Recent Insider Transactions • May 12
Non-Executive Director recently bought AU$66k worth of stock On the 5th of May, Roderick Corps bought around 280k shares on-market at roughly AU$0.24 per share. This transaction amounted to 4.4% 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$451k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 21
Non-Executive Director recently bought AU$62k worth of stock On the 19th of March, Roderick Corps bought around 350k shares on-market at roughly AU$0.18 per share. This transaction amounted to 6.1% 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$366k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 24
Non-Executive Director recently bought AU$50k worth of stock On the 23rd of February, Roderick Corps bought around 200k shares on-market at roughly AU$0.25 per share. This transaction amounted to 3.6% 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$303k more in shares than they have sold in the last 12 months. New Risk • Jan 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% 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 Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$45.1m market cap, or US$30.5m). Tillkännagivande • 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 New Risk • Nov 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.4m (US$10.00m) 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 Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$15.4m market cap, or US$10.00m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Oct 24
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 14% 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 26% 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 (14% average weekly change). Market cap is less than US$100m (AU$18.5m market cap, or US$12.0m). New Risk • Sep 25
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$2.2m 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$2.2m free cash flow). Earnings have declined by 26% per year over the past 5 years. Market cap is less than US$10m (AU$12.0m market cap, or US$7.90m). Minor Risk Revenue is less than US$5m (AU$1.7m revenue, or US$1.1m). Tillkännagivande • Sep 25
NICO Resources Limited, Annual General Meeting, Nov 28, 2025 NICO Resources Limited, Annual General Meeting, Nov 28, 2025. Tillkännagivande • 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 New Risk • Jun 03
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 15% 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$10.2m market cap, or US$6.59m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Tillkännagivande • 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 Recent Insider Transactions • May 30
Non-Executive Chairman recently bought AU$180k worth of stock On the 29th of May, Peter Cook bought around 2m shares on-market at roughly AU$0.078 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. 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). 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$9.54m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Significant insider selling over the past 3 months (AU$88k sold). Tillkännagivande • Sep 27
NICO Resources Limited, Annual General Meeting, Nov 29, 2024 NICO Resources Limited, Annual General Meeting, Nov 29, 2024. 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 Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Apr 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 15% 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 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. 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). Market cap is less than US$100m (AU$20.2m market cap, or US$13.0m). 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 Risk 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 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. New Risk • Jan 18
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 12% 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 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 (12% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$28.4m market cap, or US$18.7m). 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 (13% 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 Risk Market cap is less than US$100m (AU$36.9m market cap, or US$23.7m). Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • Dec 23
Nico Resources Limited Announces PFS Confirms Wingellina as A Tier 1 Nickel-Cobalt Project Nico Resources Limited announced the results of the Pre-Feasibility Study ("PFS") for the Wingellina Nickel-Cobalt Project ("Wingellina" or the "Project") located in Western Australia ("WA"). Once operational, the Tier 1 world-class Project will produce sustainable green nickel and cobalt for the electric vehicle ("EV") and energy storage industries for a minimum of 42 years. PFS confirms Wingellina to be a globally significant Tier 1 asset, characterised by its long life (initially 42 years based on current reserves), low cost (1st - 2nd quartile on global cost curve) and high operating margins (50% to 60% EBITDA margin). Multi-generational Project with the potential to be one of Australia's largest nickel-cobalt mines with a production of approximately 40,000tpa of contained nickel and 3,000tpa of contained cobalt based on current ore reserves. Market leading 95.3% renewable energy (wind turbines, solar PV farm and battery storage) providing majority of the power requirements. Proposal received from leading Independent Power Producer ("IPP"), Zenith Energy. Tillkännagivande • Nov 05
