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• PFS completed by engineering firm, Worley Services Pty Ltd (“Worley”) with the capital cost
estimates as per AACE Class 4 classification (-20% to +30%).
• Proven and mature High Pressure Acid Leach (“HPAL”) processing facility proposed to produce
an average of 180,000tpa of Mixed Hydroxide Precipitate (“MHP”) to feed the growing battery
market.
• Based on the positive PFS results, the Company will move to a Definitive Feasibility Study
(“DFS”) in 2023.
• Capex of A$2.39bn plus contingency of A$0.52bn, results in a total capital cost of A$2.90bn
(US$1.95bn).
o Capital costs include all on-site and relevant off-site infrastructure.
• Key approvals in place.
o A land access and development agreement signed with the Ngaanyatjarra Traditional
Owners.
o Environmental Protection Agency (“EPA”) approval (application for extension in progress).
o Secured Life of Mine (LOM) water & calcrete resources.
• ~1,250 construction jobs with ~300 jobs in steady state operations, providing significant public
benefits across WA, Northern Territory (“NT”) and South Australia (“SA”).
• Additional upside not included in PFS includes the likely definition of further high grade
resources, potential production of Scandium, High Purity Alumina (HPA), Nickel & Cobalt
Sulphates and Pre-cursor Cathode Active Material (pCAM).
• The Wingellina Project forms part of Nico’s larger, 100%-owned Central Musgrave Project
which spans across WA and SA adjoining the Surveyor Generals Corner (the triple junction
between WA, NT and SA).
• Preliminary Life Cycle Analysis indicates 17.8kg of CO2 eq. per kg of nickel in MHP when
considering 95.3% renewable energy development case.
• Renewable power solution to be provided on a Build Own Operate (“BOO”) model.
o Leading IPP, Zenith Energy has submitted a BOO proposal incorporating a solar PV farm,
battery energy storage system (“BESS”) and wind turbines.
o De-risks project with reduced exposure to the external energy market.
o Commences pathway to net zero scope 1 emissions well before 2050.
Commenting on the Company’s detailed PFS study, Rod Corps, Managing Director of Nico,
said:
“We are delighted to release such a robust PFS which confirms Wingellina as a globally significant nickel
and cobalt asset, generating A$60bn – A$80bn in revenues over the current 42-year reserve.
The study outlines a robust top-tier, low-cost, long-life operation producing c.40,000 tonnes of nickel
and 3,000 tonnes of cobalt per year for over 40 years based on the current reserve only. The project
can deliver excellent cash flows, with an exceptional 3-4 year payback period and a post-tax NPV8 of
A$3bn (base case) – A$6bn (spot price).
We are also very pleased to incorporate the use of renewable power sourced from wind and solar within
the PFS as we move along our pathway to net zero emissions.
Wingellina remains Australia’s largest undeveloped nickel-cobalt Reserve of 168.4Mt at 0.93% Ni,
0.07% Co and a global resource of 182.6Mt grading 0.92% Ni, 0.07% Co which provides for an incredible
resource to reserve conversion of 92% confirming the quality of the resource.
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