Ann: Response to ASX Price Query, page-3

Here comes the short squeeze.......

the Company’s operations at the Hengjaya Nickel and Ranger Nickel projects areunaffected, as is commissioning at the Angel Nickel project and construction at theOracle Nickel project.•

Tsingshan have firmly assured the Company that they have no intention of selling anyshares that it holds in the Company.•

there has been no change in Tsingshan’s irrevocable undertaking to purchase all of thenickel pig iron produced by the Company’s RKEF operations.•

there has been no impact on Tsingshan’s intention to receive Nickel Mines shares inthe Conditional Placement as detailed on 9 February 2022 as part consideration for theCompany acquiring a 70% interest in the Oracle Nickel Project.•

Tsingshan remains the world’s largest stainless steel and nickel producer with itsoperations generating revenues of 352B RMB (US$~$56B) in 2021. Tsingshan’soperations remain robust and unaffected with the Group having strong confidence inits ability to manage its current market position.