Poseidon Nickel announced an updated Mineral Resource Estimate (MRE) for the Silver Swan deposit at Black Swan. Silver Swan Resource Tables: The Silver Swan Mineral Resource Estimate (MRE) was prepared for Poseidon by independent resource consultants Snowden Optiro Pty Ltd. following the completion of the 38 hole, 8,179m exploration and resource drilling programme. The 2022 Mineral Resource Update has focussed on the four mineralised lenses: Goose; Fledgling-Canard: Tundra-Mute; and Peking Duck.

Poseidon engaged Snowden Optiro Pty Ltd. to undertake the Silver Swan MRE update with the aim to quantify the resource and create a Block Model suitable for mine planning purposes. The Silver Swan Massive (SSM) deposit comprises four narrow, high grade nickel sulphide mineralised shoots, located along the basal ultramafic contact of the Black Swan Komatiite (BSK). The BSK is a large extrusive ultramafic flow that can be traced over a 3,500m strike length and extends at least 1,600m below surface.

The width of the BSK varies from 150 to 600m in the central area of the flow, which narrows significantly along strike north and south of the central portions of the flow. The four shoots that were assessed for this MRE are Goose, Peking Duck, Fledgling-Canard and Tundra-Mute. There is remnant mineralisation located within the Goose shoot, and the top 15m of the Fledgling-Canard shoot has also been mined.

The Peking Duck and Tundra-Mute shoots are unmined, other than some limited development in the upper portions of Tundra-Mute. Within the Black Swan stratigraphy there are several late felsic to intermediate intrusive unites, typically described as porphyritic dykes which have stoped out the mineralisation. These have been depleted from the mineralisation by resetting the density to 0.00.

As with the previous estimates, these have been modelled to ensure that any mineralisation is suitably accounted for. The BSK hosts both disseminated nickel sulphide (Black Swan Disseminated - BSD), and massive sulphide nickel mineralisation (Silver Swan - SSM, White Swan - WSM, Cygnet - CM, Gosling - GM and Golden Swan - GSM). The SSM mineralisation is the most significant massive sulphide accumulation within the BSK, extending from 195m to 1,550m below surface and consisting of a series of narrow, variably sized vertical shoots.

As a function of the depth of the SSM and the location of the available drilling locations, the majority of the 2019 and earlier drilling was drilled at very acute intersection angles to the mineralisation. The 2020 and 2021 drilling aimed at improving the drillhole intersections and providing infill data for the 2019 MRE.