In a strategic move ahead of Ionick Metals Ltd's planned spinout, Mike Rosenstreich, chair of Helix Resources Ltd, announced on Thursday that the company is taking steps to consolidate its nickel-cobalt assets under Ionick, its wholly-owned subsidiary. This plan involves an option agreement with Alchemy Resources.
Central to this strategy is Helix's acquisition of an 80% stake in the West Lynn Nickel Laterite Project. Located south of Nyngan in central New South Wales (NSW), this project boasts an inferred mineral resource estimate of 180,000 tonnes of nickel and 11,000 tonnes of cobalt.
This acquisition nearly doubles Ionick’s resource inventory to approximately 40 million tonnes. It marks a substantial increase that is expected to play a pivotal role in securing external funding for the company's laterite nickel and cobalt operations.
The consolidation of these assets under Ionick is seen as a preparatory step for the planned spinout of the subsidiary. This move underscores Helix's commitment to strengthening its position in the nickel and cobalt sectors while setting up Ionick for success as an independent entity.
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