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NICKEL MINES LIMITED ACN 127 510 589 ASX Release : 28 October 2021 ASX : NIC Shares on issue : 2.515B Market capitalisation : A $ 2.74B ( @ A $ 1.09 ) 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 Non - Executive Director Dasa Sutantio QUARTERLY ACTIVITIES REPORT For the quarter ended 30 September 2021 NICKEL MINES LIMITED CONSISTENT PRODUCTION AND INCREASED MARGINS DELIVER US $ 68.4M OF EBITDA FROM OPERATIONS RKEF quarterly production of 10,113.3 tonnes of nickel metal ( 100 % basis ) , down 0.3 % from the 10,143.0 tonnes of nickel metal in the June 2021 quarter . NIC attributable nickel production was 8,090.7 tonnes of nickel metal . ■ 10,113.3 nickel tonnes sold ( 100 % basis ) , down 5.8 % from 10,735.7 nickel tonnes sold in the June quarter . RKEF quarterly sales of US $ 168.9M ( 100 % basis ) , up 12.5 % from US $ 150.2M in the June quarter . ■ RKEF quarterly EBITDA of US $ 62.6M ( 100 % basis ) , up 23.2 % from US $ 50.8M in the June quarter . ■ RKEF EBITDA of US $ 6,190 / t Ni sold , up 30.8 % from US $ 4,732 / t in the June quarter . Underlying cash generation from operations of US $ 67.6M ( 100 % basis ) up 20.7 % from US $ 56.0M in the June quarter ▪ RKEF September quarter cash costs : 。 Hengjaya Nickel : US $ 10,429 / tonne Ni , up 14.2 % from the June quarter . ○ Ranger Nickel : US $ 10,327 / tonne Ni , up 13.7 % from the June quarter . Record nickel ore production from Hengjaya Mine of 579,156 wmt , up 0.8 % from 574,791 wmt in the June quarter resulted in quarterly EBITDA of US $ 5.8M , down 18.3 % from US $ 7.1M in the June quarter . Cash + receivables + inventory at quarter end of US $ 297.4M , down 18.2 % from US $ 363.5M in the June quarter . Declaration and payment of a A $ 0.02 per share interim dividend . ▪ Successful “ tap ” issuance of US $ 150M of Senior Unsecured Notes . ■ Completion of the acquisition of an additional 30 % of Angel Nickel for US $ 210M . Non - Executive Director Yuan Yuan Xu Substantial Shareholders Shanghai Decent PT . KBP BlackRock Group 18.7 % 15.1 % 7.8 % ■ Angel Nickel project construction on schedule for commissioning in 2H 2022 to more than double nameplate nickel production . Baillie Gifford & Co. 6.2 % cpeacock@nickelmines.com.au +61 ( 0 ) 439 908 732 info@nickelmines.com.au +61 2 9300 3311