Announcement • Feb 09
Pacific Nickel Mines Limited Provides an Update on the Early Works Program to Advance the Kolosori Nickel Project on Isabel Island, Solomon Islands Pacific Nickel Mines Limited provided an update on the early works program to advance the Kolosori Nickel Project on Isabel Island, Solomon Islands. The Company announced the commencement of the Early Works in December 2021 and provided its first Early Works Update on 5 January 2022 2. The Company reported that the Early Works is close to completion. The work, which is now more advanced than originally expected, is being led on site by the Company's General Manager Operations, Mike James. At this stage, the Company expects that the Early Works program will be completed by the end of this month. The Early Works programme was designed to allow the Company and its contractors to establish a site base at Kolosori in preparation for the main construction phase which is expected to commence in April/May 2022 subject to appropriate Government approvals and funding. The main components of the Early Works program include: Preparation of a number of test pits to assess mining and stockpile designs and to calibrate grade control methods; Carrying out a geotechnical assessment of the proposed nickel DSO load-out wharf site; Assessing quarry sites to provide construction materials for wharf and road construction. The Company reported that the test pit work is on track to be completed by the end of this month. The geotechnical drilling for the wharf site has now been completed with the geotechnical report expected to be provided to the Company and its consultants by the end of this month. The Company has planned a number of test pits throughout the proposed initial mining area. The first two test pits are located in the proposed mining areas nearest to the proposed wharf area. The first test pit is expected to be completed by the end of this week. The exploration team has completed a series of grade control holes in the area of the test pits. The grade control holes are closely spaced (approximately 10 metres apart) and will enable are conciliation of the block model grades and grade control drilling with grades from the mined material. The first test pit is providing the Company with valuable information regarding the ore characteristicsand moisture content which will be utilised by the Company to improve mining productivity. Given the information successfully gathered from the first test pit, the Company may not need to complete the second test pit. The material from the first test pit is being stockpiled so that moisture content can be analysed overtime to measure its drying characteristics. Moisture content of the ore is an important consideration for barging and shipping. The Company engaged a local contractor to carry out the geotechnical work for the Project. The main geotechnical focus of the Early Works is to carry out an assessment of the ground condition sat the wharf site. The Company reported that three geotechnical holes have now been drilled and the geotechnical team demobilised from site. The visual results from the drilling were consistent with expectations for the initial port design. The Company expects the geotechnical report to be finalised by month end. The results of this workwill feed into the Definitive Feasibility Study (DFS) work currently being undertaken by the Companyand consultants Resindo. The Company has investigated potential quarry sites, working with the geotechnical consultants,using an excavator to expose and dig material suitable for rock armouring and rock fill needed for the wharf construction.At the same time, general materials of construction needed for construction of roads and otherearthworks structures were also investigated. The Company reported that the materialexcavated appears suitable for the planned construction work, but final testing of the material needsto be completed. Update on Planned Activities for the quarter: The Mineral Resource Estimate at Kolosori Nickel Project is currently being updated by consultants, Mining One. Capital and operating cost estimates have been compiled based on contractor quotes and have now been incorporated into an updated project model which will be provided to prospective project financiers. The Company remains on track to progress through the required regulatory approvals and expects to receive a mining lease for the Kolosori Project in First Quarter 2022. Announcement • Jan 06
Pacific Nickel Mines Limited Provides an Update on the Early Works Program to Advance the Kolosori Nickel Project on Isabel Island, Solomon Islands Pacific Nickel Mines Limited provided an update on the early works program ("Early Works") to advance the Kolosori Nickel Project ("the Project") on Isabel Island, Solomon Islands. The company reported that equipment required for the Early Works arrived on site in December 2021 and that a temporary camp and a track up to the initial test pit area have now been completed. The start of the mining from the test pits is expected to commence at the end of this week with the geotechnical assessment to commence next week. The Early Works program has been designed to allow the Company and its contractors to establish a site base at Kolosori in preparation for the main construction program targeted for April/May subject to the completion of the Definitive Feasibility Study, regulatory approvals, and financing. As previously reported, the Company received Development Consent for the Kolosori