Impact: Mildly Positive
Power Nickel has exercised its option to acquire a 50% interest in its flagship Nisk Ni-PGM project in the James Bay region of Quebec, by fulfilling the requirements for the first option agreement with Critical Elements Lithium Corp. (TSXV:CRE, BUY, C$6.00 target, David A. Talbot). The company also plans to acquire an additional 30% interest in the project as per the second option, which is expected to be completed in H2/24 on the delivery of a NI 43-101 compliant resource. Additionally, the company has announced the appointment of Mr. Kenneth Williams (M.Sc., P.Geo) and Mr. Duncan Roy as VP – Exploration and VP – Investor Relations, respectively. We believe Power Nickel’s decision to consolidate its interest in the Nisk project, along with the recently announced plan to spin out its non-core properties (read notable), is a testimony to its focus and confidence in taking Nisk to the next stage of development, which it believes could be the world’s first carbon neutral Ni mine.