Poseidon Nickel's Leadership Transition and Funding Update

Poseidon Nickel Limited (ASX: $POS) has announced a leadership transition following new funding. The company will be well-funded upon the finalization of the proposed sale of Lake Johnston, with a current cash balance of approximately $2 million, excluding the $1 million to be received from Mineral Resources Limited. Craig Jones, the current CEO, will be departing to pursue other opportunities, and Brendan Shalders, the current CFO, will take over as CEO from 1 April 2024. This transition comes as the company continues to focus on cost reductions and shifts its focus to exploration targeting high-grade nickel sulphide resources.

Chairman's and New CEO's Comments on Leadership Transition and Strategy

Chairman, Peter Harold, expressed gratitude towards Craig Jones for his leadership in delivering the Black Swan Bankable Feasibility Study and overseeing the planned sale of Lake Johnston, along with significant cost savings. He also welcomed Brendan Shalders as the new CEO, highlighting his experience and instrumental role in implementing the company's strategy, including the proposed sale of Lake Johnston and restructuring the cost base. Brendan Shalders, the incoming CEO, emphasized the company's continued focus on targeted exploration and business development opportunities, in line with the strategy reported in September 2023.

Summary of Poseidon Nickel's Funding and Strategic Outlook

Poseidon Nickel Limited (ASX: $POS) is set to be well-funded post the proposed sale of Lake Johnston, with a cash balance of approximately $3 million expected. The company's strategy remains focused on targeted exploration and business development opportunities, with a shift towards exploration targeting high-grade nickel sulphide resources. The ongoing cost reduction focus has allowed the company to significantly reduce expenditures and maintain a cash balance of approximately $2 million. Additionally, the Windarra Tailings and Water supply agreement with Genesis Minerals is expected to provide further funds. Poseidon's outlook includes the exploration and eventual restart of its established nickel operation in Western Australia, with a focus on owning operations with significant existing infrastructure and geological prospectivity likely to lead to resource growth. The company aims to be a profitable and sustainable nickel producer, with projects such as Black Swan and Windarra Nickel being key components of its strategy.