Nickel Miners News For The Month Of March 2024

Welcome to the nickel miners news for March.

The past month saw nickel prices move lower. We also had several reports that the Indonesia led oversupply may be less than what was first thought. Despite this the current low nickel price induced casualties continue to climb.

Nickel price news

As of March 29, the nickel spot price was USD 7.40/lb, down from USD 7.74/lb last month. LME shows the price at USD 16,525/tonne. Nickel inventory at the London Metals Exchange [LME] was higher the past month at 77,148 tonnes (69,330 tonnes last month).

Nickel spot price 5 year chart – Current price = USD 7.40/lb

Nickel demand v supply chart

Benchmark Mineral Intelligence forecasts deficits for lithium, nickel & cobalt to increase from 2027 onwards (source)

Trend Investing v IEA demand forecast for EV metals (IEA)

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 – Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, and Copper 2x to 3x (source)

2022 – IEA forecasts 60 new nickel mines needed by 2030

BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand – 72 new 45,500tpa nickel mines needed by 2035

Lithium & Nickel are the two ‘high importance to energy’ critical materials in the medium term (2025-2035) (source – page 29)

Nickel Market News

On March 2 Argus Media reported:

Nickel market surplus just 36,000t this year: Macquarie. The nickel market’s supply overhang is not as significant as previously assessed, with physical supply-demand fundamentals tighter than market expectations and on track to balance sooner, according to the latest research undertaken by Australian bank Macquarie. The bank today revised its 2024 surplus to 36,000t, well below the projected figure of 125,000t in February, adding that the market could even move into deficit if year-on-year Indonesian nickel supply growth falls below 13pc. Tighter fundamentals and planned supply curtailments this year mean London Metal Exchange [LME] nickel prices possibly bottomed out at about the $16,000/t reached early this year and now mostly have upside potential, Macquarie said…”The perception of a massive overhang of unsold nickel, especially NPI, appears to be wrong and is unsupported by feedback from China of relatively tight NPI markets,” Macquarie said…Macquarie noted 254,000t worth of supply cuts in the nickel market.

On March 7 Bloomberg reported:

Nickel prices may soon recover from Indonesia-induced slump… there are reasons to believe a nickel rally might be in the offing. The supply of ore from the country is currently being constrained by slow government approvals of work plans, which are needed by local miners to operate.

On March 19 Mining.com reported:

Indonesia issues nickel production quotas for 152.62mt…is working to accelerate the approval process, a senior mining ministry official told parliament on Tuesday…More than 500 production proposals for various minerals were still being processed…Most miners who have not been granted RKAB had unpaid mining royalties, Bambang said…The backlog has disrupted exports in the first two months of 2024 and boosted prices of nickel and tin in global markets.

On March 27 CNEVPOST reported:

Chinese EV battery maker Rept plans to build its 1st overseas plant in Indonesia. Rept’s plant in Indonesia, which could start operations as early as next year, will take advantage of its parent company Tsingshan’s raw materials and infrastructure. Rept Battero Energy Co Ltd (HKG: 0666), a power battery maker backed by Chinese stainless steel and nickel giant Tsingshan Industry, plans to build its first overseas factory in Indonesia to expand its presence to overseas markets. Rept’s first overseas battery plant will be housed alongside Tsingshan’s existing operations in Weda Bay.

Note: Tsingshan Holding Group Co Ltd (private) is a Chinese owned global leading nickel producer in Indonesia.

Nickel Company News

Producers

Norilsk Nickel

On February 29, Norilsk Nickel announced:

Nornickel approves updated environmental strategy and Key focus areas of carbon neutrality…To deliver on the targets, the Company drafted programmes that include more than 150 specific initiatives with costs in 2023-2031 estimated at more than RUB 500 bn…

On March 14, Norilsk Nickel announced:

Nornickel’s digitalization arm debuts token on precious and base metals. The digital metals subsidiary of Nornickel, GPF Investments, has conducted a release of unique digital financial assets (DFA) on the Atomyze blockchain platform for a basket of five metals: gold, palladium, platinum, copper, and nickel, marking a first in Russia…

On March 21, Norilsk Nickel announced:

Bank of Russia approves stock split at Nornickel…As a result of the split, one ordinary share with a nominal value of RUB 1 will be converted into 100 ordinary shares with a nominal value of RUB 0.01 each.

Vale S.A. (NYSE:VALE)

Vale Voisey’s Bay Mine is a key Canadian and global source of nickel. Vale plans a refinery at Bécancour in Québec to supply GM with battery grade nickel sulfate with deliveries targeted to commence in H2 2026.

