Nickel Miners News For The Month Of February 2024

Summary

• Nickel spot prices were higher for the last month. Morgan Stanley suggests the possibility nickel (price) is close to a trough “looks increasingly likely".
• Nickel market news - EU, US to align global minerals push against China’s supply grip. US moves to restore stockpiling ‘panic button’ in EV metals fight with China.
• Nickel company news - BHP writes down value of Australian nickel assets after nickel price collapse. Eramet achieves a new record for nickel ore volumes in Indonesia (+72%) in 2023.
• Nickel Industries Ltd announces up to US$100m buyback. Premium Nickel drills 102.80 metres of 2.23% NiEq and 110.75 metres of 2.56% NiEq, at Selebi North Underground. Centaurus Metals secures key environmental license issued for the Jaguar Project.

Welcome to the nickel miners news for February.

The past month saw nickel prices rise for the first time after falling steadily the past year.

Nickel price news

As of February 29, the nickel spot price was USD 7.74/lb, up from USD 7.39/lb last month. LME shows the price at USD 17,130/tonne. Nickel inventory at the London Metals Exchange [LME] was lower the past month at 69,330 tonnes (70,068 tonnes last month).

Nickel spot price 5 year chart - Current price = USD 7.74/lb

Nickel demand v supply chart

Nickel Business Environment: Supply-Demand Balance (as of May 2023) (source)

Benchmark Mineral Intelligence forecasts deficits for lithium, nickel & cobalt to increase from 2027 onwards (source)

Trend Investing vs IEA demand forecast for EV metals (IEA)

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, and Copper 2x to 3x (source)

2022 - IEA forecasts 60 new nickel mines needed by 2030

BMI forecasts we need 330+ new EV metal mines from 2022 to 2035 to meet surging demand - 72 new 45,500tpa nickel mines needed by 2035

Lithium & Nickel are the two 'high importance to energy' critical materials in the medium term (2025-2035) (source - page 29)

Nickel market news

On February 2, Bloomberg reported:

Germany invests €1 billion to counter China on raw materials... As Germany's parliament approves Scholz's 2024 budget on Friday, the billion-euro fund is to be set up for four years. Investments will be coordinated with Italian and French initiatives in the raw materials sector, the people said. Policymakers will focus on mineral projects defined as critical in the European Union's Critical Raw Materials Act..."The raw-material fund can be an element, but it won't be enough," Grimm told Bloomberg.

On February 5 Market Index reported:

Is the Nickel price close to a trough? Morgan Stanley has the answer... Morgan Stanley suggests the above mentioned closures equate to "54kt of mined nickel capacity" and this accounts for approximately 30% of the brokers previously modelled surplus for 2024. The situation is precarious for many producers, however, and there's as much as 253ktpa (kilotonnes per annum) of potential supply "at risk" of curtailment... Morgan Stanley suggests the possibility nickel is close to a trough "looks increasingly likely, in our view". The broker points out that the current spot nickel price is at the 75th percentile of Wood Mackenzie's ("Woodmac") cost curve... "We may be starting to find a floor for nickel pricing", says the broker who now expects the nickel price could bottom around US$15,500/t in the second quarter of 2024.

On February 9, Mining.com reported: "EU, US to align global minerals push against China's supply grip."

On February 19, Mining.com reported:

US moves to restore stockpiling 'panic button' in EV metals fight with China... the US faces serious shortages of the raw materials needed to execute the energy transition at the scale envisioned by Biden and his team... In December, Congress passed a new National Defense Authorization Act, which gives the logistics agency greater freedom to make long-term purchases without the congressional approval it had previously needed. It also guarantees $1 billion a year in future funding.

On February 19 Reuters reported:

Australia gives nickel a quick fix, but surgery of global industry needed... Resources Minister Madeleine King placed nickel on the critical minerals list, a move that allows the industry to access some of the A$4 billion ($2.7 billion) of federal government funding aimed at promoting minerals vital to energy transition.

