POS 18:23pm late announcement.

The updated MRE compared to the 2022 estimate resulted in a:

 48% increase in the contained Ni in the Measured and Indicated JORC Resource Categories;

 14% increase in the average Ni grade; and  8,000t increase in total contained Ni

Offtake and Debt Financing The Company is negotiating offtake and project debt financing with two large international groups. The process progressed significantly over the quarter with both groups providing draft offtake and financing agreements. The Company has reviewed these documents and continues to negotiate with assistance from our concentrate marketing consultant and lawyers.

POSEIDON NICKEL LIMITED (ASX:POS) - Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

POS has thus far been a stellar bad investment for me, held both here and in my SMSF.

There's lots of question marks about whether they can make this work... but there's also a good team in place and some smart money on the register. POS attracted $6M through a placement late last month and today opened their retail SPP at the same price of $0.035. SP closed today at $0.037 trading at 12-month lows today. The SPP hopes to raise a further $3M to fast-track work at Black Swan for production in 2024.

Managing Director and CEO, Peter Harold, commented “this placement and SPP will support the Company’sstrategy to grow our nickel inventory and to “Fill the Mill” at Black Swan as we move to a decision to proceed in Q2 2023 with first production to follow in 2024. The funds raised will be used to convert more Resources to Reserves at Black Swan to expand the mine life, continue with pre-production works, order long lead items, complete the rougher concentrate Feasibility Study and undertake an extensive drilling program at Lake Johnston targeting Emily Ann style (+3% Ni) mineralisation.