Nickel Project from the Environment and Conservation Division of the Solomon Islands Ministry of Environment in December 2021 The Development Consent is a key component in the process of securing a mining lease for the Project. With this approval, the Company is on track for the granting of a mining lease early this year. The scope of the Early Works includes the following: Carry out a geotechnical assessment of the proposed wharf site; Carry out a number of test pits to assess mining and stockpile designs and calibrate grade control methods; Prepare a temporary camp including fuel tanks; Carry out a detailed environmental survey within the main project infrastructure areas; Assess quarry sites to provide construction materials for wharf and road construction; and Facilitate site visits for third party contractors to assess port construction, barging, site infrastructure, logistics and mining activities. Following a successful drilling program at the Kolosori Nickel Project during 2021 and completion of a positive Scoping Study, the Company resolved to fast-track the project development timetable by initiating an Early Works program which commenced in December 2021 and is expected to be completed around the end of February 2022. The main focus of the Early Works is to complete a number of mining test pits, completing a detailed environmental assessment of the project area and finalising the geotechnical assessment of the wharf area. Test pit results will be utilised to determine the general mineability of the deposit and the appropriate number of machines and personnel necessary to conduct mining operations. Announcement • Dec 21
Pacific Nickel Mines Limited Announces Development Consent for the Kolosori Nickel Project Pacific Nickel Mines Limited advised that the development consent for the Kolosori Nickel Project ("Project") has been received from the Environment and Conservation Division of the Solomon Islands Ministry of Environment. The development consent is a key steppingstone towards the granting of a mining lease for the Project. With this approval, the Company believes that it is on track for the granting of a mining lease early next year. The development consent was approved after a workshop and consultation with the various Government departments, stakeholders and landowners to review the Environmental and Social Impact Assessment prepared by the Company. The development consent is subject to a number of standard conditions, with the main condition being the submission of an Environmental Management Plan prior to the commencement of construction of the Project. Announcement • Oct 08
Pacific Nickel Mines Limited Completes Initial JORC (2012) Mineral Resource Estimate for Prospecting Licence PL 01/18 (Jejevo Tenement) on Isabel Island Pacific Nickel Mines Limited has completed an initial JORC (2012) mineral resource estimate for Prospecting Licence PL 01/18 (Jejevo tenement) on Isabel Island, Solomon Islands. The mineral resource estimate was carried out by Mining One Pty Ltd. (Mining One) an independent consultant to the Company. The Jejevo JORC mineral resource area is located within PL 01/18 and is located on Isabel Island in the Solomon Islands. JORC validation drilling program completed in June 2021 has provided confirmation of historical drilling data. Total JORC mineral resource estimate at Jejevo is 14.42 million tonnes at 1.29 % Ni at a 1.0% Ni cut off. In addition there is a conceptual resource extension target at Jejevo of a further 3.0 million to 5.0 million tonnes at 1.2% to 1.6% Ni. Significant recent drilling intercepts in PL 01/18 as announced in June 2021 include: SJT-04: 8m @ 2.18% Ni from 2m; SJT-09: 8m @ 1.93% Ni from 2m; SJT-11: 5m @ 1.93% Ni from 2m; SJT-15: 9.4m @ 2.11% Ni from 2m; SJT-21: 7m @ 1.90% Ni from 4m. The new JORC mineral Resource estimate will form the basis of a feasibility study at the Jejevo project. On 4 October 2021 Prospecting License PL 01/18 was renewed by the Solomon Islands Minister of Mines, Energy and Rural Electrification for a period of two years commencing 4 October 2021. The combined JORC mineral resource estimate for the Jejevo and Kolosori projects now totals 21.7 million tonnes at 1.35% Ni at a 1.0% Ni cut off. Mining One has completed an initial JORC (2012) mineral resource estimate for Prospecting Licence PL 01/18 (Jejevo tenement) on Isabel Island, Solomon Islands. The Company holds 80% interests in two nickel projects, the Kolosori Project and the Jejevo Project, both located on Isabel Island in the Solomon Islands. Both are advanced stage direct shipping ore nickel laterite projects with excellent potential for development. The Company has now commenced feasibility studies in respect of both projects. Both projects have a number of positive features including their close proximity to the coast, no processing requirements, low capital route to direct shipping ore production and local landowner support. The Company previously reported a total JORC (2012) mineral resource estimate at the Kolosori project of 7.28 million tonnes at 1.46 % Ni at a 1.0% Ni cut off. The JORC (2012) mineral resource estimate for the Jejevo and Kolosori projects combined totals 21.7 million tonnes at 1.35% Ni at a 1.0% Ni cut off. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.016 loss per share (vs AU$0.23 loss in FY 2020) Full year 2021 results: Net loss: AU$2.40m (loss narrowed 55% from FY 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Jun 23