On February 26, NASDAQ (courtesy INN) reported:

Elliott Management's Hyperion to seek billion-dollar mining assets as metals demand grows. Bargain-hunting billionaire investment firms are chasing undervalued mining stocks... However, with commodities demand forecast to surge as the green transition takes hold, there's plenty of optimism that tides are set to change, and big-name contrarians are beginning to position ahead of time... Elliott Investment Management (US$65 billion assets under management) is set to launch Hyperion, a new investment company, with a US$1 billion war chest and a mandate to acquire global mining assets on the cheap... Base metals, precious metals and commodities strategic for electric vehicle batteries and renewable energy infrastructure are reportedly on its shopping list - think lithium, nickel, cobalt and copper.

Nickel Company News

Producers

Norilsk Nickel

On January 29, MMC Norilsk Nickel announced:

Nornickel announces consolidated production results for 2023... In 4Q 2023, consolidated nickel output increased 16% quarter-on-quarter (q-o-q) to 63 kt, practically all of which were produced from the Company's own Russian feed... In 2023, nickel output from the Company's own Russian feed of 208 kt was in line with the 204-214 kt production guidance range.

On February 9, MMC Norilsk Nickel announced: "Nornickel reports FY2023 consolidated IFRS financial results." Highlights include:

• "...EBITDA decreased 21% y-o-y to USD 6.9 billion owing to lower revenue while EBITDA margin remained at healthy 48%...
• On December 7, General Shareholders Meeting approved the split of ordinary shares with a ratio of 100 to 1 to improve their attractiveness to retail investors."

Vale SA (NYSE:VALE)

Vale Voisey's Bay Mine is a key Canadian and global source of nickel. Vale plans a refinery at Bécancour in Québec to supply GM with battery grade nickel sulfate with deliveries targeted to commence in H2 2026.

On January 29, Vale SA announced:

Production and sales report 4Q23... Nickel production decreased by 5% in Q4 vs a year ago, while it also decreased 8% in 2023, totaling 164.9 kt, in-line with guidance. The lower production was anticipated considering the transition to underground mining at Voisey's Bay as well as the planned furnace rebuild at Onça Puma.

On February 22, Vale SA announced: "Vale signs partnership with Anglo American in Minas-Rio..." (relates to iron ore)

Glencore [HK:805] [LSE:GLEN] (OTCPK:GLCNF)

On February 1, Glencore announced:

Full year 2023 production report... Own sourced nickel production of 97,600 tonnes was 9,900 tonnes (9%) lower than 2022, primarily reflecting higher INO third party production (versus own sourced) and a planned shutdown of Murrin Murrin for routine maintenance, somewhat offset by a more consistent production performance from Koniambo.

On February 12, Glencore announced: "Koniambo Nickel to transition to care+maintenance..."

On February 21, Glencore announced: "Preliminary results 2023." Highlights include:

Strong financial performance

• "$17.1 billion Adjusted EBITDA, down 50% year-on-year (y/y), primarily reflecting the rebalancing and normalisation of international energy trade flows, with coal and LNG, and to a lesser extent, oil prices materially declining.
• Net income, pre-significant items (see page 9): $6.7 billion, down 65%...
• Proposed $0.13/share base distribution ($1.6 billion), in respect of 2023 cash flows..."

BHP Group [ASX:BHP] (NYSE:BHP)

BHP's Nickel West (includes the Mt Keith nickel mine in Australia) has a Measured and Indicated Resource of 4.1Mt contained nickel with a Total Resource contained nickel of 6.3Mt, with an average grade of 0.58% Ni in sulphide ore. Nickel West produced 80 kt of nickel in FY 2020. Stage 1 production of the Kwinana Nickel Refinery is aimed to be 100ktpa nickel sulphate.

On February 15 The Straits Times reported:

BHP writes down value of Australian assets after nickel price collapse. Mining giant BHP wiped billions off the estimated value of its Australian nickel operations, as it struggles to compete with a flood of cheap shipments from Indonesia. The Anglo-Australian company said it is writing down its assets in Western Australia by about US$2.3 billion (S$3.1 billion), citing "current market conditions".

On February 20, BHP Group announced:

BHP results for the half year ended 31 December 2023... BHP Chief Executive Officer, Mike Henry: "... Today, we announced underlying attributable profit of US$6.6 billion for the half year. We also announced an interim dividend of 72 US cents per share - a total of US$3.6 billion, equating to a payout ratio of 56%..."

