Canada Nickel Announces Positive Bankable Feasibility Study For its Crawford Nickel Sulphide Project
1
Canada Nickel Announces Positive Bankable Feasibility Study
For its Crawford Nickel Sulphide Project
Highlights
• $2.5 billion after-tax NPV8% and IRR of 17.1%; increasing to $2.6 billion after-tax NPV8% and IRR
of 18.3% with projected Carbon Capture & Storage tax credits
• Crawford is world’s 2nd largest nickel reserve and 2nd largest resource1. Initial mineral reserve of
1.7 billion tonnes of ore grading 0.22% nickel
• Production of 1.6 million tonnes nickel, 24 kt cobalt, 490 koz palladium & platinum, 58 million
tonnes iron and 2.8 million tonnes chromium over 41-year project life
• Annual EBITDA of $811 million, free cash flow (FCF) of $546 million, and 48ktpa of nickel
production during peak 27-year period
• One of Canada’s largest carbon storage facilities with 1.5 Mtpa carbon captured and stored
during peak 27-year period
• Crawford is a net negative contributor to global CO2 footprint – with 30 tonnes of carbon
capture and storage capacity per tonne of nickel remaining after accounting for project footprint
(All amounts in US dollars, unless otherwise indicated)
TORONTO, October 12 , 2023 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company")
(TSXV:CNC) (OTCQX:CNIKF) today released results from the Bankable Feasibility Study (“BFS”) for its
innovative and wholly -owned Crawford Nickel Sulphide Project ("Crawford") , confirming significantly
improved economics from its Preliminary Economic Analysis (“PEA”), with an after -tax NPV 8% of $ 2.5
billion and IRR of 17.1%. The BFS was prepared by Ausenco Engineering Canada Inc. (“Ausenco”) in
accordance with National Instrument 43-101 (“NI 43-101”).
Crawford, located in Timmins, Ontario, Canada, is the world’s second largest nickel reserve 1. Once in
production, it is also expected to become one of Canada’s largest carbon storage facilities and be a net
negative contributor of CO2 over the project life.
Mark Selby, CEO of Canada Nickel, said, “This bankable feasibility study is a significant milestone for
Crawford and a major step forward in demonstrating the value of our Timmins Nickel District and its
potential to anchor a Zero Carbon Industrial Cluster in the Timmins-Cochrane region. Crawford is poised
to be a leader in the energy transition through the large -scale production of critical minerals, including
nickel and cobalt, and is expected to become the sole North American producer of chromium2, while also
supporting Canada’s climate objectives through industrial-scale carbon capture and storage.”
1 Source: Wood Mackenzie, Nickel Cost Service Q3 2023 data
2 Source U.S. Geological Survey, Mineral Commodity Summaries, Chromium January 2023
2
Mr. Selby continued, “I am very proud of our team for accomplishing this milestone in a very short ` of
time. Just four years ago, Crawford had only five drill holes. Today, we believe it is a world-class project
with tremendous momentum. We are fully focused on pursuing our next milestones of obtaining permits,
developing a financing package, and moving towards a production decision by mid-2025, with a goal of
first production by the end of 2027.”
Crawford 2023 BFS Highlights
• Robust economics
o After-tax, $2.5 billion NPV8% and 17.1% IRR; increasing to $2.6 billion NPV8% and 18.3% IRR
with projected Carbon Capture and Storage tax credits
• Large initial mineral reserve anchored by significantly larger mineral resource
o Proven & Probable reserves of 3.8 million tonnes contained nickel from 1.7 billion tonnes
ore grading 0.22% nickel make Crawford the world’s 2nd largest nickel reserve3. Reserves
are hosted in a Measured & Indicated resource which increased by 74% (compared to the
2022 resource estimate) to 6.0 million tonnes. With additional Inferred mineral resources
of 3.7 million tonnes contained nickel, Crawford is the world’s 2nd largest nickel resource3.
• Large scale, low cost, long-life
o Annual average nickel production of 83 million pounds (38k tonnes) over a 41-year life,
with production of 48 ktpa nickel, 0.8 ktpa cobalt, 13 koz palladium and platinum,
1.6 Mtpa iron and 76 ktpa chrome over 27-year peak period
o Net life-of-mine C1 cash cost of $ 0.39/lb nickel (by-product basis) place Crawford in the
first quartile of the cost curve3. The net AISC cost, on a by-product basis, is $1.21/lb nickel.
o Projected revenue exceeds $48 billion, or more than $1 billion annually over project life.