NICO Resources Limited Completes Central Musgraves High Grade Drill Program Nico Resources Limited advised that is has recently completed a 10,196m reverse circulation drilling program of works across the Company's Central Musgrave Project in the preeminent Musgrave Province. The Wingellina portion of the drill program focused on improving the definition of the highest-grade nickel and cobalt zones within the entire resource base. This material has been targeted for confirmatory reserve classification to feed into an updated mine schedule for the impending bankable feasibility study. The program delineated 15 high grade starter pits which will form the basis of the first years of production and results in strong project valuation uplift. This recently completed Wingellina high-grade drilling program provided infill drill lines to spacings of 60m by 25m within the 15 proposed starter pits. This is the same drill density which currently supports the JORC Measured category within other portions of the larger deposit. Data obtained will also provide additional orebody knowledge in regard to ore geometry, controls on mineralisation, grades and in turn anticipated mixed hydroxide precipitant grades. The RC drilling program undertaken at the Lewis Calcrete was completed as a follow-up to the 2019 program initiated by Metals X. An additional 302 holes have been completed in this 2022 program resulting in a total of 543 across the area prospective for calcrete. Based on the previous testwork and field acid testing during drilling, along with drill logs indicates calcareous material has been intersected in 301 of the 302 holes drilled. The NiCo technical team believe this material will provide a solid foundation for the development of a maiden resource at the Lewis Calcrete prospect. The program has also delivered over 10 tons of RC chip material for demonstration scale test work required for the definitive feasibility study. Once all data is returned and validated, a resource model update will be completed for the Wingellina deposit. A maiden resource estimate will also be undertaken for the Lewis Calcrete resource. Both estimates are expected to be delivered in early 2023. Associated mine studies will flow on from this work as primary feed inputs to support a Definitive feasibility study commencing in 2023. Project financial and debt modelling to follow shortly after. Reported Earnings • Oct 01
Full year 2022 earnings released Full year 2022 results: AU$0.001 loss per share. Net loss: AU$6.87m (down AU$7.66m from profit in FY 2021). Tillkännagivande • Sep 27
NICO Resources Limited, Annual General Meeting, Nov 22, 2022 NICO Resources Limited, Annual General Meeting, Nov 22, 2022. Agenda: To consider election of directors. Tillkännagivande • Sep 13
NICO Resources Limited Commences High Grade Delineation Drilling Programme for the Central Musgraves Project NICO Resources Limited announced its maiden high grade production delineation drilling programme for the Central Musgraves Project has commenced. Wingellina high-grade nickel cobalt zones: The Wingellina nickel-cobalt project boasts a JORC 2012 compliant resource base of >200Mt of material grading 0.93% Ni & 0.07% Co and a probable Ore Reserve of 164.8Mt at 0.93% Ni & 0.07% Co for 1.56Mt of contained nickel and 123Kt of contained cobalt. The CMP project area also contains the Claudes Hill project area which contains an additional JORC resource of 33Mt at 0.81% Ni and 0.07% Co. In 2017 Metals X undertook a review of the cobalt inventory of the Wingellina deposit with the aim of investigating higher- grade nickel cobalt domains that could be targeted as a high-grade start-up option. This work resulted in the definition of 15 potential high-grade nickel-cobalt open pits as potential starter pits. Six of these pits were successfully infill-drilled during 2017-18 and a further drilling program was completed on two additional potential starter pits in 2019-2020, successfully confirming the high-grade nickel-cobalt domains. Lewis Calcrete Deposit: The Lewis Calcrete deposit is located within WA, approximately 25km north-west of the Wingellina. The previous Phase 1 Feasibility Study undertaken by Metals X estimated that a total of ~800,000t/year of calcrete/limestone would be required over the life of the Wingellina project for acid neutralisation purposes. The use of calcrete displaces the requirement for lime which will significantly reduce the operating costs as a result of not purchasing nor transporting of lime to site. Initial drill testing of the Lewis Calcrete deposit in 2014 comprised of 89 shallow reconnaissance 100 metre spaced RC holes along a 9km access track with 579 samples submitted for analysis. Test work confirmed good quality calcrete with CaO+MgO+LOI exceeding 70% within 68 of the holes drilled. The calcrete is calcium-rich, with MgO rarely exceeding 2%. The base of the calcrete profile was found to occur at a depth of about 6 metres below surface. Resource definition drilling commenced in late 2020 with the planned program being approximately 50% completed. The program was postponed due to COVID restrictions. Local water sources: Previous drilling by Metals X identified that there is reasonable volumes of water located in the Mann Fault which extends along the Northern boundary of the Wingellina deposit. Water drilling and flow testing conducted in 2015 determined that it was likely that there would be sufficient water available from the Mann fault as minimum to support the construction and commissioning of the process plant. 