Nico Resources (ASX: NC1) – Musgrave Nickel-Cobalt Project
ABOUT COMPANY
NICO Resources (NC1) (https://nicoresources.com.au/) explores and develops the Central Musgrave Nickel-Cobalt Project located in Western and Northern Australia.
The company was demerged from MLX in January 2022 by raising $12m@20c.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| NC1 | 0.135 | 109200575 | 14742077.6250 | 7.3/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 2306 | 67.99% | 74.13% | 17.66% | last raise $7.3m@40c |
The MD was trading company shares like retailers. In March 2023, the board had a significant turnover.
FLAGSHIP ASSETS
Central Musgrave Nickel Cobalt Project Musgrave WA
Project Data
Both Mineral Resources and Ore Reserves were declared in 2016.
The deposits are lateritic. Due to the intense oxidation of the ores, mining is anticipated to account for less than 5% of the AISC cost as the ores can be extracted without the requirement for blasting.
Below is the project’s PFS metrics:
Below are the project’s resources:
SUMMARY
The company’s resources have a higher grade of nickel and cobalt than that of ARL. Both deposits are lateritic.
IRR of 18% on $3b CAPEX just suggests both projects are not economical in current environment.