• Significant improvement in recoveries from PEA:
o Nickel: 10% improvement life-of-mine (41% versus 37% used in PEA ), and a 23%
improvement in Phase I/Phase II compared to PEA (46% versus 37% in the PEA)
o Improvements to life of mine recovery for Iron: 46%, Cobalt: 38%, and Chrome: 5%
• Significant earnings and free cash flow generation
o Projected annual EBITDA of $810 million and FCF of $540 million over peak period, annual
EBITDA of $667 million and FCF of $431 million over project life
• Minimization of carbon footprint
o Minimal carbon footprint of 4.8 tonnes CO 2/ tonne of nickel in concentrate,2.3 tonnes
CO2/tonne of nickel equivalent 4(“NiEq”); largely due to electrically powered mining fleet,
including trolley-assist trucks, that are expected to reduce diesel consumption by over
40% compared to diesel powered equipment.
o Implementation of the Company’s proprietary IPT (In-Process Tailings) Carbonation
process is anticipated to allow capture and storage of 1.5 million tonnes CO2 annually
during 27-year peak period, the bulk of which will be sold to third parties.
o Anticipated net negative carbon footprint from carbon capture and storage capacity of
30 tonnes CO2 / tonne of nickel after accounting for project footprint
3 Source: Wood Mackenzie, Nickel Cost Service Q3 2023 data
4 Nickel equivalent using prices of $21,000/t Ni, $40,000/t Co, $1,350/oz Pd, $1,150/oz Pt, $325/t Fe (equivalent to $89/t iron
ore price) and $3,860/t Cr; metallurgical recoveries based on average of 41% Ni, 11% Co, 48% Pd, 22% Pt, 53% Fe, 28% Cr.
3
Crawford BFS Summary
Crawford will be a conventional open pit mine/mill operation constructed in two phases. The initial phase,
costing $1.9 billion, will have a mill throughput of 60 ktpd. The second phase, planned for commissioning
during the fourth year following 24 months construction, will double mill throughput to 120 ktpd at a cost
of $1.6 billion. The third phase occurs after the pits have been depleted in Year 30 and the 120 ktpd milling
rate is satisfied from stockpiled lower grade ore.
Crawford Bankable Feasibility Study Results
The Base Case economics includes the Critical Minerals Investment Tax Credit (ITC), that was outlined
during the 2023 federal budget presentation. While it is anticipated that Crawford would also qualify for
the Carbon Capture, Utilization and Storage (CCUS) ITC, this will be included as an opportunity until
approval to receive the credit has been obtained.
Mining & Milling Unit Construction Phase 1 Phase 2 Phase 3 LOM
Duration 2.5 years 3.5 years 26.5 years 11.25 years 41.25 years
Mill Capacity Ktpd 0 60 120 120 120
Total Mined Mt 103 423 5,181 0 5,707
Ore Mined Mt 14 125 1,575 0 1,715
Ore Milled Mt 0 73 1,157 485 1,715
Strip Ratio Waste : Ore Mined 6.17 2.37 2.29 n/a 2.33
Grade
Nickel Head Grade % 0.26 0.24 0.17 0.22
Cobalt Head Grade % 0.013 0.013 0.012 0.013
Palladium & Platinum Head Grade g/t 0.030 0.024 0.021 0.024
Iron Head Grade % 6.20 6.43 6.49 6.44
Chromium Head Grade % 0.63 0.60 0.49 0.57
Recovery
Nickel Recovery % 48% 46% 25% 41%
Cobalt Recovery % 19% 14% 4% 11%
Palladium & Platinum Recovery % 40% 39% 33% 38%
Iron Recovery % 54% 56% 46% 53%
Chromium Recovery % 28% 29% 26% 28%
Annual Production
Recovered Nickel Ktpa 26 48 18 38
Recovered Cobalt Ktpa 0.5 0.8 0.2 0.6
Recovered Palladium & Platinum Kozpa 8 13 10 12
Recovered Iron Mtpa 0.7 1.6 1.3 1.4
Recovered Chromium Ktpa 37 76 54 67
Carbon Capture Mtpa 0.6 1.5 1.1 1.3
Revenue & Costs
NSR US$ / tonne milled $34.96 $32.31 $16.96 $28.08
Mining Opex US$ / tonne milled $9.82 $6.21 $0.62 $4.78
Milling Opex US$ / tonne milled $5.31 $5.18 $5.19 $5.19
G&A Opex US$ / tonne milled $2.35 $1.00 $0.50 $0.92
Total Onsite Costs US$ / tonne milled $17.48 $12.38 $6.31 $10.88
Gross C1 Cash Cost US$ / lb NiEq $4.82 $3.72 $3.64 $5.96
Net C1 Cash Cost US$ / lb Ni $2.67 $0.68 ($2.39) $0.39
Net AISC US$ / lb Ni $2.96 $1.54 ($1.72) $1.21
Total Investment US$ millions $1,946 $1,602 $1,450 $159 $5,157