Pacific Nickel Mines Limited Announces Assay Results from the 26 Holes Drilled at the Jejevo Nickel Dso (Direct Shipping Ore) Project Earlier This Year Pacific Nickel Mines Limited announced the assay results from the 26 holes drilled at the Jejevo Nickel DSO (Direct Shipping Ore) project earlier this year. Significant high-grade intervals (>1.9% Ni) returned from the 26 hole program include: SJT-04: 8m @ 2.18% Ni from 2m. SJT-09: 8m @ 1.93% Ni from 2m. SJT-11: 5m @ 1.93% Ni from 2m. SJT-15: 9.4m @ 2.11% Ni from 2m. SJT-21: 7m @ 1.90% Ni from 4m. All 26 holes intersected nickel mineralisation. Nickel results consistent with the historical drilling by Sumitomo. Mining One preparing a 2012 JORC resource estimate for the Jejevo deposit. The company has received the assay results for the 26 holes completed earlier this year for the Jejevo Nickel Project. A summary of the assay results received from the ALS laboratory in Brisbane. As previously announced these 26 holes are part of a 64-hole drilling program developed by Mining One in their capacity as the Company's independent geological consultant. Following the completion of these holes, the Company is now in a position to: confirm historical drill and in-situ conceptual target calculations; instruct Mining One to prepare an independent Jejevo resource assessment in accordance with the JORC 2012 guidelines; and carry out preliminary DSO marketing assessments. The 2021 drillholes provide confirmation of the thickness and nickel grades encountered in the historical Sumitomo drilling within the Jejevo deposit area. Importantly, the drilling methods, sampling protocols, and QAQC support were completed in accordance with the JORC guidelines. The full list of results from the 26 hole program are summarised in Tables 1 and 2 below. The intervals are reported above a 1.2% Ni cut-off. Importantly, all holes intersected nickel mineralisation. Announcement • Jun 11
Pacific Nickel Mines Limited Releases A New Announcement Pacific Nickel is an ASX listed exploration and development company currently advancing two high-grade nickel projects, Kolosori (80%) and Jejevo (80%), located on Isabel Island within the Solomons. The remaining 20% of both projects is held by held by traditional landowners. Both the Kolosori and Jejevo Nickel Projects are advanced stage direct shipping ore nickel laterite project with excellent potential for near-term development. The projects have a number of positive aspects including their close proximity to the coast, no processing requirements, low capital route to direct shipping ore production and local landowner support. Development and Environmental studies are underway with in-country consultants in order to fast track the projects towards development. Announcement • Jun 04
Pacific Nickel Mines Limited Commences Drilling at Kolosori Nickel Project Pacific Nickel Mines Limited announced that drilling has commenced at the Company's Kolosori Nickel Project on Isabel Island in the Solomon Islands and to provide an update on development activities. HIGHLIGHTS: Initial development drilling program at Kolosori Direct Shipping Ore (DSO) Nickle Project commences with a planned 64 hole initial stage program; The drilling program is designed to infill the current Mineral Resource area to increase the JORC resource confidence level, test for possible extensions as well as provide representative samples for metallurgical testing; Metallurgical test work will be undertaken at the ALS laboratories in Brisbane to confirm previous historical information that the Kolosori material is a high quality DSO product. This information will also be used for marketing of the DSO products; Bathymetric marine survey completed for the proposed Kolosori DSO shipping port location near to the Kolosori Mineral Resource; Resindo Resources and Energy Group ("Resindo") has confirmed that the results of the marine survey validate that the proposed location is suitable as a loading point for trans-shipping barges to carry DSO product to a nearby Ship mooring location for export; Resindo will now undertake port design and throughput studies to be included in the Mining Lease application process; Recently appointed General Manager - Project Development, Mike James, is now progressing the mining components of the Feasibility Study including: Assisting Mining One on a mine optimisation analysis which will lead to mine schedules and planning for the Feasibility Study; and Engaging with Solomon Islands mine contract and engineering groups; and Mike is expected to relocate to the Solomon Islands in July in order to oversee all aspects of the development of the Company's Solomon Islands Nickel Projects. Announcement • May 12
Pacific Nickel Mines Limited completed the acquisition of 80% stake in Kolosori Nickel Limited. Pacific Nickel Mines Limited (ASX:PNM) has signed a term sheet to acquire 80% stake in Kolosori Nickel Limited for AUD 0.93 million on September 1, 2020. On October 26, 2020, Pacific Nickel Mines Limited has signed definitive agreement to acquire 80% stake in Kolosori Nickel Limited. As a part of transaction, Pacific Nickel Mines Limited (previously known as Malachite Resources Limited) will acquire 11.08 million shares of Kolosori Nickel Limited. Under the terms of the consideration, the payment is done in tranches as follows :- a) issue of 9.375 million fully paid ordinary shares in Pacific Nickel; and b) share issue of 15.625 million fully paid ordinary shares in Pacific Nickel as deferred consideration upon the granting of a mining