BHP's Nickel West operations

Anglo American [LSX:AAL] (OTCPK:AAUKF)

On February 7, Anglo American announced: "Minas-Rio and Barro Alto mines achieve IRMA 75 on responsible mining standard..."

On February 8, Anglo American announced:

Q4 2023 production report... Nickel production increased by 9%, reflecting improved operational stability...

Note: 2023 Nickel production was 40 kt, up 1% YoY.

On February 12, Anglo American announced:

Anglo American and Finnish Minerals Group to explore battery value chain opportunities. Anglo American and Finnish Minerals Group have signed a memorandum of understanding ("MOU") to work together to explore opportunities to further support Finland's battery strategy. Finnish Minerals Group is a holding and development company that manages the Finnish Government's mining industry shareholdings and supports the development of the Finnish battery value chain...

Eramet [FRA:ERA] (OTCPK:ERMAY)

On February 21, Eramet announced: "2023 results: Confirmation of solid fundamentals for the Group, in a very de-pressed price environment in 2023." Highlights include:

• "Excellent intrinsic performance in second half (+€230m, for a total of +€153m over the year) leading to adjusted EBITDA at €772m in 2023, in a depressed price environment on a full-year basis (-€1,373m):
  • New record for nickel ore volumes in Indonesia (+72% at 36.3 Mwmt).
  • Rebound in manganese ore production in Gabon in H2 2023 (+22% vs. H2 2022) reaching stable production over the year (at 7.4 Mt).
  • Very strong decline in selling prices for all of the Group's markets, notably manganese, and class II nickel.
  • Limited decline in input costs, compared to the decline in prices.
• Net income, Group share positive at €109m, including the asset impairment related to SLN(*).
• Solid performance of restated Free Cash-Flow [FCF] , at €78m in a context of growth capex, resulting in net debt of €614m, and adjusted leverage of 0.8x.
• Proposal of a dividend of €1.5 per share, in line with the Group's capital allocation policy...
• Advanced work ongoing on solutions to neutralize SLN's debt weighing on the Group's consolidated accounts; the selected solution will be announced in the very next few weeks...
• 2024 outlook set against the background of a continued very difficult macroeconomic context with low market price levels at the start of this year.
• Growth in volume targets in 2024: ... Marketable nickel ore at Weda Bay: between 40 and 50 Mwmt, depending on the schedule for regulatory approvals, of which a third is limonites...
• Financial performance in H1 2024 expected to be significantly below that of H2 2024 given the unfavourable seasonality but also market prices which should not rebound before the second part of the year.
• Ambitious and controlled capex plan, of around €700m to €750m financed by the Group in 2024, in order to support growth in activities and plan for the future."

Sherritt International (OTCPK:SHERF)[TSX:S]

On February 7, Sherritt International announced: "Sherritt reports fourth quarter and full year 2023 results; 2024 guidance for metals outlines improved production and lower costs." Highlights include:

Fourth Quarter and Full Year 2023 Results and Selected Developments

• "Sherritt's share(1) of finished nickel and cobalt production in Q4 2023 at the Moa Joint Venture ("Moa JV") was 3,744 tonnes and 330 tonnes, respectively... Full year 2023 finished nickel and cobalt production on a 100% basis was 28,672 tonnes and 2,876 tonnes, respectively, slightly below their annual guidance(2) ranges.
• Net direct cash cost ("NDCC")(3) was US$7.87/lb in Q4 2023. Full year 2023 NDCC(3) of US$7.22/lb was within guidance(2)...
• Net loss from continuing operations of $53.4 million, or $(0.13) per share in Q4 2023 and $64.3 million, or $(0.16) per share for the full year 2023, was primarily impacted by delayed nickel sales, lower fertilizer sales volumes, lower average-realized prices(3), higher maintenance costs, inventory write-downs and an increase in rehabilitation and closure costs related to legacy Oil and Gas assets.
• Adjusted net loss from continuing operations(3), was $27.9 million or $(0.07) per share in Q4 2023 and $28.1 million or $(0.07) per share for the full year 2023...
• Available liquidity in Canada as at December 31, 2023 was $63.0 million..."

