Company Overview

Alliance Nickel is an ASX-listed exploration and development company advancing high-quality nickel and cobalt assets in Western Australia.

The Company’s principal asset is the 100%-owned NiWest Nickel Cobalt Project, one of Australia’s highest-grade undeveloped nickel laterite resources. NiWest is located in the West Australian nickel belt near Glencore’s Murrin Murrin Nickel-Cobalt Operation – a region with a long history of nickel and cobalt production supported by extensive infrastructure including rail links to ports, gas pipeline, major roads, fibreoptic networks, a commercial airstrip and established mining communities.

Following completion of a Pre-Feasibility Study (PFS) in 2018, Alliance released a Definitive Feasibility Study (DFS) in November 2024, confirming NiWest as a commercially attractive development opportunity with a long life of mine, robust economics and strong ESG credentials.

Alliance is preparing to commence early works construction at NiWest in 2026 with first production slated for the first half of 2029. In early 2025 it successfully completed an extensive NiWest confirmatory metallurgical heap leach testwork program. This closed-circuit column testwork validated the technical feasibility of heap leach technology for the NiWest Project.

The NiWest project has received strong government backing, achieving Major Project Status (MPS) in May 2024 – the first nickel-based project to receive this classification since nickel was added to Australia’s Critical Minerals list.

Alliance has also built strong strategic partnerships with globally renowned companies for potential offtake and equity interest in NiWest.

In October 2025, the Company appointed leading financial advisors to explore a strategic Special Purpose Acquisition Company (SPAC) transaction that could facilitate a Nasdaq listing. Cohen & Company Capital Markets (CCM) has been appointed as exclusive financial adviser, supported by Welsbach Corporate Solutions LLC-FZ (Welsbach).

Updated PFS outcomes for NiWest

An extensive PFS was completed on NiWest and released in mid-2018, including declaration of a maiden Ore Reserve. This study demonstrated the technical and economic robustness of a longlife operation directly producing high-purity nickel and cobalt sulphate products to be delivered into highgrowth lithium-ion battery raw material markets.

In the June Quarter 2022, we undertook an update of the cost and A$/US$ metal price assumptions utilised in the PFS 2018. All physical parameters from the PFS 2018 remained unchanged as part of this exercise, including the mine and process schedule and the Ore Reserve.

The update confirmed the robustness of a long-life operation directly producing high-purity nickel and cobalt sulphate products to be delivered into lithium-ion battery raw material markets. The update incorporated higher nickel and cobalt prices and cost escalation impacts since PFS 2018 including LME spot prices of approx. US$9.80/lb nickel and US$27/lb cobalt.

Mine and process schedule, along with all PFS physical parameters (incl. Ore Reserve), were unchanged and focus upon:

  • Low-strip open pit mining and heap leaching followed by highly efficient Direct Solvent Extraction (DSX) to produce low-cost battery grade nickel and cobalt sulphate products. Initial 27-year operating life at a nameplate processing capacity of 2.4Mtpa.
  • Total production of 456kt nickel (in nickel sulphate) and 31.4kt cobalt (in cobalt sulphate). Average annual production of c.20kt nickel and 1.4kt cobalt over the first 15 years.


The update delivers substantial increases to projected economic returns from development of NiWest.

COMMENCEMENT OF DFS

The Updated PFS outcomes have resulted in Alliance Nickel’s Board seeking to proceed to a Definitive Feasibility Study (DFS) on NiWest.

Activities have commenced on the DFS which will incorporate a number of value engineering opportunities identified in the original PFS that have the potential to improve the NiWest Project economics significantly.

We continue to engage with potential strategic partners, offtake parties and technology developers that can assist in unlocking the value of the NiWest Project.