US$13.00/lb on c.60% of payable nickel produced through the end of 2023 Paulo Castellari, CEO of Appian Capital Brazil, commented: "I am delighted to report Atlantic Nickel's continued strong performance, building on the record results in 2022. Its industry-leading cost position and best-in-class safety record remains a major differentiator, reflecting the asset's quality and our team's operational expertise. As one of the world's preeminent nickel sulphide mines, Santa Rita is well positioned to drive the energy transition, producing key critical minerals and robust investor returns." Safety and ESG performance Santa Rita continues to operate as one of the safest operations globally with a 12 month rolling average Lost Time Injury Frequency Rate ("LTIFR") of 0.18, in line with the Company's performance in 2022. As of the end of Q1 2023, the team has now worked 5.0m consecutive man hours without a lost time injury. Atlantic Nickel's Visible Felt Leadership program resulted in over 1,034 Visible Felt Leadership instances in Q1 2023, with safety KPIs included in 100% of Performance Contracts. Over 38,332 man-hours dedicated to safety, health and environmental training were completed in Q1 2023, which continues to play a critical role in the Mine's safety performance. Atlantic Nickel continues to improve the biodiversity of Santa Rita and the surrounding Area, revegetating ~12.3ha of land in the quarter through the planting of over 11,000 seedlings. Operational update The team continued to deliver consistent operational performance in Q1 2023, including: 4.0kt of nickel in concentrate produced with copper, cobalt, gold and PGM by-products, supported by improvements in plant throughput and met recovery 10.7Mt of total material mined, a material 47% increase versus the same period last year reflective of improvements in Santa Rita's capability to deliver and stay ahead of its mine plan 1.7Mt of ore processed at average NiS recovery of 82.7%, reflecting 11.7% and 5.0% improvements, respectively, compared with performance during the same period last year 28.7kdmt of concentrate produced with an average NiS grade of 13.8% Despite the inflationary environment in Brazil, the Company delivered a C1 cost of US$3.37/lb, net of by-product credits, which is 22% lower than the US$4.34/lb achieved during the same period last year Financial update During Q1 2023, Atlantic Nickel made three shipments of concentrate to its offtake partners, with 27.9kdmt of concentrate containing 3.9kt of payable nickel sold with average realized commodity price of US$10.63/lb Ni. This resulted in revenue of US$76.3m, Adjusted EBITDA of US$51.2m and an Adjusted EBITDA margin of 67%. Since the date of its January 31, 2023 press release, Atlantic Nickel has entered into no new additional non-deliverable forward contracts but remains well positioned to enhance its cash flow throughout the remainder of 2023 with its current contracts: 5.2kt, or 11.6mlb, of nickel at an average forward price of US$13.07/lb 0.6kt, or 1.3mlb, of copper at an average forward price of US$4.31/lb Progress on the underground expansion Atlantic Nickel continues to advance the underground project, having invested over US$17m in 2022 towards the execution of a 35,000m drill program, followed by US$2.8m in Q1 2023, and is progressing studies which will be required to declare a reserve. The Company is currently focused on the final activities of a hydrogeological program (totaling 2,236m) at Santa Rita, which it expects to conclude in the following weeks. Atlantic Nickel is targeting the delivery of a Prefeasibility Study in H1 2024 remaining well on track for the commencement of underground development. In parallel with the underground expansion, Atlantic Nickel's exploration continues, focusing on the drill out and declaration of a resource at Palestina, the Company's most advanced exploration target. Palestina sits approximately 25km from Santa Rita with easy access to Santa Rita's existing processing infrastructure. The Company has completed the campaign started in 2022 for resource drilling (totaling 8,494 m) and a geotech/hydrogeological program (totaling 1,297m) during the quarter. About Appian Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing 6,300 employees. Appian has a global team of 65 experienced professionals with offices in London, Toronto, Lima, Belo Horizonte, Montreal, Perth, Mexico City and Dubai. For more information please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Twitter or Instagram. About Atlantic Nickel Atlantic Nickel is the owner and operator of Santa Rita, an open-pit nickel-copper-cobalt sulphide operation located in Bahia, Brazil. Santa Rita is an operating open pit mine that is planning to transition to underground mining to extend its mine life to 34 years. The mine benefits from US$1bn of prior investment and has a plant capacity of 6.5 Mtpa. One of the largest open pit nickel sulphide mines in the world, Santa Rita is a high-quality asset operating at a first quartile cost position. It is one of a few remaining nickel sulphide mines globally that can offer additional supply towards the production of Class I nickel products and so has exposure to the high-growth potential of the electric vehicle industry."