IGO Limited [ASX:IGO] (OTC:IIDDY)

On February 1, IGO Limited announced: "High-grades in net textured nickel sulphides from second hole at the Dogleg Ni-Cu-Co Prospect, West Kimberley Project, Western Australia."

• "Assay results returned from second diamond drillhole 23WKDD004 at the Dogleg Prospect: 2.89 m (True Width 2.63 m) at 4.17% Ni, 0.83% Cu,0.14% Co from 233.63 m.
• IGO currently planning follow-up drilling program for the 2024 field season."

On February 22, IGO Limited announced: "Half-year financial results period ended 31 December 2023." Highlights include:

• "Revenue for the half-year of $438M, generating net profit after tax of$288M and underlying EBITDA of $515M.
• Solid results from TLEA delivered IGO a share of net profit of $495M and dividends of $578M for the period.
• Interim fully franked dividend declared of 11c per share in line with Capital Management Policy...
• Cosmos Project to be placed in care and maintenance following project review, as announced post period end.
• Impairment charge of $172M recorded against the Cosmos and Forrestania assets, and post investment review completed.
• Group nickel production of 14,249t and cash costs of $6.53 per payable pound of nickel.
• Cash balance of $276M at 31 December 2023 with $720M of undrawn debt..."

Nickel 28 Capital Corp. [TSXV:NKL] [GR:3JC]

On February 13, Nickel 28 Capita Corp. announced: "Nickel 28 releases Ramu Q4 and full year 2023 operating performance." Highlights include:

• "Ramu Q4 2023 nickel production of 7,825 tonnes, representing an 8% decrease from the same period last year, mainly due to unplanned outages as a result of earthquake events.
• Full year production of 33,604 tonnes of contained nickel in Mixed Hydroxide Precipitate ("MHP"), which was a 2% decrease from 2022 and represented 103% of nameplate capacity...
• Ramu Q4 2023 nickel sales of 8,298 tonnes and full year sales of 34,122 tonnes of contained nickel...
• Full year 2023 cash costs were US$3.26/lb. of nickel produced, net of byproduct credits, in MHP which consistently ranks as one of the lowest cash costs for an integrated High Pressure Acid Leach nickel operation."

Nickel Industries Limited [ASX:NIC] (OTCPK:NICMF)

On January 30, Nickel Industries Limited announced: "Quarterly activities report for the quarter ended 31 December 2023. Record Group EBITDA from operations of US$135.4M underpins increased dividend and share buyback." Highlights include:

RKEF operations

• "Record RKEF quarterly production of 34,450 tonnes of nickel metal (100% basis). 29,367 tonnes of nickel in NPI (September quarter: 28,561tonnes). 5,083 tonnes of nickel in nickel matte (September quarter: 5,291 tonnes)
• Record 34,427 nickel metal tonnes sold, 29,166 nickel metal in NPI tonnes, 5,261 nickel metal in matte (100% basis) (September quarter: 28,978 tonnes of nickel metal in NPI, 5,285 tonnes in nickel matte).
• RKEF quarterly EBITDA of US$85.1M (100% basis) (September quarter: US$97.6M)...
• RKEF December quarter weighted average cash cost of US$10,048/t Ni produced (September quarter: US$10,198/t Ni)."

HPAL operations

• "1,823 tonnes of nickel in mixed hydroxide precipitate ('MHP') representing NIC's 10% share of production from the Huayue Nickel Cobalt Project.
• EBITDA contribution of US$8.3M^."

Mining operations

• "Record Hengjaya Mine nickel ore production of 4,264,098 wmt (September quarter: 3,629,990 wmt).
• Record Hengjaya Mine EBITDA of US$42.0M (September quarter: US$23.1M).
• Received a 'Green PROPER' rating from the Indonesian Environmental and Forestry department for the second consecutive year."

