Poseidon Nickel's Rights Issue Announcement

Poseidon Nickel Limited (ASX: $POS) is initiating a pro rata non-renounceable rights issue to raise up to $3.7 million. The offer includes one free-attaching option for every three new shares issued, with a focus on accelerating exploration activities and maintaining processing capabilities.

CEO's Perspective on the Rights Issue

The funds received from the Entitlement Offer will allow the Company to complete soil sampling programs focusing on numerous high prospective gold exploration targets at Windarra, Lake Johnston and Black Swan. Coincidently these programs will also test for lithium at Lake Johnston and nickel at Windarra, presenting a more efficient use of funds. Funds will also be applied to maintaining our assets which continue to receive inbound interest from parties interested in utilizing our processing capabilities. Our processing facilities present near term development options for Poseidon, as well as companies that have mineral resources without established processing infrastructure who are proximal to us. We thank our shareholders for their ongoing support and look forward to potentially unlocking the multi-commodity opportunities across our projects.

Summary of Poseidon Nickel's Rights Issue

Poseidon Nickel Limited (ASX: $POS) has announced a pro rata non-renounceable rights issue to raise up to $3.7 million. The funds raised will be directed towards accelerating exploration activities, particularly focusing on gold targets at Windarra, Lake Johnston, and Black Swan, while also testing for lithium and nickel. Additionally, the company aims to maintain its processing capabilities, which have garnered interest from external parties. The rights issue is part of Poseidon's strategy to grow reserves and resources for the eventual restart of its processing operations, with a focus on becoming a profitable and sustainable producer. The company's projects present opportunities for the exploration of multiple commodities, including nickel, gold, and lithium, with plans for near term development options. Poseidon's outlook includes the completion of a Bankable Feasibility Study on the Black Swan project and a Definitive Feasibility Study on retreating the gold tailings at Windarra and Lancefield, indicating a strategic approach towards future growth and development.