Extract of ASX announcement:

ANGEL NICKEL SECURES MATERIAL TAX CONCESSIONS:

The Directors of Nickel Mines Limited (‘Nickel Mines’ or ‘the Company’) are pleased to advise that the Angel Nickel RKEF project’s Indonesian operating entity, PT Angel Nickel Industry (‘Angel Nickel’ or ‘ANI’) has been granted material corporate tax relief for its RKEF project that is approaching maiden commissioning within the Indonesia Weda Bay Industrial Park (‘IWIP’).

Angel Nickel is an Indonesian domiciled PMA1 company with an RKEF project that comprises 4 RKEF lines and a 380MW power plant, in which the Company holds an 80% interest via Angel Capital Private Limited, a Singaporean domiciled company.

Notice of the tax relief was communicated to the Company by official decree from the Minister of Finance of the Republic of Indonesia after the Ministry of Investment/Investment Coordination Committee conducted a study to assess whether Angel Nickel “complies with the standards and requirements for tax relief set out in Article 3 of Minister of Finance Decree No. 130/PMK.010/2020 on Granting of Corporate Income Tax Relief Facilities.”.

Having satisfied these requirements, the following tax concessions have been granted: ? a Corporate Income Tax Reduction of 100% for a period of ten (10) tax years, starting from the tax year in which commercial production is achieved; and ? a Corporate Income Tax Reduction of 50% of payable income tax for a period of two (2) tax years, starting from the end of the initial ten-year period; and ? exemption from withholding and tax collection by third parties on sales proceeds that would normally be remitted to the Indonesian Revenue Department for a period of ten (10) tax years, also commencing from the tax year in which commercial production is achieved.