On March 18, Seeking Alpha reported:

Vale to build another $2B HPAL plant in Indonesia, minister says…The plant, named “SOA HPAL,” will be Vale’s third such project to turn nickel ore into mixed hydroxide precipitate, a material used to make electric vehicle batteries, Lahadalia said. The plant could have an annual production capacity of 60K metric tons of nickel in MHP, the ministry said, adding Vale Indonesia expects to partner with automakers. Vale already has two HPAL plants under construction at Indonesia’s Sulawesi Island, in Pomalaa and Sorowako; U.S. automaker Ford is involved in the $4.5B Pomalaa plant.

Glencore [HK:805] [LSE:GLEN] (OTCPK:GLCNF)

On February 26 Fastmarkets reported:

Glencore’s 2023 metals profits down on lower cobalt, nickel and zinc prices. Swiss trader Glencore’s profits halved in 2023 due to weaker energy and metals prices and production, according to the company’s full-year results released on Wednesday February 21.

On March 20, Glencore announced: “Publication of second Climate Action Transition Plan..”

BHP Group [ASX:BHP] (NYSE:BHP)

BHP’s Nickel West (includes the Mt Keith nickel mine in Australia) has a Measured and Indicated Resource of 4.1Mt contained nickel with a Total Resource contained nickel of 6.3Mt, with an average grade of 0.58% Ni in sulphide ore. Nickel West produced 80 kt of nickel in FY 2020. Stage 1 production of the Kwinana Nickel Refinery is aimed to be 100ktpa nickel sulphate.

On March 17, the AFR reported:

BHP stands down contractors at West Musgrave nickel and copper project. BHP has stood down around a quarter of the workforce building its $1.7 billion West Musgrave nickel and copper project in Western Australia, but says it remains committed to the development, which it acquired when it purchased OZ Minerals last year.

BHP’s Nickel West operations

Anglo American [LSX:AAL] (OTCPK:AAUKF)

On February 28, Anglo American announced: “Anglo American completes LNG lower emission fleet…”

On March 4, Anglo American announced: “Annual financial report…”

Integrated Annual Report 2023 – Our business at a glance (source)

On March 11, Anglo American announced:

Anglo American PLC/Anglo American Capital PLC (each incorporated with limited liability in England) U.S.$15,000,000,000 Euro Medium Term Note Programme…

On March 14, Anglo American announced:

Publication of Final Terms. The following Final Terms are available for viewing: (i) the Final Terms dated 13 March 2024, relating to the Anglo American Capital plc¹ EUR 500,000,000 3.750 per cent…

Eramet [FRA:ERA] (OTCPK:ERMAY)

On March 4, Eramet announced:

Conversion of SLN’s debt to strengthen Eramet’s balance sheet. Following discussions over the last weeks, the French State and Eramet have reached an agreement regarding the treatment of SLN’s existing debt. This agreement will neutralize SLN’s debt impact on the Group’s consolidated accounts. It includes the following provisions: The French State and Eramet have jointly decided to convert their existing loans to SLN into a quasi-equity instrument. The French State’s existing €320m loans to SLN, currently consolidated as debt in the Group’s accounts, will thus be converted into quasi-equity, comparable in accounting terms to equity in Eramet’s consolidated accounts. Eramet will similarly convert the existing intra-group debt of €325m using the same frame-work. This conversion has no impact on the Group’s consolidated accounts but ensures a pari passu treatment of the French State’s and Eramet’s debts…

Sherritt International (OTCPK:SHERF)[TSX:S]

No significant news for the month.

IGO Limited [ASX:IGO] (OTC:IIDDY)

No significant news for the month.

Nickel 28 Capital Corp. [TSXV:NKL] [GR:3JC]

No news for the month.

Nickel Industries Limited [ASX:NIC] (OTCPK:NICMF)

On February 29, Nickel Industries Limited announced:

Annual report for the year ended 31 December 2023…The operating profit of Nickel Industries Limited and its controlled entities (together the Group) for the year ended 31 December 2023 after income tax was $176,203,376 (31 December 2022: $209,367,610)…

On March 18, Nickel Industries Limited announced:

Update on March quarter mining and RKEF operations…Strong production volumes from the Hengjaya Mine continued during the quarter, with more than 2M wet metric tonnes (WMT) of limonite and saprolite ore mined during January and February, equating to an annual run rate over 12M wmt. This is well above the target production of 10M wmt of ore for 2024…As a result of the delayed issuance of Hengjaya Mine’s RKAB Licence and the associated implications for the Company’s ore sales volumes and RKEF nickel production, EDITDA from operations for the March quarter is expected to be in the range of US$65M-US$75M (EBITDA from operations in the March 2023 quarter was US$113.2M).

