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: 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 USD 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.

The following changes will be made effective 27 October 2023: Derek La Ferla will retire as Chair. Derek has been Chair since November 2019 and has assisted in steering the company through a demanding period in its history. Dean Hildebrand will retire as Non-Executive Director.

Dean joined the board in July 2020 to represent the company's major shareholder, Black Mountain Metals. Since leaving Black Mountain in 2022 he has acted independently in his directorship role.