Corporate

• "...Cash + receivables + inventory at quarter end of US$1,302.5M (September quarter: US$1,300.6M).
• Positive final investment decision made for the Excelsior Nickel Cobalt Project, supported by Indonesian bank loans and acquisition of an initial 13.75% equity interest.
• Execution of binding agreement for a solar project at IMIP.
• Increased final dividend of 2.5c (2022: 2c).
• Announcement of on-market share buyback program of up to US$100M."

On January 30, Nickel Industries Limited announced:

New capital management framework including initial on-market share buyback... Nickel Industries today announced that it intends to return up to US$100m of additional capital to shareholders. This capital management program, which complements the Company's dividend policy, will initially take the form of an on-market share buyback in Australia... The buyback of up to US$100m is expected to be conducted over a 12-month period...

On February 14, Nickel Industries Limited announced: "Successful syndication of US$400M BNI loan facilities..."

Other nickel producers

First Quantum Minerals [TSX:FM] (OTCPK:FQVLF), Franco/Nevada [TSX:FNV], MMG [HK:1208], South32 [ASX:S32], Lundin Mining [TSX:LUN], Nickel Asia Corporation [PSE:NIKL], Platinum Group Metals' [TSX:PTM] (PLG), Sumitomo Metal Mining Co. (OTCPK:SMMYY).

Nickel juniors

Horizonte Minerals Plc [TSX:HZM] [AIM:HZM]

Horizonte is developing its 100% owned Araguaia Nickel Project (Araguaia) as Brazil's next major ferronickel mine.

No news for the month.

Poseidon Nickel [ASX:POS] (OTC:PSDNF)

On February 14, Poseidon Nickel announced: "Exciting new exploration targets at Windarra." Highlights include:

• "Two new exciting high priority embayed basal contact channel structures revealed from recent geological assessment.
• A total of six prospective channel structure trends now identified along the basal contact.
• The stage 1 assessment covered 10km of the 21km basal contact strike between Mt Windarra and Cerberus..."

Talon Metals [TSX:TLO] (OTCPK:TLOFF) Tamarack - (JV with Rio Tinto)

Tamarack is a high grade nickel-copper-cobalt project located in Minnnesota, USA, with considerable exploration upside. Talon Metals owns a 51% project share, with potential to further earn-in to a 60% share by 2026.

On January 31, Talon Metals announced:

Michigan Department of Natural Resources approves Talon Metals application for 23,000 acres of state mineral leases. New leases Augment Talon's 400,000 acres of mineral rights in highly prospective nickel district, currently host to the only operating high-grade nickel mine in the USA...

On February 23, Talon Metals announced:

Talon metals selected to lead public testimony before us treasury regarding critical minerals tax credit. Talon Metals Corp. ("Talon" or the "Company") (TSX:TLO, OTC:TLOFF) Chief External Affairs Officer and Head of Climate Strategy Todd Malan was selected to lead the public testimony during yesterday's US Treasury's public hearing on Section 45X Advanced Manufacturing Production Tax Credit for Critical Minerals.

Garibaldi Resources [TSXV:GGI] [GR:RQM] [LN:OUX6] (OTCPK:GGIFF)

No news for the month.

St George Mining Ltd. [ASX:SGQ] [GR:SOG]

The Cathedrals, Stricklands and Investigators nickel-copper discoveries (at Mt Alexander) are located on E29/638, which is held in joint venture by Western Areas Limited (25%) and St George (75%). St George is the Manager of the Project with Western Areas retaining a 25% non-contributing interest in the Project (in regard to E29/638 only) until there is a decision to mine.

On January 31, St George Mining reported: "Quarterly activities report for the period ended 31 December 2023." Highlights include:

CORPORATE - Global battery investors back St George

• "Shanghai Jayson New Energy Materials Co., Ltd ("Jayson") through its controlled company Hong Kong Jayson Holding Co., Limited invests a further $3 million in St George at an issue price of $0.038 per share, becoming St George's largest single shareholder 8.
• A further $2 million of new funds secured from the placement of new shares to domestic and international investors at an issue price of $0.038 per share.
• Together with the $3 million investment by ATL, St George boosted its cash balance by $8 million during the December quarter..."

Queensland Pacific Metals [ASX:QPM]

On February 16, Queensland Pacific Metals announced: "US HPA marketing samples assayed at 5N Purity."

