Name of the Project
Kolosori nickel project.

Location
Solomon Islands.

Project Owner/s
Base metals company Pacific Nickel Mines announced on November 4, 2025, that it had agreed to sell its Solomon Islands subsidiaries, including the Kolosori nickel project, to Green Rock for a nominal price of A$1. The decision followed a review of the Kolosori operation conducted with Glencore, which concluded that continuing operations was not viable amid operational challenges and a weak nickel price outlook in the short to medium term.

Under a share sale and purchase agreement, Pacific Nickel’s unit Pacific Nickel International will sell 100% of Pacific Nickel Mines, which owns 80% of the Kolosori project and the Jejevo project. The remaining 20% of those assets are held by other shareholders who will retain their interests.

The sale is subject to several conditions, including shareholder and regulatory approvals, completion of a presale restructure, and execution of related agreements with financier Glencore International and contractors.

As part of the deal, Pacific Nickel has entered into a deed of release with Glencore, which financed the Kolosori project through a $22-million secured facility, later increased to $25-million. The release will discharge Pacific Nickel from any liabilities under the facility once the sale is completed.

The buyer will also pay Pacific Nickel a 1% royalty on nickel ore shipped from Kolosori, provided that monthly shipments exceed 170 000 t and benchmark prices on the Shanghai Metals Market average above $72/t.

Project Description
The Kolosori nickel project is an advanced stage direct shipping ore (DSO) nickel laterite project progressing to development.

The project has a Joint Ore Reserves Committee-compliant mineral resource estimate of 6.02-million tonnes at 1.52% nickel.

In the base case, production is estimated at 1.4-million tonnes a year over a mine life of three years. In the expanded case, the project is expected to produce 1.45-million tonnes a year over a mine life of 5.8 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value (NPV) of A$91-million and an internal rate of return (IRR) of 156%. In the expanded case the project has an NPV of A$118-million and an IRR of 170%. In both cases payback is six months.

Capital Expenditure
The project is estimated at $21.3-million in the base case and the expanded case.

Planned Start/End Date
Production started in 2023.

Latest Developments
Pacific Nickel Mines announced on November 4, 2025, that it had agreed to sell its Solomon Islands subsidiaries.

Key Contracts, Suppliers and Consultants
Resindo (definitive feasibility study manager and front-end engineering design); and HBS PNG (early contractor arrangement).

Contact Details for Project Information
Pacific Nickel, tel +61 403 940 518 or email info@pacificnickel.com.