license for PL 05-19 by the Mines Department and confirmation of a resource with a minimum of 6 million tonnes @ 1.6%Ni including 3.9 million tonnes @ 1.7% Ni to 2012 JORC. The upfront consideration shares and the deferred consideration shares are subject to certain clawback or reductions for adjustments; and all Pacific Nickel shares issued to the vendors to be subject to voluntary escrow arrangements as follows:- a) For the Upfront Consideration Shares, the earlier of 12 months from their date of issue or 10 business days after the granting of a mining license for PL 05-19; and b) For the Deferred Consideration Shares, 12 months from their date of issue. The transaction is subject to approval of offer by Pacific Nickel shareholders; approval by regulatory board; consummation of due diligence and parties entering into a formal share sale agreement. The directors of Pacific Nickel Mines Limited unanimously recommend that shareholders vote in favour of transaction. As of February 3, 2021, Pacific Nickel has been notified of a material change in KNL’s rights to the Kolosori Nickel Project which impacts the transaction. Pacific Nickel has been advised by KNL that the Minister of Mines, Energy and Rural Electrification of the Solomon Island Government has cancelled PL 05/19. Pacific Nickel and KNL are taking advice in respect of this matter. As on April 9, 2021, the transaction was approved by the shareholders of Pacific Nickel Mines Limited.
Pacific Nickel Mines Limited completed the acquisition of 80% stake in Kolosori Nickel Limited on May 11, 2021. Announcement • May 11
Pacific Nickel Mines Limited Provides an Update on Its Nickel Laterite DSO (Direct Shipping Ore) Projects in the Solomon Islands Pacific Nickel Mines Limited provided an update on its nickel laterite DSO (Direct Shipping Ore) projects in the Solomon Islands. KOLOSORI NICKEL PROJECT UPDATE: The Company advised that drilling at the Kolosori Nickel Project is expected to commence this week following the granting of the Business Licence for PL 05/19. This follows a positive outcome from awareness meetings conducted in the local villages last month. The first stage of the drilling program will comprise 64 holes (including 11 metallurgical holes). Mining One has designed an initial drill program of 224 holes for the Kolosori Nickel Project. These holes are part of the planned 2021 pre-development activities. Core samples taken from the program are expected to provide metallurgical information needed in marketing of the DSO product. Technical information such as moisture content will be estimated from core samples and used for designing the materials handling systems from mining to stockpiling to exporting the DSO via barges and ships. Resindo Resources and Energy Group ("Resindo") is leading the feasibility study work and has advanced engineering studies on the Kolosori Nickel Project. The main focus of Resindo's work at present is the identification and design of a port site located near to the mine site suitable for Direct Ship operations ("DSO"). A port site has been identified and a marine survey has commenced by a local marine survey group to provide a detailed assessment of the location. Pacific Nickel has also commenced work with Mining One on mine planning which will support a Mining Lease Application that is expected to be lodged within the next two months. The work currently being undertaken by Resindo and Mining One will form the basis of the overall project layout and will assist Pacific Nickel with key technical components needed to develop the Kolosori Nickel Project as expeditiously as possible. The Company has already commenced the Environmental Impact Study and as part of that study has engaged a local environmental assessment group to carry out water monitoring and a cultural heritage survey for the project. This group is expected to commence these activities this week. JEJEVO NICKEL PROJECT UPDATE: As previously advised, the Company has completed an initial drilling program of 27 holes at its Jejevo Nickel Project. These holes were designed to: confirm historical drill and resource estimates; allow Mining One to prepare an independent resource assessment; and provide metallurgical samples for preliminary DSO marketing discussions. Samples from this drilling program has been delivered to ALS in Brisbane, Australia and the Company is currently awaiting assays which will be reported to the market. Reported Earnings • Mar 20
First half 2021 earnings released: AU$0.014 loss per share (vs AU$0.05 loss in 1H 2020) First half 2021 results: Net loss: AU$2.11m (loss widened 199% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Announcement • Mar 19
Pacific Nickel Mines Limited Commences Engineering Studies on the Kolosori Nickel DSO Project Pacific Nickel Mines Limited announced that engineering studies are commencing on the Kolosori nickel DSO project. The Company reported that Resindo Resources and Energy Group has been appointed to work with the Company on these engineering studies. These studies will provide preliminary information for later Definitive Feasibility Studies and help to progress key predevelopment activities and approvals including the Environmental License and Mining License applications needed for exporting DSO. The Company expects to lodge a Mining Lease application for the Kolosori project within the next three months. Resindo is an international project engineering, project construction management and operations delivery company based in