Cash Flow
Annual EBITDA US$ millions $0 $349 $811 $426 $667
Annual Free Cash Flow US$ millions ($723) $17 $545 $291 $431
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The after-tax project returns are robust: $2.5 billion NPV8% and 17.1% IRR; increasing to $2.6 billion NPV8%
and 18.3% IRR with projected Carbon Capture and Storage tax credits . Overall payback is 5.6 years and
peak capital requirement to build both phases is $1.7 billion, less than initial capital cost estimate of $1.9
billion because of the inclusion of the Critical Minerals ITC. G overnment tax credits are expected to
exceed $1 billion over the project life for the scenario which includes both the Critical Minerals and
expected Carbon Capture tax credits.
Mining
Crawford will mine two separate open pits that contain approximately equal tonnages of ore. Mine
production rates have been decoupled from the mill, resulting in a 30-year mine life compared to 41 years
for the overall project. While there is an initial cost associated with stockpiling lower grade ore, economic
impacts are anticipated to be more than offset by treating higher grade ore in the early years and
accelerating cashflows. This strategy also allows for in-pit deposition of tailings after the first pit has been
depleted in Year 17. Over the life of project, 61% of total tailings production will be impounded in -pit,
significantly reducing Crawford’s surficial and environmental footprint while reducing the cost of
impoundment.
Approximately 89% of material mined will be rock, which will be drilled and blasted before being loaded
by electrically powered rope shovels or large hydraulic excavators into 290 tonne trucks equipped with
trolley assist. Over 70% of uphill hauls by this fleet will be traveled on trolley, reducing diesel consumption
by approximately 1.5 billion litres while faster speeds will reduce the fleet by 12 units. The remaining
material will be overburden that will not require drilling and blasting and will be loaded and hauled with
a mixed fleet of smaller equipment.
Mineral Processing
The concentrator will process ore using a conventional milling circuit. Unit operations include crushing,
semi-autogenous and ball mill grinding, desliming, nickel flotation, magnetic separation on the flotation
tailings and carbon storage using the Company’s proprietary IPT Carbonation technology. The BFS
flowsheet has been optimized from the PEA and is expected to deliver improved recoveries of all base
metals, improved concentrate grades, as well as large scale carbon storage.
Comparison of Key Metrics for BFS vs PEA
Crawford
Mining & Milling units Phase1 -2 LOM PEA Phase1 -2 LOM
Life years 30 41 25 +20% +64%
Ore Mined Mt 1,700 1,715 907 +87% +89%
Ore Milled Mt 1,230 1,715 907 +36% +89%
Recovery
Nickel Recovery % 46% 41% 37% +23% +10%
Cobalt Recovery % 14% 11% 8% +69% +38%
Palladium & Platinum Recovery % 39% 38% n/a
Iron Recovery % 56% 53% 36% +54% +46%
Chromium Recovery % 29% 28% 27% +8% +5%
Annual Production
Recovered Nickel Ktpa 45 38 34 +33% +12%
Recovered Cobalt Ktpa 0.7 0.6 0.4 +89% +55%
Recovered Palladium & Platinum Kozpa 13 12 n/a
Recovered Iron Mtpa 1.5 1.4 0.9 +70% +65%
Recovered Chromium Ktpa 71 67 59 +22% +14%
Carbon Storage Mtpa 1.4 1.3 n/a
Crawford FS Variance: FS vs PEA
5
Crawford will produce two concentrates with life-of-mine average concentrate grades as follows:
• Nickel concentrate: 34% nickel, 0.7% cobalt and 4.1 g/t combined Palladium and Platinum
• Iron ore concentrate: 55% iron, 0.3% nickel, 2.6% chromium
It is believed the nickel concentrate is believed to be the highest-grade concentrate in the global market
and thus has a wide range of potential markets, including both the stainless steel and the battery metal
sector. The iron ore concentrate contains three of the key ingredients for 300 series stainless and alloy
steel market and it is expected to be a suitable direct feed for North American production of that product.
