Poseidon Nickel Secures Accommodation and Makes Progress on Expansion Plans

Company Updates on Black Swan Restart and Expansion Projects, Lake Johnston Exploration, and Windarra Processing Technologies

Poseidon Nickel Limited, an ASX-listed mining company, has recently released an update on several key developments. The company has made significant progress on its Black Swan Restart and Expansion projects, obtained a cost-effective option for accommodation, advanced its Lake Johnston exploration efforts, and explored alternative processing technologies for its Windarra project.

Black Swan Restart Project on Track

Poseidon Nickel's Black Swan Restart Project, aiming for a throughput of 1. 1 million tonnes per annum (Mtpa), remains on track. Recent metallurgical diamond drilling assays have confirmed that the non-sulphide nickel content of the disseminated serpentinite ore aligns with the assumptions made in the Bankable Feasibility Study. This news reinforces the company's confidence in the project.

Securing Accommodation in Kalgoorlie

In order to support its operations, Poseidon Nickel has secured a cost-effective 12-month option for the provision of 150 accommodation rooms in Kalgoorlie.

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This move ensures the availability of suitable housing for its workforce, promoting efficiency and productivity for the Black Swan Restart Project.

Black Swan Expansion Project Advancements

Poseidon Nickel is also making progress on its Black Swan Expansion Project, which aims to achieve a throughput of 2. 2 Mtpa. The company is actively seeking a commercial path to the market through either High-Pressure Acid Leach (HPAL) or Pressure Oxidation (POX) processing.

Recent samples of rougher concentrate have been shared with potential customers. These customers have reported achieving nickel extraction rates of approximately 95% using HPAL. Additionally, pressure oxidation testwork has shown promising results, indicating a 96% nickel extraction rate. The collection of input assumptions for the prefeasibility study is nearing completion, and the report is expected to be finalized by late 2023, subject to confirming nickel payability assumptions.

Lake Johnston Exploration Efforts

Poseidon Nickel has conducted a second aircore and reverse circulation drilling program focused on follow-up targets at Maggie Hays West and regional prospects along the Western Ultramafic Unit. The findings from these drilling programs are pending further analysis. Additionally, the company has sampled historical surface and underground diamond holes at Maggie Hays West, which will provide valuable litho-geochemical information on the Western Ultramafic Unit.

Advancements in Windarra

Poseidon Nickel has been exploring alternative processing technologies for its Windarra Gold Tailings Project. Initial assessments indicate that Glycine Leaching Technology has the potential to improve gold recoveries. The company is actively investigating this technology to maximize the value of the project. Furthermore, a detailed review of historical exploration data has been completed by geological consultants, identifying high prospectivity exploration targets.

Corporate Initiatives and Cost Reductions

As part of its commitment to efficiency, Poseidon Nickel remains focused on cost reduction initiatives. These efforts have resulted in cost savings exceeding $3 million on an annualized basis. The company continues to explore opportunities to drive additional savings, enhancing its financial performance.

In summary, Poseidon Nickel Limited's recent updates highlight significant advancements across various projects, including the Black Swan Restart and Expansion projects, Lake Johnston exploration efforts, and alternative processing technologies at Windarra. These developments position the company for continued success in the mining industry.

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