Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Views - Macro aspect: US non - farm employment data was significantly revised downward, with obvious signs of a weakening labor market. Inflation pressure eased, and the market's expectation of a Fed rate cut in September was almost fully priced in, with a more optimistic view on the subsequent rate - cut path. The ECB kept interest rates unchanged for two consecutive periods, and Lagarde sent hawkish signals, indicating that Europe's fight against inflation might be temporarily over, and trade friction risks should be watched out for [3]. - Fundamental aspect: The supply of nickel ore in Indonesia remained abundant. APNI slightly lowered the domestic trade benchmark price of Indonesian nickel ore by 0.75 percentage points, and the spot premium was stable. The price of ferronickel still had an upward trend, but steel mills' purchasing intensity was poor, and the upward process was slow. The pure nickel market was relatively quiet, with downstream buyers purchasing at low prices and strong market wait - and - see sentiment, and there was no obvious improvement in the fundamentals [3]. - Future outlook: With the warm macro - expectations and technical corrections, nickel prices are expected to rise. As the labor market weakens and inflation pressure eases, the market's expectation of a Fed rate cut in September continues to rise. Technically, the main contract has reached the lower limit of the range, showing bullish signals. The industrial side has no obvious driving force, and although there is an expectation of cost loosening, a significant decline is not likely. It is expected that nickel prices will fluctuate upward under the joint drive of macro and technical factors [3][11][12]. Group 3: Summary by Directory 1. Market Data Summary - SHFE nickel price on September 12, 2025, was 121,980 yuan/ton, up 670 yuan/ton from September 5. LME nickel price was 15,391 dollars/ton, up 156 dollars/ton. LME inventory increased by 9,666 tons to 225,084 tons, and SHFE inventory increased by 1,851 tons to 23,529 tons. The premium of Jinchuan nickel increased by 200 yuan/ton, while that of Russian nickel decreased by 100 yuan/ton. The average price of high - nickel pig iron remained unchanged at 961 yuan/nickel point, and stainless steel inventory decreased by 26,400 tons to 834,000 tons [4]. 2. Market Review - **Macro**: On September 9, the US non - farm benchmark correction data showed a significant weakening of the labor market, and inflation pressure eased. The market almost surely expected the Fed to start cutting rates in September, with some expecting a 50 - basis - point cut [5]. - **Nickel ore**: The FOB price of 1.5% laterite nickel ore in the Philippines and Indonesia remained stable. The APNI lowered the domestic trade benchmark price of Indonesian nickel ore by 0.75 percentage points. Nickel iron plants were cautious in purchasing due to cost pressure, and the nickel ore price did not weaken significantly, with the spot premium remaining flat. Attention should be paid to the impact of the RKAB approval in October in Indonesia [6]. - **Pure nickel**: In August, China's refined nickel production was 35,200 tons, a year - on - year increase of 20.55%. The monthly production capacity was about 53,699 tons, and the operating rate increased by 4.92 percentage points. In July, China's refined nickel imports increased significantly by about 703% year - on - year, mainly from Russia and Norway. The export scale in July increased by 1.73% year - on - year. As of September 4, the average monthly export profit of refined nickel had further declined. Overall, the supply of refined nickel was abundant, but the recent price increase of MHP and high - grade nickel matte in Indonesia might limit the further increase in supply [7][8]. - **Ferronickel**: The price of high - nickel pig iron increased from 945.5 yuan/nickel point to 953.5 yuan/nickel point. In August, China's nickel pig iron production was 25,280 metal tons, a month - on - month increase of 11.77%, and Indonesia's production was 137,900 nickel tons, a year - on - year and month - on - month increase of 13.67% and 2.6% respectively. As of August 31, the ferronickel inventory decreased significantly. Although the ferronickel price continued to rise, the high - grade nickel matte price also strengthened, and it was expected that Indonesia's ferronickel production would remain stable month - on - month. In July, China's ferronickel imports increased by 1.83% year - on - year, mainly from Indonesia, and imports from Colombia decreased while those from New Caledonia increased [8]. - **Stainless steel**: In August, the production plan of 300 - series stainless steel in China increased year - on - year and month - on - month. In September, steel mills' production plans increased significantly month - on - month, but the increase in 300 - series stainless steel was limited, and it was difficult to drive a significant increase in ferronickel consumption [9]. - **Nickel sulfate**: The prices of battery - grade and electroplating - grade nickel sulfate increased. In August, the metal output of nickel sulfate decreased year - on - year but increased month - on - month. The production of ternary materials increased both year - on - year and month - on - month. As of September 5, the