For Release

FNI’s Ipilan Nickel Project marks major milestone

with maiden shipment of nickel ore

Brooke’s Point, Palawan/Sept. 20, 2022. Ipilan Nickel Corporation (INC), an affiliate of
Global Ferronickel Holdings, Inc. (FNI), announces the successful completion of its
maiden shipment of ore today from its mine site in Brooke’s Point, Palawan. With 54,700
Wet Metric Tons of medium-grade nickel ore loaded aboard M/V He Sheng Nan Fang,
INC declared anchors aweigh for its first export en route to Guangdong Century
Tsingshan Nickel Industry Co., Ltd in China (GCTN). A long-standing customer of FNI’s
Surigao-based Platinum Group Metals Corporation (PGMC), GCTN is looking forward to
building a solid relationship with INC.

“After years of careful planning and regulatory compliance, this inaugural shipment is a
remarkable milestone for our Group and bodes well for the country’s economic and
social governance goals at this critical time. Target for the year is 500,000 WMT, with
increased production in the coming years, as we begin year-round operations,” said FNI
Chairman Joseph C. Sy.

Under its Mineral Production Sharing Agreement (MPSA) with the government, INC is
authorized to engage in the exploration, development and utilization for commercial
purposes of nickel and other mineral deposits in the Municipality of Brooke’s Point,
Palawan, with an area of 2,835 hectares. Estimated mine life is at least ten years, with
an annual production rate of 1.5 million WMT of medium- to high-grade nickel ores. INC
employs more than 1,300 personnel, mainly from the local community and nearby areas.

“We are proud of this development because it sets the tone for the optimal pursuit of our
social development and environmental protection objectives. INC can now roll up the
score in community engagement with various socio-civic initiatives in place from the
beginning of our operations,” added Mr. Sy.
These projects include support for education, wellness, and livelihood development
through scholarship grants, donation of school supplies, rice harvesters, fishing boats
and implements, a brand new ambulance, medicines and other health essentials,
construction of covered courts, daycare center, and health facility, allowances for
teachers, barangay health workers and a community doctor, feeding programs, medical
missions, livestock and rice farming assistance, and installation of solar dryers. INC has
also tagged infrastructure as its primary focus with the establishment of a mini-hydro
power plant and farm-to-market roads. During calamities, INC came in as one of the first
responders, allotting over two million pesos worth of food and water supplies to those
affected by Typhoon Odette and 12 million pesos more in medical equipment and sacks
of rice at the height of the pandemic.

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Forward-Looking Statements:
This disclosure may contain forward-looking statements subject to several risks and
uncertainties that could affect the Company's business and results of operations.
Although the Company believes that the expectations reflected in this disclosure are
reasonable, it gives no guarantee of future performance, actions, or events.

Contact:

Luigi I. Avanceña: 0998-544-7046

liavancena@gfni.com.ph