Premium Nickel Resources Corporation [TSXV:PNRL](OTCQX:PNRLF)

On January 30, Premium Nickel Resources Corporation announced:

Premium Nickel drills 30.45m of 2.88% NiEq and 9.55m of 3.94% NiEq at Selebi North Underground. "These are excellent results that add additional definition to the multiple zones that comprise the historic resource at the Selebi-North deposit. Importantly, they extend beyond the historic resource estimate, highlighting new mineralization between the N2 and N3 folds not captured in the historic resource. Furthermore, recent borehole electromagnetic survey results from underground drillholes indicate that the mineralized zones extend further down plunge from the deepest mineralized intersections drilled to date." - CEO, Keith Morrison...

On February 13, Premium Nickel Resources Corporation announced:

Premium Nickel reports 102.80 metres of 2.23% NiEq at Selebi North Underground..."

On February 22, Premium Nickel Resources Corporation announced:

Premium Nickel Resources Ltd. announces high extraction rates for all metals in recent metallurgical testwork supporting low carbon metal production...

On February 26, Premium Nickel Resources Corporation announced:

Premium Nickel reports 110.75 metres of 2.56% NiEq at Selebi North Underground...

Canada Nickel Company [TSXV:CNC](OTCQX:CNIKF)

On February 6, Canada Nickel Company announced:

Canada Nickel announces closing of Samsung SDI Equity Investment... for aggregate gross proceeds of US$18.5 million (see Canada Nickel press release dated January 19, 2024). Samsung SDI has subscribed for 15.6 million common shares of the Company at C$1.57 per share. Samsung SDI now holds 8.7% of the issued and outstanding common shares of the Company.

On February 8, Canada Nickel Company announced: Canada Nickel Company's NetZero Metals intends to develop downstream nickel & stainless-steel processing facilities in Timmins Region." Highlights include:

• "Processing facilities expected to be the largest nickel processing facility in North America and largest stainless-steel and alloy production facility in Canada, filling a key gap in the North American electric vehicle supply chain - utilizing proven, low environmental footprint technology.
• Both processing facilities to be designed to be net zero-carbon - utilizing Canada Nickel Company's carbon storage capacity to store CO2 generated by each facility.
• NetZero Metals led by Mike Cox with 35 years of nickel processing experience and senior leadership positions with Inco Ltd. and Vale SA overseeing a global portfolio of nickel refineries."

On February 20, Canada Nickel Company announced: "Canada Nickel successfully completes initial infill drilling at Bannockburn Property "B" Zone; 2024 Exploration Program conference call to be held on February 23." Highlights include:

• "First five holes drilled by Canada Nickel into the "B" Zone intersected multi-hundred metre intervals of 0.27-0.29% nickel and contained higher grade intervals of 0.3% nickel or better. Higher grade intervals included 16.5 metres of 0.54% nickel within a larger interval of 54 metres of 0.38% nickel in BAN23-04.
• Upcoming summer 2024 drill program will complete the Canada Nickel drill program in preparation for an initial resource later in 2024..."

On February 22, Canada Nickel Company announced: "Canada Nickel confirms discovery at Mann Central, successfully completes initial drilling at Mann Northwest Property." Highlights include:

• "A new discovery, Mann Central, successfully delineated across 2.5 kilometre strike length by six holes...
• Mann Northwest and Mann Central are two of five targets (others are Mann Southeast, Newmarket and Reaume) each with a geophysical footprint larger than Crawford, and a combined strike length of over 25 kilometres."

Ardea Resources [ASX:ARL] (OTCPK:ARRRF)

In total, Ardea has 6.1Mt of contained nickel and 386,000t of contained cobalt at their KNP Project near Kalgoorlie in Western Australia. Ardea is also exploring for gold and nickel sulphide on their >5,100 km2 of 100% controlled tenements in the Eastern Goldfields region of Western Australia.

On February 29 Ardea Resources announced:

Ardea and Japanese Consortium: Update on Progress on KNP - Goongarrie Hub... Upon execution of Final Agreements, future work will be aimed at completing the DFS, making a Final Investment Decision [FID] and securing project development funding for the Goongarrie Hub to become a globally significant producer of nickel-cobalt.

