Nickel Industries completes acquisition of 51% stake in Siduarsi Project

Nickel Industries Limited (ASX:NIC) has successfully completed the acquisition of a 51% interest in the Siduarsi Project, with an initial JORC 2012 compliant Mineral Resource estimated at 52 million dmt of 1.1% nickel and 0.1% cobalt. The completion of this acquisition, in line with the MoA signed in September 2021, marks a significant milestone for the company's strategic expansion.

Executive Commentary on Siduarsi Project Acquisition

We are very pleased to announce a maiden JORC resource for the Siduarsi CoW following a successful exploration program which confirms the project's prospectivity and potential to be of a similar size and scale to the nearby Ramu deposit. Whilst our initial focus will be on the direct shipping of limonite ore to the IWIP, initial metallurgical test work has demonstrated the ore to be very amenable to HPAL processing. With ore shortages emerging in Indonesia and significant premiums now being paid, we have again managed to secure a highly prospective project on very favourable terms.

Summary of Siduarsi Project Acquisition and Outlook

Nickel Industries (ASX:NIC) has completed the acquisition of a 51% interest in the Siduarsi Project, unveiling an initial JORC 2012 compliant Mineral Resource of 52 million dmt of 1.1% nickel and 0.1% cobalt. The company's focus on direct shipping of limonite ore to the IWIP, along with the potential for HPAL processing, reflects a strategic move to capitalize on the growing demand for nickel. With plans for a 30-year mining operation license and potential increase to 100% ownership, Nickel Industries is poised for significant growth in its nickel production and expansion of downstream processing assets. The successful acquisition positions the company to play a key role in the EV battery supply chain, aligning with its commitment to sustainable operations and reduced carbon emissions.