Indonesia. Resindo has extensive project design and development experience for the minerals, mining, oil and gas and power generation sectors. Resindo undertakes engineering and implementation projects throughout the Asia-Pacific region. Resindo was formed in 2009 by Director Simon Birch (and Indonesian associates) after 10 years with Clough (Australia) in Perth. Mr. Birch subsequently served as General Manager for PT Petrosea, Clough's Indonesian Mining and EPC contracting subsidiary. Resindo's experience includes working on the development of thirteen (13) Indonesian Direct Shipment of Nickel Ore (DSO) Projects, either as DSO projects for international export or as DSO operations shipping ore within Indonesia to in-country nickel laterite processing utilizing nickel RKEF or Smelter technology. Resindo's Indonesian nickel laterite experience can be readily transferred to the Company's Kolosori project in the Solomon Islands. Importantly, Pacific Nickel's key management has previously worked with Resindo on mining projects in Indonesia. Announcement • Mar 15
Pacific Nickel Mines Limited Announces Kolosori Nickel Project - Planned Drilling & 2021 Pre-Development Activities Update Pacific Nickel Mines Limited announced that following the recent reinstatement of the Kolosori Prospecting License that the Company is preparing to commence drilling at the Kolosori nickel DSO (Direct Shipping Ore) project and progressing the key development approvals including the Environmental License and Mining License applications needed for exporting DSO. The Company has placed 5 man-portable drilling rigs (identical to the 2 drill rigs currently drilling at Jejevo) as well as drilling consumables and supplies in the local centre of Havihua nearby to the Kolosori prospect. Separate geologists and drillers have been identified to commence drilling at Kolosori as soon as practicable. The drilling programme has been developed with Mining One of Melbourne, Australia who are the Company's independent resource consultants. Mining One has prepared an initial drill program of 213 holes for the Kolosori project. The company expects that the first 64 holes (Stage 1 including 11 metallurgical holes) will be drilled in the next 3 months. The infill drilling program by Mining One has been prepared to increase the JORC resource confidence level and test for extensions of the resource estimate. The program uses a number of infill holes at a closer spacing to increase the measured and indicated resource estimates in these categories as the basis of later conversion to mining reserves. The drill work program is also an early part of the planned 2021 pre-development Kolosori activities and core samples taken from the program will provide metallurgical information needed in marketing of the DSO product. Technical information such as the moisture content of the samples will be estimated and used for designing the materials handling systems from mining to stockpiling to exporting the DSO via barges and ships. This work is orientated towards the Mining Lease application and follows Environmental Impact Assessment information already completed with the Government for review and as prelude to formalising an Environmental Impact Statement (EIS) within the same time as the application for a Mining Lease. The Company expects to lodge a Mining Lease application for the Kolosori project in the next three months. Announcement • Mar 12
Pacific Nickel Mines Limited Announces Jejevo Nickel Project Drilling Update Pacific Nickel Mines Limited announced that drilling the Jejovo nickel DSO (Direct Shipping Ore) project is progressing well despite extreme weather conditions experienced in the Solomon Islands over the last few months. To date a total of 10 holes have been completed with the first batch of samples from the first six holes now held in Honiara awaiting airfreight to the ALS laboratory in Brisbane, Australia. As previously announced these holes are part of a 64 hole drilling programme developed in consultation with Mining One in Melbourne, Australia in their capacity as the Company's independent resource consulting group. The initial stage of this drill program, consists of 25 holes designed to: confirm historical drill and resource calculations; to allow Mining One to prepare an independent Jejovo resource assessment under JORC 2012; provide metallurgical samples for utilising in preliminary DSO marketing discussions. Announcement • Nov 27
Lorena Gold Mine Pty Ltd completed the acquisition of Volga Elderberry Pty. Limited from Malachite Resources Limited (ASX:MAR). Lorena Gold Mine Pty Ltd entered into a share sale agreement to acquire Volga Elderberry Pty. Limited from Malachite Resources Limited (ASX:MAR) for AUD 0.18 million on July 28, 2020. Malachite has received an initial payment of AUD 0.5 million and will receive a further AUD 0.13 million within 90 days subject to agreed adjustments. Malachite will retain 100% of EPM 18908 which holds the Bloodwood copper/gold and Lady Mary gold prospects where encouraging exploration was previously undertaken by Malachite Resources. Conditions precedent include Malachite entering into an agreement to receive a 2% Net Smelter Return on gold produced from future underground operations at Lorena. Malachite will seek shareholder and any necessary regulatory approvals for the proposed sale of Volga. As of October 14, 2020 a meeting was schedule and resolution was passed by the shareholders of Malachite Resources Limited and transaction got approved.