downstream and upstream inventory days of nickel sulfate remained stable. Overall, the supply and demand of the nickel sulfate market were both strong, but the growth rate of nickel sulfate production was lower than that of ternary materials, and the demand outlook was not optimistic [9]. - **New energy**: From September 1 - 7, the retail sales of new - energy passenger vehicles in China decreased year - on - year and month - on - month. The decline was due to the high sales base in August 2024, the concentrated settlement of pre - ordered orders in early August 2025, and the new subsidy policy focusing more on quality rather than quantity, with limited subsidy amounts and quantities, making it difficult to drive significant consumption growth [9]. - **Inventory**: The current six - location social inventory of pure nickel was 41,055 tons, an increase of 1,125 tons from the previous period. SHFE inventory increased by 1,851 tons to 23,529 tons, and LME nickel inventory increased by 9,666 tons to 205,084 tons. The total inventory of the two major global exchanges increased by 11,517 tons to 248,613 tons [10]. 3. Industry News - Indonesia seized part of the world's largest nickel mine due to violations of forestry license regulations, which was expected to affect the monthly nickel ore output by about 600 metal tons [13]. - The energy and mineral resources department of Indonesia granted an operation license to PT Gag Nikel in Raja Ampat, West Papua [13]. - The Indonesian Nickel Miners Association (APNI) announced the domestic trade benchmark price of nickel ore in September (first phase), which decreased by about 0.75% compared with the reference price in August (second phase) [13]. - First Atlantic Nickel expanded the mineralization zone of natural nickel - iron ore in its Atlantic nickel project in Canada, which is expected to provide a cleaner and more efficient nickel source for the North American market [13]. 4. Related Charts - The report includes charts on the price trends of domestic and foreign nickel, spot premium trends, LME 0 - 3 nickel premium, domestic - to - foreign nickel ratio, nickel futures inventory, nickel ore port inventory, high - nickel iron price, 300 - series stainless steel price, and stainless steel inventory [15][17][19][22]

Core Insights - First Atlantic Nickel Corp. has reported a significant expansion of visible awaruite nickel-alloy mineralization at the RPM Zone, increasing the mineralized section's width to 750 meters, a 50% increase from the previous 500 meters established in Phase 1 [1][6][8] - The Phase 2 drilling program has successfully tested 800 meters of north-south strike length and aims to define over 1 kilometer of continuous awaruite mineralization [1][6][22] - Awaruite, a naturally occurring nickel-iron-cobalt alloy, offers advantages over traditional nickel ores, including a higher average nickel grade of approximately 76% and the elimination of conventional smelting processes [2][31] Company Developments - The RPM Zone has emerged as a significant discovery within First Atlantic's 30-kilometer Atlantic Nickel Project, with drilling confirming a mineralized footprint of approximately 750 meters in width and 400 meters in length [20][21] - The company has completed holes AN-25-08 and AN-25-09, further extending the tested strike length and demonstrating the scale potential of the RPM Zone [1][22] - The geological team's systematic approach has led to the recognition of awaruite mineralization that previous operators overlooked, contributing to the project's rapid advancement [5][31] Metallurgical Insights - The drilling at the RPM Zone has returned magnetically recoverable nickel averaging 1.38% in magnetic concentrate, with a mass pull of 9.08%, indicating the mineralization's amenability to simple magnetic separation processing [6][20] - Awaruite's properties allow for smelter-free processing, aligning with the company's vision of establishing a clean, onshore North American nickel supply chain [31][32] Future Outlook - The company anticipates providing additional updates on the Phase 2 drilling and exploration progress in the coming weeks, indicating ongoing developments in the RPM Zone [1][23]

Core Insights - First Atlantic Nickel Corp. has reported a significant expansion of visible awaruite nickel-alloy mineralization at the RPM Zone, increasing the mineralized section to 750 meters in width, a ~50% increase from the previous 500-meter width established in Phase 1 [1][4][19] - The company is advancing its Phase 2 drilling program, which has tested 800 meters of north-south strike length and aims to define over 1 kilometer of continuous awaruite mineralization [1][20][21] - Awaruite's unique properties, including its sulfur-free nature and high nickel grade of approximately 76%, position it as a more environmentally friendly alternative to traditional nickel ores, eliminating the need for smelting and reducing environmental impacts [1][19][29] Company Developments - The RPM Zone now measures approximately 750 meters in width and 400 meters in length, with mineralization open in all directions, indicating potential for large-scale, bulk-tonnage nickel targets [19][20] - The drilling results from hole AN-25-07 confirmed the continuity of awaruite mineralization and ended in mineralization, suggesting further extensions are