Poseidon Nickel (ASX: POS, 'the Company') is pleased to provide a maiden resource estimate for the Silver Swan Tailings located at Black Swan project of 675 kt grading 0.92% Ni and 683 ppm Co containing 6,200 tonnes of nickel and 460 tonnes of cobalt.

Managing Director and CEO, Peter Harold, commented: 'The Silver Swan Tailings are a low cost, high Fe:MgO ratio ore feed for our 'Fill The Mill' strategy. Combining the Silver Swan tails with the Black Swan disseminated ore feed significantly improves the saleability of the Black Swan concentrate product and will assist with our discussions with potential off-takers as we progress toward a production restart.

MINERAL RESOURCE SUMMARY

The Company undertook a sonic drilling programme over the Silver Swan Tailings (SST) impoundment in 2018, with the aim of delineating a Mineral Resource for subsequent treatment. A Block Model was generated by the Company in 2018. In August 2021, Poseidon engaged Optiro Pty Ltd (Optiro) to review the Block Model, the drilling QAQC and carry out a site visit to the SST. The Block Model was validated against the drilling for the key elements and the QAQC data was processed. Optiro endorsed the Block Model as being representative of the drilling and has reported and classified the tailings according to the JORC Code (2012) as a Measured Mineral Resource.

Contact:

Peter Harold

Tel: + 61 (0)8 6167 6600

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