2022 Exploration RC dilling Programmes: Programme 1: High-Grade Co/Ni delineation - RC Drilling 7,000m: The planned 2022 RC drill programme involves drilling 167 RC holes for approximately 7,000 metres of drilling planned on 177 x 100m spaced infill drill holes. The objective of the 2022 programme is the delineation of a further 8 high-grade Ni-Co pits within the broader Ni-Co deposit to compliment the previous defined high grade pits delineated from 2017-2020 which was interrupted by Covid. All drillholes are located within 5km of the company's exploration base camp. Downhole depths will vary from 12 metres to 102 metres and average about 41 metres. The definition of these high grade pits will provide inputs of the production scheduling into the bankable feasibility study which will result in the processing of much higher grade material within the first 10 years which will enhance the cashflows and further improve the economics. Programme 2: Calcrete Resource delineation RC Drilling 2,700m: The drill programme at the Lewis Calcrete Deposit comprises of 336 shallow vertical holes for a total of 2,700m of RC drilling. The programme hole depths are mainly of 6m, with each 15th hole to be drilled to 18m depth for environmental sampling and monitoring purposes. The drill holes are spaced 100m apart on drill lines. The proposed programme has the objective of completing the drill-out of the accessible outcrop areas. The initialpreliminary resource estimate is anticipated to meet the project demand requirements estimated to be approximately 800,000tpa. The calcrete will substitute the requirement for lime as a pH modifier in the processing of plant. As lime is required to be purchased and transported to site, the calcrete will significantly reduce the operating costs of processing as can substitute a large amount of the lime requirements. The results of this program are expected to be able to define a calcrete resource and will enable the project to quantify and ascertain the continuity of the best quality calcrete within the deposit for HPAL process requirements. Additional calcrete deposits also occur elsewhere and on the tenement that may also be utilised as a source for haul road construction materials for the project. Programme 3: Mann Fault Paleo valley water delineation RC Drilling 300m: Two 190mm diameter holes have been planned to be drilled vertically by RC to a depth of up to 150m to be used as water monitoring bores when future water production mud-rotary bore drilling and pump testing takes place at each of the sites. The drilling purpose is to assess for the presence of significant quantities of water by airlifting while providing information regarding vertical profile lithological variations of the palaeo valley being assessed. The target consists of clay and gravel-filled palaeo valley in a significant east-west trending regional structure that is coincident with the Mann Fault. It is located about 10km north of Wingellina and starts from about 40km to the west of Wingellina within the WA border. This has the potential to supply the operations through the construction and commissioning phases at a significantly reduced capital cost to the early development of the Officer basin. Recent Insider Transactions • May 07
MD, Executive Director & CEO recently bought AU$1.0m worth of stock On the 4th of May, Roderick Corps bought around 824k shares on-market at roughly AU$1.27 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$5.8m. Roderick has been a buyer over the last 12 months, purchasing a net total of AU$10m worth in shares. Recent Insider Transactions • Apr 02
MD, Executive Director & CEO recently bought AU$1.6m worth of stock On the 29th of March, Roderick Corps bought around 2m shares on-market at roughly AU$1.00 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$10.0m. Roderick has been a buyer over the last 12 months, purchasing a net total of AU$5.2m worth in shares. Recent Insider Transactions • Mar 16
MD, Executive Director & CEO recently bought AU$1.5m worth of stock On the 10th of March, Roderick Corps bought around 2m shares on-market at roughly AU$0.78 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$10.0m. Roderick has been a buyer over the last 12 months, purchasing a net total of AU$1.7m worth in shares. Recent Insider Transactions • Mar 09
MD, Executive Director & CEO recently bought AU$232k worth of stock On the 4th of March, Roderick Corps bought around 356k shares on-market at roughly AU$0.65 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$10.0m. This was Roderick 's only on-market trade for the last 12 months. 