Lorena Gold Mine Pty Ltd completed the acquisition of Volga Elderberry Pty. Limited from Malachite Resources Limited (ASX:MAR) on November 27, 2020. Announcement • Nov 25
Malachite Resources Limited Announces to Provide an Update on Activities At the Jejevo Nickel Project in the Solomon Islands Malachite Resources Limited announced to provide an update on activities at the Company's Jejevo Nickel Project in the Solomon Islands. The current drill program has been designed by Mining One based on a review of the existing data from the Jejevo Project. As part of that process Mining One carried out a gap analysis to identify what additional work was required to enable the Company to produce a Mineral Resource estimate in compliance with the JORC Code 2012 Edition. The current 64-hole drilling program at Jejevo is the product of the work undertaken by Mining One and is designed to enhance the geological understanding of Jejevo and to provide confirmatory results to allow for the preparation of a JORC mineral resource estimate. Historical drilling by Sumitomo Metals and Mining for the Jejevo area comprised 413 individual drill holes drilled down to a 50m x 50m spaced grid in places. The drilling methods used included diamond coring and hand auger with the majority of these holes (338) being diamond core drilled between 2012 and 2013. Mining One Consultants validated the drilling data available within the Jejevo project area and used this data to create lithological surface models for the base of saprolite, base of transitional, base of limonite and the base of the Fecap/Overburden domains. The drilling data assays were then used via creation of 1m composite files to assign nickel grades to the blocks in the block model using ordinary kriging. Densities were assigned based on historical records reported by Sumitomo and Golder Associates in studies completed for the Jejevo project. The results of the modelling for the Saprolite domain. The near term exploration target is estimated based on actual nickel assay grades from historical drilling data and the tonnages calculated within the 3D block model from volumes. A work program is currently underway with the aim of achieving JORC 2012 compliance for the Jejevo deposit. Data currently being collected from new drilling includes twin drillholes and infill holes to enable adequate QAQC support for the drilling dataset, collection of additional density measurements and analysis for the full suite of relevant nickel laterite suite elements. The near term Exploration Target within the Jejevo project area is in the range of 4.9Mt to 6.6Mt at 1.4% Ni to 1.6% Ni within all domains (Saprolite, Transitional and Limonite). This Target range reflects a potential quantity and grade for Jejevo and is conceptual in nature only as there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The current drill program will utilise drilling rigs that were previously used on the tenement by Sumitomo Metals and Mining which were recently acquired by the Company. The drill rigs are expected to arrive on Isabel Island this week, with drilling to commence soon thereafter. The drilling program at Jejevo, comprising 64 holes (approximately 1,300 m), was delayed slightly due to the availability of the landing craft to transport the drill rigs from Honiara to Isabel Island. The Company will be using four drill rigs for this drilling program. The initial 64-hole drill program at Jejevo will consist of 25 holes for confirmatory (twin hole) purposes (395m), 15 holes for infill (306m) and 24 holes for new exploration (600m). Following completion of the initial 25 confirmatory holes and receipt of assays, the Company expects to be in a position to provide a JORC (2012) mineral resource estimate for the Jejevo Project early next year. That initial mineral resource estimate will also form the basis of a feasibility study. The Company owns Sunshine Minerals Ltd. which owns 80% of Sunshine Nickel Limited (SNL) which holds prospecting licence tenement PL 01/18 located on the south coast of Santa Isabel Island in the Solomon Islands. The remaining 20% of SNL is owned by local landowners (Landholders). The Jejevo Nickel Project is located within the PL 01/18 project area. The Jejevo Nickel Project is an advanced stage direct shipping ore nickel laterite project. The project was previously drilled in 2013 and the Company's initial objective is to do sufficient work to confirm a 2012 JORC Resource at the earliest opportunity. The Jejevo Nickel Project has a number of positive aspects including its close proximity to the coast, no processing requirements, low capital route to direct shipping, ore production and local landowner support. It is envisaged that mining at Jejevo could potentially commence within 2 years. Announcement • Nov 19
