Announcement Date: 2022-11-21
Announcement Type: Feasibility Study
Announcement Code: JORC
Company name: Poseidon Nickel Ltd.
Project name: Black Swan
Location: Australia
Commodities: Nickel
Highlight: Feasibility Study result incl. Pre Tax NPV (8%) of AUD $167M & IRR of 86%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Poseidon Nickel Ltd (ASX: POS, “Poseidon” or “the Company”) is delighted to report the outcomes of the Black Swan Bankable Feasibility Study (“BFS”) for the 1.1Mtpa mill feed option (the “Project”). The Poseidon board and management are pleased to provide the outcomes from the Black Swan Bankable Feasibility Study (BFS) for a 1.1Mtpa feed to produce smelter grade concentrate scenario (“Phase 1 Black Swan Project” or the “Project”). The BFS is based on the plan to mine ore from the Black Swan disseminated (BSD) open pit (serpentinite ore only) and Silver Swan and Golden Swan high-grade underground mines, supplemented with Silver Swan Tailings and existing surface stockpiles (disseminated serpentinite material) and process these feed sources through the existing concentrator and associated infrastructure. Total mine inventory is presented in Table 1. The study is based on refurbishing and operating the existing plant with a processing capacity of 1.1Mtpa to align with the available processing mine inventory of 5.0Mt, presenting a post development project life of four years. Plant refurbishment and mine development works are expected to take about 11 months. Over the life of the project, the Phase 1 Black Swan Project will produce 200kt of smelter grade concentrate averaging 15% nickel containing ~30kt of nickel from the various feed sources representing an average metal recovery of 68%.
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