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16 hours ago
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Qualified Person
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Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
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DISCLOSURE
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A Master Composite sample from the RPM Zone was prepared by SGS Canada in Lakefield, ON. SGS is an ISO/IEC 17025 accredited laboratory and acted independently from the Company. The Master Composite comprises 32 continuous (96 meters) representative drill core samples from AN24-02 and was subjected to detailed head characterization, including mineralogy, LIMS beneficiation, and flotation testing.
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The Master Composite was stage-ground to 100% passing 300 microns and screened from its top size down to 38 microns. Unpulverized material from each of the size fractions was submitted for Tescan Integrated Mineral Analysis (TIMA) and electron microprobe analysis. Electron microprobe analysis results represent average readings from 33 separate tests conducted on the 106 micron and 38 micron size fractions to determine the average metal grades of the main minerals in the representative Master Composite material. Awaruite analysis showed an average grade of 77.62% nickel and 1.69% cobalt from 33 readings, with a minimum grade of 71.35% nickel and 0.41% cobalt and a maximum grade of 86.68% nickel and 6.05% cobalt.
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With a total awaruite content of the combined size fractions of 0.16% and an average awaruite nickel content of 77.62%, the total grade of nickel as awaruite is 0.127%, which aligns well with the davis tube recovery (“DTR”) value measured on the Master Composite head sample of 0.120% DTR nickel.
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Forward-Looking Statements
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This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently identified by words such as “expects”, “intends”, “plans”, “anticipates”, “believes”, “may”, “will”, “would”, “could”, “potential”, “proposed”, “target”, “prospective”, “indicates”, “designed to”, “expected to” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, “would” or “should” occur or be achieved.
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This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information in this news release includes, but is not limited to, statements regarding: the results and interpretation of the Company’s metallurgical and mineralogical program at the RPM Zone; the potential recoverability, concentration and processing characteristics of awaruite, chromite and other minerals identified in the Master Composite, the potential to recover a separate chromite concentrate as a co-product; the Company’s planned processing pathway and concentrate-grade targets, the potential development of a high-grade nickel-cobalt concentrate using magnetic separation and flotation; the potential applicability of smelter-free processing, mine-to-metal processing, direct-to-refinery feed, stainless steel production, EV battery chemical refining, and other downstream processing pathways; the potential for awaruite concentrate to qualify as a suitable feed for facilities producing nickel that meets 45X U.S. Advanced Manufacturing Tax Credit criteria; the potential significance of serpentinization, hydrogen generation and related geological processes to awaruite-bearing nickel-cobalt alloy systems; the potential carbon capture or mineralization characteristics associated with brucite-bearing material; the potential for reduced acid mine drainage risk; the Company’s evaluation of North American midstream processing constraints and downstream market opportunities; anticipated updates from the Company’s metallurgical program; the drill program underway at the Alloy Max North and Alloy Max South Zones; and the Company’s future exploration, technical, strategic and development objectives.
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Forward-looking information is based on a number of assumptions that management considers reasonable as of the date of this news release, including assumptions regarding: the accuracy of current geological, mineralogical and metallurgical interpretations concerning Pipestone XL and the RPM Zone; the representativeness of the Master Composite and related analytical results; the relevance of serpentinized ultramafic rocks and awaruite-bearing systems to the Company’s exploration and metallurgical model; the ability of magnetic separation, flotation or other processing methods to produce marketable or further refinable concentrates; the Company’s ability to access technical expertise, capital, equipment, personnel and permits required to advance its plans; and the absence of material adverse changes in commodity markets, capital markets, regulatory requirements, environmental conditions, community relations or general economic conditions.
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Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the risk that geological, mineralogical or metallurgical interpretations concerning Pipestone XL, the RPM Zone or the Master Composite may prove to be inaccurate; the risk that the Master Composite may not be representative of the RPM Zone or Pipestone XL more broadly; the risk that future exploration, drilling, mineralogical, metallurgical or technical work may not confirm the presence, continuity, grade, scale, recoverability, concentrateability, processing characteristics or economic potential of awaruite nickel-cobalt alloy mineralization, chromite, brucite or other minerals identified to date; the risk that awaruite, chromite, brucite or other minerals may not be recoverable, concentrateable or processable on economic terms; the risk that any concentrate produced may not meet downstream customer, refinery, stainless steel, battery-material, tax-credit or other technical or commercial specifications; the risk that potential smelter-free processing, mine-to-metal processing, direct-to-refinery feed, reduced acid mine drainage, permitting, environmental, market, tax-credit, supply chain or strategic advantages may not be realized; risks relating to the early-stage nature of the Company’s mineral projects; metallurgical, processing, engineering, scale-up and technical risks; risks relating to the availability of financing; permitting, environmental, regulatory, community relations and land access risks; changes in commodity prices, energy markets, capital markets, downstream demand, government incentives, tax-credit eligibility and general economic conditions; reliance on third-party information, published reports and public statements; and the other risks described in the Company’s public disclosure documents available under the Company’s profile on SEDAR+.
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