IPT Carbonation
Crawford, and the Company’s other properties in the Timmins Nickel District, are hosted in ultramafic
rock, which contain minerals such as brucite that naturally absorb and sequester CO2. Canada Nickel has
developed the novel IPT Carbonation process which involves injecting a concentrated source of CO2 into
tailings generated by the milling process for a brief period of time. This simple process stores CO2
chemically in the tailings while they are still in the processing circuit, rather than after they have been
finally deposited. The interest already received from multiple large multinational companies pursuing
carbon storage solutions further supports the Company’s belief that this process is expected to be an
effective carbon storage approach that would m eet Environment and Climate Change Canada
requirements to allow the Company to utilize the CCUS ITC.
Location & Infrastructure
Crawford is located within an established mining camp, approximately 40 kilometres north of Timmins.
The project thus has access to infrastructure that has been developed over the past century to service the
industry’s requirements including, but not limited to , energy, water, equipment, logistics and skilled
human resources.
Crawford will require connection to the electrical grid. Canada Nickel has entered into an agreement with
a local First Nations service provider, Transmission Infrastructure Partnerships 1 (TIP1) 5, that will be
responsible for costs, executing the work and powerline maintenance. These costs will be recovered from
Crawford over a 25-year period.
Other infrastructural requirements form part of the project scope, including those related to the
realignment of Highway 655 and a 500kV power line, which currently cross the property. The realignment
will total approximately 27.5 kilometres. A portion of this distance will be equipped with a new rail spur
that will facilitate delivery of consumables to, and shipment of concentrates from Crawford.
5 See Canada Nickel press release dated December 16, 2020
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Mineral Resources
Crawford’s Measured and Indicated Resources with an effective date of August 31, 2023 have grown by
74% since the previous resource update in May 2022 (mineral resources are inclusive of reserves).
Mineral Resources have an effective date of August 31, 2023. Mr Scott Jobin-Bevans with Caracle Creek International Consulting Inc
at the time of preparation of the estimate, is the Qualified Person responsible for the Mineral Resource Estimate. Mineral Resources
are inclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability .
Mineral resources are contained within a Lerchs -Grossmann pit shell using prices of $20,000/t nickel, $48,500/t cobalt, $1350/oz
palladium, $1,150/oz platinum, $290/t iron (equivalent to $80/t iron ore price) and $2,290/t chromium; metallurgical recoveries based
on test work, open pit mining costs ranging from C$1.35 – C$3.17/t mined, depending upon depth and size of equipment, mill + G&A
costs of C$7.54/t milled and royalties to 4.1% of NSR. The QP is not aware of any environmental, permitting, legal, title, taxation,
socio‐economic, marketing, political, or other relevant issues that could potentially affect this Mineral Resource Estimate.
Mineral Reserves
Mineral r eserves are contained within an engineered pit design that has been based on a Lerchs -
Grossmann (LG) pit optimization run at a Revenue Factor (RF) 65% of the base case prices; or $13,650/t
Ni, $26,000/t Co, $58/t iron ore, $2,500/t Cr, $878/oz Pd and $748/oz Pt. Mineral r eserves include
unplanned dilution of 0.4%
Mineral Reserves Statement (effective date Aug 31 2023)