possible [6][7] - The company anticipates providing additional updates on the Phase 2 drilling and exploration progress in the coming weeks [21] Industry Context - Awaruite's properties allow for smelter-free magnetic separation, which could strengthen North America's critical minerals supply chain and reduce dependence on foreign nickel processing [29][30] - The U.S. has recognized nickel as a critical mineral essential to economic and national security, highlighting the importance of developing domestic sources like the Atlantic Nickel Project [30]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The far - worse - than - expected US August non - farm payroll data makes a September interest rate cut almost certain, but the subsequent interest rate cut debate is more complex. The shift from full - time to part - time jobs indicates economic weakness [8][22]. - For the overall market, although the regulatory authorities have taken actions to cool down, the core drivers of the upward trend have not changed substantially, so the market is unlikely to have a trend - like callback. It is expected to show a volatile and slightly stronger trend later [11]. 3. Summary by Related Catalogs 3.1 US Economy and Interest Rate Expectations - US August non - farm employment increased by 22,000, far lower than the expected 75,000, and the unemployment rate was 4.3%, a nearly four - year high. The June employment data was revised down to negative growth, the first since 2020. The market expects a September interest rate cut, and there are debates about the magnitude and subsequent cuts [7][8][22]. 3.2 Sector - specific Analysis 3.2.1 Index Futures - The upward logic is gradually shifting to earnings. It is recommended to pay attention with a high attention index [9]. 3.2.2 Glass - Short - term rebound is difficult to continue, and it is more likely to have a weak and volatile market. The core pressure comes from the weak real estate background and the high premium of the futures main contract over the spot. It is a volatile market in the medium - term, and caution is needed at low levels [12]. 3.2.3 Natural Rubber - With macro and fundamental support, the market's bullish sentiment is rising. Overseas raw material prices are high, domestic inventory is slightly decreasing, and the price is expected to remain strong. Attention should be paid to arrival and inventory reduction [14]. 3.2.4 Copper - There is no trend - like opportunity, and the price will maintain a volatile trend. The supply of raw materials is tight, and the production of electrolytic copper is expected to be under pressure. The trading strategy is to buy at low prices [15][27]. 3.2.5 Other Commodities - Each commodity has different trends. For example, gold shows an upward trend due to the non - farm data; zinc, tin, etc. are in a range - bound state; aluminum needs to pay attention to the de - stocking inflection point; etc. Specific trends can be found in the corresponding commodity analysis parts [18][21][27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the macro - level, during the reporting period, the expectation of interest rate cuts fluctuated. At the beginning of August, the labor market data pushed up the expectation of a 50bp rate cut in September. However, Fed officials later down - regulated this expectation. In terms of cost, nickel ore supply is becoming looser, with price changes in Indonesia and the Philippines. Fundamentally, nickel - iron imports shrank, prices rose, and steel mill production increases were poor. The sulfuric acid market maintained its heat, but the growth of supply was limited by raw materials. The pure - nickel market had average trading. Later, as the interest - rate cut approaches, the nickel price may rise, with steel mills expected to increase production and replenish raw materials in September [3]. Summary by Directory 1. Market Review - In August, the main contract of Shanghai nickel fluctuated around the interest - rate cut expectation. At the beginning of the month, the poor non - farm payrolls data and potential rate cuts pushed up nickel prices. In the middle, hawkish remarks from Fed officials led to a decline in nickel prices. At the end, dovish remarks from Powell restored nickel prices. Overall, the price fluctuations were limited. The spot premium and discount remained stable, with Jinchuan nickel in the 2100 - 2600 range and imported nickel in the 300 - 600 range [8][9]. 2. Macro Analysis Overseas - Trump's tariff diplomacy was widespread in August, with trade frictions between the US and many countries. The US Supreme Court's ruling on Trump's tariff policies may affect future tariff disturbances. The US economic data was not optimistic, with inflation rising, the labor market weakening, and consumer spending conservative. There was a risk of stagflation. However, the upcoming rate cut in September may boost market sentiment [13][14][15]. Domestic - China's economic data was relatively stable in August. The manufacturing PMI improved slightly, and demand showed signs of recovery. Inventory circulation was smooth. However, inflation data was mixed, and consumer spending was not strong. The domestic economy relied heavily on fiscal support, with government bond financing playing a major role in social financing. There were still structural risks [16][17]. 