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Evrima holds 1,114,115 shares in TSX-V listed Premium Nickel Resources (TSX-V: PNRL), an intermediate global nickel copper-cobalt company with assets in Botswana, Greenland, Canada, and Morocco. PNRL is currently focussing its efforts on advancing its 100% owned flagship project, the Selebi Mine, in Botswana.

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EVA Holding

Shares SubscribedSubscription Price ($CAD)Cost ($-CAD)%-Gain on Subscription against last sub round @ $2.50Resulting Holding
487,500$0.05c$24,3754,900%487,500
146,113$0.15c$21,916.951,567%146,113
373,387$0.40c$149,354.8525%1,007,000
26,316$0.95c$25,000.20163%1,033,316
Total Cost of Inv.$220,646.95
Total Holding 1,033,316
Average Entry Price$0.21c
ROI To date1,071%
Total Holding in Resulting Issuer1,114,115 *

Evrima Total Holding in the “Resulting Issuer”

Following the readmission of the resulting issuer, Premium Nickel Resources Ltd, under terms of the amalgamation agreement Evrima plc will exchange their shares in Premium Nickel Resources Corporation on a ratio of, 1.054 resulting in Evrima receiving 1,089,115 of the resulting issuer.

Prior to the transaction, the company held 125,000 shares (consolidated, 5:1, on readmission: 25,000) in North American Nickel Inc. and 62,500 Warrants (consolidated, 5:1 on readmission: 12,500 with a strike price of $1.75) with a strike price of, $0.35c and a life to expiry of 24-months (expiring April 2023, the warrant also includes an accelerator clause enabling the company to elect to accelerate the exercise of all warrants pursuant to the subscription should the VWAP of the resulting issuer exceed $3 for 10 consecutive trading days). On readmission the share capital of the resulting issuer will be consolidated on a 5:1 basis.

Final Evrima Shareholding on readmission

1,114,115

Total Number of Shares Held

12,500

Total Number of Warrants Held

About PNRL

PNRL is an intermediate global nickel-copper-cobalt company with assets in Botswana, Greenland, Canada and Morocco. The Company is currently focusing its efforts on advancing its 100% owned flagship Selebi Mine in Botswana.

The Selebi Mine Project is located in Botswana and consists of a single 10-year mining licence covering an area of 11,504 hectares located near the town of Selebi Phikwe, approximately 150 kilometres southeast of the city of Francistown, and 410 kilometres northeast of the national capital, Gaborone.

The Selebi Mine includes two shafts (Selebi, and Selebi North deposits) and related infrastructure (rail, power, and water). The Selebi deposit began production in 1980, whilst production at the Selebi North deposit commenced in 1990. Mining was terminated at both operations in 2016 due to a failure in the separate Phikwe processing facility, and subsequently, BCL Limited, the controlling entity, was placed into liquidation in 2017.

PNRL submitted an indicative offer to the liquidators in June 2020 to acquire the Selebi Mine. On February 10, 2021, the Company was selected as the preferred bidder, and in March 2021 it entered into a memorandum of understanding that provided for a six-month period of exclusivity to complete additional work and negotiate the final asset purchase agreement.

On January 31, 2022, PNRL completed the purchase of Selebi Mines Project, and has since began the process to accurately recharacterize the remaining resources including drill testing near mine, high-conductance borehole electromagnetic exploration targets, resource in-fill drilling, additional metallurgical testing, and early scoping studies.

PNRL’s objective is to redevelop the Selebi Mines Project through modernization and a commitment to best practices in safety and the environment. This includes the evaluation of alternative metallurgical processes to produce separate copper and nickel-cobalt concentrates using less power and water to reach an exportable commodity and have a much lower environmental impact when compared to the legacy processing and smelting.

PNRL intends that the nickel copper-cobalt resources remaining at the Selebi Mines Project will be developed for the global electrification industry and the Company is diligently working on establishing the significant exploration potential that remains in the Selebi North and Selebi Main deposits.

Historic SAMREC Resource

At the time of the BCL liquidation, South African Mineral Resource Committee (SAMREC) compliant Mineral Resources within the Selebi Mines property boundary were reported as in-situ and depleted for mining as of September 30, 2016.

These historical measured and indicated mineral resources used a nickel equivalent (NiEq) cut-off grade of 0.4% and were estimated to total 17.83 Mt at grades of 0.87% Ni and 1.42% Cu containing 155,000 tonnes (t) Ni and 253,000 t Cu.

Historical inferred mineral resources were estimated to total 15.34 Mt at grades of 0.71% Ni and 0.89% Cu containing 109,000 t Ni and 136,000 t Cu. The NiEq cut-off grade was based on a ratio of nickel and copper prices where NiEq = %Ni + (Cu price/Ni price)*%Cu.

Nickel and copper prices used were US$8.00/lb Ni and US$3.00/lb Cu, respectively. This estimate, which has not been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), is considered to be historical in nature and should not be relied upon. However, PNRL management has stated that it believes that it could be indicative of the presence of mineralization on the Selebi Mines property.

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