Saints Nickel Project

The Saints Nickel Project (Saints) (Future Battery Minerals 100%) is located in Tier 1 nickel mining jurisdiction of the Norseman-Wiluna Greenstone Belt, Western Australia. The Project comprises of two mining leases covering an area of approximately 20km² of prospective Archaean greenstone belt geology within the Eastern Goldfields province of the Yilgarn Craton.

The Saints Nickel Project is located within the same rock sequence as the renowned Scotia nickel mine, which is situated 15km to the south of Saints. The Scotia mine, which ceased operation in July 1977, produced 30,800 tonnes of nickel with a nickel content of 2.2%.

The Saints Nickel Project contains three known occurrences of nickel sulphide mineralisation: Saint Andrews, Saint Patricks and the Western Contact. These deposits are regarded as Archaean Kambalda style, komatiite-hosted, massive nickel sulphide mineralisation.

Saints Mineral Resource Estimate (MRE)

The Mineral Resources Estimate (MRE) was released in August 2022, which includes both Indicated and Inferred classifications.  

Saints MRE (1% Ni Cut-off Grade) – August 2022

Scoping Study

In April 2023 the Company released a Scoping Study, which demonstrated potentially strong financial metrics for the Saints Nickel Project based on a relatively low pre-production capital cost of A$8.6M. Based on the key assumptions of the Base Case scenario, project payback is modelled to occur within only 12 months of development from a 5-year Life of Mine (LOM).

The Scoping Study describes a decline accessing the Resource that is subsequently mined underground via conventional short lift open stoping. The mined rock is then trucked to surface, and then trucked on public roads to a third-party concentrator. The Company considers the Saints Nickel Project to be technically low risk given the simple mine plan drawing from the majority Indicated Resource and the high processing metal recoveries.

The Scoping Study also outlines the initial baseline environmental works that have been carried out to date to progress the Saints Nickel Project along its approval pathway.

Key Base Case Saints Scoping Study Financial Metrics

Next Steps – Future Economic Valuation Work

Future economic valuation work is proposed by the Company to progress the development of the Saints Nickel Project. Completion of a Pre-Feasibility Study (PFS) and subsequent Definitive Feasibility Study (DFS) will be necessary to further define the Saints Nickel Project development requirements and to support a potential mix of debt and equity funding options.