Other nickel producers

Tsingshan Holding Group Co Ltd (private, Chinese owned stainless steel producer with large nickel mines in Indonesia), First Quantum Minerals [TSX:FM] (OTCPK:FQVLF), Franco-Nevada [TSX:FNV], MMG [HK:1208], South32 [ASX:S32], Lundin Mining [TSX:LUN], Nickel Asia Corporation [PSE:NIKL], Platinum Group Metals [TSX:PTM] (PLG), Sumitomo Metal Mining Co. (OTCPK:SMMYY).

Nickel juniors

Horizonte Minerals Plc [TSX:HZM] [AIM:HZM]

Horizonte is developing its 100% owned Araguaia Nickel Project (Araguaia) as Brazil’s next major ferronickel mine.

On March 1, Horizonte Minerals Plc announced:

Horizonte corporate update…senior lenders have now agreed to extend the waivers until the 29th March 2024. The Company will continue to work closely with its major shareholders and senior lenders on a full funding solution, targeted for the end of Q2 2024…

On March 14, Horizonte Minerals Plc announced: “Araguaia project update.”

On March 28 Horizonte Minerals announced:

HORIZONTE CORPORATE UPDATE…of progress on the refinancing efforts of its 100%-owned Araguaia Nickel Project (“Araguaia” or the “Project”)… Horizonte estimates the full funding required to complete construction and bring the operation to positive cashflow is US$567 – 592 million. In addition to these costs, the Company will need to reach a restructuring solution for the group’s existing liabilities which as of 15 March 2024 were ~US$418 million…if it becomes apparent that an interim and/or a fully funded solution is unlikely to be found, the Company will have to look at all potential options which could include putting the group’s projects in care and maintenance, liquidation of assets, and or starting formal administration procedures in the UK in relation to the Company.

Poseidon Nickel [ASX:POS] (OTC:PSDNF)

On March 13, Poseidon Nickel announced:

Interim financial report for the six months ended 31 December 2023… The Group held cash and cash equivalents of $3,003,000 at 31 December 2023 (30 June 2023: $5,701,000). During August 2023 the Company raised $6 million (before costs of $0.3 million) through a placement of ordinary shares to professional and sophisticated investors, with Directors participating in the raise…

On March 18, Poseidon Nickel announced: “Binding heads of agreement for the proposed sale of Lake Johnston.” Highlights include:

• “Poseidon has entered into a Binding Heads of Agreement to divest Lake Johnston to Mineral Resources Limited, subject to certain conditions precedent.
• Terms of the proposed sale are: $1 million non-refundable cash payment payable upon execution of Binding Heads of Agreement. A further $14 million in cash, comprising $6.5 million payable on completion of a formal Sale & Purchase Agreement and $7.5 million deferred payment (payable 12 months after completion). 0.75% FOB royalty on lithium minerals and 1.5% net smelter return royalty on all other minerals and metals extracted from the Lake Johnston tenements.
• The $15 million will provide Poseidon with the funding to execute the Company’s strategy which includes an exploration focus targeting high-grade nickel discoveries, continuing with reduced care and maintenance activities at Black Swan (to conserve funds) and pursuing new opportunities.
• The royalties provide exposure to any future lithium or nickel production from Lake Johnston.”

On March 19, Poseidon Nickel announced: “Leadership transition to follow new funding.”

Talon Metals [TSX:TLO] (OTCPK:TLOFF) Tamarack – (JV with Rio Tinto)

Tamarack is a high grade nickel-copper-cobalt project located in Minnesota, USA, with considerable exploration upside. Talon Metals owns a 51% project share, with potential to further earn-in to a 60% share by 2026.

On March 20, Talon Metals announced: “Talon Metals reports 12.7 meter intercept outside of the resource area assaying 7.5% nickel equivalent.”

Garibaldi Resources [TSXV:GGI] [GR:RQM] [LN:OUX6] (OTCPK:GGIFF)

No news for the month.

St George Mining Ltd. [ASX:SGQ] [GR:SOG]

The Cathedrals, Stricklands and Investigators nickel-copper discoveries (at Mt Alexander) are located on E29/638, which is held in joint venture by Western Areas Limited (25%) and St George (75%). St George is the Manager of the Project with Western Areas retaining a 25% non-contributing interest in the Project (in regard to E29/638 only) until there is a decision to mine.

