Bolt Metals Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE) Targeting Ambitious 2020 Milestones on Indonesia Project

• Bolt Metals controls ownership of the 5,000-hectare Cyclops Nickel-Cobalt Project in Indonesia
• Company employs “minerals to market” strategy entailing successful bench scale scoping and drilling tests
• Strong results from large-scale 2019 exploration program identifying significant nickel horizons
• Robust, near-surface mineralization at project site

Mineral exploration company Bolt Metals Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE) works consistently toward carrying out its corporate strategy in 2020 as it continues to set ambitious milestones to create significant long-term shareholder value and become a leading international player in the electric vehicle battery metal sector. This includes preparations to commission and operate a pilot plant in Canada, which will contain an integrated circuit to produce high-purity nickel and cobalt strip solutions to develop battery-grade nickel and cobalt.

“2019 was a pivotal year for us, and we’re pleased to carry this momentum into 2020. Obtaining approval from Indonesia’s Ombudsman is an important step toward our goal of securing strategic partnerships and participating in Asia’s growing battery metals supply chain,” Ranjeet Sundher, CEO of Bolt Metals, stated in a news release (http://nnw.fm/D3g4n).

The company carried out large-scale exploration and development program at its flagship 5,000-hectare, Cyclops Nickel-Cobalt project, located in Papua Province, Indonesia last year. Drilling identified significant horizons of nickel mineralization, and bench-scale scoping tests yielded positive results for processing of this nickel material.

The flagship project, which has an environmental and mining permit issued, enjoys national, provincial, and local support. The project license is fully compliant with mining registration processes and will be transferred into a foreign investment license, where it will be administered by the central government.

Indonesia is the largest nickel producer on earth with a mandate to become a global superpower in the international EV and battery metals supply chain. Global demand for renewable power is fueling a massive shift from traditional energy supply chain economics to nickel-reliant lithium-ion batteries, the world’s most widely used power source for portable applications such as electric vehicles and other high-tech applications.

The usage of nickel in electric vehicle batteries has increased dramatically over the years due to its exceptional performance, longevity, and safety. The sharp increase in demand has forced Asian nations, particularly China as a leading EV manufacturer, to secure large supplies of the metal. Indonesia accounts for 25% of global nickel supply, making it a jurisdiction of choice for large nickel consumers, as well as nickel miners and processors.

To advance its focus on the EV supply chain, Bolt Minerals recently signed a non-binding cooperative agreement with Chinese tungsten and cobalt producer Hunan Jinxin1. The agreement has two major components: Hunan Jinxin having purchasing rights over nickel sulphate and cobalt sulphate from the Cyclops Nickel-Cobalt Project or other Bolt Metals’ projects, and the possibility of purchasing equity in Bolt Metals or investing directly in the Cyclops Project.

With offices in Vancouver, Shanghai and Jakarta, and a team of international capital markets experts, Bolt Metals’ mandate is to acquire and develop production-grade battery metals opportunities throughout the Asia-Pacific region, and to become a key participant in China’s rapidly expanding electric vehicle supply chain. The company employs a vertically integrated “minerals-to-market” strategy to leverage these assets to their fullest.

For more information, visit the company’s website at www.BoltMetals.com

NOTE TO INVESTORS: The latest news and updates relating to PCRCF are available in the company’s newsroom at http://nnw.fm/PCRCF

1 The agreement with does not imply that the Company has made a decision to proceed to production without first establishing mineral reserves. The Company has not made the decision to proceed to production and clarifies that any such statement if made in the future would be made in compliance with Companion Policy 43-101CP, 4.2(6) – Production Decision, which requires details of the significant risks associated with such a decision.

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