Centaurus Metals Limited [ASX:CTM] (OTCQX:CTTZF)

Centaurus Metals is an Australian-based minerals exploration company focused on the near-term development of the Jaguar Nickel Sulphide Project, in Northern Brazil.

On January 30, Centaurus Metals Limited announced:

December 2023 quarterly activities report. Jaguar DFS scheduled for completion in Q1 2024 with key permitting milestones recently achieved. Exceptional deep drilling results extend mineralisation at Jaguar well below current Resource limits... Cash at 31 December 2023 of $34.7 million, providing a significant cash runway with the focus now on completing and delivering the DFS following the completion of Jaguar resource drilling.

On February 5, Centaurus Metals Limited announced:

Key environmental licence issued for the Jaguar Project. Installation licence application to be lodged this month...

Alliance Nickel [ASX:AXN] (formerly GME Resources)

On February 5, Alliance Nickel announced: "Alliance Nickel receives $1.13 million R&D tax refund."

On February 8, Alliance Nickel announced: "Non-binding term sheet signed with Samsung SDI for future offtake of battery-grade nickel and cobalt sulphate products from the NiWest Nickel-Cobalt Project." Highlights include:

• "Alliance and Samsung SDI sign a non-binding term sheet in relation to future offtake of battery-grade nickel and cobalt sulphate products from the NiWest Nickel-Cobalt Project.
• Samsung SDI and Alliance will discuss a potential acquisition by Samsung SDI of an equity interest in the NiWest Project.
• Samsung SDI is a leading global manufacturer of lithium-ion batteries for the EV industry."

On February 26, Alliance Nickel announced: "Financial report half year ended 31 December 2023..."

Widgie Nickel [ASX:WIN]

On January 31, Widgie Nickel announced: "December 2023 quarterly report." Highlights include:

• "...Armstrong Nickel Deposit updated MRE to 959Kt @ 1.4% Ni for 13,820 nickel tonnes, including: Palladium + Platinum + Gold (3PGE) endowment with Au (0.16g/t), Pt (0.16g/t) and Pd (0.35g/t) 0.67g/t 3PGE (contained metal equating to 4,900oz Au, 5,020oz Pt and 10,710oz Pd). 19% increase in Indicated Resources to 13,720 nickel tonnes versus the 2022 MRE. 99% of sulphide resource is now in the Indicated Resource Category.
• 132N Nickel Deposit infill drilling confirmed high-grade nickel mineralisation below the historic open pit: Mineralisation remains open at depth and the structure's lower channel flank remains unconstrained. Geological modelling is underway with updated Mineral Resource Estimate to be completed in early 2024.
• Subsequent to the end of the Quarter three further MRE updates were released; Gillett, Widgie 3 and Widgie Townsite."

Sama Resources [TSXV: SME] [GR;8RS] (OTCPK:SAMMF)

No significant news for the month.

Murchison Minerals [TSXV:MUR] (OTCQB:MURMF)

No news for the month.

Power Nickel [TSXV:PNPN] (CMETF)

On February 13, Power Nickel announced:

Power Nickel extends resource mineralization at Nisk Main. 12.77 m @ 0.62% Ni, 0.63% Cu, 0.04% Co, 0.78 g/t Pd and 0.22 g/t Pt...

The Metals Company (TMC)

No news for the month.