On March 12, St George Mining reported: “Half yearly report for the half year ended 31 December 2023…”

Queensland Pacific Metals [ASX:QPM]

On March 14, Queensland Pacific Metals announced: “Consolidated financial report for the half‐year ended 31 December 2023…”

Premium Nickel Resources Corporation [TSXV:PNRL](OTCQX:PNRLF)

On March 5, Premium Nickel Resources Corporation announced: “Premium Nickel reports down plunge extension of Selebi North massive sulphide mineralization.” Highlights include:

• “SNUG-23-017 (drilled 180 metres down plunge and outside of the South Limb historic resource): 18.15 metres of 2.25% NiEq (1.27% Ni; 1.65% Cu; 0.06% Co) incl. 6.25 metres of 3.28% NiEq (2.34% Ni; 1.40% Cu; 0.11% Co) and 3.50 metres of 3.31% NiEq (1.06% Ni; 4.08% Cu; 0.05% Co).
• SNUG-24-089: Drilled 403 metres down-plunge and outside of the South Limb historic resource intersected massive sulphide mineralization (assays pending).”

Canada Nickel Company [TSXV:CNC](OTCQX:CNIKF)

On March 18, Canada Nickel Company announced: “Canada Nickel makes new discovery at Newmarket property, achieves best drill results at Reid to date and announces Grant of Options and RSUs.” Highlights

• “First two holes at Newmarket successfully intersect target mineralization including 373 metres of 0.24% nickel in NEW24-01.
• Best interval to date at first hole at Reid – 675 metres of 0.25% nickel including 142 metres of 0.32% nickel and 24 metres of 0.40% nickel in REI24-17.
• First five holes at Reid each intersect over 650 metres of target mineralization within an 800-metre-thick ultramafic sequence – approximately 2 times thicker than Crawford’s Main zone.”

Ardea Resources [ASX:ARL] (OTCPK:ARRRF)

In total, Ardea has 6.1Mt of contained nickel and 386,000t of contained cobalt at their KNP Project near Kalgoorlie in Western Australia. Ardea is also exploring for gold and nickel sulphide on their >5,100 km2 of 100% controlled tenements in the Eastern Goldfields region of Western Australia.

On February 29, Ardea Resources announced: “Ardea and Japanese Consortium: Update on progress on KNP – Goongarrie Hub.” Highlights include:

• “Ardea and a consortium (Consortium) consisting of Sumitomo Metal Mining(SMM) and Mitsubishi Corporation [MC] have reached agreement on the Kalgoorlie Nickel Project – Goongarrie Hub Definitive Feasibility Study [DFS] service provider scope and budget, subject to further discussion and reaching agreement on binding Final Agreements.
• After extensive technical and commercial due diligence, the Consortium has advised Ardea that they have completed their due diligence.
• Ardea and the Consortium will continue discussions to agree on binding Final Agreements, aiming to be finalised and executed by 31 March 2024.
• Upon execution of Final Agreements, future work will be aimed at completing the DFS, making a Final Investment Decision [FID] and securing project development funding for the Goongarrie Hub to become a globally significant producer of nickel-cobalt.”

On March 12, Ardea Resources announced:

Interim financial report half-year ended 31 December 2023…The KNP global Mineral Resource Estimate (using a 0.5% Ni cut-off grade) stands at 854Mt at 0.71% Ni and 0.045% Co for 6.1Mt of contained nickel and 386kt of contained cobalt…

On March 27, Ardea Resources announced: “Ardea and Japanese Consortium:update on progress on KNP – Goongarrie Hub.” Highlights include:

• Ardea continues to make progress with a consortium (Consortium) consisting of Sumitomo Metal Mining (SMM) and Mitsubishi Corporation [MC] in negotiating the terms and conditions of binding Final Agreements.
• Negotiations have been primarily focused on the terms and conditions of a Cooperation Agreement, being the principal Final Agreement.
• Subject to agreement and execution, the Cooperation Agreement will include terms and conditions relating to the Consortium sole funding the Kalgoorlie Nickel Project – Goongarrie Hub Definitive Feasibility Study (DFS), undertaking the DFS and related development activities.
• Ardea and the Consortium have agreed to extend the period for negotiating the Cooperation Agreement to April 2024.”

