Upstream Battery Metals Update & Nickel Price

Corcel PLC

("Corcel" or the "Company")

Upstream Battery Metals Portfolio Update and

Nickel Price Increases

10 March 2022

Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, provides an update on its upstream battery metal portfolio and recent nickel price movements.

Highlights:

o Mambare mining lease application progressing with the application now passed to the National Executive Council, likely the final step in the application process

o Wowo Gap JORC upgrade and gap analysis underway

o The Company notes the significant rise in nickel prices and the favourable impact on the economics of its upstream battery metal portfolio, with prices well in excess of the Company's "base case" assumptions.

Mambare Nickel/Cobalt Project Update (41% interest)

Nickel: 1.53MT, Cobalt: 146KT, JORC 2012 Resource

Following the environmental permit award in 2021, the Mining Lease application has now been sent by the Papua New Guinea Mining Advisory Council to the National Executive Council ("NEC") for final review. The NEC is the team of senior ministers in PNG, broadly equivalent to the Cabinet.

Work continues in preparation for the formal award of the Mining Lease and the advancement of the project to Direct Shipping Ore ("DSO") production. This work includes the preparation of engineering reports on the existing 35 bridges between Kaumundo and Oro Bay, which is progressing. Selective improvements to the project site are also underway, alongside a photogrammetry collection exercise as well as the routine warden's meetings and community compensation negotiations.

Wowo Gap Nickel/Cobalt Project Update (100% interest)

Nickel: 1.33MT, Cobalt: 83KT, JORC 2004 Resource

The Company has now hired a small and highly qualified Australian team to manage the project, and the first resupply journey to the camp to bring much needed fuel, food and medicines has now been completed.

The focus for 2022 includes updating the 2004 resource estimate to the 2012 standard and a gap analysis (being conducted by AMC Consultants) focused on producing a bankable feasibility study which the Company will use to apply for a 20-year Mining Lease over the project.

Nickel Price Movement

The Company notes the suspension in nickel market trading at the London Metal Exchange ("LME") following a 250% surge in prices over 7-8 March, with intraday trading of over $100,000 per ton on Tuesday 8 of March.

The Company has historically utilized a $18,500/t price assumption in the Company's base case modelling at its nickel projects in PNG. The Company therefore sees significant additional core net asset value from its upstream Battery Metal portfolio and anticipates that ongoing turmoil and extended volatility in global nickel markets will significantly enhance the business case for taking both Mambare and Wowo Gap into DSO production.

As originally announced on 10 January 2022, the Company continues discussions regarding offtake with Shandong New Powder COSMO AM&T ("NPC"), and in light of recent price movements, expects further developments in this regard as major nickel users such as NPC seek to lock in secure sources of supply.

Scott Kaintz 020 7747 9960 Corcel Plc CEO 

James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker

Simon Woods 0207 3900 230 Vigo Consulting IR 

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.