Pacific Nickel Mines (ASX: $PNM) March 2024 Quarterly Report

Pacific Nickel Mines Limited (ASX: $PNM) has released its quarterly report for the period ending 31 March 2024. The company's focus for the reporting period was ramping up production at the Kolosori Nickel Project in the Solomon Islands, in which the company holds an 80% interest. The company shipped approximately 184,000t of nickel ore at an average grade of 1.66% Ni to Glencore International AG. Greg Foulis stepped down as Executive Chairman, continuing as Non-Executive Director, with Mr. Terry Cuthbertson appointed Interim Chairman. The company had cash of A$2.18 million at the end of the quarter.

Executive Commentary on Quarterly Performance

The major focus for the company during the reporting period was to improve mining operations and production efficiencies to ensure that the Kolosori site can achieve at least two shipments per month with a forecast of three shipments per month during the dry season to achieve 1.5mpta of ore shipped. The company expects that ore mining will improve from May onwards as the region enters the dry season. The revised mine plan has ore being delivered onto the stockpiles at the required rate at an average grade of around 1.7% Ni for the next nine months. The company is carrying out grade control drilling as part of its procedure to ensure that ore is mined at the nickel grades forecast for shipment. Once the mining operation reaches steady state, the company will focus on exploration targeting additional high-grade nickel resources.

Summary of Pacific Nickel Mines' March 2024 Quarterly Report

Pacific Nickel Mines (ASX: $PNM) has made significant progress in ramping up nickel production at the Kolosori Nickel Project in the Solomon Islands. The company shipped approximately 184,000t of nickel ore at an average grade of 1.66% Ni to Glencore International AG. The focus for the upcoming quarter includes achieving ore production of at least 120,000 tonnes per month at Kolosori and finalizing the Jejevo Environmental Impact Statement. The company is also revisiting the development strategy for the Jejevo Project given current nickel ore pricing. With the expectation of improved ore mining as the region enters the dry season, the company aims to achieve its forecasted production rates and continue exploration for additional high-grade nickel resources. The company's cash position at the end of the quarter was A$2.18 million.