Nico Resources Initiation Report: An Option on Booming Global Nickel-cobalt Demand
Nico Resources Initiation Report: An Option on Booming Global Nickel-cobalt Demand
Nico Resources (ASX:NC1) is wholly focused on its Wingellina Nickel-Cobalt Project (Wingellina or the Project). Wingellina is a fully owned, development-ready, large-resource project with a demonstrated ability to produce nickel and cobalt in Mixed Hydroxide Precipitate (MHP).
Nico Resources (ASX:NC1)完全专注于其Wingellina镍钴项目(以下简称Wingellina或本项目)。Wingellina是一个拥有大型资源、开发就绪、能生产MHP(混合羟化物沉淀铜镍)的项目。
In Corporate Connect Research's (CCR)view Wingellina is the highest-quality nickel project in Australia with ore grade circa 1% NI, low operating costs (tier 1 globally), low-risk open cut mining (0.5:1 strip ratio), ideal chemistry and minerology for HPAL processing, long mine life and sustainable credentials. Nico shares are trading at a fraction of its listed nickelcobalt peer valuations and to our estimate of fair value.
在Corporate Connect Research的观点中,Wingellina是澳洲最高品质的镍矿项目之一,其矿石品位约为1% NI,运营成本低(全球第一水平),采用低风险露天采矿(低于0.5:1的剥离比),化学和矿物学适合HPAL处理,具有长寿命和可持续性。Nico的股票价格仅为其同行业股票的一小部分,并且高于我们的公允价值估计。
Nico shares have been sold off in sympathy with the weakening nickel price since the beginning of 2023 caused by the volume of nickel coming out of Indonesia. There has also been ongoing negative news with some major nickel projects in Australia going into care and maintenance because of the soft nickel price. Despite the current adverse news cycle, due to its ideal minerology and chemistry. Wingellina is likely to be highly profitable even at cyclical low nickel prices of US$16,000/t and will prove to be decidedly competitive in the global markets.
自2023年初由印度尼西亚释放镍量引起镍价下跌以来,Nico的股票随之下跌。澳洲一些重要的镍项目因镍价低谷进入了维护状态,这也不断传来负面的新闻。尽管当前新闻环境不佳,但由于其理想的矿物学和化学成分,Wingellina即使在US$16,000/t的周期性镍价低迷时期也有可能非常有利可图,并且在全球市场上具有极强的竞争力。
The quality of the mine, the extremely positive long-term demand characteristics of the Nickel market and the geopolitical advantage of Australia means we believe that Wingellina will inevitably be developed. Battery companies and EV manufacturers will inevitably be looking to diversify nickel supply away from Indonesia and reduce their exposure to the volatile nickel price. Investing directly in low-risk jurisdictions and projects is the best way to achieve this.
矿山的质量、镍市场极其乐观的长期需求特征以及澳洲的地缘战略优势意味着,我们相信必将开发Wingellina。电池公司和电动汽车制造商必然会寻求多样化印尼镍的供应,并减少受到波动镍价格的影响。直接投资低风险司法管辖区和低风险项目是实现此目的的最佳方式。
Based on CCR's research, Nico can imminently sell an 80% interest in Wingellina for $1 billion and retain a 20% free carry on the project. As such, Nico has realistic ways to fund the Wingellina development that won't involve large dilutive equity capital raisings.
根据CCR的研究,Nico能够以10亿美元的价格即刻出售Wingellina 80%的股权,并保留该项目20%的免费股份。因此,Nico有实际的筹资方式来资助Wingellina的开发,而不需要进行大型股权资本募集。
The IEA estimate that the global Nickel market will require 1 million extra tonnes over and above expected supply capacity by 2040 and Australia is in a wonderful position to become an important global player given our extensive nickel laterite resources and geopolitical advantages. The Inflation Reduction Act, introduced by the US Government in 2022, gives Australian sourced nickel a material advantage relative to Indonesian nickel for US companies (see page 18). Wingellina is the best prospect Australia has to provide critical minerals to the rapidly growing clean energy sector.
国际能源署估计,到2040年,全球镍市场将需要比预期供应能力多100万吨,而澳洲由于拥有丰富的镍含土资源和地缘政治优势而可望成为重要的全球参与者。2022年美国政府出台的通胀减轻法案为美国公司提供了澳洲镍相对于印尼镍的重要优势(请参见第18页)。Wingellina是澳洲为快速增长的清洁能源领域提供关键矿物质的最佳前景。
With the extremely experienced Board and management owning stock (that they have actually paid for with their own money!), their interests are perfectly aligned with shareholders. As such, they are focused on ensuring they pursue funding strategies that maximize value for shareholders.
拥有极端丰富的董事会和管理层股权(他们自己实际支付了资金买下了这些股票!),他们的利益与股东完全一致,因此,他们专注于确保追求最大化股东价值的筹资策略。
The full report can be downloaded in the CCR website here or the ShareCafe website here.
请在CCR网站(此处)或ShareCafe网站(此处)下载完整报告。