Malachite Resources Limited Provides Initial Resource Estimate at Kolosori Project, Solomon Islands Malachite Resources Limited announced that the Company has completed an initial JORC (2012) nickel Mineral Resource estimate for Prospecting Licence PL 05/19 (Kolosori tenement) on Isabel Island, Solomon Islands. The Mineral Resources estimate was carried out by Mining One Pty Ltd. (Mining One) an independent consultant to the Company. In October 2020 Malachite executed a Share Purchase Agreement (Agreement) to formalise its acquisition of an 80% interest in Kolosori Nickel (SI) Limited ("KNL") which holds a 100% interest in PL 05/19 1. The Agreement is subject to Malachite shareholder approval with an Extraordinary General Meeting to be held as soon as practicable. Total mineral resource estimate at Kolosori of 5.89 million tonnes at 1.55 % Ni at a 1.2% Ni cut off. Conceptual resource extension targets at Kolosori of 1.94 million to 3.19 million tonnes at 1.2% to 1.6% Ni identified. Further exploration targets identified within close proximity of the known resource. Significant historical drilling intercepts in PL 05/19 include: HA-506: 13.8m at 2.30% Ni from 2m; HA-285: 11m at 2.29% Ni from 5m; HA-680: 17.8m at 2.03% Ni from 2m. Resource estimate to form the basis of a feasibility study at Kolosori which has now commenced. Mining One has completed an initial JORC (2012) mineral resource estimate for Prospecting Licence PL 05/19 (Kolosori tenement) on Isabel Island, Solomon Islands. The Mineral Resource estimate is classified in accordance with the 2012 JORC guidelines. Announcement • Nov 05
Malachite Resources Limited (ASX:MAR) completed the acquisition of remaining 85% stake in Sunshine Minerals Limited. Malachite Resources Limited (ASX:MAR) entered into a term sheet to acquire remaining 85% stake in Sunshine Minerals Limited for $0.77 million on July 15, 2020. As on August 21, 2020, Malachite Resources Limited executed a share purchase agreement for the transaction. As per terms of share purchase agreement, Malachite Resources Limited will issue a approximately 10.6 million shares at an issue price of $0.08 equivalent to $0.85 million as an upfront consideration, a further payment of $1.1 million by issuing approximately 13.8 million shares as deferred consideration upon the valid application for a mining lease for PL 01-18 being submitted to the Mines Department. Payment of $1 million by the issue of up to 12.5 million fully paid ordinary shares in Malachite at a deemed issue price of $0.08 (Upfront Consideration Shares), Payment of $1.3 million (less any debts not disclosed to Malachite in the Term Sheet) by the issue of up to 16.25 million fully paid ordinary shares in Malachite at a deemed issued price of $0.08 upon the valid application for a mining lease for PL 01-18 being approved by the Mines Department (Deferred Consideration Shares), All Malachite shares issued to the vendors to be subject to voluntary escrow arrangements for a 12 month escrow period. The transaction is subject to the parties to enter into a formal share sale agreement, Sunshine entering into an agreement with SNL and the Landholders, on terms satisfactory to Malachite, for the provision of funding by Malachite to the Landholders, the shareholders of Malachite approving the transactions contemplated by the agreement in a general meeting and Malachite completing a minimum $0.3 million equity capital raising. Malachite will seek shareholder and any necessary regulatory approvals for the proposed acquisition of Sunshine. A general meeting is scheduled to be held on October 14, 2020, to approve acquisition of 41.748670 million shares. On October 14, 2020, shareholders of Malachite Resources have approved the transaction.
Malachite Resources Limited (ASX:MAR) completed the acquisition of remaining 85% stake in Sunshine Minerals Limited on November 4, 2020. Announcement • Oct 12
Malachite Resources Limited to Commence Drilling at Solomon Islands Nickel Project Malachite Resources Limited provided an update on activities at the Company's Jejevo Nickel Project in the Solomon Islands with drilling scheduled to commence imminently. Drilling at Jejevo is expected to commence by the end of October with a 64-hole program (approx. 1,300m) designed to enhance the geological understanding of Jejevo and provide confirmatory results to allow preparation of a JORC resource estimate ("2012 JORC"). Mining One Pty Ltd. (Mining One) engaged to undertake geological work on the Company's 0nickel projects in the Solomon Islands and prepare a 2012 JORC resource estimate at Jejevo. A review of historical drilling undertaken by Sumitomo Metals and Mining by Mining One has generated an understanding of drilling required to support a 2012 JORC compliant Resource estimate. Significant historical drilling intercepts include: JSC030: 13m at 2.04% Ni from surface, including 11m at 2.18% Ni from 2m; JSD049: 9m at 1.98% Ni from 1m, including 6m at 2.26% Ni from 2m; and JSD062: 12m at 1.93% Ni from surface, including 9m at 2.04% Ni from 3m. Reported Earnings • Oct 01
