Nico Resources (ASX:NC1) Advances Wingellina Nickel-Cobalt Project Toward DFS

Aditi Sarkar

28 October 2026 05:03 PM AEDT

Nico Resources (ASX:NC1) Advances Wingellina Nickel-Cobalt Project Toward DFS

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Highlights

Infill drilling at Wingellina is about 70% complete, with 65 holes and 4,300m drilled.
First assays from about 2,400 samples are expected around mid-November.
Ore preparation testwork indicates a nickel head grade uplift of about 10%.
Cash and working capital stood at about $4.32 million, with 7.95 quarters of funding.

Nico Resources Limited (ASX:NC1) has released its quarterly report for the period ended 30 September 2026. The company continued infill drilling and metallurgical work at its Wingellina nickel-cobalt project in Western Australia.

Wingellina Infill Drilling

The planned infill program covers 94 RC holes for 6,062m on a 50m by 25m grid in the South Domain, aimed at upgrading Indicated resources to Measured. By quarter end, about 70% was complete, with 65 holes and 4,300m drilled.

About 2,400 composite samples have been sent to Intertek, with first assays expected around mid-November. Downhole density logging also began at quarter end.

Resource Base and Metallurgy

Wingellina hosts a 2024 Mineral Resource of 187.3Mt at 0.91% Ni and 0.06% Co, containing 1.7Mt of nickel and 106kt of cobalt, with 164.1Mt in the Indicated category. The project holds Major Project Status from the Federal Government.

Metallurgical testwork supporting the DFS indicates that rejecting the coarse fraction could lift the nickel head grade by about 10% while removing many acid-consuming elements. Discussions with Pure Battery Technologies continued under a non-binding MOU to assess producing MHP from Wingellina and refining it into battery precursor material, though no definitive agreement has been reached.

Financial Position and Market Conditions

Cash and working capital totalled about $4.32 million, and exploration and evaluation spending was $362,732. Net operating cash outflow was $181,000, helped by rent and interest income. The estimated funding runway is 7.95 quarters, and the company has no borrowings.

Nickel prices remained soft, with the LME three-month price falling about 6% over the quarter to around US$16,050/t, while cobalt fell from about US$56,000/t to US$38,200/t.

Key Takeaways

Infill drilling at Wingellina is well advanced, with assays due mid-November.
Metallurgical results point to a potential grade uplift.
PBT discussions remain non-binding.
Nico holds about eight quarters of funding despite weak nickel prices.

FAQs

Q: How far advanced is infill drilling at Wingellina?

A: About 70% complete, with 65 holes and 4,300m drilled.

Q: When are first assays expected?

A: Around mid-November.

Q: What is the Wingellina resource?

A: 187.3Mt at 0.91% Ni and 0.06% Co.

Q: What did metallurgical testwork show?

A: A potential nickel head grade uplift of about 10% by rejecting the coarse fraction.

Q: What is Nico's funding runway?

A: An estimated 7.95 quarters.

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