Poseidon Nickel Limited announced that the size of the Board and senior executive is being reduced in line with the deferred restart of Black Swan and the need to reduce costs at the corporate level. The following changes will be made effective 2 October 2023: Craig Jones, currently General Manager Mining, will transition to the role of CEO. Craig commenced with Poseidon in February 2022 and is a highly experienced mining executive and qualified mining engineer with more than 28 years' experience in Western Australian underground hard-rock mining within the resource industry.

Prior to joining the Company, Craig was the Chief Operating Officer for Bellevue Gold where he was instrumental in establishing the restart of the historical operation, leading the feasibility study and an integral team member involved in the financing of the project. Prior to that, he held senior roles in operations, mine management and business development for various mining companies including Northern Star Resources. Craig has significant experience in optimizing, integrating and operating underground mines as well as upgrading mill infrastructure and installation of major capital projects at various operations.

Craig holds a Bachelor of Engineering (Mining) from the University of Ballarat and a WA First Class Mine Manager's Certificate. Peter Harold will transition from Managing Director and CEO to Chair. Peter has been the Managing Director and CEO of Poseidon since March 2020 and has managed the Company through some challenging times while at the same time has seen the Company deliver the November 2022 Black Swan Feasibility Study, the maiden high-grade Golden Swan discovery, received some excellent offtake and project financing proposals from large resource companies, assisted in securing over $50 million in new equity, repaying USD 17.5 million (AUD 25.1 million) in debt and recruiting some experienced resources executives to the Company from his extensive network.