3. Fundamental Analysis Nickel Ore Supply and Cost - Overseas nickel ore supply is expected to be looser, with a decline in the Indonesian benchmark price in late August. In July, China's nickel ore imports increased significantly, and domestic port inventories rose. However, high - grade nickel ore remained in short supply [18][20]. Smelting Profit and Supply - In August, China's refined nickel production increased year - on - year. In July, the smelting profit of integrated electrowinning nickel improved, but it may decline in August due to rising costs and falling nickel prices. In July, imports increased significantly, mainly from Russia, while exports also increased. Currently, export profits are in a loss state, which may affect future exports [21][23]. Nickel - Iron Cost and Demand - In July, the price of high - nickel pig iron first fell and then rose. In August, the production of nickel - iron in China and Indonesia increased. The profit of nickel - iron plants improved, but cost pressure remained. In September, the production of stainless steel is expected to increase, which may improve the profit of nickel - iron smelting. In July, the import of nickel - iron increased slightly, and the import and export of stainless steel showed different trends [25][26][27]. Sulfuric Nickel Market - In August, the price of sulfuric nickel showed a differentiated trend. The production of sulfuric nickel decreased year - on - year but increased month - on - month. The production of ternary materials increased. The inventory of the industry chain decreased, indicating smooth resource circulation. The profit of high - ice - nickel to sulfuric nickel was positive, while other processes were in the red. In July, imports increased, and exports decreased slightly [30][31]. New Energy Vehicle Market - From January to July, the production and sales of new energy vehicles increased significantly, but the growth rate slowed down in July. In July, the export of new energy vehicles increased significantly. In the future, the growth rate of consumption will slow down, but there is still room for growth, and subsidy policies will play a supporting role [34][35]. Inventory Situation - As of August 29, domestic refined nickel social inventory increased, while SHFE inventory decreased, and LME inventory increased. In the future, with the import window open and limited domestic supply growth, and considering the production increase of steel mills and the seasonal peak of the power end, inventory may decrease during the "Golden September and Silver October" period [37][38]. 4. Market Outlook - Supply: There is no maintenance plan at home and abroad, but the smelting profit is expected to decline, and domestic production is expected to be stable but weak. The import window is open, and overseas resources may flow in [40]. - Demand: Steel mills' production is expected to increase, and the largest demand terminal may replenish inventory. The growth rate of the power terminal has slowed down but still has growth potential [40]. - Cost: Nickel ore supply is becoming looser, and the cost center is expected to move down [40]. - Macro: As the interest - rate cut approaches, the macro - expectation is positive, but tariff disturbances should be watched out for. Overall, the nickel price may rise as the interest - rate cut nears, with the replenishment expectation of steel mills and positive macro - sentiment [40].

Core Viewpoint - The Reid Project demonstrates significant potential for nickel mineralization, with results indicating a substantial resource size and the possibility of multiple projects in the Timmins Nickel District [1][4]. Reid Project Overview - The Reid Project features a large serpentinized ultramafic body with a geophysical footprint approximately 2.5 times larger than Crawford's, primarily composed of dunite and minor peridotite, with multiple intervals of higher-grade nickel mineralization [2]. Drilling Program and Results - A drill program consisting of 28 holes was completed in Q1-Q2 of 2025, aimed at infilling previous drill sections and producing an updated mineral resource by year-end 2025. The updated resource is expected to significantly increase the Inferred resource and upgrade the Indicated and Measured categories [3]. - The initial Reid Resource published on December 23, 2025, reported an Indicated Resource of 0.59 billion tonnes grading 0.24% nickel, containing 1.4 million tonnes of nickel, and an Inferred Resource of 0.99 billion tonnes grading 0.23% nickel, containing 2.2 million tonnes of nickel. An Exploration Target was defined for an additional 0.9-2.1 billion tonnes grading 0.20-0.22% nickel [4]. Drillhole Highlights - The last 20 drillholes intersected long intervals of mineralized dunite and minor peridotite, with specific holes such as REI25-82 and REI25-89 targeting shallow, higher-grade nickel mineralization [5][7]. - Notable assay results include: - REI25-82: 25.4m at 0.28% Ni, including 120.0m at 0.42% Ni [7]. - REI25-89: 33.7m at 0.25% Ni, including 33.7m at 0.31% Ni [7]. Company Background - Canada Nickel Company is focused on advancing nickel-sulphide projects to meet the growing demand for nickel in electric vehicles and stainless steel markets. The company is pursuing the development of processes for net zero carbon nickel, cobalt, and iron products [14].

