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.