C00025-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Dec 29, 2023
2. SEC Identification Number
ASO94-03992
3. BIR Tax Identification No.
003-871-592
4. Exact name of issuer as specified in its charter
Global Ferronickel Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Penthouse, Platinum Tower, Asean Ave. cor. Fuentes St., Aseana, Parañaque City Postal Code 1701
8. Issuer's telephone number, including area code
(02) 8519 7888
9. Former name or former address, if changed since last report
n.a.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 5,125,175,687
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Global Ferronickel Holdings, Inc.FNI

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

FNI mining units sign annual sale and purchase agreement with Baosteel Ends 2023 with 4.76 million WMT shipped volume
Background/Description of the Disclosure

December 29, 2023 – Global Ferronickel Holdings, Inc. (PSE: FNI) announced today that its subsidiaries, Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (Ipilan), have signed an annual sale and purchase agreement with Baosteel Resources International Co., Ltd. (Baosteel).

Under the agreement, Baosteel would purchase up to 1.5 million wet metric tons (WMT) of nickel ore for the year 2024 at a price that is determined monthly based on the prevailing market price at the time of sale. About two-thirds of the nickel ore to be sold is expected to be low grade with 0.90% nickel and 48% iron, and between 1.30% and 1.40% nickel with 15% to 25% iron. The remaining one-third will be medium grade with 1.40% and above nickel and 12% to 23% iron. It will be sourced from FNI’s operating mines in Surigao del Norte and Palawan.

“We are proud to work with Baosteel and continue our long-term relationship,” said FNI President Dante R. Bravo. “This agreement and our long history together demonstrate our customer’s confidence in our business and provide further recognition of our efforts in maintaining a reliable supply chain to meet the demands for Baosteel products throughout the Asia-Pacific region and internationally. With almost 10 years relationship, we believe our collaboration aligns with FNI’s mission of providing metals and minerals that are essential for greener, more sustainable products required in everyday life.”

FNI ended 2023 with 4.763 million WMT shipped volume, with 3.297 million WMT from PGMC and 1.466 million WMT from Ipilan. A total of 0.379 million WMT were sold to Baosteel.

Baosteel Resources International Co., Ltd. is a wholly owned subsidiary of China Baowu Steel Group. It is engaged in mineral resource investment, trading, and logistics services. In 2023, China Baowu Steel Group ranked as the largest company in the Materials sector and 44th largest company worldwide by total revenues on the Fortune Global 500, which it has been recognized for 14 years.
Other Relevant Information

About Global Ferronickel Holdings, Inc.
Global Ferronickel Holdings, Inc. (PSE: FNI) is a holding company whose principal subsidiary is Platinum Group Metals Corporation, the Philippines’ second largest nickel ore producer with mining assets in Cagdianao, Surigao del Norte and Brooke’s Point, Palawan. Through our presence across the Philippines and in China, we are pursuing a multipronged strategy to diversify our investment portfolio into value-added nickel processing, cement manufacturing, and port operations and logistics. For more information, visit gfni.com.ph or contact [email protected].

Forward-Looking Statements
This disclosure contains forward-looking statements that are 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 based on reasonable assumptions, it does not guarantee future performance, actions, or events.
Filed on behalf by:
Name Eveart Grace Pomarin-Claro
Designation Corporate Secretary and Alternate Corporate Information Officer