Core Viewpoint - Core Nickel Corp. has successfully completed property-wide airborne electromagnetic surveys on its Mel and Odei River Projects, providing valuable data for future exploration and target identification [1][2][3] Survey Results - The 2025 airborne survey covered 289 line-km for the Mel Project and 1,547 line-km for the Odei River Project, utilizing a 100-metre line spacing to refine historical EM survey results [3][4] - The surveys indicate a strong correlation between nickel sulphide mineralization and geophysical responses, highlighting new exploration targets at Mel, Hunter, and Odei River [2][4] Mel Project Insights - The Mel Deposit shows a historical mineral resource of 4,279,000 tons grading 0.875% Ni and an inferred resource of 1,010,000 tons grading 0.839% Ni [24] - Geophysical data suggests that mineralization at Mel is fault-controlled and extends beyond the currently defined resource area, with historical drillholes indicating potential for additional nickel sulphide lenses [12][15][24] Hunter and Odei River Properties - The Hunter block features two prominent magnetic trends associated with EM trends, suggesting potential nickel sulphide systems, with Hunter North being a 9.5 km long magnetic trend and Hunter Central a 12 km trend [20] - The VTEM survey has defined a robust target corridor across the Hunter and Odei River properties, warranting further drill testing [20] Management Update - Core Nickel announced the resignation of Caitlin Glew as Vice President, Exploration, effective August 31, 2025, acknowledging her contributions to the company's exploration strategies and technical understanding [21][22]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first half of 2025 was $159.3 million, slightly above the $155.7 million recorded in 2024, with profit after tax increasing by 80% to $25.5 million from $14 million in 2024 [3][11][12] - Gross profit rose to $114.8 million, up 19%, and operating profit increased by 12% to $98.7 million [8] - Total liabilities decreased slightly due to amortizing debt, with a focus on refinancing to extend tenor and lower costs [10] Business Line Data and Key Metrics Changes - The Hangzhou mine produced over 11.5 million wet metric tons, with adjusted EBITDA of $70.3 million, a significant improvement from 2024 [4][16] - RKF operations saw lower EBITDA due to higher costs and ore shortages, despite an improving NPI price [9][12] - HPAL operations performed well, with production above 2024 levels and stable cash costs, resulting in EBITDA per ton margins around $5,900 [14][15] Market Data and Key Metrics Changes - NPI price increased from $11,290 to $11,350, while cash costs rose from $9,716 to $10,117 due to higher oil prices [12][13] - The company is experiencing a slight upward trend in nickel prices, which is expected to positively impact future margins [13] Company Strategy and Development Direction - The company is focused on responsible and sustainable mining, with initiatives like the Nickel Industries Foundation and a conservation area within the Hengjai mining concession [2][3] - Development of the Sampala project is progressing well, with expectations to host over 1 billion wet metric tons [6][19] - The company aims to double production at the Hengdai mine and is targeting commissioning of the cathode plant by late 2025 [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite challenges in nickel prices, highlighting strong growth in the mining sector [42] - The company anticipates further growth with the imminent release of an RKB that requires no CapEx for increased mine sales [42] Other Important Information - The company has deferred payments for E and C totaling $126.5 million to January and April, allowing for additional production and EBITDA [11] - The cathode plant is expected to be commissioned in October or November, with all key equipment fabricated and erected [17][35] Q&A Session Summary Question: Update on debt refinancing and balance sheet management - Management confirmed entering a commitment letter for a $100 million loan facility to support working capital and is evaluating alternative debt funding options [21][23] Question: Dividend withdrawal reasoning - Management stated the withdrawal is a prudent balance sheet management decision, prioritizing financial stability over dividend payouts [26] Question: Update on VAT refunds and timing - Management expects the $110 million VAT refunds within the next six to twelve months and is in dialogue with the Indonesian government [28][29] Question: Timing for environmental study approval and production targets - Management indicated that the RKB approval is expected by September, with Sampala targeting 6 million tonnes per annum by the end of the year [30] Question: Factors influencing commissioning of the cathode plant - Management explained the delay in commissioning is due to high working capital demands and the need to ensure a strong balance sheet [34][36]

