Board Change • May 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director Stewart Findlay was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 20
NICO Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.730754 million. NICO Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.730754 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,435,846
Price\Range: AUD 0.3
Discount Per Security: AUD 0.018
Transaction Features: Subsequent Direct Listing Board Change • Dec 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director Stewart Findlay was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 25
NICO Resources Limited, Annual General Meeting, Nov 28, 2025 NICO Resources Limited, Annual General Meeting, Nov 28, 2025. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$13.0m market cap, or US$8.32m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Board Change • Aug 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director Stewart Findlay was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 10
NICO Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.1 million. NICO Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,750,000
Price\Range: AUD 0.08
Discount Per Security: AUD 0.004
Transaction Features: Subsequent Direct Listing Announcement • Jun 03
NICO Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.1 million. NICO Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,750,000
Price\Range: AUD 0.08
Discount Per Security: AUD 0.004
Transaction Features: Subsequent Direct Listing New Risk • Oct 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$88k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.6m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$14.2m market cap, or US$9.51m). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Significant insider selling over the past 3 months (AU$88k sold). Announcement • Sep 27
NICO Resources Limited, Annual General Meeting, Nov 29, 2024 NICO Resources Limited, Annual General Meeting, Nov 29, 2024. New Risk • Sep 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 69% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$12.6m market cap, or US$8.40m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jun 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.2m (US$9.47m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Earnings have declined by 69% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$14.2m market cap, or US$9.47m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Apr 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.3m (US$9.94m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Earnings have declined by 69% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$15.3m market cap, or US$9.94m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Earnings have declined by 53% per year over the past 5 years. Revenue is less than US$1m (AU$233k revenue, or US$153k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$19.7m market cap, or US$12.9m). Recent Insider Transactions • Feb 23
Non-Executive Chairman recently bought AU$300k worth of stock On the 21st of February, Peter Cook bought around 2m shares on-market at roughly AU$0.15 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of AU$1.6m worth in shares. Board Change • Jan 08
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Brett Smith is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Nov 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 63% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$33.5m market cap, or US$21.2m). New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 56% per year over the past 5 years. Revenue is less than US$1m (AU$519k revenue, or US$333k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$36.9m market cap, or US$23.7m). Announcement • Sep 28
NICO Resources Limited, Annual General Meeting, Nov 22, 2023 NICO Resources Limited, Annual General Meeting, Nov 22, 2023. Agenda: To consider election of directors. Recent Insider Transactions • Aug 29
Non-Executive Director recently bought AU$159k worth of stock On the 28th of August, Roderick Corps bought around 285k shares on-market at roughly AU$0.56 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$199k. Insiders have collectively bought AU$2.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 11
Non-Executive Director recently bought AU$52k worth of stock On the 9th of August, Roderick Corps bought around 135k shares on-market at roughly AU$0.39 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$1.3m more in shares than they have sold in the last 12 months. Announcement • Jun 28
NICO Resources Limited Appoints Stewart Findlay as Non-Executive Director Nico Resources Limited announced the appointment of Mr. Stewart Findlay as Non-Executive Director to the Board of Directors with immediate effect. Mr. Findlay has over 25 years of in-depth banking and financial markets experience in arranging project finance, senior secured debt and corporate finance facilities, equity investments, commodity hedging arrangements and providing corporate advice to a large number of resource companies, having previously held senior positions in the metals & mining divisions of Macquarie Bank and National Australia Bank. Mr. Findlay is currently a non-executive director of ASX-listed West African Resources, and an executive director of unlisted Polyline Pipe Systems Ltd. Mr. Findlay holds a Bachelor of Commerce (Accounting & Finance) from the University of New South Wales and is a member of the Australian Institute of Company Directors. Recent Insider Transactions • Jun 09
MD, CEO & Director recently bought AU$51k worth of stock On the 6th of June, Jonathan Shellabear bought around 100k shares on-market at roughly AU$0.51 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$902k. Jonathan has been a buyer over the last 12 months, purchasing a net total of AU$146k worth in shares. Recent Insider Transactions • May 04
Non-Executive Chairman recently bought AU$142k worth of stock On the 2nd of May, Peter Cook bought around 300k shares on-market at roughly AU$0.47 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$902k. Peter has been a buyer over the last 12 months, purchasing a net total of AU$1.1m worth in shares. Recent Insider Transactions • Apr 05
Non-Executive Chairman recently bought AU$902k worth of stock On the 3rd of April, Peter Cook bought around 2m shares on-market at roughly AU$0.50 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of AU$973k worth in shares. Announcement • Jan 20
Nico Resources Limited Receives All the Assay Results from the Infill Reverse Circulation Drilling Program Completed in October 2022 At its 100% Owned Wingellina Nickel-Cobalt Project Nico Resources Limited announced that it has received all the assay results from the infill reverse circulation (RC) drilling program completed in October 2022 at its 100% owned Wingellina Nickel-Cobalt Project ("Wingellina" or the "Project") in Western Australia. The program comprised 152 Reverse Circulation ("RC") holes for 7,856m of drilling and was a continuation of work initiated in 2017 to infill 15 high-grade nickel-cobalt domains delineated from the resource model as potential high-grade starter pits. The results confirm the continuity within the identified high-grade nickel and cobalt domains and provides key inputs into future production scheduling. In particular, it is anticipated that sufficient higher-grade tonnage will be available for the initial 10 years further improving the project economics. Assay Highlights: WPRC0758: 74m @ 1.26% Ni and 0.09% Co (1.46% Nieq) from surface; WPRC0759: 86m @ 1.25% Ni and 0.10% Co (1.47% Nieq) from surface; WPRC0760: 90m @ 1.50% Ni and 0.12% Co (1.77% Nieq) from surface; WPRC0761: 70m @ 1.45% Ni and 0.12% Co (1.71% Nieq) from 2m; WPRC0766: 26m @ 1.81% Ni and 0.16% Co (2.16% Nieq) from 2m incl. 8m @ 3.73% Ni from 18m; WPRC0798: 72m @ 1.30% Ni and 0.11% Co (1.54% Nieq) from surface; WPRC0799: 64m @ 1.39% Ni and 0.07% Co (1.55% Nieq) from 2m WPRC0801: 12m @ 1.93% Ni and 0.04% Co (2.02% Nieq) from 26m incl. 4m @ 3.58% Ni from 32m; WPRC0813: 92m @ 1.18% Ni and 0.10% Co (1.39% Nieq) from surface; WPRC0822: 56m @ 1.47% Ni and 0.11% Co (1.70% Nieq) from 4m; WPRC0880: 50m @ 1.68% Ni and 0.08% Co (1.85% Nieq) from surface incl. 10m @ 2.29% Ni from 30m. The results will now be incorporated in the updating of the resource and reserves estimates to be completed in he first half of 2023. This work will underpin the optimisation of the mining schedule to be incorporated in the upcoming DFS.