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Location: 8 km NW from Kamaosi Village, Solomon Islands
Level 4, 283 George StreetSydneyNew South Wales, Australia2000
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On 4 November 2025, Pacific Nickel Mines Limited (PNM) advises that PNM’s wholly owned subsidiary, Pacific Nickel International Pty Ltd (PNI) has entered into a Share Sale and Purchase Agreement (SPA) with Green Rock Limited (Buyer) in relation to the sale of 100% of the shares in PNMSI held by PNI.
Subject to Shareholder Approval being obtained and the other conditions being satisfied (or waived, as applicable), completion of the SPA is targeted for late January 2026 (with the due date for satisfaction/waiver of all conditions prior to that date, which may be extended by the parties).
The Kolosori deposit exists over a large area of approximately 2km by 3km on Isabel island (Solomon Islands). Individual regolith domains average in thickness ranging between 3m and 10m. The deposits all occur within 50m depth of the topography surface.The Kolosori deposit consists of a Wet tropical laterite profile. In-situ chemical weathering of the ultramafic rocks with nickel and cobalt enrichment through both residual and supergene processes. There are five key geological zones that are modelled to form the basis of the Mineral Resource estimate. These are surface the Fe-Cap, Limonite, Transition, Saprolite and weathered Bedrock domains. Thin fault-bound slices of peridotites are distributed on both sides of the Kia-Korigole-Kaipito Fault System (KKKFS). The ultramafic rocks also outcrop predominately in the south near San Jorge and have been termed the San Jorge Ultramafics. In all locations, they consist of a series of elongate pods of more or less serpentinised harzburgites and dunites, cut by pyroxenite veins. In contrast, only fragments of ultramafic rocks occur further north on Santa Isabel. The nickel laterite deposits of the Solomon Islands have developed under tropical conditions by weathering and decomposition of the ultramafic host rocks. These processes lead to residual and supergene enrichment of nickel within the laterite profile. The laterite profile in Kolosori tenement overlies ultramafic rocks and can be divided into two distinct zones. The lower zone consists of saprolitic rock, rocky saprolite and saprolite. The upper oxide zone consists of ferruginous saprolite, limonite, erruginous zone and soil types. The lower saprolite zone consists of boulders of the bedrock in a soft, earthy matrix. The boulders generally have fresh cores and partially oxidised rims. Highly serpentinized rocks may have more pervasive oxidation and the boulders may be friable and lack a tough core. The matrix contains a high proportion of iron-oxides that are a product of weathering, but bedrock textures are usually still recognisable.Iron grades increase rapidly upwards across the saprolite-limonite contact, reflecting the displacement of silicate minerals by iron oxides (goethite) as the dominant component. Bedrock textures are not readily recognisable and although relict bedrock boulders do occur, they tend to be more isolated and less abundant than in the underlying saprolite.Wet tropical laterite. In-situ chemical weathering of the ultramafic rocks with nickel and cobalt enrichment through both residual and supergene processes.
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The Kolosori Nickel Project is a direct shipping ore (DSO) nickel laterite project. Ore will be direct shipped without processing other than air drying.