Tonnage
(Mt) Ni (%) Co (%) Pd (g/t) Pt (g/t) Fe (%) Cr (%) Bruc (%) Ni (kt) Co (kt) Pd (koz) Pt (koz) Fe (Mt) Cr (kt)
Higher Grade Main Zone
Measured 253 0.30 0.013 0.027 0.012 6.40 0.59 1.73 770 33 219 96 16.2 1,503
Indicated 296 0.28 0.013 0.023 0.012 6.93 0.57 1.36 830 39 218 112 20.5 1,694
Mea+Ind 549 0.29 0.013 0.025 0.012 6.68 0.58 1.53 1,600 72 437 207 36.7 3,197
Inferred 212 0.28 0.013 0.018 0.011 6.91 0.56 1.21 587 28 123 73 14.6 1,190
Lower Grade Main Zone
Measured 280 0.22 0.013 0.011 0.009 6.89 0.59 1.15 607 37 96 79 19.3 1,646
Indicated 698 0.21 0.013 0.011 0.009 7.10 0.57 1.07 1,465 92 249 207 49.6 3,998
Mea+Ind 978 0.21 0.013 0.011 0.009 7.04 0.58 1.10 2,072 129 346 285 68.9 5,644
Inferred 1324 0.21 0.013 0.010 0.009 7.20 0.57 0.94 2,772 174 420 386 95.4 7,544
Higher Grade East Zone
Measured 394 0.26 0.012 0.015 0.009 5.92 0.65 3.10 1,022 49 185 119 23.3 2,546
Indicated 300 0.26 0.013 0.011 0.007 5.85 0.63 3.19 774 38 103 69 17.5 1,887
Mea+Ind 694 0.26 0.013 0.013 0.008 5.89 0.64 3.14 1,795 87 287 188 40.9 4,432
Inferred 112 0.26 0.013 0.010 0.007 5.90 0.62 2.89 289 14 37 25 6.6 695
Lower Grade East Zone
Measured 169 0.16 0.013 0.011 0.009 7.25 0.54 0.40 279 21 57 49 12.3 908
Indicated 172 0.17 0.012 0.011 0.009 7.11 0.52 0.93 289 21 61 52 12.2 886
Mea+Ind 341 0.17 0.012 0.011 0.009 7.18 0.53 0.67 568 43 119 102 24.5 1,794
Inferred 45 0.17 0.013 0.010 0.008 7.11 0.54 0.55 78 6 14 12 3.2 244
Total Crawford Resource
Mea+Ind 2562 0.24 0.013 0.014 0.010 6.67 0.59 1.69 6,035 330 1,189 783 170.9 15,066
Inferred 1693 0.22 0.013 0.011 0.009 7.08 0.57 1.09 3,726 222 594 496 119.9 9,674
Grade Contained Metal
Ore Mt CO2
(Mt) Ni % Co % Pd g/t Pt g/t Fe % Cr % Bruc % Ni (kt) Co (kt) Pd (koz) Pt (koz) Fe (Mt) Cr (kt) Capture
HG Main Zone
Proven 208 0.31 0.013 0.027 0.011 6.23 0.60 1.78 641 27 180 74 13 1,249 8
Probable 64 0.29 0.013 0.023 0.012 6.47 0.54 1.98 185 8 47 24 4 348 3
LG Main Zone
Proven 213 0.21 0.013 0.011 0.009 6.69 0.58 1.15 445 27 75 58 14 1,226 6
Probable 368 0.18 0.013 0.011 0.009 6.82 0.53 1.03 678 47 133 106 25 1,961 10
HG East Zone
Proven 375 0.26 0.012 0.014 0.009 5.92 0.64 2.84 965 47 170 112 22 2,418 18
Probable 148 0.25 0.012 0.009 0.007 5.83 0.63 2.87 369 18 44 32 9 926 7
LG East Zone
Proven 198 0.15 0.012 0.011 0.011 7.00 0.50 0.32 295 24 73 67 14 998 1
Probable 141 0.15 0.011 0.012 0.010 6.54 0.47 0.60 212 16 53 46 9 659 2
Total Crawford
Proven 994 0.24 0.013 0.016 0.010 6.37 0.59 1.75 2,345 125 498 311 63 5,892 33
Probable 721 0.20 0.012 0.012 0.009 6.53 0.54 1.41 1,444 89 278 208 47 3,895 22
Proven + Probable 1,715 0.22 0.013 0.014 0.009 6.44 0.57 1.61 3,789 215 777 519 110 9,787 54
Grade Contained Metal
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The Mineral Reserve Estimate was prepared in accordance with CIM Definition Standards for Mineral Resources and Mineral
Reserves (CIM, 2014) by QP Dave Penswick, P.Eng who is an independent consultant. Mineral Reserves are included within the
reported Mineral Resources. Mineral reserves are contained within a Lerchs -Grossmann pit shell using prices of $ 15,650/t nickel,
$26,000/t cobalt, $ 878/oz palladium, $ 748/oz platinum, $ 211/t iron (equivalent to $ 58/t iron ore price) and $2, 500/t chromium;
metallurgical recoveries based on test work, open pit mining costs ranging from C$1.35 – C$3.17/t mined, depending upon depth and
size of equipment, mi ll + G&A costs of C$7.54/t milled and royalties to 4.1% of NSR. The QP is not aware of any environmental,
permitting, legal, title, taxation, socio‐economic, marketing, political, or other relevant issues that could potentially affect this Mineral
Resource Estimate.