/> US$13.00/lb on c.60% of payable nickel produced through the end of 2023 Paulo Castellari, CEO of Appian Capital Brazil, commented: "I am delighted to report Atlantic Nickel's continued strong performance, building on the record results in 2022. Its industry-leading cost position and best-in-class safety record remains a major differentiator, reflecting the asset's quality and our team's operational expertise. As one of the world's preeminent nickel sulphide mines, Santa Rita is well positioned to drive the energy transition, producing key critical minerals and robust investor returns." Safety and ESG performance Santa Rita continues to operate as one of the safest operations globally with a 12 month rolling average Lost Time Injury Frequency Rate ("LTIFR") of 0.18, in line with the Company's performance in 2022. As of the end of Q1 2023, the team has now worked 5.0m consecutive man hours without a lost time injury. Atlantic Nickel's Visible Felt Leadership program resulted in over 1, 034 Visible Felt Leadership instances in Q1 2023, with safety KPIs included in 100% of Performance Contracts. Over 38, 332 man-hours dedicated to safety, health and environmental training were completed in Q1 2023, which continues to play a critical role in the Mine's safety performance. Atlantic Nickel continues to improve the biodiversity of Santa Rita and the surrounding Area, revegetating ~12.3ha of land in the quarter through the planting of over 11, 000 seedlings. Operational update The team continued to deliver consistent operational performance in Q1 2023, including: 4.0kt of nickel in concentrate produced with copper, cobalt, gold and PGM by-products, supported by improvements in plant throughput and met recovery 10.7Mt of total material mined, a material 47% increase versus the same period last year reflective of improvements in Santa Rita's capability to deliver and stay ahead of its mine plan 1.7Mt of ore processed at average NiS recovery of 82.7%, reflecting 11.7% and 5.0% improvements, respectively, compared with performance during the same period last year 28.7kdmt of concentrate produced with an average NiS grade of 13.8% Despite the inflationary environment in Brazil, the Company delivered a C1 cost of US$3.37/lb, net of by-product credits, which is 22% lower than the US$4.34/lb achieved during the same period last year Financial update During Q1 2023, Atlantic Nickel made three shipments of concentrate to its offtake partners, with 27.9kdmt of concentrate containing 3.9kt of payable nickel sold with average realized commodity price of US$10.63/lb Ni. This resulted in revenue of US$76.3m, Adjusted EBITDA of US$51.2m and an Adjusted EBITDA margin of 67%. Since the date of its January 31, 2023 press release, Atlantic Nickel has entered into no new additional non-deliverable forward contracts but remains well positioned to enhance its cash flow throughout the remainder of 2023 with its current contracts: 5.2kt, or 11.6mlb, of nickel at an average forward price of US$13.07/lb 0.6kt, or 1.3mlb, of copper at an average forward price of US$4.31/lb Progress on the underground expansion Atlantic Nickel continues to advance the underground project, having invested over US$17m in 2022 towards the execution of a 35, 000m drill program, followed by US$2.8m in Q1 2023, and is progressing studies which will be required to declare a reserve. The Company is currently focused on the final activities of a hydrogeological program (totaling 2, 236m) at Santa Rita, which it expects to conclude in the following weeks. Atlantic Nickel is targeting the delivery of a Prefeasibility Study in H1 2024 remaining well on track for the commencement of underground development. In parallel with the underground expansion, Atlantic Nickel's exploration continues, focusing on the drill out and declaration of a resource at Palestina, the Company's most advanced exploration target. Palestina sits approximately 25km from Santa Rita with easy access to Santa Rita's existing processing infrastructure. The Company has completed the campaign started in 2022 for resource drilling (totaling 8, 494 m) and a geotech/hydrogeological program (totaling 1, 297m) during the quarter. About Appian Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing 6, 300 employees. Appian has a global team of 65 experienced professionals with offices in London, Toronto, Lima, Belo Horizonte, Montreal, Perth, Mexico City and Dubai. For more information please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Twitter or Instagram. About Atlantic Nickel Atlantic Nickel is the owner and operator of Santa Rita, an open-pit nickel-copper-cobalt sulphide operation located in Bahia, Brazil. Santa Rita is an operating open pit mine that is planning to transition to underground mining to extend its mine life to 34 years. The mine benefits from US$1bn of prior investment and has a plant capacity of 6.5 Mtpa. One of the largest open pit nickel sulphide mines in the world, Santa Rita is a high-quality asset operating at a first quartile cost position. It is one of a few remaining nickel sulphide mines globally that can offer additional supply towards the production of Class I nickel products and so has exposure to the high-growth potential of the electric vehicle industry."