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NICKEL MINES LIMITED ACN 127 510 589 ASX Release : 27 April 2021 ASX : NIC Shares on issue : 2.515B Market capitalisation : ( @ A $ 1.285 ) A $ 3.23B Board of Directors Non - Executive Chairman Rob Neale Executive Deputy Chairman Norman Seckold Managing Director Justin Werner Executive Director and CFO Peter Nightingale Non - Executive Director James Crombie Non - Executive Director Weifeng Huang Non - Executive Director Mark Lochtenberg QUARTERLY ACTIVITIES REPORT For the quarter ended 31 March 2021 NICKEL MINES LIMITED SOLID START TO 2021 WITH 10,067.5 TONNES OF NICKEL PRODUCTION AND UNDERLYING FREE CASH FLOW OF US $ 50.0M Headline Results ■ RKEF quarterly production of 10,067.5 tonnes of nickel metal ( 100 % basis ) , down 12.7 % from the record 11,527.0 tonnes of nickel metal in the December 2020 quarter . NIC attributable nickel production was 8,054.0 tonnes of nickel metal . ■ 10,257.1 nickel tonnes sold ( 100 % basis ) , down 10.0 % from 11,401.4 nickel tonnes sold in the December quarter . ■ RKEF quarterly sales of US $ 138.2M ( 100 % basis ) , down 13.0 % from the record US $ 158.8M in the December quarter . RKEF quarterly EBITDA of US $ 50.7M ( 100 % basis ) , down 29.2 % from the record US $ 71.6M in the December quarter . Underlying Free Cash Flow from Operations of US $ 50.0M ( 100 % basis ) , down 30.5 % from the record US $ 71.9M in the December quarter . ■ RKEF March quarter cash costs : 。 Hengjaya Nickel : US $ 8,725 / tonne , up 14.6 % from the December quarter . • Ranger Nickel : US $ 8,641 / tonne , up 16.1 % from the December quarter . Cash + receivables + inventory at quarter end of US $ 277.4M , down 46.4 % from US $ 517.9M in the December quarter following US $ 180M payment for Angel Nickel , US $ 45M debt repayment and US $ 38.8M dividend payment . ■ Nickel ore production from Hengjaya Mine of 456,487 wmt , down 8.7 % from the record 499,877 wmt in the December quarter resulted in March quarter EBITDA of US $ 4.5M . Record monthly nickel ore production of 182,720 wmt in March . Non - Executive Director Dasa Sutantio Non - Executive Director Yuan Yuan Xu Substantial Shareholders Shanghai Decent 18.0 % PT . KBP 15.1 % BlackRock Group 6.8 % Baille Gifford & Co. 5.2 % cpeacock@nickelmines.com.au +61 ( 0 ) 439 908 732 info@nickelmines.com.au +61 2 9300 3311 Ingot casting of NPI