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MESSAGE FROM CHRIS INDERMAUR

“Poseidon has the benefit of 3 production ready nickel sulphide projects located in Western Australia”

Poseidon is well placed to benefit from the recovery in Nickel price which we regard as inevitable.  The world still needs stainless steel and Nickel.

 

Poseidon has proven reserves at three mine sites which have previously been in production and are well understood.  It also has two concentrate production plants under care and maintenance which have proven capacity.  The restart of these mines and plants should be straightforward once the Nickel price allows.

 

Poseidon also has a significant quantity of gold contained in the stockpiled tailings at Windarra.

 

While the Nickel price remains at a level which makes Nickel production uneconomic we are reducing our expenditure as far as is prudent while maintaining our assets and readiness for a restart.

 

Chris Indermaur

Non-Executive Chairman