/> US$13.00/lb on c.60% of payable nickel produced through the end of 2023 Paulo Castellari, CEO of Appian Capital Brazil, commented: "I am delighted to report Atlantic Nickel's continued strong performance, building on the record results in 2022. Its industry-leading cost position and best-in-class safety record remains a major differentiator, reflecting the asset's quality and our team's operational expertise. As one of the world's preeminent nickel sulphide mines, Santa Rita is well positioned to drive the energy transition, producing key critical minerals and robust investor returns." Safety and ESG performance Santa Rita continues to operate as one of the safest operations globally with a 12 month rolling average Lost Time Injury Frequency Rate ("LTIFR") of 0.18, in line with the Company's performance in 2022. As of the end of Q1 2023, the team has now worked 5.0m consecutive man hours without a lost time injury. Atlantic Nickel's Visible Felt Leadership program resulted in over 1,034 Visible Felt Leadership instances in Q1 2023, with safety KPIs included in 100% of Performance Contracts. Over 38,332 man-hours dedicated to safety, health and environmental training were completed in Q1 2023, which continues to play a critical role in the Mine's safety performance. Atlantic Nickel continues to improve the biodiversity of Santa Rita and the surrounding Area, revegetating ~12.3ha of land in the quarter through the planting of over 11,000 seedlings. Operational update The team continued to deliver consistent operational performance in Q1 2023, including: 4.0kt of nickel in concentrate produced with copper, cobalt, gold and PGM by-products, supported by improvements in plant throughput and met recovery 10.7Mt of total material mined, a material 47% increase versus the same period last year reflective of improvements in Santa Rita's capability to deliver and stay ahead of its mine plan 1.7Mt of ore processed at average NiS recovery of 82.7%, reflecting 11.7% and 5.0% improvements, respectively, compared with performance during the same period last year 28.7kdmt of concentrate produced with an average NiS grade of 13.8% Despite the inflationary environment in Brazil, the Company delivered a C1 cost of US$3.37/lb, net of by-product credits, which is 22% lower than the US$4.34/lb achieved during the same period last year Financial update During Q1 2023, Atlantic Nickel made three shipments of concentrate to its offtake partners, with 27.9kdmt of concentrate containing 3.9kt of payable nickel sold with average realized commodity price of US$10.63/lb Ni. This resulted in revenue of US$76.3m, Adjusted EBITDA of US$51.2m and an Adjusted EBITDA margin of 67%. Since the date of its January 31, 2023 press release, Atlantic Nickel has entered into no new additional non-deliverable forward contracts but remains well positioned to enhance its cash flow throughout the remainder of 2023 with its current contracts: 5.2kt, or 11.6mlb, of nickel at an average forward price of US$13.07/lb 0.6kt, or 1.3mlb, of copper at an average forward price of US$4.31/lb Progress on the underground expansion Atlantic Nickel continues to advance the underground project, having invested over US$17m in 2022 towards the execution of a 35,000m drill program, followed by US$2.8m in Q1 2023, and is progressing studies which will be required to declare a reserve. The Company is currently focused on the final activities of a hydrogeological program (totaling 2,236m) at Santa Rita, which it expects to conclude in the following weeks. Atlantic Nickel is targeting the delivery of a Prefeasibility Study in H1 2024 remaining well on track for the commencement of underground development. In parallel with the underground expansion, Atlantic Nickel's exploration continues, focusing on the drill out and declaration of a resource at Palestina, the Company's most advanced exploration target. Palestina sits approximately 25km from Santa Rita with easy access to Santa Rita's existing processing infrastructure. The Company has completed the campaign started in 2022 for resource drilling (totaling 8,494 m) and a geotech/hydrogeological program (totaling 1,297m) during the quarter. About Appian Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing 6,300 employees. Appian has a global team of 65 experienced professionals with offices in London, Toronto, Lima, Belo Horizonte, Montreal, Perth, Mexico City and Dubai. For more information please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Twitter or Instagram. About Atlantic Nickel Atlantic Nickel is the owner and operator of Santa Rita, an open-pit nickel-copper-cobalt sulphide operation located in Bahia, Brazil. Santa Rita is an operating open pit mine that is planning to transition to underground mining to extend its mine life to 34 years. The mine benefits from US$1bn of prior investment and has a plant capacity of 6.5 Mtpa. One of the largest open pit nickel sulphide mines in the world, Santa Rita is a high-quality asset operating at a first quartile cost position. It is one of a few remaining nickel sulphide mines globally that can offer additional supply towards the production of Class I nickel products and so has exposure to the high-growth potential of the electric vehicle industry." /> US$13.00/lb