Other juniors

Artemis Resources [ASV:ARV], Australian Mines [ASX:AUZ], Azure Minerals [ASX:AZS] (OTCPK:AZRMF), Blackstone Minerals [ASX:BSX], Cassini Resources [ASX: CZI], Class 1 Nickel and Technologies Ltd. [CSE:NICO] (OTCQB:NICLF), Electra Battery Materials [TSXV:ELBM] (ELBMF), Electric Royalties [TSXV:ELEC], EV Nickel [TSXV:EVNI] (OTCPK:EVNIF), Flying Nickel Mining Corp. [TSXV:FLYN], FPX Nickel [TSXV:FPX], Grid Metals Corp [TSXV:GRDM], Go Metals [CSE:GOCO] (OTCPK:GOCOF), Huntsman Exploration [TSXV:HMAN] (OTCPK:BBBMF), Inomin Mines [TSXV:MINE], Jervois Global Limited [ASX:JRV] (OTCQB:JRVMF), New Age Metals [TXV:NAM], Nickel Creek Platinum [TSX:NCP] (OTCQX:NCPCF), Nordic Nickel Limited [ASX:NNL], Pancontinental Resources Corporation [TSXV:PUC], Polymet Mining [TSX:POM], Renforth Resources [CSE:RFR] (OTCQB:RFHRF), Rox Resources [ASX:RXL], S2 Resources (ASX:S2R), Stillwater Critical Minerals [TSXV:PGE] (OTCQB:PGEZF), Sunrise Energy Metals [ASX:SRL] (OTCQX:SREMF), Surge Battery Metals Inc. [TSXV:NILI] [FRA:DJ5C] (OTCQX:NILIF), Talisman Mining Ltd. [ASX:TLM], Tartisan Nickel Corp. [CSE:TN] (OTCQB:TTSRF), Transition Metals [TSXV:XTM], URU Metals Ltd. [LSE:URU] [GR:NVRA], Wall Bridge Mining [TSX:WM], and Zeb Nickel Corp. [TSXV:ZBNI] (OTCQB:ZBNIF).

Note: Some of the above companies are covered in the Cobalt monthly news.

Nickel miners ETF

Below is the Sprott Nickel Miners ETF. You can view the top holdings here.

Sprott Nickel Miners ETF (NIKL) - One year price chart - Price = US$12.27

Conclusion

Nickel spot prices were up the last month, reversing a 1 year downtrend for now.

Highlights for the month were:

• Germany invests €1 billion to counter China on raw materials.
• Morgan Stanley suggests the possibility nickel (price) is close to a trough "looks increasingly likely". The nickel price could bottom around US$15,500/t in the second quarter of 2024.
• EU, US to align global minerals push against China's supply grip.
• US moves to restore stockpiling 'panic button' in EV metals fight with China.
• Australia gives nickel a quick fix, but surgery of global industry needed. Nickel placed on Australia's critical minerals list.
• Elliott Management's Hyperion to seek billion-dollar mining assets as metals demand grows.
• Nornickel - In 2023 nickel output from the Company's own Russian feed was 208 kt, meeting expectations.
• Vale nickel production decreased 8% in 2023, totaling 164.9 kt, in-line with guidance.
• Glencore own sourced nickel production was 97.6 kt in 2023, 9,900 tonnes (9%) lower YoY. Koniambo Nickel to transition to care+maintenance.
• BHP writes down value of Australian nickel assets after nickel price collapse, as it struggles to compete with a flood of cheap shipments from Indonesia.
• Anglo American 2023 Nickel production was 40 kt, up 1% YoY. Anglo and Finnish Minerals Group to explore battery value chain opportunities.
• Eramet achieves a new record for nickel ore volumes in Indonesia (+72% at 36.3 Mwmt) in 2023.
• Nickel 28 - Full year production of 33,604 tonnes of contained nickel, down 2% YoY.
• Nickel Industries Ltd announces an up to US$100m buyback.
• Premium Nickel drills 30.45m of 2.88% NiEq and 9.55m of 3.94% NiEq at Selebi North Underground. Premium Nickel drills 102.80 metres of 2.23% NiEq and 110.75 metres of 2.56% NiEq, at Selebi North Underground.
• Canada Nickel Company's NetZero Metals intends to develop downstream nickel & stainless-steel processing facilities in Timmins Region. Expected to be the largest nickel processing facility in North America.
• Centaurus Metals - Key environmental licence issued for the Jaguar Project.
• Alliance Nickel signs Non-binding term sheet signed with Samsung SDI for future offtake of battery-grade nickel and cobalt sulphate products from the NiWest Nickel-Cobalt Project.
• Power Nickel extends resource mineralization at Nisk Main. 12.77 m @ 0.62% Ni, 0.63% Cu, 0.04% Co, 0.78 g/t Pd and 0.22 g/t Pt.

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