• Binding Framework Agreement with Indonesian partners for nickel ore mining and HPAL processing
• Nickel Industries to acquire 36% interest in CNE for no cash consideration
• Monetization of 18% stake in Sampala Project as HPAL acquisition consideration
• CNE nameplate capacity of 28,357 Ni tonnes in MHP per annum

Nickel Industries Limited has announced a binding Framework Agreement with Indonesian partners for a long-term strategic cooperation in nickel ore mining and HPAL processing. The company will acquire a 36% interest in CNE, an expansion to ENC, for no cash consideration. Additionally, Nickel Industries will monetize an 18% stake in the Sampala Project as HPAL acquisition consideration. CNE, with a designed annual nameplate production of 28,357 nickel tonnes, is an expansion to the Excelsior Nickel Cobalt (ENC) HPAL project. The agreement involves a share-for-share transaction, with Nickel Industries not required to contribute any cash. Post-transaction, Nickel Industries will remain the largest shareholder and operator of the Mine Companies (42%), along with JAYA (30%) and the Local Partner (28%).

Nickel Industries will receive nickel units in MHP at approximately US$10,500/t (at nameplate)

Nickel Industries' investment in the Sampala Project and monetisation of equity interest into CNE will position the company favorably in the EV supply chain.