Kinterra Capital announced that its portfolio company, Cannon Resources Pty Ltd. has made significant advancement in expanding the resource at its Fisher East nickel project, the largest undeveloped high-grade nickel sulphide asset in Australia not owned by a major mining corporation. Cannon saw an increase in its independent JORC Resource to 13.1 million tonnes of Indicated and Inferred mineral resources, composed of 5.2 million tonnes of Indicated resource at an average grade of 1.99% Ni, together with an additional 7.9 million tonnes of inferred resource at 1.69% Ni. The new estimate represents a 75% increase from the previously reported resource.

Contained nickel tonnage also increased by 77% as Cannon maintained the high quality of its mineral resource while substantially increasing scale. Cannon will conduct metallurgical test work, geotechnical, and environmental baseline collection in support of permitting and additional drilling in early 2024. In collaboration with Kinterra, Cannon will look to engage with offtake partners, including major automotive OEMs, to partner on the development of the Fisher East project, which is advancing to supply IRA compliant nickel to the electric vehicle battery supply chain.

Generating sustainable supply chain solutions is core to Kinterra's investment thesis. NiVolt Technologies, another Kinterra portfolio company, is advancing a vertically integrated battery raw materials facility in the Province of Quebec, Canada. NiVolt achieved a significant milestone in Q423, by producing Mixed Hydroxide Precipitate from nickel sulphide concentrate.

Kinterra and Cannon are leveraging the knowledge and expertise from NiVolt to evaluate the opportunity to convert Fisher East's nickel sulphide concentrate into MHP and nickel sulphate to unlock additional synergies within the EV supply chain.