Full year earnings released Over the last 12 months the company has reported total losses of AU$5.30m, with losses narrowing by 18% from the prior year. Announcement • Sep 04
Malachite Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.611 million. Malachite Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.611 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,366,659
Price\Range: AUD 0.03 Announcement • Sep 02
Malachite Resources Limited (ASX : MAR) has signed a Term Sheet to acquire 80% stake in Kolosori Nickel Limited for AUD2 million. Malachite Resources Limited (ASX : MAR) has signed a Term Sheet to acquire 80% stake in Kolosori Nickel Limited for AUD2 million on September 1, 2020. The transaction is authorized by the board. Under the terms of the consideration, the payment is done in tranches as follows :- a) Payment of AUD0.75 million as an Upfront Consideration shares issue of 9.375 million fully paid ordinary shares in Malachite Resources Limited; and b) Payment of AUD1.25 million as Deferred Consideration share issue of 15.625 million fully paid ordinary shares in Malachite Resources Limited upon the granting of a mining license for PL 05-19 by the Mines Department and confirmation of a resource with a minimum of 6 million tonnes @ 1.6%Ni including 3.9 million tonnes @ 1.7% Ni to 2012 JORC. The Upfront Consideration Shares and the Deferred Consideration Shares are subject to certain clawback or reductions for adjustments; and All Malachite Resources Limited shares issued to the vendors to be subject to voluntary escrow arrangements as follows:- a) For the Upfront Consideration Shares, the earlier of 12 months from their date of issue or 10 business days after the granting of a mining license for PL 05-19; and b) For the Deferred Consideration Shares, 12 months from their date of issue. The transaction is subject to approval of offer by Malachite Resources Limited shareholders; approval by regulatory board; consummation of due diligence. Announcement • Aug 14
Malachite Resources Limited announced that it has received AUD 0.625 million in funding On August 14, 2020, Malachite Resources Limited (ASX:MAR) closed the transaction. The company has issued 20,833,334 shares for proceeds of AUD 625,000.02 in the transaction. Announcement • Aug 11
Malachite Resources Limited announced that it expects to receive AUD 0.725 million in funding Malachite Resources Limited (ASX:MAR) announced a private placement of 24,166,667 shares at a price of AUD 0.03 per share for gross proceeds of AUD 725,000 on August 10, 2020. The transaction will include participation from sophisticated and institutional investors. The transaction will include participation from consultants for up to 3,333,333 shares for proceeds of up to AUD 100,000 which is subject to shareholder approval at the general meeting. The expected closing date for 20,833,334 shares is August 13, 2020. Announcement • Jul 31
Lorena Gold Mine Pty Ltd entered into a share sale agreement to acquire Volga Elderberry Pty. Limited from Malachite Resources Limited (ASX:MAR) for AUD 0.18 million. Lorena Gold Mine Pty Ltd entered into a share sale agreement to acquire Volga Elderberry Pty. Limited from Malachite Resources Limited (ASX:MAR) for AUD 0.18 million on July 28, 2020. Malachite has received an initial payment of AUD 0.5 million and will receive a further AUD 0.13 million within 90 days subject to agreed adjustments. Malachite will retain 100% of EPM 18908 which holds the Bloodwood copper/gold and Lady Mary gold prospects where encouraging exploration was previously undertaken by Malachite Resources. Conditions precedent include Malachite entering into an agreement to receive a 2% Net Smelter Return on gold produced from future underground operations at Lorena. Malachite will seek shareholder and any necessary regulatory approvals for the proposed sale of Volga. Announcement • Jul 17
Malachite Resources Limited (ASX:MAR) entered into a term sheet to acquire remaining 85% stake in Sunshine Minerals Limited for $2.3 million. Malachite Resources Limited (ASX:MAR) entered into a term sheet to acquire remaining 85% stake in Sunshine Minerals Limited for $2.3 million on July 15, 2020. Payment of $1 million by the issue of up to 12,500,000 fully paid ordinary shares in Malachite at a deemed issue price of $0.08 (Upfront Consideration Shares), Payment of $1.3 million (less any debts not disclosed to Malachite in the Term Sheet) by the issue of up to 16,250,000 fully paid ordinary shares in Malachite at a deemed issued price of $0.08 upon the valid application for a mining lease for PL 01-18 being approved by the Mines Department (Deferred Consideration Shares), All Malachite shares issued to the vendors to be subject to voluntary escrow arrangements for a 12 month escrow period. The transaction is subject to the parties to enter into a formal share sale agreement and Malachite completing a minimum $0.3 million equity capital raising. Malachite will seek shareholder and any necessary regulatory approvals for the proposed acquisition of Sunshine. 