Crawford is now the world’s 2nd largest nickel reserve6.
Capital Cost
The bankable feasibility study capital cost estimates are consistent with AACE Class 3 standards and
include an allowance for growth averaging 6% within the direct estimate of applicable construction
activities. In addition, a contingency averaging 11% has been applied to all direct and indirect items in the
two phases of the project.
The capital estimate does not include escalation or interest.
6 Source: Wood Mackenzie, Nickel Cost Service Q3 2023 data
8.7
3.8
3.0 2.8
1.9 1.8 1.6 1.5 1.3 1.3 1.2
Norilsk Crawford FeNi Halmahera Weda Bay PT Vale - Soroako SLN - Doniambo Onca Puma Mount Keith Ambatovy Goro Jinchuan
Norilsk Canada Nickel ANTAM Tsingshan / Eramet Vale ANTAM Vale BHP Sumitomo / KOMIR Prony Resources Jinchuan
0.67% 0.22% 1.89% 1.58% 1.72% 2.49% 1.44% 0.57% 0.93% 1.40% 1.13%
Russia Canada Indonesia Indonesia Indonesia New Caledonia Brazil Australia Madagascar New Caledonia China
Largest Global Nickel Operations and Projects by Reserves
(Mt Contained Nickel)
Developer
Producer
Source: Company filings, Wood Mackenzie.
Total Capital units Phase 1 Phase 2 Sustaining LOM
Mining US$ millions $499 $420 $1,304 $2,222
Process Plant US$ millions $721 $726 $0 $1,447
TMF & Water Management US$ millions $98 $84 $103 $285
Infrastructure US$ millions $205 $93 $74 $372
Indirects US$ millions $235 $132 $0 $367
Contingency US$ millions $185 $145 $0 $330
Closure and Other US$ millions $0 $0 $134 $134
Total US$ millions $1,943 $1,600 $1,615 $5,157
Notes:
1. Indirect Costs for Process Plant only. Indirect costs for Mining, Off-Site Infrastructure and TMF within those areas
8
Operating Cost
Operating costs were developed using a zero-based model and benchmarked against existing operations.
Crawford will achieve low labour costs through the benefits of scale and utilization of proven technologies,
such as trolley -assisted truck haulage. These technologies will also keep expenditure on fuel low. As a
result of Crawford’s low site costs, it is expected the EBITDA margin will average 57% over the life of
project. It is expected that Crawford will also be positioned in the lower half of the first quartile of Net C1
Cash Costs.
Source: Wood Mackenzie, Nickel Cost Service Q3 2023 data
Long-term price Assumptions (2023 real basis)
• Ni Price: $21,000/t ($9.53 /lb)
• Co Price: $40,000/t ($18.14 / lb)
• Pd Price: $1,350/oz
• Pt Price: $1,150/oz
• Iron Price: $325/t (equivalent to iron ore price of $89/t)
• Chromium Price: $3,860/t ($1.75/lb)
• C$:$US: $0.76
• Oil Price: $70/bbl
Operating Cost units Phase1 Phase2 Phase3 LOM
Labour average FTE 1 1,057 851 305 720
Labour US$/t milled $4.36 $1.74 $0.60 $1.53
Consumables US$/t milled $4.12 $3.70 $2.41 $3.35
Maintenance US$/t milled $2.64 $2.19 $0.65 $1.78
Fuel US$/t milled $1.90 $1.26 $0.09 $0.96
Power US$/t milled $2.47 $2.62 $2.24 $2.50
Other US$/t milled $1.97 $0.87 $0.31 $0.76
TOTAL US$/t milled $17.47 $12.38 $6.31 $10.88
Note:
1. Full Time Equivalent
-$15
-$10
-$5
$0
$5
$10
$15
Paid Nickel Production (M lbs)
Crawford LOM Net C1 Cash Cost vs 2023 Net C1 Cash Cost of Global Nickel Operations
First Quartile Third Quartile Fourth Quartile
2,000 3,000 4,000 5,000 6,0001,000
● ● ● ● ● ●
●●
Second Quartile
Net C1 Cash Costs (US$/lb)