Impact: Positive
Flying Nickel announced an updated Mineral Resource Estimate (MRE) for its Minago Ni-PGM project in Manitoba. The MRE now incorporates PGMs as by-products to the Ni, the result of the company’s PGM core resampling program, and it also greatly increases the portion of the resource in the proposed open pit vs. the underground portion compared to the 2020 MRE. In our opinion, it is positive that Flying Nickel was able to incorporate PGMs into the resource, and these by-products are likely to boost project economics. As well, moving more tonnage to the open pit portion of the resource is positive, although we note that the overall tonnage decreased vs the prior estimate, largely due to changes in assumptions, including higher cut-off grades.