Centaurus Metals Limited [ASX:CTM] (OTCQX:CTTZF)

Centaurus Metals is an Australian-based minerals exploration company focused on the near-term development of the Jaguar Nickel Sulphide Project, in Northern Brazil.

On March 1, Centaurus Metals Limited announced:

Centaurus reshapes Jaguar DFS to focus on concentrate project in response to changed nickel market conditions. Downstream refinery to be deferred, reducing CAPEX and execution risk to better suit the current environment…

On March 26, Centaurus Metals Limited announced:

Jaguar Nickel Sulphide Project’s class-leading carbon footprint credentials independently reconfirmed. New independent ESG assessment confirms Jaguar’s credentials as a world-leading, low-emission nickel project…

Alliance Nickel [ASX:AXN] (formerly GME Resources)

No news for the month.

Widgie Nickel [ASX:WIN]

On March 7, Widgie Nickel announced: “Standalone Mt Edwards Project scoping study highlights nickel potential.” Highlights include:

• “Compelling case for a standalone concentrator delivers: Low operating costs. Higher payabilities. Demonstrates the benefits of control of our own integrated mining and milling process.
• Widgie’s Resource base able to supply steady state sustainable production profile: Production rate of ~800,000tpa. Overall 77% of material exploited in high confidence Indicated Resource category. 7 further Resources available to be exploited not contemplated by this Study
• Scoping Study assesses an 800ktpa standalone nickel concentrator producing 103,000tpa @10.1% Ni concentrate for 10,380t of contained nickel per annum.
• Opportunities to consider downstream processing to improve viability now able to be considered….

….The calculated NPV at an 8% discount rate for the Project is AUD$197.4M and internal rate of return of 22.9%.” (assumes Nickel selling at US$24,000/t, CapEx AUD433m, C1 cash cost of US$5.39/lb, 94 month mine life).

On March 12, Widgie Nickel announced:

Half-year report for the 6 months ended 31 December 2023…Available cash and term deposits on hand as of 31 December 2023 totalled A$2.58 million…

Sama Resources [TSXV: SME] [GR;8RS] (OTCPK:SAMMF)

The Samapleu-Grata Nickel-Copper Project is a 60/40 joint venture between Ivanhoe Electric and Sama Resources.

On March 21, Sama Resources announced: “Sama Resources announces results of its new Preliminary Economic Assessment for the Samapleu-Grata Nickel-Copper Project, Côte d’Ivoire.” Highlights include:

• “New PEA Demonstrates the Potential for a 16-Year Mine Producing Both a Conventional 26% Copper Concentrate and a 13% Nickel Concentrate, with Associated Platinum and Palladium By-Products.
• The Project Presents a Pre-tax NPV₈ of US$463M and Post-tax NPV₈ of US$257M with a Post-tax IRR of 22.3% Together with an Initial Capital Cost of US$338M.
• Aggregate Indicated Mineral Resources of 19.4 Mt of Nickel, Copper, Platinum, Palladium, Gold and Copper represents a 29% Increase over the 2023 Mineral Resource Statement.
• New PEA Includes only the Grata, Main and Extension Deposits and the Sipilou Sud Laterite Deposit, which together with the Proposed Mine Infrastructure Covers Approximately 3% of the 835 km² Project Area.
• Known Mineralized Zones at Yepleu and Draba Provide Upside Expansion Opportunities, Together with the More than 10 Identified Sectors for Further Exploration Across the Project.
• Ivanhoe Electric Completes Earn-In and Acquires 60% of the Project.”

On March 25, Sama Resources announced:

Ivanhoe Electric announces completion of earn-in to acquire a 60% interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast.

Murchison Minerals [TSXV:MUR] (OTCQB:MURMF)

No news for the month.

Power Nickel [TSXV:PNPN] (CMETF)

No nickel related news for the month.

The Metals Company (TMC)

On March 13, The Metals Company announced:

TMC commends U.S. congress on Bill to “Provide financial, diplomatic, or other forms of support for seafloor nodule collection, processing and refining” and advancing international regulations for Seafloor Resources…

On March 14, The Metals Company announced:

TMC applauds ~350 former U.S. Political and Military Leaders urging senate to ratify law of the sea for deep-sea mine sites “Each containing a trillion dollars in value…”

On March 25, The Metals Company announced: “TMC announces fourth quarter and full year 2023 results.”