on c.60% of payable nickel produced through the end of 2023 Paulo Castellari, CEO of Appian Capital Brazil, commented: "I am delighted to report Atlantic Nickel's continued strong performance, building on the record results in 2022. Its industry-leading cost position and best-in-class safety record remains a major differentiator, reflecting the asset's quality and our team's operational expertise. As one of the world's preeminent nickel sulphide mines, Santa Rita is well positioned to drive the energy transition, producing key critical minerals and robust investor returns." Safety and ESG performance Santa Rita continues to operate as one of the safest operations globally with a 12 month rolling average Lost Time Injury Frequency Rate ("LTIFR") of 0.18, in line with the Company's performance in 2022. As of the end of Q1 2023, the team has now worked 5.0m consecutive man hours without a lost time injury. Atlantic Nickel's Visible Felt Leadership program resulted in over 1,034 Visible Felt Leadership instances in Q1 2023, with safety KPIs included in 100% of Performance Contracts. Over 38,332 man-hours dedicated to safety, health and environmental training were completed in Q1 2023, which continues to play a critical role in the Mine's safety performance. Atlantic Nickel continues to improve the biodiversity of Santa Rita and the surrounding Area, revegetating ~12.3ha of land in the quarter through the planting of over 11,000 seedlings. Operational update The team continued to deliver consistent operational performance in Q1 2023, including: 4.0kt of nickel in concentrate produced with copper, cobalt, gold and PGM by-products, supported by improvements in plant throughput and met recovery 10.7Mt of total material mined, a material 47% increase versus the same period last year reflective of improvements in Santa Rita's capability to deliver and stay ahead of its mine plan 1.7Mt of ore processed at average NiS recovery of 82.7%, reflecting 11.7% and 5.0% improvements, respectively, compared with performance during the same period last year 28.7kdmt of concentrate produced with an average NiS grade of 13.8% Despite the inflationary environment in Brazil, the Company delivered a C1 cost of US$3.37/lb, net of by-product credits, which is 22% lower than the US$4.34/lb achieved during the same period last year Financial update During Q1 2023, Atlantic Nickel made three shipments of concentrate to its offtake partners, with 27.9kdmt of concentrate containing 3.9kt of payable nickel sold with average realized commodity price of US$10.63/lb Ni. This resulted in revenue of US$76.3m, Adjusted EBITDA of US$51.2m and an Adjusted EBITDA margin of 67%. Since the date of its January 31, 2023 press release, Atlantic Nickel has entered into no new additional non-deliverable forward contracts but remains well positioned to enhance its cash flow throughout the remainder of 2023 with its current contracts: 5.2kt, or 11.6mlb, of nickel at an average forward price of US$13.07/lb 0.6kt, or 1.3mlb, of copper at an average forward price of US$4.31/lb Progress on the underground expansion Atlantic Nickel continues to advance the underground project, having invested over US$17m in 2022 towards the execution of a 35,000m drill program, followed by US$2.8m in Q1 2023, and is progressing studies which will be required to declare a reserve. The Company is currently focused on the final activities of a hydrogeological program (totaling 2,236m) at Santa Rita, which it expects to conclude in the following weeks. Atlantic Nickel is targeting the delivery of a Prefeasibility Study in H1 2024 remaining well on track for the commencement of underground development. In parallel with the underground expansion, Atlantic Nickel's exploration continues, focusing on the drill out and declaration of a resource at Palestina, the Company's most advanced exploration target. Palestina sits approximately 25km from Santa Rita with easy access to Santa Rita's existing processing infrastructure. The Company has completed the campaign started in 2022 for resource drilling (totaling 8,494 m) and a geotech/hydrogeological program (totaling 1,297m) during the quarter. About Appian Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing 6,300 employees. Appian has a global team of 65 experienced professionals with offices in London, Toronto, Lima, Belo Horizonte, Montreal, Perth, Mexico City and Dubai. For more information please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Twitter or Instagram. About Atlantic Nickel Atlantic Nickel is the owner and operator of Santa Rita, an open-pit nickel-copper-cobalt sulphide operation located in Bahia, Brazil. Santa Rita is an operating open pit mine that is planning to transition to underground mining to extend its mine life to 34 years. The mine benefits from US$1bn of prior investment and has a plant capacity of 6.5 Mtpa. One of the largest open pit nickel sulphide mines in the world, Santa Rita is a high-quality asset operating at a first quartile cost position. It is one of a few remaining nickel sulphide mines globally that can offer additional supply towards the production of Class I nickel products and so has exposure to the high-growth potential of the electric vehicle industry." />
Tue, 18 Mar 2025

