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Canada Nickel Co Inc (CNIKF) is a leading nickel-sulphide project developer focused on delivering nickel to serve the growing electric vehicle and stainless steel markets. With projects like the Crawford Nickel Sulphide Project, Canada Nickel is advancing the next generation of nickel production, aiming to produce net zero carbon nickel, cobalt, and iron products. The company's exploration programs have yielded promising results across various properties, showcasing its commitment to sustainability and innovation in the mining industry.
Canada Nickel Company (TSXV: CNC) (OTCQX: CNIKF) has received a support letter from a leading financial institution expressing interest in providing up to C$500 million (US$370 million) in long-term debt financing for the Crawford Nickel Sulphide Project in Timmins, Ontario. This is in addition to the US$500 million letter of interest from Export Development Canada announced last week. Combined, these letters amount to approximately US$870 million of potential senior debt.
The company also expects to qualify for refundable critical minerals and carbon capture and storage tax credits exceeding US$600 million for Crawford's initial development phase. With these financial developments, Canada Nickel is well-positioned to secure the remaining project funding needed to begin construction when permits are received, expected by mid-2025.
Canada Nickel announced positive exploration results from 48 drilling holes across seven regional properties in the Timmins Nickel District, including Reid, Mann (North, West, Central, South), Reaume, and Texmont. Key highlights include
- Reid: 710 meters of 0.25% nickel, 105 meters of 0.35% nickel
- Mann Central: 223 meters of 0.29% nickel, 10 meters of 0.51% nickel
- Mann West: delineated mineralization over 1.7 km strike length
- Texmont: 6.5 meters of 2.68% nickel
- Reaume: visible coarse-grained awaruite
Canada Nickel Company (TSXV: CNC) (OTCQX: CNIKF) has received a Letter of Interest (LOI) from Export Development Canada (EDC) for up to US$500 million in long-term debt financing for the Crawford Nickel Sulphide Project in Timmins, Ontario. EDC could consider a debt tenor of up to eighteen years, subject to conditions and due diligence. This milestone, combined with expected refundable tax credits exceeding US$600 million, demonstrates significant federal government support for the project. Canada Nickel is working with financial advisors to secure remaining funding, aiming to begin construction by mid-2025, pending permit approvals.
Canada Nickel Company Inc. (TSXV: CNC) (OTCQB: CNIKF) has filed a technical report for its Deloro Nickel Sulphide Project near Timmins, Ontario. The report, prepared in accordance with NI 43-101, supports the initial mineral resource estimate announced on July 18, 2024. Deloro is the first of seven additional resources expected to be published by mid-2025. The project benefits from its proximity to Timmins and existing infrastructure, as well as a low average overburden of 6 meters. CEO Mark Selby expressed excitement about the company's regional exploration program success, with a comprehensive update expected next week.
Canada Nickel Company (TSXV: CNC) (OTCQX: CNIKF) announced positive assay results from its 2024 exploration program at the Reid property near Timmins, Ontario. The best interval to date was 661 metres of 0.29% nickel, including 100 metres of 0.42% nickel and 40 metres of 0.51% nickel in hole REI-24-35. All 8 holes targeting the Reid Central Core intersected core lengths greater than 620 metres with average grades of 0.21% to 0.29% nickel. The company expects to complete the first phase of drilling in August and produce an initial resource estimate for Reid in Q4 2024. CEO Mark Selby highlighted the potential scale of the Timmins Nickel District, with seven drill rigs currently operating on five separate targets.
Canada Nickel Company (TSXV: CNC) (OTCQX: CNIKF) announced results from its Crawford PGM Zone infill drilling campaign. The program targeted PGM Zones at Crawford with 45 holes intersecting drill intervals of >1g/t palladium + platinum. Highlights include:
- 2.19 g/t palladium + platinum over 76.5 metres in Crawford Main Zone
- 1.15 g/t palladium + platinum over 38.5 metres in Crawford East Zone
The PGM results will be included in developing a Crawford PGM Zone resource estimate and incorporated into the Crawford nickel mine plan. CEO Mark Selby noted the potential to unlock incremental value from material previously treated as waste within the Crawford feasibility study.
Canada Nickel Company (TSXV:CNC) (OTCQX:CNIKF) has announced positive results from metallurgical testing on the Crawford East Zone. A locked cycle test produced a 60% nickel sulphide concentrate, believed to be the world's highest grade, with a total nickel recovery of 47%, exceeding the feasibility study model by 9%. Ten new open circuit variability tests demonstrated nickel recoveries averaging 28% higher than the feasibility study model.
The company has also initiated a pilot plant program at SGS Lakefield, which is four times larger than the previous plant used in 2022. This plant will focus on generating substantial quantities of nickel and NiCr magnetite concentrate for the NetZero Metals downstream business. The pilot plant is expected to operate until September.
Canada Nickel Company (TSXV: CNC) (OTCQB: CNIKF) has announced an initial mineral resource for its Deloro Nickel Sulphide Project near Timmins, Ontario. The resource includes an Indicated Resource of 81 million tonnes grading 0.25% nickel (202kt contained nickel) and an Inferred Resource of 357 million tonnes grading 0.25% nickel (885kt contained nickel). The project is located in a strategic position, just 8 km south of Timmins and close to existing infrastructure.
The company is actively exploring the Timmins Nickel District with seven drill rigs currently operating across various properties. Canada Nickel plans to publish seven new nickel resources by the end of Q1 2025, demonstrating the potential scale of the district. The company has completed 112 holes totaling 47,482 metres across multiple projects in 2024.
Canada Nickel announced the closing of a US$15 million secured loan facility with Auramet International. The loan, due on January 9, 2025, has an interest rate of 1.00% per month and a 2.5% arrangement fee. Auramet received 750,000 1-year warrants with a strike price of $1.42 per share. The loan is intended for working capital and is subject to typical covenants and a four-month hold period under Canadian securities laws.
Canada Nickel announced the creation of a new subsidiary, ExploreCo, involving the spin-out of its Eastern Exploration Properties and consolidation of the Crawford Regional Land Package. This new entity, owned 80% by Canada Nickel and 20% by Noble Mineral Exploration, consolidates their joint ventures and exploration projects east of Timmins into a private company. ExploreCo will manage 1,989 mining claims over 42,000 hectares, with funding initially provided by Canada Nickel. Noble will transfer 832 mining claims and 291 mining patents to Canada Nickel, facilitating the development of the Crawford Nickel Sulphide Project. Further details rely on a definitive agreement and regulatory approvals.
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