Financial Performance - Sales revenue decreased by 2% from US$843.3 million in 1H 2024 to US$829.7 million in 1H 2025[10] - Gross profit increased by 19% from US$96.3 million in 1H 2024 to US$114.8 million in 1H 2025[10] - Operating profit increased by 12% from US$87.8 million in 1H 2024 to US$98.7 million in 1H 2025[10] - Profit after tax increased significantly by 81% from US$14.0 million in 1H 2024 to US$25.3 million in 1H 2025[10] - Adjusted EBITDA from RKEF decreased by 28% from US$109.0 million in 1H 2024 to US$78.3 million in 1H 2025[10] - Adjusted EBITDA from the mine increased substantially by 76% from US$39.9 million in 1H 2024 to US$70.3 million in 1H 2025[10] - Attributable EBITDA from HPAL increased by 20% from US$22.6 million in 1H 2024 to US$27.1 million in 1H 2025[10] Operational Highlights - RKEF operations saw a slight decrease of 2% in total nickel production, from 63,814 tonnes in 1H 2024 to 62,257 tonnes in 1H 2025[9, 14] - Hengjaya Mine production and sales increased by 90% and 81% respectively compared to the previous corresponding period (pcp)[10, 19] - Limonite mined increased by 121% from 4,177,937 wmt in 1H 2024 to 9,237,715 wmt in 1H 2025[19] - HPAL operations (HNC) nickel production in MHP increased by 2% from 41,172 tonnes in 1H 2024 to 41,934 tonnes in 1H 2025[9, 17] Balance Sheet and Dividends - The company declared a final dividend of A$0.015 per share for the full year 2024 financial result, a 40% decrease from A$0.025 in the previous period[10]

Core Insights - First Atlantic Nickel Corp. has reported significant results from drill hole AN-25-06, marking the longest continuous mineralized intersection to date at the RPM Zone of the Atlantic Nickel Project, with an average of 1.27% nickel and 1.69% chromium over 447.35 meters [1][6][10] Summary by Sections Drill Results - Drill hole AN-25-06, located 200 meters east of AN-24-05, intersected visibly disseminated awaruite throughout its entire length, returning 0.22% total nickel and 0.31% total chromium over 447.35 meters [2][7] - The hole achieved a DTR nickel grade of 0.11% with a total nickel recovery averaging 51.84%, and peak recoveries reached up to 81.4% [1][6][10] Phase 2 Drilling Program - The Phase 2 drilling program aims to expand the mineralized zone beyond the previously established footprint, with ongoing drilling targeting extensions in multiple directions [12][13] - Drill holes AN-25-08 and AN-25-09 are currently testing the continuation of awaruite mineralization further north, contributing to a total north-south strike length of 800 meters at the RPM Zone [3][7] Metallurgical Performance - The DTR metallurgical test results from AN-25-06 are consistent with previous Phase 1 drilling, indicating a predictable metallurgical response across the RPM Zone, with an average nickel grade of 1.38% in magnetic concentrate across the first five holes [10][11] - The average mass pull for these holes is 9.08%, yielding an average DTR nickel grade of 0.12% [10][11] Awaruite and Market Context - Awaruite, a naturally occurring nickel-iron alloy, offers a cleaner processing alternative compared to conventional nickel sources, aligning with North America's critical minerals supply chain needs [23][24] - The U.S. Inflation Reduction Act emphasizes the importance of domestic sourcing of critical minerals, positioning awaruite as a viable option for electric vehicle manufacturers to meet stringent requirements [24][36] Exploration and Infrastructure - The district-wide exploration program has identified new occurrences of visible awaruite, which will help define larger zones for future drilling [6][12] - Significant infrastructure upgrades have been made to support the Phase 2 drilling program, enhancing road access and camp facilities [13][36]