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.

More Information
null in null

Southeast Asia

Section
Vietnam, US sign energy and minerals deals amid trade talks
US, Vietnam firms sign deals on energy and minerals

HANOI, Vietnam: As Vietnam seeks to strengthen trade ties and avoid potential U.S. tariffs, companies from both countries signed agreements...

Jaguar Land Rover opts out of EV production at Tata’s India plant
JLR shelves plan to build EVs at Tata's India plant

NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...

Stock market opens positive as Fed expected to hold interest rates
Stock market opens positive as Fed expected to hold interest rates

Mumbai (Maharashtra) [India], March 18 (ANI): The Indian stock market opened on a strong note on Tuesday, driven by positive global...

Shafali Verma secures hat-trick during Women's Under 23 Trophy
Shafali Verma secures hat-trick during Women's Under 23 Trophy

Guwahati (Assam) [India], March 18 (ANI): Indian batter Shafali Verma secured a hat-trick against Karnataka during the pre-quarterfinal...

Kabaddi World Cup: India kickstarts men's title defence with win over Italy
Kabaddi World Cup: India kickstarts men's title defence with win over Italy

Birmingham [UK], March 18 (ANI): Defending champions Indian men's team beat Italy to kickstart their Kabaddi World Cup 2025 campaign...

Delhi Police arrests two Bangladeshi nationals residing illegally in India despite multiple deportations
Delhi Police arrests two Bangladeshi nationals residing illegally in India despite multiple deportations

New Delhi [India], March 18 (ANI): The Delhi Police arrested two Bangladeshi nationals who had been living in India illegally for years...

Business

Section
Vietnam, US sign energy and minerals deals amid trade talks
US, Vietnam firms sign deals on energy and minerals

HANOI, Vietnam: As Vietnam seeks to strengthen trade ties and avoid potential U.S. tariffs, companies from both countries signed agreements...

U.S. and world stock markets swamped by buyers Monday
U.S. stocks rally continues Monday, Dow Jones adds 353 points

NEW YORK, New York - Profit-takers swooped on Wall Street and global markets Monday, buying up heavily-sold-off stocks. We're in a...

PepsiCo nears $1.5 billion deal to acquire Poppi
PepsiCo on verge of acquiring soda brand Poppi for over $1.5 billion

HARRISON, New York: PepsiCo is on the verge of expanding its portfolio with a major acquisition. The beverage giant is reportedly in...

Dollar General warns of slowing sales amid economic strain
Inflation hits low-income shoppers, dragging down Dollar General

GOODLETTSVILLE, Tennessee: Dollar General is bracing for a challenging year ahead, forecasting weaker-than-expected sales and profits...

Intel stock jumps 15% as Lip-Bu Tan named CEO
Intel jumps nearly 15% as investors cheer appointment of new CEO Tan

SANTA CLARA, California: Intel's stock soared nearly 15 percent this week following the announcement that former board member Lip-Bu...

UAW files labor complaint as Volkswagen cuts Tennessee production
VW cuts production in Tennessee, UAW files charges against company

DETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...