Other juniors

Artemis Resources [ASV:ARV], Australian Mines [ASX:AUZ], Azure Minerals [ASX:AZS] (OTCPK:AZRMF), Blackstone Minerals [ASX:BSX], Cassini Resources [ASX: CZI], Class 1 Nickel and Technologies Ltd. [CSE:NICO] (OTCQB:NICLF), Electra Battery Materials [TSXV:ELBM] (ELBMF), Electric Royalties [TSXV:ELEC], EV Nickel [TSXV:EVNI] (OTCPK:EVNIF), Flying Nickel Mining Corp. [TSXV:FLYN], FPX Nickel [TSXV:FPX], Grid Metals Corp [TSXV:GRDM], Go Metals [CSE:GOCO] (OTCPK:GOCOF), Huntsman Exploration [TSXV:HMAN] (OTCPK:BBBMF), Inomin Mines [TSXV:MINE], Jervois Global Limited [ASX:JRV] (OTCQB:JRVMF), New Age Metals [TXV:NAM], Nickel Creek Platinum [TSX:NCP] (OTCQX:NCPCF), Nordic Nickel Limited [ASX:NNL], Pancontinental Resources Corporation [TSXV:PUC], Polymet Mining [TSX:POM], Renforth Resources [CSE:RFR] (OTCQB:RFHRF), Rox Resources [ASX:RXL], S2 Resources (ASX:S2R), Stillwater Critical Minerals [TSXV:PGE] (OTCQB:PGEZF), Sunrise Energy Metals [ASX:SRL] (OTCQX:SREMF), Surge Battery Metals Inc. [TSXV:NILI] [FRA:DJ5C] (OTCQX:NILIF), Talisman Mining Ltd. [ASX:TLM], Tartisan Nickel Corp. [CSE:TN] (OTCQB:TTSRF), Transition Metals [TSXV:XTM], URU Metals Ltd. [LSE:URU] [GR:NVRA], Wall Bridge Mining [TSX:WM], and ZEB Nickel Corp. [TSXV:ZBNI] (OTCQB:ZBNIF).

Note: Some of the above companies are covered in the Cobalt monthly news.

Nickel miners ETF

Below is the Sprott Nickel Miners ETF. You can view the top holdings here.

Sprott Nickel Miners ETF (NIKL) – One year price chart – Price = US$12.76

Conclusion

Nickel spot prices were lower the last month.

Highlights for the month were:

• Macquarie – Nickel market surplus just 36,000t this year. The nickel market’s supply overhang is not as significant as previously assessed.
• Nickel prices may soon recover from Indonesia-induced slump.
• Indonesia is working to accelerate the approval process for miners, but unpaid royalties by niners is slowing the process.
• Vale to build another $2B HPAL plant in Indonesia, minister says.
• Glencore’s profits halved in 2023 due to weaker energy and metals prices and production.
• BHP has stood down around a quarter of the workforce building its $1.7 billion West Musgrave nickel and copper project in Western Australia.
• Eramet – Agreement will neutralize SLN’s debt impact on the Group’s consolidated accounts.
• Horizonte Minerals will continue to work closely with its major shareholders and senior lenders on a full funding solution, targeted for the end of Q2 2024. If unable to achieve funding one potential outcome is starting formal administration procedures in the UK.
• Poseidon Nickel announced binding heads of agreement for the proposed sale of Lake Johnston to Mineral Resources.
• Talon Metals reports 12.7m intercept outside of the resource area assaying 7.5% nickel equivalent at Tamarack.
• Premium Nickel Resources Corp. drills 18.15m of 2.25% NiEq. at Selebi North.
• Canada Nickel makes new discovery at Newmarket property, achieves best drill results at Reid to date of 675m at 0.25% nickel.
• Ardea Resources and the Japanese Consortium will continue discussions to agree on binding Final Agreements….target to complete in April 2024.
• Centaurus Metals reshapes Jaguar DFS to focus on concentrate project in response to changed nickel market conditions. Downstream refinery to be deferred, reducing CAPEX and execution risk.
• Widgie Nickel Standalone Mt Edwards Project scoping study highlights nickel potential. NPV8% is AUD$197.4M and IRR is 22.9%.
• Sama Resources reports Samapleu-Grata Nickel-Copper Project PEA Post-tax NPV₈ of US$257M, Post-tax IRR of 22.3%, Initial CapEx US$338M. Ivanhoe Electric announces completion of earn-in to acquire a 60% interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast.
• TMC commends U.S. Congress on Bill to “Provide financial, diplomatic, or other forms of support for seafloor nodule collection, processing and refining”.

As usual all comments are welcome.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.